Fortis Healthcare Q1 Review - Solid Performance, Turnaround In Progress: ICICI Securities
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ICICI Securities Report
Fortis Healthcare Ltd. reported Q1 FY22 performance better than estimates driven by business recovery across hospitals and diagnostics, continued focus on cost optimisation and incremental upside from Covid-19 tests.
We expect the performance improvement to continue in coming quarters and estimate strong growth in FY22E.
Revenue grew 133% YoY to Rs 14.1 billion (our estimate: Rs 13.4 billion) with hospitals growing 106% and SRL (diagnostics) growing 244%.
Ebitda margin improved 370 basis points QoQ led by higher revenue driving operating leverage and cost control.
Fortis' management has taken steps to reduce personnel and selling, general and administrative costs and the benefits are visible from last few quarters.
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