Fortis Healthcare Limited
NSE Symbol FORTIS
Q1 FY 2011 RESULTS
COMPARISON
STAND ALONE FIGURES
Fortis healthcare has performed will in the first quarter.
Net Sales has increased by 22.1% to Rs.59.33 Cr from Q1 FY10 (Rs.48.59Cr) – and proportionately (Q1 FY11 x 4) by 18% from FY2010 (Rs.201.17 Cr).
Profit from Operations has increased by 245.7% to Rs.6.36 Cr from Q1 FY10 (Rs.1.84 Cr) – and proportionately by 125.7% from FY2010 (Rs.11.27 Cr).
Other Income has registered a huge increase by 1008.8% to rs.42.69 Cr from Q1 FY2010 (Rs.3.85 Cr) - and proportionately by 315% from FY2010 (Rs.41.15 Cr). This has contributed to a huge rise in Net profit for the quarter.
Net Profit has risen to Rs.27.63 Cr compared to Q1 of FY2010 (Rs.-1.56 Cr) - and compared to Rs.30.14 Cr for the full FY2010.
Paid Up Equity has gone up to Rs.405.06 cr at the end of Q1 FY2011 – compared to Rs.226.67 at the end of Q1 FY2010 and Rs.317.32 Cr at the end of FY2010.
Basic EPS on a face value of Rs.10 is just Rs.0.85 against Rs.-0.07 for Q1 FY2010 and Rs.1.14 for the total FY2010.
RESULTS IN FIGURES: (Stand Alone)
Jun-10 | Jun-09 | Dif%1 | Dif%2 | ||
Net Sales | 5933 | 4859 | 22.1 | 20117 | 18 |
Other Optg Income | 222 | 198 | 12.1 | 864 | 2.8 |
Raw Materials | 1714 | 1316 | 30.2 | 5491 | 24.9 |
Employees Cost | 1202 | 1275 | -5.7 | 4723 | 1.8 |
Depreciation | 267 | 257 | 3.9 | 1079 | -1 |
Other Expen | 2336 | 2025 | 15.4 | 8561 | 9.1 |
Total Expen | 5519 | 4873 | 13.3 | 19854 | 11.2 |
Profit.Operations | 636 | 184 | 245.7 | 1127 | 125.7 |
Other Income | 4269 | 385 | 1008.8 | 4115 | 315 |
P B I&EI | 4905 | 569 | 762 | 5242 | 274.3 |
Interest | 2142 | 717 | 198.7 | 2228 | 284.6 |
P A I B B EI | 2763 | -148 | 1966.9 | 3014 | 266.7 |
P B T | 2763 | -148 | 1966.9 | 3014 | 266.7 |
P A T | 2763 | -156 | 1871.2 | 3014 | 266.7 |
Net Profit | 2763 | -156 | 1871.2 | 3014 | 266.7 |
Dividend% | - | - | - | ||
Face Value.Rs | 10 | 10 | 0 | 10 | 300 |
Paid Up Equity | 40506 | 22667 | 78.7 | 31732 | 410.6 |
Reserves | - | - | 137363 | ||
Basic EPS | 0.85 | -0.07 | 1314.3 | 1.14 | 198.2 |
Public holding% | 18.49 | 31.54 | -41.4 | 23.53 | 214.3 |
CONSOLIDATED
FIGURES
The consolidated figures present a different picture.
Net Sales have increased by 82.9% to Rs.334.25 Cr from Q1 FY2010 (Rs.182.77 Cr) – and proportionately by 44.3% from FY 2010 (Rs.926.75Cr).
Profit from Operations has increased by 55.5% to Rs.26.03 Cr from Q1 FY2010 (Rs.16.74Cr) – and proportionately by 29.3% compared to FY2010 (Rs.80.54 Cr).
Other Income has increased by 992.9% to Rs.33.66 Cr from Q1 FY10 (Rs.3.08 Cr) - and proportionately by 168.6% from FY2010(Rs.50.12 Cr).
