Report as on 17 September 2024 at 07:57 AM

POSITIVE
RESULTS IN JUN 24
Sales Fortis

Jun 2024 - 1,859 Cr
Mar 2024 - 1,786 Cr
Health.
Operating Profit
Jun 2024 - 343 Cr CMP: 596.75

Mar 2024 - 381 Cr STOCK INFO:
BSE – 532843/ NSE – FORTIS
Market Cap - Large Cap (Rs. 44,203 cr)
Sector – Hospital & Healthcare Services
52 w H/L (Rs.) – 599/314
Dividend Yield: 0.17%
Debt Equity: 0.07%
Return on Equity: 7.66%
Price to Book: 5.75

Figures in Rs crore; Basis consolidate data as of Jun 2024

www.marketsmojo.com
Fortis Health.
CMP: 596.75
Report as on 17 September 2024 at 07:57 AM

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ANALYSIS Past Risk Return Analysis

Positive results in Jun 24 Absolute Risk Volatility
-PAT(HY) At Rs 342.19 cr has Grown at 45.43 % Adjusted
-OPERATING CF(Y) Highest at Rs 1,100.10 Cr Fortis Health. 80.72% 2.85 28.34%
-ROCE(HY) Highest at 11.03 % SENSEX 22.33% 1.68 13.31%
Stock is technically in a Bullish range
-The technical trend has improved from Mildly RETURNS SUMMARY (Price + Dividend)
Bullish on 12-Jul-24 and has generated 24.09% The stock gave a total returns of 81.03% in the last 1 year
returns since then Outperforming Sensex returns of 22.33%
-Multiple factors for the stock are Bullish like MACD, 200%
Bollinger Band, KST, DOW and OBV
High Institutional Holdings at 55.62% 100%

-These investors have better capability and resources

to analyse fundamentals of companies than most 0%

retail investors.
-Their stake has increased by 1.23% over the -100%

previous quarter.
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Market Beating performance in long term as well

as near term Fortis Healthcare Ltd SENSEX

-Along with generating 80.72% returns in the last 1

year, the stock has outperformed BSE 500 in the last Investors Returns (3 years) –
3 years, 1 year and 3 months
Period 6M 1Y 2Y 3Y
Stock (%) 53.54% 81.03% 101.55% 119.18%
Sector (%) 28.93% 28.93% 74.82% 50.00%
Sensex (%) 14.24% 22.33% 41.04% 40.32%

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Fortis Health. Report as on 17 September 2024 at 07:57 AM

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This Real-Time Stock Analysis service is only for
Registered members of www.marketsmojo.com

This Real-Time Stock Analysis Report was

generated on 17th September, 2024 at 07:57 AM,
and may not be valid if you are reading it later.

Some factors/ data may have changed after the

report was generated.

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Fortis Health. Report as on 17 September 2024 at 07:57 AM

FINANCIAL TREND
Positive

POSITIVE RESULTS IN JUN 24

results for

2
consecutive
quarters

Near term PAT trend is very 342.19

45.4% positive 299.82

PAT (Rs Cr) 235.29

Half Yearly PAT At Rs 342.19 cr has Grown at 45.43 %
Growth Year on Year (YoY)

Jun 2023 Dec 2023 Jun 2024

The company has displayed

11.0% increased efficiency by generating 10.88 10.52 11.03

higher profit on overall capital

10.12 10.11

ROCE - Half (equity and debt)

Yearly
ROCE (%)
Highest at 11.03 %
in the last five half yearly periods
Mar 2022 Sep 2022 Mar 2023 Sep 2023 Mar 2024

Company has been able to sell its 64.17

inventory faster
64.2 46.52
49.36 51.27 53.71

times Inventory Turnover Ratio

Highest at 64.17 times and Grown
Inventory each half year in the last five half yearly periods
Turnover Ratio-
Half Yearly
Mar 2022 Sep 2022 Mar 2023 Sep 2023 Mar 2024

3
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Fortis Health. Report as on 17 September 2024 at 07:57 AM

FINANCIAL TREND

The company has generated

higher cash revenues from
Rs 822.3 business operations
1 100.1

cr
865.39 822.25

Operating Cash Flows (Rs Cr)

Operating Cash Highest at Rs 1,100.10 Cr
Flow- Annually in the last three years

Mar 2022 Mar 2023 Mar 2024

Near term sales trend is positive 1 657.41

1 769.95
1 679.68
1 785.88
1 858.9

Rs 1,858.9 Net Sales (Rs Cr)

Highest at Rs 1,858.90 cr
cr in the last five quarters
Net Sales -
Quarterly

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024

Short Term liquidity is improving

598.4
Rs 598.4 Cash and Cash Equivalents
Highest at Rs 598.40 cr
cr in the last six half yearly periods 358.18
412.7
351.01 362.72 341.99

