Fortis Healthcare Ltd. · NSE:FORTIS
Fortis Healthcare — Q1 FY24 Earnings Presentation
35 slides from Fortis Healthcare's earnings presentation, Aug 7, 2023
Slide 1: Cover letter to NSE and BSE
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 : [email protected] Website : www.fortishealthcare.com FHL/SEC/2023-24 August 4, 2023 The N
Slide 2: Fortis Healthcare reports Q1 FY24 Financial Results
Press Release August 4, 2023 Fortis Healthcare reports Q1 FY24 Financial Results Consolidated revenues at INR 1,657 Crs, up 11.4%; Operating EBITDA margins at 16.5% Diagnostics Business of the company renamed as “Agilus Diagnostics Limited” Board of Fortis & Agilus have granted approval for Agilus t
Slide 3: Press release: Q1 FY24 results and business highlights
Press Release August 4, 2023 Mohali, August 4, 2023: Fortis Healthcare Ltd. (“Fortis” or the “Company”), today announced its unaudited consolidated financial results for the quarter ended June 30, 2023. • Q1FY24 hospital business revenues were at INR 1,354.1 Crs versus INR 1,192.4 Crs in Q1FY23 and
Slide 4: Hospital and diagnostics business highlights
Press Release August 4, 2023 • The company’s key facilities such as FMRI, Mohali, Noida, Shalimar Bagh, and Anandapur witnessed revenue growth of 21%, 23%, 21%, 15% and 11%, respectively, versus the corresponding previous quarter. • Revenues from digital channels viz website, mobile application and
Slide 5: Management commentary on Q1 FY24 results
Press Release August 4, 2023 Commenting on the results for the quarter, Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare stated, “We have witnessed a steady start in Q1 FY24 for both the hospitals and diagnostics business. Our hospital business revenues grew 13.6% to INR 1,354 Crs while operat
Slide 6: Fortis Healthcare Limited – Q1 FY24
FORTIS HEALTHCARE LIMITED EARNINGS PRESENTATION – Q1 FY24 August 04, 2023
Slide 7: 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 8: Agenda
AGENDA 1. Performance Highlights • Earnings and Financial Summary – Q1 FY24 2. Performance Review - Hospital Business 3. Performance Review - Diagnostics Business 4. Appendix
Slide 9: Q1FY24 Performance Highlights
Q1FY24 PERFORMANCE HIGHLIGHTS
Slide 10: Q1FY24 Snapshot
Q1FY24 SNAPSHOT Consolidated Revenue Consolidated Op EBITDA Consolidated PBT* 1,657 Crores 273 Crores 169 Crores 11.4% 8.7% 4.0% Consolidated PAT* Net Debt / (Cash) Net Debt to EBITDA 122 Crores 393 Crores 0.35x vs 0.54x 8.8% 33% *Excluding exceptional items
Slide 11: Q1FY24 – Key Updates
Q1FY24 – Key Updates Hospital Business Diagnostics Business April 2023: Signed definitive agreements with the VPS group for the acquisition of a 350- May 2023: The name of the company’s bedded hospital in Manesar, Gurugram for a diagnostic business subsidiary was changed to consideration of INR 225
Slide 12: Q1FY24 Snapshot
Q1FY24 SNAPSHOT ➢ Hospital business revenues grew 13.6% to INR 1,354 Cr versus INR 1,192 Cr in Q1FY23 ➢ Hospital Business operating EBITDA stood at INR 206 Cr, up 6.8%; however, operating margin was at 15.2% versus 16.2% in Q1FY23 ➢ Q1FY24 hospital business ARPOB was at INR 60,076 per day vs INR 53,
Slide 13: Consolidated Earnings Summary – Q1 FY24
