Page 2 - Fortis Healhcare

CRISIL upgrades credit rating of Fortis Healthcare in biz risk profile

Crisil has upgraded the credit rating outlook of Fortis Healthcare basis sustained improvement in the business risk profile of the company. It has upgraded the credit rating on long-term bank facilities for Fortis Healthcare Limited (FHL) to 'AA / Stable outlook' from the earlier 'AA- / Positive outlook', the company said in a release. The short- term rating has also been reaffirmed at 'Crisil A1+'. This rating is considered to have a high degree of safety regarding timely payment of financial obligations. "Crisil upgraded long-term credit rating to AA basis sustained improvement in the business risk profile of FHL driven by bed expansions, steady occupancies, better surgical mix, improved average revenue per occupied bed (ARPOB) metrics, and increasing international patient revenues, which are also leading to healthy operating profitability," it said. It further said consolidated operating EBITDA of FHL improved to about Rs 1,163 crore in 2022-23 from Rs 1,096 crore in FY22 and ne

Sebi issues demand notices to 5 entities in Fortis fund diversion case

Capital markets regulator Sebi has sent notices to five entities asking them to pay Rs 5.7 crore within 15 days in Fortis Healthcare's case of fund diversion and misrepresentations to conceal the fraud. In addition, the regulator warned of attachment of assets and accounts if they fail to make the payment within the stipulated time. The five entities that received notices are Saubhagya Buildcon, Zolton Properties, Tiger Developers, Torus Buildcon and Rosestar Marketing. The demand notices came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (SEBI) in May 2020. In five notices issued on Thursday, Sebi directed them to pay Rs 5.7 crore, which includes interest and recovery cost, within 15 days. In the event of non-payment of dues, the regulator will recover the amount by attaching and selling their moveable and immovable properties. Besides, they will face attachment of their bank accounts. Also, the regulator takes the route o

Sebi issues notices to 4 entities in Fortis Healthcare fund diversion case

Capital markets regulator Sebi sent notices last week to four entities asking them to pay Rs 4.56 crore within 15 days in Fortis Healthcare's case of fund diversion and misrepresentations to conceal the fraud. In addition, the regulator warned of attachment of assets and accounts if they fail to make the payment within the stipulated time. The four entities that received notices are -- Fortis Global Healthcare, RHC Finance, Shimal Healthcare and ANR Securities. The demand notices came after the entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi) in May 2020. In four fresh notices dated June 9, Sebi directed them to pay Rs 4.56 crore, which includes interest and recovery cost, within 15 days. In the event of non-payment of dues, the regulator will recover the amount by attaching and selling their moveable and immovable properties. Besides, they will face attachment of their bank accounts. Also, the regulator takes the route of arrest

Fortis Healthcare net profit rises 59% to Rs 138 cr in March quarter

Fortis Healthcare on Tuesday said its consolidated net profit increased 59 per cent to Rs 138 crore for the March quarter, on the back of strong performance in the hospital business. The healthcare major had reported a net profit of Rs 87 crore in the January-March quarter of 2021-22 fiscal. Total income rose to Rs 1,656 crore in the fourth quarter over Rs 1,384 crore in the fourth quarter of 2021-22 fiscal, Fortis Healthcare said in a statement. For the year ended March 31, 2023, the company's net profit declined to Rs 633 crore as against Rs 790 crore in 2021-22 fiscal. However, adjusted PAT (profit after tax) of the company stood at Rs 559 crore for the last fiscal as compared with Rs 475 crore in FY22, the company added. Fortis Healthcare Chairman Ravi Rajagopal said the hospital business continues to perform well across all financial and operating parameters. "We remain well-positioned for our next phase of growth comprising brownfield bed expansion in order to expand and cr

Brownfield expansion will give us 1,700 beds: Fortis Healthcare MD & CEO

Now that we have strength in our balance sheet, we can go for inorganic expansion, too, in markets where we are already present, says Dr Ashutosh Raghuvanshi, MD & CEO of Fortis Healthcare

Fortis Healthcare reports flat December quarter profit at Rs 142 crore

Fortis Healthcare on Friday reported a flat December quarter net profit at Rs 142 crore. The healthcare provider had posted a net profit of Rs 142 crore in the October-December quarter of the last fiscal. Revenue from operations rose to Rs 1,560 crore in the third quarter as compared to Rs 1,467 crore in the year-ago period, Fortis Healthcare said in a regulatory filing. "Our hospital business is growing from strength to strength and today contributes to more than 75 per cent of our overall earnings (EBITDA). "It is also pertinent to highlight that the hospital performance has by and large offset the decline we have seen in the diagnostics business primarily as a result of the decline in Covid volumes," Fortis Healthcare Chairman Ravi Rajagopal noted. Revenues from key medical specialties are gaining traction, complimented by focus on continuing to onboard quality medical talent and investments in bed expansion in facilities such as Mulund and BG Road and in medical equipment such

