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FORTIS HEALTHCARE
OUTPERFORMER (RS145, MCAP: RS58.9BN / US$1.31BN)
• FHL is India’s second largest (listed) healthcare player in the secondary/ tertiary segment, with 53 healthcare delivery
facilities on track to take total installed capacity to >8,000 beds by FY13. FHL's existing bed count stands at 6033 beds,
of which 32% are greenfield, 38% brownfield and 29% managed (under O&M).
• FHL’s major expansion plans are progressing on schedule, with Phase 1 of the Gurgaon facility (450 beds) expected to
be commissioned by Q1FY12. FHL plans to commission 75, 200 and 234 beds at Ludhiana I and II and Mulund,
Mumbai, respectively by Q4FY12.
• The company has doubled its operational bed capacity in two years by aggressive inorganic growth and has a good
track record of successfully integrating acquired assets (Escorts Delhi, Fortis Malar, etc). It continues to embrace
innovative strategies to reduce resource intensity (land, employees, equipment, etc) and free up capital to
fund expansion.
• FHL has significantly improved operational parameters in the past two years. ALOS has reduced from 7 days in FY07
to 5.2 now, while ARPOB has increased from Rs6.7m to Rs10.4m.
• It uses the hub & spoke model to reinforce its presence in existing regions and enter new geographies. As part of the
strategy, FHL seeks to establish super specialty “centres of excellence (COE)” in key cities in a region (“hub for the
region”) and then build a series of feeder hospitals across the region to feed these high-end hospitals.
• The promoters remain keen on expanding the company’s global reach by acquiring assets at the right price. FHL
(listed entity) would focus on expanding scale at home, while promoters’ ambition of gaining a global footprint would
be routed through their own holding company.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
FORTIS HEALTHCARE
OUTPERFORMER (RS145, MCAP: RS58.9BN / US$1.31BN)
• FHL is India’s second largest (listed) healthcare player in the secondary/ tertiary segment, with 53 healthcare delivery
facilities on track to take total installed capacity to >8,000 beds by FY13. FHL's existing bed count stands at 6033 beds,
of which 32% are greenfield, 38% brownfield and 29% managed (under O&M).
• FHL’s major expansion plans are progressing on schedule, with Phase 1 of the Gurgaon facility (450 beds) expected to
be commissioned by Q1FY12. FHL plans to commission 75, 200 and 234 beds at Ludhiana I and II and Mulund,
Mumbai, respectively by Q4FY12.
• The company has doubled its operational bed capacity in two years by aggressive inorganic growth and has a good
track record of successfully integrating acquired assets (Escorts Delhi, Fortis Malar, etc). It continues to embrace
innovative strategies to reduce resource intensity (land, employees, equipment, etc) and free up capital to
fund expansion.
• FHL has significantly improved operational parameters in the past two years. ALOS has reduced from 7 days in FY07
to 5.2 now, while ARPOB has increased from Rs6.7m to Rs10.4m.
• It uses the hub & spoke model to reinforce its presence in existing regions and enter new geographies. As part of the
strategy, FHL seeks to establish super specialty “centres of excellence (COE)” in key cities in a region (“hub for the
region”) and then build a series of feeder hospitals across the region to feed these high-end hospitals.
• The promoters remain keen on expanding the company’s global reach by acquiring assets at the right price. FHL
(listed entity) would focus on expanding scale at home, while promoters’ ambition of gaining a global footprint would
be routed through their own holding company.
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