But, this huge increase in other Income is more than neutralized by Interest costs.
Interest has increased by 581.4% to Rs.70.93 Cr from Q1 FY2010 (Rs.10.41Cr) – and proportionately by 395.2% from FY2010 (Rs.57.29 Cr).
Consequently, the Consolidated Net Profit is down to Rs.-14.31 Cr compared to Q1 FY2010 (Rs.7.55 Cr) and compared to Rs.69.48 Cr in FY2010.
As seen under stand alone figures, there is also a huge increase in the Equity in this quarter.
Hence, Basic EPS is down to Rs.-0.44 from Rs. 0.33 in Q1 FY2010 and Rs.2.62 in the FY2010. We need to wait and see future results of Fortis - on how interest costs affect it in future.
NEWS ON FORTIS :
Fortis had made a 3.80 Singapore $ per share or 3.2 billion offer to take over Parkway, operator of 16 hospitals. But it conceded to a 3.95 Singapore $ per share offer by Khazanah, making a profit of 116.7 million Singapore $ from its four month investment, having taken 23.9 per cent stake in Parkway in March this year. Fortis Healthcare chairman Malvinder Mohan Singh said his plan to use Singapore to build a pan-Asian healthcare empire remains unchanged though he lost a bid to take over Parkway Holdings.
RESULTS IN FIGURES (CONSOLIDATED):
Q1FY11CS | Dif%1 | dif%2 | |||
Net Sales | 33425 | 18277 | 82.9 | 92675 | 44.3 |
Other Optg Income | 367 | 266 | 38 | 1119 | 31.2 |
Raw Materials | 9351 | 5428 | 72.3 | 26267 | 42.4 |
Employees Cost | 6273 | 4250 | 47.6 | 19500 | 28.7 |
Depreciation | 2152 | 1135 | 89.6 | 5994 | 43.6 |
Other Expenditure | 13413 | 6056 | 121.5 | 33979 | 57.9 |
Total Expenditure | 31189 | 16869 | 84.9 | 85740 | 45.5 |
Profit . Operations | 2603 | 1674 | 55.5 | 8054 | 29.3 |
Other Income | 3366 | 308 | 992.9 | 5012 | 168.6 |
P B I & EI | 5969 | 1982 | 201.2 | 13066 | 82.7 |
Interest | 7093 | 1041 | 581.4 | 5729 | 395.2 |
P A I B B EI | -1124 | 941 | -219.4 | 7337 | -161.3 |
P B T | -1124 | 941 | -219.4 | 7337 | -161.3 |
Tax Expense | 217 | 181 | 19.9 | 336 | 158.3 |
P A T | -1341 | 760 | -276.4 | 7001 | -176.6 |
Net Profit | -1341 | 760 | -276.4 | 7001 | -176.6 |
Consolidated NPT | -1431 | 755 | -289.5 | 6948 | -182.4 |
Dividend (%) | - | - | - | ||
Face Value.Rs | 10 | 10 | 0 | 10 | |
Paid-up Equity | 40506 | 22667 | 78.7 | 31732 | |
Reserves | - | - | 119150 | ||
Basic EPS.Rs. | -0.44 | 0.33 | -233.3 | 2.62 | -167.2 |
Public holding (%) | 18.49 | 31.54 | -41.4 | 23.53 |
ANNOUNCEMENTS
TO THE EXCHANGE
06-08-2010 Fortis Healthcare Limited has informed the Exchange vide notes to accounts in the Unaudited financial results for the quarter ended June 30, 2010 (taken on record by the Board of Directors of the Company at its meeting held on August 06, 2010) regarding the status of fund utilisation of Initial Public Offer (IPO) proceeds as at the end of June 30, 2010.
06-08-2010 Fortis Healthcare Limited has informed the Exchange regarding a press release dated August 06, 2010 , titled "Fortis Registers 82% Revenue Growth".