Cash and Eqv -

Half Yearly

Sep 2021 Mar 2022 Sep 2022 Mar 2023 Sep 2023 Mar 2024

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Fortis Health. Report as on 17 September 2024 at 07:57 AM

FINANCIAL TREND

Company is distributing higher

1.0 dividend from profits generated 1 1
DPS (Rs)
Dividend per Highest at Rs 1.00
Share (DPS) - in the last five years
Annually

0 0 0

Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024

Jun'24 Mar'24 Change%

Net Sales 1,858.9 1,785.9 4.1%
Key Operating Profit (PBDIT) excl Other Income 342.5 381.0 -10.1%
Result Interest 35.3 34.7 1.7%
Highlights Exceptional Items 0.2 3.1 -93.6%
Consolidated Net Profit 166.0 178.7 -7.1%
Operating Profit Margin (Excl OI) 18.4 21.3 -2.9%
Consolidate- figures in Rs
Cr

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Fortis Health. Report as on 17 September 2024 at 07:57 AM

TECHNICALS

STOCK IS TECHNICALLY IN A BULLISH

RANGE
Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average

596.75 516.99 452.75

Factors with upward momentum

Indicator Technical Trend
MACD Bullish (weekly)
MACD Bullish (monthly)
Bollinger Band Bullish (weekly)
Bollinger Band Bullish (monthly)
KST Bullish (weekly)
KST Bullish (monthly)

Consistent Returns over the last 3 years

3 Months 1 Year 3 Years
18.98%
80.72% 118.43%

7.71% 34.97% 57.36%

Stock BSE 500 Stock BSE 500 Stock BSE 500

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Fortis Health. Report as on 17 September 2024 at 07:57 AM

SHAREHOLDING

INSTITUTIONAL INVESTORS COLLECTIVELY

HOLD 55.62 % OF THE COMPANY
These investors have better capability and resources 60%
54.39% 55.62%
52.87% 53.13%
to analyse fundamentals of companies than most 51.92% 52.19%

retail investors.
Their stake has increased by 1.23% over the previous 40%

quarter.

20%

0%
Mar 23 Jun 23 Sep 23 Dec 23 Mar 24 Jun 24

Insurance
Companies
FIIs
23.31%
Shareholding Snapshot : Jun 24
3.37% Majority shareholders : Promoters
Mutual Funds Non Instituti… Pledged Promoter Holdings : None
27.52% 13.21%
Mutual Funds : Held in 24.00 Schemes (27.52%)
Other DIIs
1.42% FIIs : Held by 281 FIIs (23.31%)
Promoters Promoter with highest holding : Northern Tk Venture Pte Ltd (31.17%)
31.17%
Highest Public shareholder : Hdfc Mutual Fund - Hdfc Business Cycle
Fund (5.19%)
Individual Investors Holdings : 10.47%

MF
30%
27.52%
26.51%
25.04%
holding has increased by 22.50%

1.01% 20% 18.49%

Number of MFs holding stake in the company has

remained stable at 24
10%

0%
Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024

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Fortis Health. Report as on 17 September 2024 at 07:57 AM

RETURNS

MARKET BEATING PERFORMANCE IN

LONG TERM AS WELL AS NEAR TERM
Along with generating 200%
80.72% returns in the last 1
year, the stock has 100%

80.72% outperformed BSE 500 in

the last 3 years, 1 year 0%

UP and 3 months
-100%

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Fortis Healthcare Ltd BSE500

Inconsistent Performance against Large Cap

companies
Fortis Healthcare Ltd has not been a
consistent performer in the YTD

2nd
Quartile
2ndQuartile
3rd
Quartile
Stock has been in the 2nd quartile in 2023
and in the YTD period

YTD 2023 2022

41.98% 46.88% -3.73%

Company 1 Month 3 Month 1 Year 3 Years

Fortis Health. 11.96% 18.98% 80.72% 118.43%
Return
Apollo Hospitals 5.24% 13.42% 38.21% 44.26%
Comparison
with Peers Max Healthcare 5.4% -0.4% 61.32% 127.66%
Closest peers by Global Health 1.03% -16.72% 60.72% -
market cap
Dr Lal Pathlabs 1.01% 21.64% 43.28% -18.2%

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Fortis Health. Report as on 17 September 2024 at 07:57 AM

