Fortis Healthcare
BSE SENSEX
27,518
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, INRm
Free float (%)
S&P CNX
8,526
FORH IN
463.1
199 / 141
-3/-9/-6
79.7
1.2
201
29.7
10 November 2016
Q2FY17 Results Update | Sector: Healthcare
CMP: INR165
TP: INR240 (+45%)
Buy
Strong results; robust performance to continue in 2H
FORH’s net revenue grew 11% YoY to INR12b, driven by double-digit growth in
domestic business, marginally offset by divestment of international business.
EBITDA came in at INR990m (v/s BBG est. of INR780m). Consol. EBITDA margin
stood at 8.3% (+216bp YoY, +269bp QoQ). FORH reported positive PAT for
second straight quarter. It is expected to achieve PAT breakeven in FY17.
Hospital business – strong operating leverage:
Hospital revenue grew 11%
YoY, with EBITDAC (pre-business trust cost EBITDA) of INR1.64b (+20% YoY,
+18% QoQ). FORH’s occupancy levels rose to ~82% in 2Q (among best in
industry) from 74% in 1Q and 77% in 2QFY16. Occupancy levels at Fortis
Escorts Hospital rose to ~86% from ~67% in 1Q. EBITDAC margin improved to
16.9% (+123bp YoY, +160bp QoQ), while EBITDA more than doubled YoY/QoQ
to INR443m. We expect this strong EBITDA momentum to continue over next
three years. We expect hospital EBITDA to grow more than 10x by FY19E on
lower base, strong high-teen growth in EBITDAC, relatively flattish BT cost
(normalized level) and FHTL transaction.
Diagnostic business – growth recovery, strong margins bode well:
Diagnostics
business posted strong EBITDA margin of 25.4% (-240bp YoY; +296bp QoQ).
YoY decline in margin is attributed to high base (more H1N1 cases last year)
and higher marketing cost. We expect EBITDA margin for diagnostics to
improve ~200bp by FY19E led by deeper penetration in existing markets,
rationalization of low-margin centers, growth in samples tested and higher
share from O&M model.
Top pick in healthcare delivery space:
FORH is trading at >30-40% discount to
peers. We argue for multiple re-rating on the back of multifold increase in
hospital business EBITDA, SRL demerger, asset light expansion strategy and
FHTL transaction. We value hospital business based on 22x Sep-18 EV/EBITDA,
and diagnostics business based on 25x Sep-18 EV/EBITDA. FORH remains our
top pick in healthcare delivery space with TP of INR240.
FY16
2Q
3Q
10,785 10,411
4.6
1.6
10,126 10,274
659
138
6.1
1.3
469
549
295
290
823
127
718
-574
279
0
439
2
0.5
-115
552
830
-242.8
7.7
-574
103
-17.9
-124
-552
-552
148.0
-5.3
FY17E
2Q
3QE
11,957 11,806
10.9
13.4
10,968 10,499
990
1,308
8.3
11.1
517
800
461
900
380
-50
393
-442
-9
0
402
242
60.2
-154
314
310
-62.6
2.6
-442
100
-22.6
-30
-512
-512
-7.2
-4.3
(INR Million)
FY16
FY17E
4QE
12,381
13.8
10,863
1,519
12.3
858
1,070
-60
-469
0
-469
129
-27.6
-31
-567
-567
-37.6
-4.6
42,422
2.5
41,429
993
2.3
2,264
1,293
2,682
118
279
-161
319
-198.3
-503
22
855
-159.5
2.0
47,357
11.6
42,915
4,442
9.4
2,650
2,850
600
-458
-9
-449
500
-111.5
-344
-604
-624
-173.0
-1.3
Financials & Valuations (INR b)
Y/E Mar
2016 2017E 2018E
Net Sales
42.7
47.4
53.7
EBITDA
2.2
4.4
6.8
PAT
-0.9
-0.6
1.6