06-08-2010 Fortis Healthcare Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 33425 lacs for quarter ending on 30-JUN-2010 against Rs. 18277 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. (1431) lacs for the quarter ending on 30-JUN-2010 against Rs. 755 lacs for the quarter ending on 30-JUN-2009. -
06-08-2010 Fortis Healthcare Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 5933 lacs for quarter ending on 30-JUN-2010 against Rs. 4859 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 2763 lacs for the quarter ending on 30-JUN-2010 against Rs. (156) lacs for the quarter ending on 30-JUN-2009. -
26-07-2010 Fortis Healthcare Limited has informed the Exchange regarding a press release dated July 26, 2010, titled "Fortis Healthcare to divest entire stake in Parkway to Khazanah".
01-07-2010 Fortis Healthcare Limited has informed the Exchange regarding a Press Release dated July 01, 2010 titled "RHC Healthcare, in conjunction with Fortis Healthcare announces S$3.2 billion general offer for Parkway Holdings".
29-06-2010 Fortis Healthcare Limited has submitted to the Exchange a copy of the notice pursuant to Section 192A(2) of the Companies Act, 1956 for seeking shareholders consent to the following: (1) Special Resolution under Section 81(1A) of the Companies Act, 1956, for issue of Securities. (2) Ordinary Resolution under Section 293(1)(d) of the Companies Act, 1956, for increasing the borrowing powers of the Company. (3) Ordinary Resolution under Section 293(1)(a) of the Companies Act, 1956, to approve the creation of mortgage, charge or hypothecation (from time to time) on the movable or immovable properties of the Company. Click Here
29-06-2010 Fortis Healthcare Limited has informed the Exchange that the Human Resources and Remuneration Committee of the Company has on June 28, 2010, approved the allotment of 13,700 Equity Shares of Rs. 10/- each, at a premium of Rs. 61/- per share, to the eligible employees, upon exercise of vested stock options, under the "Employee Stock Option Plan 2007" of the Company. Consequent to the said allotment the paid-up equity share capital of the Company has gone upto 405,057,195 equity shares of Rs. 10/- each, aggregating Rs. 4,050,571,950/-. -
25-06-2010 Fortis Healthcare Limited has informed the Exchange that further to the Extra-ordinary General Meeting of the Company held on June 9, 2010, approving therein the preferential allotment of Equity Shares to GIC Special Investments Pte Ltd, through its affiliated investment vehicle. The Company now informs the Exchange that GIC would like to consider participating in the larger fund raising by the Company as per the resolution passed in the Board Meeting dated June 9, 2010 and keeping that in mind, the company and GIC have mutually agreed to defer the current preferential investment until such time.GIC has reiterated its continued support for Fortis in the following statement- "GIG remains committed to Fortis through our substantial investment in Fortis' convertible bonds. Like any other major investor, we constantly review our investments and will evaluate participating in the larger fund raising by the Company as per the resolution passed in the Board Meeting dated June 9, 2010 and defer the current preferential investment until such time." Fortis acknowledges the patronage of GIC and believes this development will be better strategy for the Company. -
25-06-2010 Fortis Healthcare Limited has informed the Exchange that the Issue Committee of the Company had, at its meeting held on April 29, 2010 approved the conversion of such detachable warrants, which were issued in terms of the Letter of Offer dated September 22, 2009 of the Right Issue of the Company into Equity Shares and further intimating the Stock Exchange, the terms of conversion of such warrants into equity shares. Further, the Issue Committee of the Company has on June 24, 2010 approved the allotment of 8,77,11,986 Equity Shares of Rs. 10 each, to the applicants, at an Exercise Price of Rs.153 per Warrant, aggregating Rs. 13,420 million. Consequent to the said allotment, the paid up equity share capital of the Company has gone up to 40,50,43,495 equity shares of Rs. 10/- each, aggregating Rs. 405,04,34,950. -
09-06-2010 Fortis Healthcare Limited has informed the Exchange that the Board of Directors of the Company on June 9, 2010 inter alia has approved (subject to requisite approvals) the following: (1) Issue of fresh securities for an aggregate amount of upto Rs. 2,750 Crores. (2) Increase in borrowing limits u/s 293(1)(d) of the Companies Act, 1956, to Rs.6000 crore. (3) Creation of mortgage, charge or hypothecation on the movable or immovable properties of the Company u/s 293(1)(a) of the Companies Act, 1956, equivalent to limits available u/s 293(1)(d) to the Company from time to time; and (4) Obtaining approval of the shareholders for (1), (2) and (3) above by way of Postal Ballot.
