Fortis Healthcare - Strong Revenue, Margin Recovery In Q3: ICICI Securities
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ICICI Securities Report
Fortis Healthcare Ltd. reported Q3 FY21 performance better than estimates driven by business recovery across hospitals and diagnostics and continued focus on cost optimization.
We expect the performance to continue to improve in coming quarters and estimate positive revenue from Q4 FY21 onwards.
Revenue grew 0.7% YoY to Rs 11.8 billion (our estimate Rs 11.3 billion) with hospitals declining 4.9% and SRL (diagnostics) growing 25.9%.
Ebitda margin improved 280/410 basis points YoY/QoQ driven by revenue recovery and cost optimisation.
Management has taken steps to reduce personnel and selling general and administrative costs and the benefits are visible from last two quarters.
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