QUARTERLY VARIANCE

QUARTER RESULTS VARIANCE ANALYSIS

Jun'24 Mar'24 QoQ Jun'23 YoY Comments
Total Operating income 1,859 1,786 4.1% 1,657 12.2% QoQ and YoY increase
Total Expenditure (Excl Depreciation) 1,516 1,405 7.9% 1,385 9.5% High Growth in previous quarter
and same quarter last year
Operating Profit (PBDIT) excl Other Income 343 381 -10.1% 272 25.7%
Other Income 13 10 32.8% 8 59.8% High Growth in previous quarter
and same quarter last year
Operating Profit (PBDIT) 356 391 -9% 281 26.7%
Interest 35 35 1.7% 31 12% QoQ and YoY increase
Exceptional Items 0 3 -93.6% 1 -86.5% Fall in previous quarter and same
quarter last year
Depreciation 91 92 -1.3% 79 14.8%
Profit Before Tax 230 271 -15.2% 171 34.7%
Tax 56 68 -17.8% 47 19.9%
Provisions and contingencies 0 0 0% 0 0%
Net Profit 173 199 -12.8% 125 39.2%
Share in Profit of Associates 1 4 -86.3% -1 -195.2% Fall in previous quarter and same
quarter last year
Minority Interest 8 24 -67.1% 12 -34.2% Fall in previous quarter and same
quarter last year
Other related items 0 0 0% 0 0%
Consolidated Net Profit 166 179 -7.1% 112 48.5%

Consolidate results triggered in Rs Cr

Margins
Jun'24 Mar'24 Dec'23 Sep'23 Jun'23 Avg. (4 Comments
Qtrs)
OPM 18.4% 21.3% 16.9% 18.7% 16.4% 18.3% In line with average (4 Qtrs)

GPM 17.2% 20.1% 15.8% 17.8% 15.1% 17.2% In line with average (4 Qtrs)
NPM 9.4% 11.4% 8.0% 10.4% 7.5% 9.3% In line with average (4 Qtrs)

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Fortis Health. Report as on 17 September 2024 at 07:57 AM

ANNUAL RESULT

NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2024 IS 9.45% VS 10.14% IN MAR 2023
Consolidated Net Profit: YoY Growth in year ended Mar 2024 is 1.72% vs 6.05% in Mar
2023
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2024 is
15.10% vs 3.03% in Mar 2023
Interest: YoY Growth in year ended Mar 2024 is 1.44% vs -12.09% in Mar 2023 9.45%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2024 has improved from NET SALES
Mar 2023

Mar'24 Mar'23 Change(%)

Net Sales 6,892.92 6,297.63 9.45%
Key Operating Profit (PBDIT) excl Other Income 1,267.64 1,101.34 15.10%
Annual Interest 130.95 129.09 1.44%
Results Exceptional Items 16.02 73.61 -78.24%
Consolidated Net Profit 598.88 588.73 1.72%
Operating Profit Margin (Excl OI) 18.39 17.49 0.90%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Net Sales-YoY Growth in year ended Mar 2024 is 9.45% vs Consolidated Net Profit-YoY Growth in year ended Mar 2024
10.14% in Mar 2023 is 1.72% vs 6.05% in Mar 2023
10000 1000
6,892.92 555.12 588.73 598.88
6,297.63
5,717.61 500
4,632.32
5000 4,030.12 57.94
0
-109.76
0 -500
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024

Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2024 is 15.10% vs 3.03% in Mar 2023 Mar 2024 has improved from Mar 2023
2000 20 18.70 18.39
17.49

1,267.64 13.16
1,068.96 1,101.34 10.04
1000 10
609.52
404.44

0 0
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024

Figures in Rs Crore

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Fortis Health. Report as on 17 September 2024 at 07:57 AM

BALANCESHEET AND CASHFLOW

BALANCE SHEET AND CASH FLOW

ANALYSIS

22.06% Borrowings
Mar'24
858.30
Mar'23
703.15
Change%
22.06%

Increase
Other Long Term Liabilities 245.77 1,794.15 -86.30%
Fixed Assets 9,243.32 8,596.40 7.53%
Investments 229.77 210.30 9.26%
in Borrowings in quarter Current Assets 1,420.59 1,406.35 1.01%
ended Mar 2024 vs in
Figures in Rs Cr
Mar 2023

Other Long Term Liabilities: YoY Growth in year ended Mar 2024 is -86.30% vs -23.06% in Mar 2023
Fixed Assets: YoY Growth in year ended Mar 2024 is 7.53% vs 1.24% in Mar 2023
Investments: YoY Growth in year ended Mar 2024 is 9.26% vs 102.99% in Mar 2023
Current Assets: YoY Growth in year ended Mar 2024 is 1.01% vs 24.10% in Mar 2023

Cash From Operation - YoY Growth in year ended Mar

33.79% 2024 is 33.79% vs -4.99% in Mar 2023
Mar'24 Mar'23 Change%
GROWTH Cash Flow from Operating Activities 1,100.10 822.25 33.79%
Figures in Rs Cr