09-06-2010 Fortis Healthcare Limited has informed the Exchange that the members at the Extra-Ordinary General Meeting of the Company held on June 9, 2010, have approved the Issuance & allotment of upto 22.35 Million Equity Shares of face value Rs. 10/- each, at a premium of Rs. 160 per share, on preferential basis to M/s. Lathe Investment Pte. Ltd. (an affiliated investment vehicle of GIC Special Investments Pte Ltd., Singapore) aggregating Rs.3800 million.
28-05-2010 Fortis Healthcare Limited has informed the Exchange regarding a press release dated March 28, 2010 , titled "Fortis reports healthy PAT at 70 CR, +234% operating revenues for the year up 49% at 938 CR operating profit grows by 64% to 140 CR".
28-05-2010 Fortis Healthcare Limited has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 20117 lacs for year ending on 31-MAR-2010 against Rs. 16663 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 3014 lacs for the year ending on 31-MAR-2010 against Rs. (715) lacs for the year ending on 31-MAR-2009.
28-05-2010 Fortis Healthcare Limited has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 92675 lacs for year ending on 31-MAR-2010 against Rs. 62002 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 6948 lacs for the year ending on 31-MAR-2010 against Rs. 2082 lacs for the year ending on 31-MAR-2009.
21-05-2010 Fortis Healthcare Limited had informed the Exchange regarding the launch of FCCB Issue by the Company. The Company has now informed the Exchange that on May 20, 2010, the Company has successfully completed its USD 100 million FCCB issue. The FCCBs are listed on the Luxembourg Stock Exchange and are admitted for trading on the Euro MTF market of the Luxembourg Stock Exchange.
10-05-2010 Fortis Healthcare Limited has informed the Exchange regarding a press release dated May 10, 2010 titled "Fortis Healthcare plans infusion of fresh equity. To issue 22.35 million shares on preferentail basis".
05-05-2010 Members of the Exchange are hereby informed that the trading in the Fortis Healthcare Detachable Warrants (Symbol - FORTIS, Series - W1) of Fortis Healthcare Limited shall be suspended w.e.f. May 14, 2010 (i.e. closing hours of trading on May 13, 2010) on account of Conversion into equity shares.
19-03-2010 Fortis Healthcare Limited has informed the Exchange that "The Company through one of its wholly-owned subsidiaries has entered into a definitive agreement to acquire 23.9% strategic stake in M/s Parkway Holdings Limited from M/s TPG Capital (formerly Texas Pacific Group) in an off market deal. Kindly note that the deal has been consummated today i.e., 19th March, 2010".
12-03-2010 Fortis Healthcare Limited has submitted to the Exchange a copy of press release dated March 11, 2010 titled "Fortis to acquire strategic stake in Parkway Holdings, Singapore".
11-03-2010 Fortis Healthcare Limited has informed the Exchange that the Company through one of its wholly owned subsidiaries has entered into a definitive agreement on March 11, 2010 to acquire 23.9% strategic stake in one of the Asia's largest healthcare service provider, M/s Parkway Holdins Ltd. from M/s TPG Capital (formerly Texas Pacific Group) in an off market deal.
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