Fortis Healthcare's revenue in Q4FY18 declined 3.3% yoy to Rs1,086.4cr. EBITDA was down 84% yoy to Rs12.7cr in Q4FY18 vs. Rs79cr in Q4FY17. EBITDA margins in Q4FY18 were at 1.2% vs. 4.6% in Q3FY18 and 7% in Q4FY17. Due to the exceptional loss of Rs833.5cr in the quarter, company reported loss of Rs932cr in Q4FY18 vs. loss of Rs67.8cr in Q4FY17.
The exceptional loss of Rs833.5cr is related to impairment of goodwill, capital work in progress and write-off of inter corporate deposits (ICDs), loans and recoverable amounts.
Considering the Investigation Report issued by Luthra & Luthra, Fortis has decided to appoint an external agency to establish the highest level of governance and internal controls.
Fortis Board has said that their key priority is to ensure that current bidding process is fair and transparent and maximizes the shareholder value.
Fortis has withdrawn demerger of the diagnostics business (SRL) and has received approval by the National Company Law Tribunal (NCLT).
Net debt at the end of FY18 stood at Rs1,404cr and net debt to equity ratio stood at 0.26x vs. net debt to equity ratio of 0.2x in FY17.
Hospital business contributed 80% of the revneue, while SRL contributed 20% in Q4FY18.
Hostpital business EBITDA margin was down 20bps yoy to 4.8% in Q4FY18.
SRL's EBITDA margin was down 430bps yoy to 15.6% in Q4FY18.
In FY2018, the top 10 facilities contributed 76.5% of the hospital business revenue.
For FY18, compnay has reported total loss of Rs1,009.2cr.
Fortis Healthcare Ltd ended at Rs. 134.50, down by 2.9 points or 2.11% from its previous closing of Rs. 137.40 on the BSE.
The scrip opened at Rs. 136 and touched a high and low of Rs. 137.85 and Rs. 133.50 respectively. A total of 17,03,731 (NSE+BSE) shares were traded on the counter. The stock traded above its 50 DMA.
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