Sebi asks IHH Healthcare to get Delhi HC nod for Fortis open offer

IHH indicated last week that it was ready to go ahead with the stalled open offer if the capital markets regulator allowed it

How did IHH Healthcare manage to nurse Fortis hospitals back to health

After a bruising bidding war four years ago, Fortis has moved to pare its debt and expand modestly

Hospital stocks gain in tepid mkt; Krishna Institute, Fortis rise up to 11%

Apollo Hospitals Enterprise, and Narayana Hrudayalaya advanced 3 per cent each in the intra-day trade

Fortis Healthcare sees strong growth in hospital revenues in Q2FY23

Q2FY23 hospital business revenues stood at Rs 1,297 crore versus Rs 1,098.5 crore in Q2FY22 and Rs 1,192.4 crore in Q1FY23

Time has passed when offer price of Rs 170 for a share was good: IHH's Loh

Will start rebranding Fortis as Parkway shortly: Fortis chairman Ravi Rajagopal

What is keeping analysts upbeat on hospital stocks?

Several hospital players are on an expansion spree, as things are getting better for them after the Covid lull. Will the aggressive expansion cycle help the sector achieve sustainable growth ahead?

Analysts bullish on hospitals on expansion plans, recovery in non-Covid biz

Experts note that the transition of the sector to the asset-light model has significantly enabled it to use fewer funds for setting up hospitals, thus bringing significantly higher returns on equity

Stay committed to patients in India and Fortis Healthcare, says IHH

Taking legal advice on next steps to pursue open offer for 26% stake in Fortis

IHH in talks with Indian authorities over stalled open offer in Fortis

Malaysia's IHH Healthcare is in discussions with relevant authorities in India to determine the next step for its stalled open offer for an additional 26.1 per cent stake in Fortis Healthcare, according to a company statement. The Supreme Court had last week ordered a forensic audit of the share sale of Fortis Healthcare to IHH Healthcare executed in 2018, in a contempt case filed by Japanese firm Daiichi Sankyo Company Ltd against the former promoters of Fortis, Singh brothers -- Malvinder and Shivinder, and others. In a statement, IHH Healthcare said the "Supreme Court has not found nor indicated any wrongdoing by IHH in terms of our investment into Fortis in its final order." The company said the Supreme Court has given a "direction to the High Court to inter alia consider issuing appropriate process and appointing forensic auditor(s) to analyse the transactions entered between Fortis and RHT and other related transactions". It further said that the order by the apex court ...

Analysts cautious on Fortis Healthcare post SC verdict; stock tanks 18%

Apart from a forensic audit in the Fortis-IHH deal, the Supreme Court on Thursday also announced a jail term of six months for Malvinder Singh and Shivinder Singh in the Daiichi-Fortis case.

Fortis seeks legal advice after SC orders audit of its share sale to IHH

Fortis Healthcare on Thursday said it is seeking legal advice to decide its future course of action after the Supreme Court ordered a forensic audit of its share sale to Malaysia's IHH Healthcare. Similarly, IHH Healthcare also said it is awaiting the written judgment from the apex court and seeking legal advice on the impact of the order on its acquisition of Fortis Healthcare. In a regulatory filing, Fortis Healthcare said the proceedings before the Supreme Court have "concluded with certain directions and the suo motu contempt has been disposed off. We are seeking legal advice to decide our future course of action." IHH Healthcare, in a separate statement, said it has been advised by its Indian counsel to wait for the written judgment before announcing the decision of the Supreme Court. It is in the process of obtaining the written judgment from the Supreme Court of India and "seeking legal advice on the impact thereof on the transaction". "Further announcements regarding the

Singh brothers get 6-month jail term in Fortis-Daiichi Sankyo case

Former Ranbaxy promoters Malvinder Singh and Shivinder Singh are accused of concealing information about wrongdoing at Ranbaxy during its sale of a majority stake to Daiichi Sanyo, in 2008

Investors poorer by Rs 5 trn as Sensex tanks 1,021 pts; Nifty near 17,300

CLOSING BELL: ith this, the indices have yet again turned negative for calendar year 2022. During the day, the Sensex had tumbled over 1,100 points, and the Nifty50 had erased nearly 350 points

Hospital chains abused their dominance to charge exorbitant prices: Report

A CCI investigation showed that higher pricing was charged for renting rooms, medicines, tests, medical devices, and consumables. In some hospitals, the room rents exceeded charges of 4-star hotels