Fortis Healthcare Q4 Review - Omicron Dents Performance: ICICI Securities
Fortis Healthcare Q4 Review - Omicron Dents Performance: ICICI Securities
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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.
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