1500

1,100.10
1000
865.39 822.25

485.49
500

171.54

0
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024

11
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Fortis Health. Report as on 17 September 2024 at 07:57 AM

PEER COMPARISION

PEER COMPARISON
Fortis Health. Apollo Hospitals Max Healthcare Global Health Dr Lal Pathlabs
Size
Market Cap (Cr.) 45,052 101,194 89,903 30,328 27,981
Annual Sales (TTM) (Cr.) 7,094 19,727 5,664 3,350 2,288
Annual Net Profit (TTM) (Cr.) 642 1,036 1,054 482 382
Growth Factors (TTM)
Net Sales Growth 1 year 9.7% 14.5% 18.5% 0.2% 11.3%
Operating Profit Growth 1 year 22.6% 29.7% 18.2% 31% 32.7%
Net Profit Growth 1 year 23.8% 54.9% -10% 47% 44.6%
Net Sales Growth 5 year 9.2% 14.6% 52.3% 31.3% 12.9%
Operating Profit Growth 5 year 54.3% 19.9% 204.9% 109.4% 12.8%
Net Profit Growth 5 year 64.3% 31.6% 145.8% 155.1% 12.8%
Capital Structure Factors
EBIT to Interest 7.3 4 19.8 8.3 17.9
Debt to EBITDA 0.9 2.2 0.9 1 0.4
Net Debt to Equity 0.1 0.5 0 -0.1 -0.4
Sales to Capital Employed 0.8 1.8 0.6 1.3 1.9
Management Quality Factors
ROCE (latest) 11.3% 16% 14.5% 24.5% 40.4%
ROE(latest) 7.7% 12.9% 12.6% 16.5% 19.3%
Tax Ratio 22.5% 32.3% 20.9% 27.4% 29.9%
Operating CF to Net Profit 187.4% 214% 106.1% 197.7% 149.7%
Dividend Payout Ratio 12.6% 25.6% 13.8% - 42%
Valuation Factors
PE Ratio 70.2 97.7 85.3 62.9 73.3
Price to Book 5.9 14.6 10.7 10.4 15.1

PEG Ratio 2.9 1.8 - 1.4 1.7

Dividend Yield 0.2% 0.2% 0.2% - 0.7%
EV to EBITDA 34.1 41 58.4 37.7 43.1
EV to Capital Employed 5.5 9.9 10.5 11.8 23.7
Shareholding
Promoter Holdings 31.2% 29.3% 23.7% 33% 54.6%
Promoter Pledged Holdings - 16.1% - - -
Total Institutional Holding 55.6% 65.3% 72.3% 23.5% 35.8%
FII Holdings 23.3% 43.9% 57% 12.9% 26.2%
Returns
1 Month 12% 5.2% 5.4% 1% 1%
3 Months 19% 13.4% -0.4% -16.7% 21.6%
YTD 42% 23.5% 34.5% 17.8% 30.1%
1 Year 80.7% 38.2% 61.3% 60.7% 43.3%
3 Years 118.4% 44.3% 127.7% - -18.2%

12
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Fortis Health. Report as on 17 September 2024 at 07:57 AM

COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

Fortis Healthcare Limited (FHL) is one of the largest healthcare services providers
INDUSTRY : Hospital & in India with 27 hospitals, ~4,500 operational beds and over 426 diagnostics
Healthcare Services centres as of 31 March, 2023. The Company offers a full spectrum of integrated
healthcare services ranging from clinics to quaternary care facilities and a wide
range of ancillary services to patients in areas such as cardiac care, orthopedics,
44,203 cr (Large Cap) neurosciences, oncology, renal care, gastroenterology and mother and child care.

Part of NIFTY FREE

MIDCAP 100

Board of Directors
Suvalaxmi Chakraborty Independent Director

Ravi Rajagopal Chairman & Independent Directo

Indrajit Banerjee Independent Director

Ashutosh Raghuvanshi Managing Director & CEO

Sim Heng Joo Joe Non Executive Director

7 more board of directors

Company Coordinates

Company Details: Registrat Details:

Fortis Hospital Sector-62, Phase-VIII Mohali Punjab : 160062 Karvy Computershare Pvt Ltd, Plot No 17-24 , Near Image
Tel: 91-172-5096001 Hospital,, Reliance Cybervilae,Vithalrao Nagar,, Madhapur,
Fax: 91-172-5096001 Hyderabad
Email: [email protected] Fax: 91-040-23420814
Website: http://www.fortishealthcare.com Email: [email protected]

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Fortis Health. Report as on 17 September 2024 at 07:57 AM

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