Fortis Healthcare Ltd. · NSE:FORTIS
Fortis Healthcare — Q2 FY24 Earnings Presentation
33 slides from Fortis Healthcare's earnings presentation, Nov 10, 2023
Slide 1: Cover letter to stock exchanges
Fortis Healthcare Limited Tower-A, Unitech Business Park, Block-F, South City 1, Sector – 41, Gurgaon, Haryana – 122 001 (India) Tel : 0124 492 1033 Fax : 0124 492 1041 Emergency : 105010 Email : secretarial@fortishealthcare.com Website : www.fortishealthcare.com FHL/SEC/2023-24 November 10, 2023 Th
Slide 2: Fortis Healthcare announces Q2 FY24 Financial Results
Press Release November 10, 2023 Fortis Healthcare announces Q2 FY24 Financial Results Consolidated revenues at INR 1,770 Crs, up 10.1%; Operating EBITDA at INR 330 Crs, 18.6% margin Hospital Business Q2 FY24 revenues up 12% to INR 1,453 Crs, Operating EBITDA at INR 268 Crs, 18.4% margin Hospital bus
Slide 3: Press Release: Q2 FY24 and H1 FY24 highlights
Press Release November 10, 2023 Gurugram, November 10, 2023: Fortis Healthcare Ltd. (“Fortis” or the “Company”), is amongst India’s leading healthcare delivery service providers. The healthcare verticals of the Company primarily comprise approx. 4500 operational beds (including JVs and O&Ms) across
Slide 4: Hospital Business Highlights
Press Release November 10, 2023 *As per the segmental reporting (in accordance with Ind AS 108) as provided in the statement of unaudited consolidated financial results for the quarter and six months ended September 30, 2023 HOSPITAL BUSINESS HIGHLIGHTS • The revenue contribution from the Company’s
Slide 5: Management commentary and Agilus IPO
Press Release November 10, 2023 the current available space to add additional beds in Mohali and Shalimar Bagh. Following from the divestment of our Arcot Road, Chennai facility in July 2023, our focus on evaluating further portfolio rationalization opportunity continues. Efforts to implement the EM
Slide 6: For further details please contact
Press Release November 10, 2023 In light of the publicity restrictions imposed on Agilus and the Company due to the proposed IPO, no further information other than that contained in this presentation can be disclosed. The equity shares have not been and will not be registered under the United States
Slide 7: Fortis Healthcare Limited – Q2 FY24 and H1 FY24
FORTIS HEALTHCARE LIMITED EARNINGS PRESENTATION – Q2 FY24 and H1 FY24 November 10, 2023
Slide 8: Disclaimer
DISCLAIMER This presentation may not be copied, published, distributed or transmitted. The presentation has been prepared solely by the company. Any reference in this presentation to “Fortis Healthcare Limited” shall mean, collectively, the Company and its subsidiaries. This presentation has been pr
Slide 9: Disclaimer (contd.)
DISCLAIMER (CONTD.) Agilus Diagnostics Limited (“Agilus”), a subsidiary of Fortis Healthcare Limited (“Company”), is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offer of its equity shares and has filed a draft red herring prospe
Slide 10: Agenda
AGENDA 1. Performance Highlights • Earnings and Financial Summary – Q2 FY24 and H1 FY24 2. Performance Review - Hospital Business 3. Appendix
Slide 11: Performance Highlights Q2FY24 and H1FY24
Q2FY24 and H1FY24 PERFORMANCE HIGHLIGHTS
Slide 12: Q2FY24 Snapshot
