Page 3 - Fortis Healhcare

Fortis Healthcare plans acquisitions, may opt for neutral brand name

We have taken a calculative view that at least for SRL, we have moved to the Agilus brand, and we have successfully completed that last year, said CFO of Fortis Healthcare

Fortis launches institute for specialised treatment of blood cancer

A well-known private healthcare group, Fortis on Friday inaugurated a state-of-the-art facility for the specialised treatment of blood cancers and disorders, which it said "represented a critical step" in addressing the urgent need for comprehensive holistic care. The Fortis Institute of Blood Disorders also integrates paediatric and geriatric care, advanced transplant procedures, and hematopathology expertise, all under one roof, Fortis Healthcare said in a release. The Institute also launched CAR-T cell therapy to its extensive network of Bone Marrow Transplant centres in Mohali, Delhi, Gurgaon, Noida, Mumbai and Bangalore, the statement said. This initiative is supported by a commercial collaboration with ImmunoACT, an IIT-Bombay spin-off and pioneer in India's first fully indigenous and commercially approved gene-modified cell therapy. The NexCAR19, India's first market-authorised CAR-T cell therapy, offers a new ray of hope for treating B-cell lymphomas and B-acute lymphoblast

As Covid-19 cases rise in India; should you keep pharma stocks on radar?

Barring Dr Lal Pathlabs, the other four healthcare related stocks listed below seem to be trapped in a range for now, charts suggest.

Hospitals see 7-8% surge in patient footfall, new investments in 2023

Jose told Business Standard that investments in medical equipment and increasing bed capacities have picked up in 2023 after a hiatus during the Covid19 period

Fortis Healthcare Q2 results: Net profit declines 15% to Rs 173.7 crore

The company declared results post-market hours. Fortis Healthcare Limited stock was up by 17 basis points (5 per cent) on the BSE to Rs 359.15 apiece

Manipal Hospitals to add 750 beds in WB, Odisha under east expansion plan

Nationally, Manipal Hospitals boasts a capacity of 9,500 beds

Fortis Healthcare PAT falls 8.6% to Rs 122.5 cr in April-June quarter

Fortis Healthcare Ltd on Friday reported an 8.6 per cent decline in consolidated profit after tax to Rs 122.5 crore for the first quarter ended June 30. The company, which posted a consolidated profit after tax of Rs 134.3 crore in the first quarter of the last fiscal, said its diagnostics business has been renamed as Agilus Diagnostics Ltd, and the boards of the two firms have granted approval for the latter to initiate an initial public offer (IPO) process. Its consolidated revenues in the first quarter stood at Rs 1,657 crore against Rs 1,488 crore in the year-ago period, a growth of 11.4 per cent. "We have witnessed a steady start in Q1 FY24 for both the hospitals and diagnostics business. Our hospital business revenues grew 13.6 per cent to Rs 1,354 crore while operating EBITDA was at Rs 206.4 crore, reflecting a margin of 15.2 per cent versus 16.2 per cent in Q1 FY23. "This was in part due to a lower occupancy and a comparatively less favourable payor mix, both of which we ..

Coal India inks MoU with Fortis Healthcare to treat thalassemic children

Fortis Healthcare has joined hands with Coal India to treat underprivileged children suffering from thalassemia under the 'Thalassemia Bal Sewa Yojana' CSR initiative of the central public sector enterprise. An MoU in this connection was signed on July 28 at the Fortis Memorial Research Institute in Gurugram, a hospital statement said. Coal India launched the 'Thalassemia Bal Sewa Yojana' in 2017 to support the treatment of underprivileged children affected by thalassemia. In 2020, aplastic anaemia was added to the programme. According to the MoU, Coal India will provide financial assistance of up to Rs 10 lakh to eligible patients for bone marrow transplants and the treatment can be done at Fortis Memorial Research Institute. The health centre has one of the largest and most comprehensive bone marrow transplant centres in India that boasts a team of nearly 20 doctors with expertise in the treatment of all kinds of blood disorders. The Bone Marrow Transplant Centre at the hospital

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?