Fortis Healthcare Q1 PAT Falls 9% YoY, Board Okays Diagnostic Arm IPO

Fortis Healthcare Ltd announced a dip of 8.6% in its consolidated profit after tax to Rs 122.5 crore on Friday for the first quarter ended June 30. Fortis Healthcare shares witnessed a surge of 1.61% in Friday's intraday trade to close at Rs 338.45 apiece. Earlier, the company announced its consolidated profit after tax at Rs 134.3 crore in first quarter of las year. Meanwhile, board of directors of Fortis and Agilus have given their nod to initiate an initial public offer (IPO) by way of an offer of sale of such number of equity shares as may be offered by certain existing and eligible shareholders of Agilus in the IPO. Check details below:

Board of Fortis Healthcare Approves Diagnostic Arm IPO: According to the BSE filing of Fortis Healthcare date August 4, 2023, "Board of directors of the Company (in its capacity as the holding company and the promoter) and board of directors of Agilus, in their respective meetings held today i.e. August 4, 2023 have considered and granted its confirmation/ approval for Agilus to initiate an initial public offer process, by way of an offer of sale of such number of equity shares as may be offered by certain existing and eligible shareholders of Agilus in the IPO, in accordance with applicable laws. The actual timing and implementation of the IPO will be subject to the determination of the Company's and Agilus's respective boards, after considering the prevailing market conditions and other relevant factors and at such price determined in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018."

Fortis Healthcare Q1 Results: The company's consolidated revenues for the first quarter announced at Rs 1,657 crore as compared to Rs 1,488 crore in the year-ago period, up 11.4%. The earnings before interest, tax, depreciation and ammortisation (EBITDA) jumped 8.7% YoY to Rs 273 crore and EBITDA margins fell 40 basis points to 16.5%.

"Our investments in bed expansion and medical equipment are on track with the latter seeing the commissioning of a Da Vinci Xi Robotic system at Fortis Noida. International patient revenues grew 29% YoY at Rs 115 Crs and similar to the trailing quarter," said Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare.

Fortis Healthcare Stock Performance & Return: Last trading price of Fortis Healthcare share price is Rs 338.45 apiece on BSE with intraday gain of 1.61%. Its 52-week high price is Rs 352.00 and 52-week low price is Rs 245.40 apiece, respectively. The company has a market capitalisation of Rs 25,551.56 crore. Fortis Healthcare shares gave return of 8% in last 1-month, surged 28% in last 3-months, soared 22% in last 6-months, 26% return in last 1-year, and rose 144% in last 3-years.

Fortis Healthcare About: Fortis Healthcare is one of India's largest healthcare providers with a trusted network of more than 20 hospitals, 4,000 operational beds and 400 diagnostics centres, according to its official website.