Q2FY24 SNAPSHOT Consolidated Revenue Consolidated Op EBITDA Consolidated PBT* 1,770 Crores 330 Crores 229 Crores (18.6% Margin) 10.1% 8.9% 5.9% Consolidated PAT* Net Debt / (Cash)^ Net Debt to EBITDA^ 180 Crores 393 Crores 0.29x vs 0.44x 8.1% *Excluding exceptional items ^As on 30th September 2023
Slide 13: H1FY24 Snapshot
H1FY24 SNAPSHOT Consolidated Revenue Consolidated Op EBITDA Consolidated PBT* 3,427 Crores 603 Crores 398 Crores (17.6% Margin) 10.7% 8.8% 1.5% Consolidated PAT* Net Debt / (Cash)^ Net Debt to EBITDA^ 303 Crores 393 Crores 0.29x vs 0.44x 0.6% *Excluding exceptional items ^As on 30th September 2023
Slide 14: Q2FY24 Snapshot
Q2FY24 SNAPSHOT ➢ Hospital business revenues grew by 12.0% to INR 1,453 Cr versus INR 1,297 Cr in Q2FY23. Revenue grew by 7.3% versus the trailing quarter. ➢ Hospital Business operating EBITDA stood at INR 268 Cr, up 13.1%; Operating margin increased to 18.4% in Q2FY24 from 18.2% in Q2FY23. Margins
Slide 15: Consolidated Earnings Summary – Q2 FY24
CONSOLIDATED EARNINGS SUMMARY – Q2 FY24 All figures in INR Cr. Revenue Op EBITDA & Margin 1,769.9 302.9 329.8 272.9 1,657.4 1,607.2 18.8% 18.6% 16.5% Q2FY23 Q1FY24 Q2FY24 Q2FY23 Q1FY24 Q2FY24 Up 10.1% Up 8.9% PBT before Exceptional Items PAT* 216.2 229.0 166.6 180.2 169.2 122.5 Q2FY23 Q1FY24 Q2FY24
Slide 16: Consolidated Earnings Summary – H1 FY24
CONSOLIDATED EARNINGS SUMMARY – H1 FY24 All figures in INR Cr. Revenue Op EBITDA & Margin 3,427.4 602.6 3,095.1 554.0 17.6% 17.9% H1FY23 H1FY24 H1FY23 H1FY24 Up 10.7% Up 8.8% ` PBT before Exceptional Items PAT* 398.3 301.0 302.7 392.6 H1FY23 H1FY24 H1FY23 H1FY24 *H1FY24 PAT excludes exceptional net
Slide 17: Consolidated Earnings Summary
CONSOLIDATED EARNINGS SUMMARY All figures in INR Cr. Consolidated Revenue 1,770 1,643 1,657 1,607 1,560 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Op EBITDA Margin Op EBITDA PBT (before Exceptional items) 330 303 276 271 273 18.6% 18.8% 17.7% 16.5% 16.5% 216 229 175 173 169 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY2
Slide 18: Hospital Business Highlights Q2FY24
Q2FY24 HOSPITAL BUSINESS HIGHLIGHTS Key Performance Indicators Overall Occupancy • Revenue from focus specialties comprising Oncology, Gastroenterology, Neurosciences, Renal Sciences, 70% 69% Orthopaedics and Cardiac Sciences grew 13.4% and 64% contributed 61% to overall hospital business revenues (
Slide 19: Operating Performance – Hospital Business
OPERATING PERFORMANCE HOSPITAL BUSINESS Hospital Business Particulars (INR Cr) Q2FY23 Q1FY24 Q2FY24 H1FY23 H1FY24 Operating Revenue 1,297.0 1,354.1 1,452.6 2,489.3 2,806.7 Revenue Growth vs LY 13.6% 12.0% 12.7% Reported EBITDA^ 267.2 208.1 289.4 475.0 497.5 EBITDA growth vs LY 0.2% 8.3% 4.8% Margin
Slide 20: Balance Sheet
BALANCE SHEET September 30, 2023 Balance Sheet (INR Cr) Sep 30, 2022 March 31, 2023 Sep 30, 2023 Shareholder’s Equity 7,788 8,100 8,481 Debt 940 703 740 Lease Liabilities (Ind AS 116)* 292 223 293 Total Capital Employed 9,020 9,026 9,514 Net Fixed Assets (including intangibles & CWIP) 5,660 5,513 5,
Slide 21: Performance Review – Hospitals Business
PERFORMANCE REVIEW HOSPITALS BUSINESS
Slide 22: Strengthening Medical Infrastructure
