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http://content.icicidirect.com/mailimages/ICICIdirect_FortisHealthcare_Q3FY12.pdf
O t h e r i n c o m e b o l s t e r s n e t p r o f i t …
Fortis Healthcare’s Q3FY12 performance was a mixed bag. Revenues
grew 63% YoY to | 604.6 crore in line with our expectation of | 619 crore.
The quarter sales include sales from the diagnostic business acquired
from Super Religare Laboratories and six newly launched hospitals,
which were not there in the corresponding previous period. Excluding the
diagnostic business and sales from the six newly launched hospitals,
sales grew 20% YoY. The healthcare services business grew 30% YoY to
| 482.4 crore (our expectation: | 484 crore) while the diagnostic business
posted sales of | 122 crore. EBITDA margins declined 70 bps to 13.8% on
the back of lower EBITDA margins at its diagnostic business. Other
income increased 43% to | 52.8 crore on account of | 40 crore interest
received (one-time) for a security deposit to acquire an asset. Net profit
declined 15% to | 29.3 crore, higher than our expectation of | 16.3 crore.
ƒ Acquires RadLink for S$62.9 million
Recently, Fortis acquired an 85% stake in RadLink-Asia, a Singapore
based outpatient diagnostic and molecular imaging chain for S$62.9
million. It has a strong network across 2000 specialists and
physicians. The annual sales of RadLink are around S$27 million
with EBITDA margins of 20%.
ƒ International business posts sales of | 618 crore
The company is looking to consolidate the international business
from Q4FY12. It has shared its international business performance
during the quarter. The international business clocked sales of | 618
crore during the quarter. Of this, Dental Corp registered sales of
| 407 crore, Quality Healthcare posted | 207 crore and SRL Dubai
posted | 4 crore. At EBITDA level, it posted EBITDA of | 79 crore.
V a l u a t i o n
As the company is in the process of consolidation after the acquisition of
the global arm, we are withholding our valuation methodology for want of
a clearer picture. The company is expected to report consolidated
numbers in Q4FY12. Hence, we are keeping the company UNDER
REVIEW for at least a couple of quarters.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
http://content.icicidirect.com/mailimages/ICICIdirect_FortisHealthcare_Q3FY12.pdf
O t h e r i n c o m e b o l s t e r s n e t p r o f i t …
Fortis Healthcare’s Q3FY12 performance was a mixed bag. Revenues
grew 63% YoY to | 604.6 crore in line with our expectation of | 619 crore.
The quarter sales include sales from the diagnostic business acquired
from Super Religare Laboratories and six newly launched hospitals,
which were not there in the corresponding previous period. Excluding the
diagnostic business and sales from the six newly launched hospitals,
sales grew 20% YoY. The healthcare services business grew 30% YoY to
| 482.4 crore (our expectation: | 484 crore) while the diagnostic business
posted sales of | 122 crore. EBITDA margins declined 70 bps to 13.8% on
the back of lower EBITDA margins at its diagnostic business. Other
income increased 43% to | 52.8 crore on account of | 40 crore interest
received (one-time) for a security deposit to acquire an asset. Net profit
declined 15% to | 29.3 crore, higher than our expectation of | 16.3 crore.
ƒ Acquires RadLink for S$62.9 million
Recently, Fortis acquired an 85% stake in RadLink-Asia, a Singapore
based outpatient diagnostic and molecular imaging chain for S$62.9
million. It has a strong network across 2000 specialists and
physicians. The annual sales of RadLink are around S$27 million
with EBITDA margins of 20%.
ƒ International business posts sales of | 618 crore
The company is looking to consolidate the international business
from Q4FY12. It has shared its international business performance
during the quarter. The international business clocked sales of | 618
crore during the quarter. Of this, Dental Corp registered sales of
| 407 crore, Quality Healthcare posted | 207 crore and SRL Dubai
posted | 4 crore. At EBITDA level, it posted EBITDA of | 79 crore.
V a l u a t i o n
As the company is in the process of consolidation after the acquisition of
the global arm, we are withholding our valuation methodology for want of
a clearer picture. The company is expected to report consolidated
numbers in Q4FY12. Hence, we are keeping the company UNDER
REVIEW for at least a couple of quarters.
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