Fortis Q3 Results Review - Inline; Expansion Plan On Track: Prabhudas Lilladher

Prabhudas Lilladher Report

Fortis Healthcare Ltd. reported an in-line quarter with Ebitda decline of 9% YoY (down 3% QoQ) to Rs 2.8 billion.

We remain positive on Fortis and expect margin improvement across segments given-

1. improving case mix in hospital segment with cost rationalisation initiatives,

2. traction in international patient’s footfall and

3. increase in test volume on network expansion in diagnostics business.

We expect 19% pre Indian Accounting Standard Ebitda compound annual growth rate over FY23-25E.

Resolution of legal issues would be a key additional trigger for re-rating.

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