Fortis Healthcare Ltd

Fortis Healthcare Q4 results: Net profit jumps 47% to Rs 203 crore

Fortis Healthcare Ltd on Thursday reported a 46.88 per cent increase in consolidated net profit at Rs 203.14 crore in the fourth quarter ended March 2024 on the back of higher revenue from its core business. The company had posted a consolidated net profit of Rs 138.3 crore in the same quarter a year ago, Fortis Healthcare said in a regulatory filing. Consolidated revenue from operations in the quarter under review stood at Rs 1,785.88 crore as against Rs 1,642.7 crore in the year-ago period, it added. Revenue from the core healthcare division was at Rs 1,489.78 crore in the fourth quarter as compared to Rs 1,350.98 crore in the year-ago period. Diagnostics division clocked a revenue of Rs 338.44 crore in Q4FY24 as against Rs 332.14 crore a year ago. Total expenses in the fourth quarter were higher at Rs 1,531.76 crore as compared to Rs 1,485.33 crore in the corresponding period of the preceding fiscal. The company said its board has recommended a final dividend of Re 1 per equit

Fortis opens 80-bed tertiary hospital in Bengaluru, invests about Rs 7 cr

Fortis Hospital aims for an Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) growth of about 20 per cent

Fortis Healthcare subsidiary receives a tax demand of Rs 89.53 crore

Fortis Healthcare Ltd on Friday said one of its subsidiaries has received a tax demand of Rs 89.53 crore, including interest for the assessment year 2022-23. Fortis Hospitals Ltd, a material subsidiary of the company has received an Income tax assessment order dated March 21, 2024, wherein a demand of Rs 89.53 crore, including interest of Rs 9.54 crore has been raised, Fortis Healthcare said in a regulatory filing. "The company is evaluating the said order and will take appropriate actions in due course," it added. The expected financial implication on Fortis Hospitals Ltd is Rs 89.53 crore, the company said.

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

Hospitals see influx of foreign patients in Sept qtr as travel norms ease

Several corporate hospitals say international patient footfalls have crossed pre-pandemic levels

Fortis Healthcare Q2 net loss widens to Rs 1.6 bn; IHH deal gets CCI okay

The company noted in a statement that the net profit for Q2FY19 was primarily impacted by impairment of goodwill and investments

Fortis defers approval of Q4 results, board meeting to reconvene today

Fortis said the board meeting commenced at 16:00 hours on June 25 and was adjourned at 02:15 hours on June 26

Fortis Healthcare scraps Fortis Malar Hospitals, SRL merger scheme

The Fortis Malar stock reacted positively to the decision and the scrip closed at Rs 51.85 a share

Fortis valuation may take hit, bidders revisit offers over law firm report

Fortis Healthcare had posted weak fourth-quarter numbers, two bidders said. The company will declare results on June 25

Fortis stake sale bids postponed to June 28; Q4 result deferred to June 25

The hospital chain's board postponed the result to consider the findings of an investigation report into controversial related party transactions.

Fortis Healthcare seeks fresh bids for minimum Rs 15 billion investment

Fortis Healthcare has set June 14 as the date for submitting binding bids.

Battle for Fortis: The farce of valuation will be exposed, says expert

Experts highlight what it means for the rights of minority shareholders, and the corporate governance lessons for India Inc

News of Singh bros siphoning money sparks SFIO probe on Fortis, Religare

Fortis Healthcare has also come under the lens of Sebi, which launched an investigation into alleged regulatory lapses

Fortis case: SC allows financial institutions to sell pledged shares

Earlier, the apex court had restrained FIs including Axis Bank and Yes Bank from selling the shares pledged by Malvinder Singh and Shivinder Singh and ordered to maintain status quo

Malvinder & Shivinder Singh took Rs 5 bn out of Fortis without board nod

The funds were reported on the balance sheet of Fortis Healthcare Ltd as cash and cash equivalents, but the money was routed and placed under the control of the Singhs

Singh brothers shed 25% Fortis stake in six months

The promoters of hospital chain Fortis Healthcare have quietly reduced their stake by 25 per cent in small tranches over the last six months, even as the talk of a large stake sale keeps floating in the air. Billionaire brothers Malvinder Mohan Singh and Shivinder Mohan have reduced their stake, held through investment firms, to 42.96 per cent from 67.6 per cent at the end of December, when media reports of a proposed stake sale first surfaced. This is the lowest level of shares held by promoters since the company listed over ten years ago. The promoter holding was as high as 81.47 per cent in March 2013. Though it had fallen below 75 per cent keeping in sync with the regulatory norms, it had consistently stayed above the 70 per cent mark, before breaching it in November. It has been a steep fall since. If one compares with previous June, the fall in promoter holding is 28.31 per cent. The value of this diluted stake at current prices of around Rs 164 would be over Rs 2,400 crore. ..

Daiichi contempt plea: Delhi HC tells Fortis promoters to respond by Aug 10

The Delhi High Court on Tuesday asked RHC Holdings and Oscar Investments (companies owned by former Ranbaxy promoters Malvinder and Shivinder Singh) to respond to a contempt application filed against them by Japanese pharmaceutical major Daiichi Sankyo on or before August 10.Daiichi had filed the plea on June 21 in a bid to stop the Singh brothers from selling their controlling stake in Fortis Healthcare, which they claimed would amount to a dilution of their unencumbered assets in their holding companies in violation of the courts earlier orders. The high court had on March 6 directed the Singh brothers (and their companies) not to part with any unencumbered assets without first applying to the court. After hearing the contempt application, the court had asked the Singh brothers not to cause any change to the disclosed value of their unencumbered assets. The former Ranbaxy promoters had previously filed declarations of their assets and undertaken to preserve sufficient assets to ...

Fortis group gets CCI green light for internal reorganisation

The watchdog has also cleared RPG Life Sciences' acquisition of assets of Sun Pharmaceutical Industries and Sun Pharma Laboratories