CONSOLIDATED EARNINGS SUMMARY – Q1 FY24 All figures in INR Crs. Revenue Op EBITDA & Margin 1,643 1,657 270.7 272.9 1,488 251.1 16.5% 16.5% 16.9% Q1FY23 Q4FY23 Q1FY24 Q1FY23 Q4FY23 Q1FY24 Up 11.4% Up 8.7% PBT before Exceptional Items PAT* 134.3 176.3 127.8 122.5 172.9 169.2 Q1FY23 Q4FY23 Q1FY24 Q1FY2
Slide 14: Consolidated Earnings Summary
CONSOLIDATED EARNINGS SUMMARY All figures in INR Crs. Consolidated Revenue 1,643 1,657 1,607 1,560 1,488 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Op EBITDA Margin Op EBITDA PBT (before Exceptional items) 303 276 271 273 251 18.8% 17.7% 16.5% 16.5% 16.9% 216 176 175 173 169 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY
Slide 15: Hospital Business Highlights
Q1FY24 HOSPITAL BUSINESS HIGHLIGHTS Key Performance Indicators • Revenue from focus specialties comprising Oncology, Overall Occupancy Gastroenterology, Neurosciences, Renal Sciences, Orthopaedics 67% 65% 64% and Cardiac Sciences grew 14.1% and contributed 63% to overall hospital business revenues (
Slide 16: Diagnostic Business Highlights
Q1FY24 DIAGNOSTIC BUSINESS HIGHLIGHTS • Agilus reported revenues of INR 342.7 Cr in Q1FY24 as compared to INR 332.6 Cr in Q1FY23 & INR 332.2 Cr in Q4FY23. Covid business witnessed significant decline from 6.1% in Q1FY23 to 2.6% in Q4FY23 to 0.7% in Q1FY24. • Operating EBITDA for the quarter stood at
Slide 17: Operating Performance: Hospital Business
OPERATING PERFORMANCE HOSPITAL BUSINESS Hospital Business Particulars (INR Cr) Q1FY23 Q4FY23 Q1FY24 Operating Revenue 1,192.4 1,350.5 1,354.1 Revenue Growth vs LY 29.7% 13.6% Reported EBITDA 207.8 230.0 208.1 EBITDA growth vs LY 60.3% 0.2% Margin 17.4% 17.0% 15.4% Adj: Other Income 14.5 8.8 1.7 Oper
Slide 18: Operating Performance: Diagnostic Business
OPERATING PERFORMANCE DIAGNOSTIC BUSINESS Diagnostic Business Particulars (INR Cr) Q1FY23 Q4FY23 Q1FY24 Operating Revenue* 332.6 332.1 342.7 Revenue Growth vs LY -10.8% 3.0% Reported EBITDA 64.0 54.7 72.5 EBITDA growth vs LY -34.7% 13.2% Margin 19.3% 16.5% 21.2% Adj: Other Income 6.2 5.2 6.1 Operati
Slide 19: Balance Sheet
BALANCE SHEET June 30, 2023 Balance Sheet (INR Cr) March 31, 2023 June 30, 2023 Shareholder’s Equity 8,100 8,402 Debt 703 759 Lease Liabilities (Ind AS 116)* 223 268 Total Capital Employed 9,026 9,429 Net Fixed Assets (including intangibles & CWIP) 5,513 5,599 Goodwill 4,141 4,177 Investments 210 21
Slide 20: Performance Review – Hospitals Business
PERFORMANCE REVIEW HOSPITALS BUSINESS
Slide 21: Revenue Mix
REVENUE MIX Q1 FY23 Q4 FY23 Q1 FY24 Gross Revenue : INR 1,248 CR Gross Revenue : INR 1,416 CR Gross Revenue : INR 1,423 CR 39% 43% 39% 57% 61% 61% NonSurgical Revenue Surgical Revenue
Slide 22: Specialty Mix
SPECIALTY MIX Q1 FY23 Q1 FY24 Other Operating Other Operating Revenue, 2.5% Revenue, 3.2% OPD, 12.6% OPD, 12.4% Cardiac, 19.4% Cardiac, 17.7% Other IPD, Other IPD, 15.7% 15.8% Ortho, 10.1% Ortho, 10.6% Gynae, 4.2% Gynae, 3.6% Renal, 7.2% Renal, 7.3% Pulmo, 2.4% Pulmo, 2.4% Neuro, 8.2% Neuro, 8.6% On
Slide 23: Payor Mix
PAYOR MIX Q1 FY23 Q1 FY24 ESI, 0.2% ESI, 0.0% TPAs, 36.4% TPAs, 35.2% Cash : Cash : Domestic, Domestic, 36.1% 35.6% Pvt Corps, Pvt Corps, 0.9% 0.9% International Govt & PSUs, International Govt & PSUs, , 7.1% 9.4% , 8.1% 10.2% CGHS, 3.2% ECHS, 6.0% CGHS, 4.0% ECHS, 6.9%