EPS (INR)
-1.9
-1.3
3.5
Gr. (%)
-58.3
-51.2 -283.8
BV/Sh (INR)
86.3
85.0 100.7
RoE (%)
-89.5 -129.8
48.7
RoCE (%)
2.0
2.0
1.7
P/E (x)
-2.2
-1.5
3.8
P/BV (x)
1.1
3.0
4.2
Estimate change
TP change
Rating change
Quarterly Consolidated
Y/E March
Net Sales
YoY Cha nge (%)
Tota l Expendi ture
EBITDA
Ma rgi ns (%)
Depreci a ti on
Interes t
Other Income
PBT before EO expense
Extra -Ord expens e
1Q
10,343
1.3
9,858
485
4.7
533
342
1,271
882
0
4Q
10,883
2.3
11,171
-288
-2.7
714
366
461
-908
0
-908
118
-13.0
-117
-909
-909
418.3
-8.3
1Q
11,212
8.4
10,585
626
5.6
476
420
330
61
0
61
29
47.3
-130
162
162
-82.6
1.4
PBT
882
Ta x
96
Ra te (%)
10.9
Mi nori ty Interes t & Profi t/Los s of As s o. Co -146
Reported PAT
932
Adj PAT
932
YoY Cha nge (%)
-303.4
Ma rgi ns (%)
9.0
E: MOSL Es ti ma tes
Kumar Saurabh
(Kumar.Saurabh@MotilalOswal.com); +91 22 6129 1519
Gaurav Tinani
(Gaurav.Tinani@motilaloswal.com); +91 22 6129 1552
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
Fortis Healthcare
Exhibit 1: Key operating metrics
2QFY15
Revenue Mix (%)
Hospitals
Diagnostics
International
Revenue Growth (%)
Hospitals
Diagnostics
International
Cost of sales (%)
Raw material
Staff cost
Other expenses
Tax Rate
Margins (%)
Gross Margins
EBITDAC Margins
EBITDA Margins
EBIT Margins
77.3
17.6
5.2
(19.5)
12.6
5.8
(86.8)
98.8
23.0
20.4
55.4
0.3
77.0
16.9
1.2
4.0
3QFY15
77.3
17.5
5.2
0.6
11.4
13.3
(64.1)
96.7
22.5
21.0
53.2
4.6
77.5
16.9
3.3
4.0
4QFY15
78.2
17.4
4.4
13.1
15.3
12.8
(15.1)
96.1
22.2
19.0
55.0
(18.2)
77.8
16.9
3.9
4.0
1QFY16
80.6
17.3
2.1
1.3
6.0
1.1
(62.5)
95.3
23.1
19.5
52.7
10.9
76.9
16.9
4.7
4.0
2QFY16
81.2
17.7
1.1
4.6
9.9
5.5
(78.3)
93.9
21.7
19.3
52.9
0.5
78.3
16.9
6.1
4.0
3QFY16
81.6
17.3
1.1
1.6
7.3
0.6
(79.2)
98.7
22.4
19.2
57.0
(17.9)
77.6
16.9
1.3
4.0
4QFY16
80.7
17.6
1.7
2.3
5.6
3.8
(61.4)
102.7
22.5
20.3
59.9
(13.0)
77.5
16.9
(2.7)
4.0
1QFY17
81.2
17.1
1.7
8.4
9.1
7.3
(9.9)
94.4
22.7
20.0
51.8
47.3
2QFY17
81.3
17.8
0.9
10.9
11.0
11.5
(6.9)
91.7
21.9
18.7
51.1
60.2
77.3
78.1
16.9
16.9
5.6
8.3
4.0
4.0
Source: Company, MOSL
Exhibit 2: Key Hospital revenues
INR Million
Mohali
Noida
Gurgaon (FMRI)
Jaipur
FEHI
Mulund
Bannerghatta
Shalimar Bagh
Anandpur Calcutta
Rest of the Hospitals
India Hospital Revenue
1QFY15
990
650
830
450
910
640
610
440
320
2,030
7,870
2QFY15
1,010
650
840
430
830
630
630
460
320
2,170
7,970
3QFY15
940
630
910
430
770
700
650
440
320
2,130
7,920
4QFY15
940
630
910
430
770
700
650
440
320
2,524
8,314
1QFY16
1,040
640
970
490
860
620
680
390
350
2,300
8,340
2QFY16
960
740
1,010
420
880
730
720
460
390
2,450
8,760
3QFY16
980
660
1,040
420
840
710
680
450
360
2,360
8,500
4QFY16
990
700
1,110
410
860
750
650
440
410
2,460
8,780
1QFY17
1,120
710
1,170
430
930
740
710
470
410
2,410
9,100
2QFY17
1,130
760
1,240
440
1,050
840
680
490
470
2,620
9,720
Source: MOSL, Company
10 November 2016
2
 Motilal Oswal Financial Services
Fortis Healthcare
Story in charts- Hospital
Exhibit 3: Hospital revenues grew 11%YoY
Hospital Revenues (INR m)
20%
13% 11%
15%
6%
10%
7%
6%
980
1150 1190 1280 1201 1370 1220 1300 1390 1640
