Fortis Healthcare Q4 Review - Strong Recovery Continues: ICICI Securities
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ICICI Securities Report
Fortis Healthcare Ltd. reported Q4 FY21 performance better than estimates driven by business recovery across hospitals and diagnostics and continued focus on cost optimisation.
We expect the performance improvement to continue in coming quarters and estimate strong growth in FY22E.
Revenue grew 12.5% YoY to Rs 12.5 billion (our estimate: Rs 11.8 billion) with hospitals growing 7.5% and SRL (diagnostics) growing 35.4%.
Ebitda margin improved 450 basis points YoY but dropped 40 basis points QoQ.
Management has taken steps to reduce personnel and selling, general and administrative costs and the benefits are visible from last few quarters.
Vaccines administration would provide additional upside.
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