Slide 24: Hospital Business Performance – Q1FY24
HOSPITAL BUSINESS PERFORMANCE – Q1FY24 All the key healthcare facilities continue to witness an upward momentum in revenues Revenue Q1FY23 Q1FY24 203 169 166 135 110 118 117 100 115 100 106 96 89 97 57 67 55 61 44 47 FMRI Mohali BG Road Noida Shalimar Bagh FEHI Mulund Anandpur Jaipur Faridabad Reven
Slide 25: Hospital Margin Matrix
HOSPITAL MARGIN MATRIX EBITDA No of Facilities Revenue Contribution Operational beds ARPOB (INR Cr) Occupancy 20% - 25% 3 36% 968 2.87 73% 15% - 20% 7 33% 1,367 2.09 64% Q1FY24 10% - 15% 4 10% 552 1.53 68% <10% 8 21% 1,184 1.93 54% EBITDA No of Facilities Revenue Contribution Operational beds ARPOB
Slide 26: Clinical Excellence
CLINICAL EXCELLENCE • Team Urology & Nephrology at Fortis Hospital Bannerghatta Road successfully conducted the world’s first reported case of Robotic En-Bloc Kidney Transplant from a 13-month-old deceased donor weighing 7.3 kg to a 30-year-old recipient weighing 50 kg • A 75-year-old male from Hary
Slide 27: Awards and Accreditations
AWARDS AND ACCREDITATIONS • Fortis Healthcare won seven awards in the Medical Value Travel Specialist Hospital category at Advantage Healthcare India’s Medical Value Travel (MVT) Awards 2023. • Fortis Shalimar Bagh, New Delhi, Fortis Mohali, Fortis Mulund and Fortis Anandapur, Kolkata bagged multipl
Slide 28: Performance Review – Diagnostics Business
PERFORMANCE REVIEW DIAGNOSTICS BUSINESS
Slide 29: Diagnostics Business
DIAGNOSTICS BUSINESS • Non Covid revenues grew by 9% in Q1’FY24 compared to the corresponding previous period. • During Q1 FY24, Agilus conducted 9.95 Mn tests versus 9.96 Mn in Q1 FY23 • Agilus added 165+ Customer touchpoints to its network in Q1 FY24. • Agilus’s B2C: B2B revenue mix stood at 53:47
Slide 30: Quarterly Key Performance Metrics
QUARTERLY KEY PERFORMANCE METRICS Test (mn) Avg. Realization per test (INR) No of Patients (mn) Avg. Realization per patient (INR) 11.00 360 6.00 860 840 355 5.00 835 836 820 10.50 354 829 350 800 349 4.00 805 345 780 10.00 344 345 344 774 760 340 3.00 740 9.50 335 720 2.00 334 718 700 330 9.00 680
Slide 31: Quarterly Revenue Mix
QUARTERLY REVENUE MIX Geographic mix Product Mix Segment Mix Specialised Covid, 1% International , 3% North, B2C, South, 34% 53% Q1FY24 28% Specialised B2B, Non-Covid, 36% 47% Routine, 63% West, East, 21% 14% International, 2% Specialised North, Covid, 6% South, 34% B2C, B2B, Q1FY23 27% 55% 45% Spec
Slide 32: Appendix
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Slide 33: Group Consolidated P&L – Q1FY24
GROUP CONSOLIDATED P&L – Q1FY24 Particulars ( INR Cr) Q1FY23 Q4FY23 Q1FY24 Revenue from operations 1,487.9 1,642.7 1,657.4 Other income 20.7 13.8 8.1 Total income 1,508.6 1,656.5 1,665.5 Expenses 1,236.8 1,371.8 1,384.9 EBITDA* 271.8 284.7 280.6 Margin 18.3% 17.3% 16.9% Finance costs 31.2 31.7 31.5
Slide 34: About Fortis Healthcare
About Fortis Healthcare National Capital Region ➢ FMRI, Gurugram 28 Healthcare Facilities J&K ➢ FEHI, New Delhi ➢ FMC Srinagar 1,656 ➢ Shalimar Bagh ➢ Noida 4,500+ Operational Beds ➢ Vasant Kunj (O&M) ➢ Faridabad Punjab ➢ La Femme GK ➢ Mohali 676 ➢ Def Col 5,700+ Doctors ➢ Ludhiana ➢ C-DOC ➢ Amritsa
Slide 35: Thank You
THANK YOU