Exhibit 4: Hospital EBITDAC margins expanded 123bp YOY
YoY Growth (%)
EBITDAC (INR m)
14% 15% 15%
14% 16%
EBITDAC margins (%)
14%
15% 15%
17%
9%
11%
12%
7870 7970 7920 8314 8340 8760 8500 8780 9100 9720
Source: MOSL, Company
Source: MOSL, Company
Exhibit 5: Hospital EBITDA margins expanded 265bp YoY
EBITDA (INR m)
8%
EBITDA margins (%)
7%
4%
10%
Exhibit 6: Ramp up in FEHI improved occupancy
Occupancy
77%
71% 71% 70% 70% 70%
72% 72%
82%
74%
6%
3%
248
4%
4%
5%
5%
327
337
414
485
659
459
360
626
990
Source: MOSL, Company
Source: MOSL, Company
Exhibit 7: ARPOB also witnessed YoY improvement
ARPOB (INR m)
13.2
13.2
14.0
13.4
13.8
13.7
14.7
13.9
Exhibit 8: ALOS increased to 3.62 days
ALOS (days)
3.7
3.6
3.6
3.6
3.6
3.5
3.6
3.6
3.6
3.5
12.7
12.3
Source: MOSL, Company
Source: MOSL, Company
10 November 2016
3
 Motilal Oswal Financial Services
Fortis Healthcare
Story in charts- Diagnostics
Exhibit 9: Diagnostic revenues grew 12%YoY
Diagnostic Revenues (INR m)
13% 13%
11%
6%
1790
1%
1770 1810 1790 1850
1910
6%
1800
1%
4%
1920 1920 2130
370
375
326
400
430
530
390
440
430
540
7%
YoY Growth (%)
12%
21% 21%
Exhibit 10: Diagnostic EBITDA margins expanded 300bp QoQ
EBITDA (INR m)
24% 28%
18%
22%
EBITDA margins (%)
22%
23% 22%
25%
Source: MOSL, Company
Source: MOSL, Company
Exhibit 11: Sample volumes grew 7%YoY
Accession (in m)
3.4
3.5
3.5
3.4
3.6
3.9
3.5
3.6
3.8
4.1
Exhibit 12: No of tests conducted increased 10%YoY
7.6
7.7
Tests (in m)
8.5
8.0
8.0
8.2
8.6
9.4
7.5
7.6
Source: MOSL, Company
Source: MOSL, Company
Exhibit 13: No of Tests/sample increased 4%YoY
Tests/Accession
2.29
2.21
2.23
2.24
2.18
2.24
2.22
2.28
2.27
2.30
Exhibit 14: Average realization/test declined 1%YoY
284
277
272
269
271
267
279
275
Average Realisation/Test
277 276
Source: MOSL, Company
Source: MOSL, Company
10 November 2016
4
 Motilal Oswal Financial Services
Fortis Healthcare
Story in charts
Exhibit 15: FORH revenues to exhibit 13%CAGR over FY16-19E Exhibit 16: FORH EBITDA to exhibit 58%CAGR over FY16-19E
Revenues (INR m)
61,000
EBITDA (INR m)
26,177
30,423
34,919
39,659 42,651
47,357
53,745
3,282
2,224
521
1,309
2,169
4,442
6,779
8,268
Source: MOSL, Company
Source: MOSL, Company
Exhibit 17: Hospital revenues to exhibit 13%CAGR over
FY16-19E
Hospital Revenues (INR m)
43,644
49,754
Exhibit 18: Hospital EBITDA margins to improve due to
robust EBITDAC growth and lower BT costs
11,000
8,250
5,500
2,750
0
-2,750
EBITDAC
BT Costs
EBITDA
19,120
22,929
27,950
32,070 34,490
38,284
Source: MOSL, Company
Source: MOSL, Company
Exhibit 19: Diagnostic revenues to exhibit 12% CAGR over
FY16-19E
Exhibit 20: Diagnostic EBITDA to witness 17%CAGR over
FY16-19E
5,320
6,440
7,410
8,320
8,980
9,968
11,214
12,615
2,093
2,467
2,902
1,820
540
800
1,160
1,450
Source: MOSL, Company
Source: MOSL, Company
10 November 2016
5
 Motilal Oswal Financial Services
Fortis Healthcare
Hospitals + Diagnostics = Double dose of growth
Two-pronged growth strategy in hospital business – no major greenfield
expansion required
We believe asset sweating and introduction of high-end medical programs will
