Fortis Healthcare Limited

About Fortis Healthcare Limited bond.

This comprehensive profile covers key factual information about FORTIS HEALTHCARE LIMITED. Incorporated in February 1996, FHL’s first healthcare facility became operational at Mohali in Punjab in 2001. The company is an integrated healthcare services provider, present across hospitals, diagnostics, day care, and specialty facilities. It has both owned and managed hospitals. The diagnostics brand, Agilus, is among the leading chains in the country. FHL has entered the women and child health and well-being segments through the La Femme brand. It has a facility each in Jaipur; Greater Kailash and Shalimar Bagh (both in New Delhi); and in Bengaluru. The company has four hospitals accredited to the Joint Commission International (JCI), 21 accredited to the National Accreditation Board for Hospitals (NABH), 18 with NABH-accredited nursing programmes under its umbrella, and 9 NABH-accredited blood banks. On February 15, 2018, shareholding of the erstwhile promoters, Mr Malvinder Mohan Singh and Mr Shivinder Mohan Singh, came down to less than 1% after the Hon’ble Supreme Court allowed lenders to invoke the pledge against shares of FHL held as security. Thereafter, the search for a new promoter began and bids were invited from investors. IHH was the winning bidder and became the new promoter, having invested around Rs 4,000 crore against fresh issuance of around 31.1% stake. The board has provided the in-principle approval for change of the names, brands and logos of Fortis and it’s diagnostic subsidiary, whose license agreements expired in April and May 2021, respectively. Subsequently, the diagnostics subsidiary has been renamed as Agilus Diagnostics Ltd since May 2023. The proposal to change the name, brand and logo of Fortis remains subject to various deliberations and requisite corporate and regulatory approvals. For fiscal 2023, FHL had a net profit of Rs 633 crore (including an exceptional gain of Rs 74 crore pertaining to reversal of impairment in an associate company) and reported an operating revenue of around Rs 6,298 crore. This was in comparison to operating revenue of around Rs 5,718 crore and net profit of Rs 790 crore in fiscal 2022 (including exceptional gain of Rs 315 crore, pertaining to remeasurement of the previously held equity interest of Agilus in it’s JV with DDRC at its fair value post-acquisition of the balance 50% stake in the said JV in April 2021).and self-employed individuals, primarily in semi-urban markets. The company commenced operations in 1984, with a focus on consumer loans and vehicle finance. In 2005, it shifted its focus to small business loans with a typical loan ticket size of Rs. 2- 10 lakh and an average ticket size of Rs. 3-3.5 lakh. Its loans are predominantly backed by self-occupied residential properties. As of September 30, 2023, the company had 456 branches across 10 states/Union Territories. FSBFL was listed on the NSE and BSE in November 2022. As of September 2023, the single largest shareholder comprised the individual promoters & promoter group (Mr. Lakshmipathy Deenadayalan and his family), with an 18.3% stake in the company, on a fully diluted basis.The company has 619 branches in 18 states and AUM of Rs 13188 crore as on June 30, 2024. Profit after tax (PAT) increased to Rs 244 crore in fiscal 2024 from Rs 180 crore in fiscal 2023. The company reported a PAT of Rs 70 crore for quarter ended June 30, 2024 and Rs 54 crore from same period of FY23. Return on managed assets (RoMA) remained stable at 2.1% in fiscal 2024 and 2023., driven by better lower credit cost of 0.6%. Annualised RoMA for the quarter ended June 30, 2024, was 2.0%, on the back of higher credit cost of 1.0%, it was 0.6% in fiscal 2024. Since the change in management in October, 2021 the Company has taken significant efforts to expand its portfolio in India and overseas EPS in Mar-2024 was 7.93. Current ratio in Mar-2024 was 0.45. Debt/Equity in Mar-2024 was 0.38. Debt/EBITDA in Mar-2024 was 2.44. Interest coverage ratio in Mar-2024 was 7.55. Operating Cashflow to total debt in Mar-2024 was 0.34. Total revenue for Mar-2025(E) was ₹7380.43. Net income for Mar-2025(E) stood at ₹1,448.00. Total assets as of Mar-2024 were ₹12,971.37. Operating cash flow for Mar-2024 was ₹1,100.10. The company’s borrowing relationships include The Hongkong and Shanghai Banking Corporation Limited (₹N/A Cr), DBS Bank India Limited (₹N/A Cr), The Hongkong and Shanghai Banking Corporation Limited (₹N/A Cr), The Hongkong and Shanghai Banking Corporation Limited (₹N/A Cr), The Hongkong and Shanghai Banking Corporation Limited (₹N/A Cr), The Hongkong and Shanghai Banking Corporation Limited (₹N/A Cr), DBS Bank India Limited (₹N/A Cr), Axis Bank Limited (₹N/A Cr). Peers and comparison entities consist of FORTIS HEALTHCARE LIMITED, Max Healthcare Institute Limited, Apollo Hospitals Enterprise Limited, Global Health Limited. As of Dec 2024, promoters hold N/A% while others hold N/A% of equity. Key strengths include: Strong market position in the domestic healthcare space; Healthy and improving financial risk profile, aided by good operating performance; Liquidity: Strong. Key risks include: Continuing litigations; Exposure to regulatory risk. Leadership team details include Ashok Pandit (Non Executive Director), Ashutosh Raghuvanshi (Managing Director & CEO), Dilip Kadambi (Non Executive Director), Indrajit Banerjee (Independent Director), Lim Tsin Lin (Non Executive Director), Mehmet Ali Aydinlar (Non Executive Director), Prem Kumar Nair (Non Executive Director), Ravi Rajagopal (Chairperson & Independent Director), Satyendra Chauhan (Company Secretary & Compliance Officer), Shailaja Chandra (Independent Director), Suvalaxmi Chakraborty (Independent Director), Tomo Nagahiro (Non Executive Director), Vivek Kumar Goyal (Chief Financial Officer). This detailed corporate overview is structured to provide a thorough understanding of all available data points, enhance search visibility, and support investor analysis.