STRENGTHENING MEDICAL INFRASTRUCTURE • FMRI, Gurugram launched state-of-the-art Digital PET CT for advanced imaging in cancer diagnosis • Fortis Healthcare announced a collaboration with RED.Health, an emergency response company, to strengthen its healthcare emergency ambulance services in Delhi NCR
Slide 23: Revenue Mix
REVENUE MIX Q2 FY23 Q1 FY24 Q2 FY24 Gross Revenue : INR 1,365 CR Gross Revenue : INR 1,423 CR Gross Revenue : INR 1,532 CR 41% 39% 41% 59% 61% 59% Non Surgical Revenue Surgical Revenue Contribution from Surgical revenue stood at 59% compared to 61% in Q1FY24 and 59% in Q2FY23
Slide 24: Specialty Mix
SPECIALTY MIX Q2 FY23 Q2 FY24 Other Operating Other Operating Revenue, 2.8% Revenue, 3.4% OPD, 12.4% OPD, 12.0% Cardiac, Cardiac, 18.3% 17.4% Other IPD, Other IPD, Ortho, 8.5% 17.5% Ortho, 8.9% 17.3% Renal, 7.4% Renal, 6.9% Gynae, 4.1% Gynae, 3.7% Neuro, 8.5% Pulmo, 2.4% Neuro, 8.3% Pulmo, 2.7% Gast
Slide 25: Payor Mix
PAYOR MIX Q2 FY23 Q2 FY24 ESI, 0.1% ESI, 0.0% TPAs, 36.3% TPAs, 35.0% Cash : Cash : Domestic, Domestic, 35.7% 36.0% Pvt Corps, Pvt Corps, 0.9% 0.7% International , 8.0% Govt & International , Govt & 8.3% PSUs, 8.9% PSUs, 9.6% CGHS, 3.3% ECHS, 6.2% CGHS, 3.9% ECHS, 6.9%
Slide 26: Hospital Business Performance – Q2FY24
HOSPITAL BUSINESS PERFORMANCE – Q2FY24 All the key healthcare facilities continue to witness an upward momentum in revenues Revenue 221 Q2FY23 Q2FY24 190 172 145 122 131 125 124 107 104 103 108 103 108 78 65 55 61 46 52 FMRI Mohali BG Road Shalimar Bagh Noida FEHI Mulund Anandpur Jaipur Faridabad Re
Slide 27: Hospital Margin Matrix
HOSPITAL MARGIN MATRIX Margin improvement was witnessed across the board with multiple healthcare facilities moving up in the margin matrix EBITDA No. of Facilities Revenue Contribution Operational Beds ARPOB (INR Cr) Occupancy 20% - 25% 9 62.6% 2,210 2.39 72.2% Q2 FY24* 15% - 20% 5 16.7% 720 1.86 7
Slide 28: Clinical Excellence
CLINICAL EXCELLENCE • FMRI, Gurugram, conducted a challenging single-incision laparoscopic gall bladder surgery on a 46-year-old female patient with inverted organs (rare congenital condition) • Fortis Hospital, Nagarbhavi, Bengaluru, conducted complex surgery on 53-year-old man with stage 3 renal c
Slide 29: Awards and Accreditations
AWARDS AND ACCREDITATIONS • Fortis Hospital, Anandpur, Kolkata, bagged three ICC (Indian Chamber of Commerce) Nursing Excellence Awards • Fortis Hospital, Noida, was honoured with the prestigious Diamond Status by the World Stroke Organisation (WSO) • Fortis Escorts Hospital, Faridabad, was bestowed
Slide 30: Appendix
| xs fa) 2 Lu a. a <x
Slide 31: Group Consolidated P&L – Q2FY24
GROUP CONSOLIDATED P&L – Q2FY24 Particulars (INR Cr) Q2FY23 Q1FY24 Q2FY24 Revenue from operations 1,607.2 1,657.4 1,769.9 Other income 15.5 8.1 13.5 Total income 1,622.7 1,665.5 1,783.5 Expenses 1,304.3 1,384.9 1,439.8 EBITDA* 318.5 280.6 343.7 Margin 19.8% 16.9% 19.4% Finance costs 32.8 31.5 31.8 D
Slide 32: Group Consolidated P&L – H1FY24
GROUP CONSOLIDATED P&L – H1FY24 Particulars (INR Cr) H1FY23 H1FY24 Revenue from operations 3,095.1 3,427.4 Other income 36.2 21.6 Total income 3,131.3 3,449.0 Expenses 2,541.0 2,824.7 EBITDA* 590.3 624.3 Margin 19.1% 18.2% Finance costs 64.0 63.3 Depreciation and amortisation expense 151.2 163.4 PBT
Slide 33: Thank You
THANK YOU