be the key growth drivers for FORH’s hospital business in the medium term.
Despite restrained capex, the company should be able to drive growth by
improving occupancy at existing hospitals and bolt-on additions.
FORH has installed capacity of ~4,200 beds, of which ~3,600 (FORH/RHT-owned)
are operationalized. Total potential bed capacity stands at ~10,000. We expect
FORH to add ~800-900 beds over next three years, which is easily achievable
without any M&A or major greenfield expansion in the near term (no greenfield
in the pipeline, except Chennai and Ludhiana).
Hospital business EBITDA to grow 10x in three years
We expect robust EBITDAC (EBITDA before business trust cost) CAGR of 19%
over FY16-19E (implying addition of INR3.6b to EBITDAC). We estimate that
almost one-fourth of this addition to EBITDAC would be driven by the ramp-up
of Fortis Memorial Research Institute (FMRI; occupancy increasing from 61% to
~70% with EBITDAC margins greater than 20% from ~16% over next three
years). Apart from this, shift in business mix away from government schemes as
well as recovery in occupancy (from 67% in FY16 to ~74% in FY19E) at Fortis
Escorts Heart Institute (FEHI) will contribute ~15% of EBITDAC growth over next
three years.
Given that a large part of business trust (BT) cost is fixed (except Chennai, no
major greenfield addition expected in the near term), we expect normalized
growth in BT cost to be in mid-single-digits (much lower than EBITDAC CAGR of
~19%). We expect one-time reduction of INR2b in BT cost on annualized basis
from 2HFY17 (>40% reduction in BT cost) due to the FHTL transaction.
Lower base, coupled with strong growth in EBITDAC and relatively flattish BT
cost, would result in a multifold increase in hospital EBITDA for FORH from
INR0.5b in FY16 to INR5.4b in FY19E.
SRL demerger – value unlocking opportunity
SRL is the largest diagnostics chain in India with four reference labs and a pan-
India network of 310 clinical labs, 1,074 collection centers and 7,200 collection
points.
SRL is one of the early movers to establish its presence across India (SRL and Dr.
Lal generate 35% and 72%, respectively, of revenues from their respective
strongest zones). FORH’s EBITDA margins in the diagnostics business have
almost doubled in last four years to >20% (as of FY16) due to its better capacity
utilization, change in business mix and improvement in realizations
We expect EBITDA margins for the diagnostics business to improve by another
200bp by FY19E on the back of deeper penetration in existing markets,
rationalization of low-margin centers, growth in samples tested and higher
share from the O&M model.
10 November 2016
6
 Motilal Oswal Financial Services
Fortis Healthcare
Valuations attractive – SRL demerger to unlock value
We believe FHTL acquisition, coupled with demerger of SRL business, will help
unlock significant value for FORH shareholders. Operating profit growth of the
hospital business is at an inflection point. Asset sweating, coupled with high
operating leverage, will play a key role in driving a multifold increase in EBITDA.
