FORTIS · Healthcare
Fortis Healthcare Ltd. reported revenue of ₹2,007 cr for January to March 2025, +12.4% on the year and +4.1% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹7,782 cr, +12.9% on the four before.
Operating profit (EBITDA) was ₹435 cr, a margin of 21.7%, +34 bps on the year and +222 bps on the quarter. Over the last 8 quarters the margin has ranged from 16.4% to 21.9%, averaging 19.3%. Operating costs grew +11.9%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹188 cr, −7.4% on the year and −26.0% on the quarter, with earnings per share of ₹2.44. Profit before other income, one-offs and tax grew faster, at +4.7%; other income, one-offs or tax held the headline back. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹809 cr, +25.4% on the four before.
On earnings per share of ₹10.26 over the last four quarters, the stock at ₹736.50 trades at 71.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹68.0 cr, +94.3% on the year; 16% of EBITDA.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,770 cr | ₹1,680 cr | ₹1,786 cr | ₹1,859 cr | ₹1,988 cr | ₹1,928 cr | ₹2,007 cr | ₹2,167 cr | ₹2,331 cr | ₹2,265 cr | ₹2,365 cr | ₹2,545 cr |
| YoY | — | — | — | +12% | +12% | +15% | +12% | +17% | +17% | +17% | +18% | +17% |
| EBITDA margin | 18.6% | 16.9% | 21.3% | 18.5% | 21.9% | 19.5% | 21.7% | 22.7% | 23.9% | 22.3% | 22.5% | 21.1% |
| Other income, % of PBT | 8% | 10% | 6% | 6% | −16% | 17% | −12% | 9% | 12% | −13% | −1% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 21% | 27% | 25% | 24% | 26% | 9% | 21% | 24% | 23% | 26% | 16% | 25% |
| Net profit | ₹184 cr | ₹134 cr | ₹203 cr | ₹174 cr | ₹193 cr | ₹254 cr | ₹188 cr | ₹267 cr | ₹329 cr | ₹197 cr | ₹271 cr | ₹273 cr |
| YoY | — | — | — | +40% | +5% | +90% | −7% | +53% | +70% | −22% | +44% | +2% |
| Core profit YoY | — | — | — | +34% | +41% | +41% | +5% | +48% | +24% | +29% | +23% | +5% |
| EPS | ₹2.30 | ₹1.78 | ₹2.37 | ₹2.20 | ₹2.34 | ₹3.28 | ₹2.44 | ₹3.45 | ₹4.26 | ₹2.57 | ₹3.52 | ₹3.53 |
| Flags | · | · | · | ✓ | ✓ | 2 | 1 | ✓ | 1 | 1 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Fortis Healthcare Ltd. reported revenue of ₹2,007 cr (+12.4% on the year) and net profit of ₹188 cr (−7.4% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +4.7% on the year, against −7.4% for reported profit.
1 check raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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