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Fortis Healthcare Q4 Review - Omicron Dents Performance: ICICI Securities

Fortis Healthcare Q4 Review - Omicron Dents Performance: ICICI Securities

<div class="paragraphs"><p>Surgeons interacting with each other in operation room. (Source: freepik)</p></div>
Surgeons interacting with each other in operation room. (Source: freepik)

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ICICI Securities Report

Fortis Healthcare Ltd.’s Q4 FY22 performance was below our estimates with Omicron wave impacting hospitalisation in the country. Revenues grew 10.0% YoY to Rs 13.8 billion (our estimate: Rs 14.8 billion) with hospitals and SRL (diagnostics) growing 6.0% and 37.7% YoY respectively.

Ebitda margin stood at 16.1% (down 350 bps QoQ) versus our estimate of 19.0%. We expect Fortis Healthcare to continue its growth trajectory in the ensuing quarters driven by an increasingly normalising environment.

Management has taken steps to reduce personnel and selling, general and administrative costs, benefits of which have been visible in the past few quarters.

We remain positive on growth recovery, cost optimisation efforts and potential operating leverage.

Click on the attachment to read the full report:

ICICI Securities Fortis Q4FY22 Result Update.pdf

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