We expect hospital business EBITDA to grow more than 10x over next three
years on the back of its strong operational performance, acquisition of FHTL and
flattish BT cost. Also, ex-SRL and RHT stake, the hospital business is trading at a
significant discount to peers (~10-11xx 1HFY19E EV/ EBITDA; >30% discount to
peers).
We value the hospital business based on 22x Sep-18 EV/ EBITDA (in line with
peers) and the diagnostic business based on 25x Sep-18 EV/ EBITDA (~10%
discount to Dr. Lal).
We maintain our
Buy
rating and an SOTP-based TP of INR240, implying an
upside of ~40%.
Exhibit 21: SOTP based target price of INR240 provides ~40% to CMP
SOTP
(INR m)
SRL (56% stake Diagnostic business)
Domestic hospital
Fortis stake in business trust (~29%)
Target EV (INR m)
Net debt/cash
Monetization of non-core assets
Minority interest in FHTL
Implied Equity Value
Diluted Shares Outstanding
Target Price (INR/share)
Methodology
1H FY19E
37,580
106,470
12,213
INR/ Share
25 x
72
22 x
CMP
204
23
156,264
-15,000
5,000
-20,000
126,264
523
240
Source: MOSL, Company
EV/EBITDA x
EV/EBITDA x
CMP
Key catalysts driving stock performance over medium term are:
Faster ramp-up of new hospitals, including FMRI, Bangalore, Ludhiana and
Chennai.
100% acquisition of FHTL will lead to a significant reduction in interest cost and
minority interest.
SRL business, in our view, trades at a significant discount to peers. Demerger of
the business should help unlock value for shareholders.
10 November 2016
7
 Motilal Oswal Financial Services
Fortis Healthcare
Financials and valuations
Consolidated - Income Statement
Y/E March
Total Income from Operations
Change (%)
Raw Materials
Employees Cost
Other Expenses
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Total Tax
Tax Rate (%)
Minority Interest/ associate income
Reported PAT - Continuing Opr.
Adjusted PAT - Continuing Opr.
Change (%)
Margin (%)
FY12
26,177
75.0
6,386
5,510
10,998
22,894
87.5
3,282
12.5
1,745
1,537
2,512
1,156
181
750
931
366
39.3
-69
634
179
-109.6
0.7
FY13
30,423
16.2
7,769
6,277
14,154
28,199
92.7
2,224
7.3
2,288
-63
4,613
1,478
-3,198
9,992
6,793
1,748
25.7
195
4,850
-2,571
-1,536.8
-8.4
FY14
34,919
14.8
8,807
6,952
18,639
34,398
98.5
521
1.5
1,828
-1,307
2,502
1,674
-2,135
-51
-2,186
107
-4.9
-105
-2,188
-2,134
-17.0
-6.1
FY15
39,659
13.6
9,345
7,646
21,358
38,349
96.7
1,309
3.3
2,346
-1,036
1,518
887
-1,667
68
-1,599
45
-2.8
-458
-1,186
-1,256
-41.1
-3.2
FY16
42,651
7.5
9,572
8,260
22,650
40,482
94.9
2,169
5.1
2,295
-125
1,249
926
-448
212
-236
466
-197.4
-443
-259
-890
-29.1
-2.1
FY17E
47,357
11.0
10,418
8,524
23,972
42,915
90.6
4,442
9.4
2,650
1,792
2,850
600
-458
0
-458
500
-109.2
-344
-614
-614
-31.1
-1.3
(INR Million)
FY18E
53,745
13.5
11,555
9,405
26,005
46,966
87.4
6,779
12.6
3,000
3,779
2,000
300
2,079
0
2,079
686
33.0
-243
1,636
1,636
-366.7
3.0
FY19E
61,000
13.5
12,810
10,675
29,246
52,731
86.4
8,268
13.6
3,200
5,068
1,000
300
4,368
0
4,368
1,442
33.0
-182
3,109
3,109
90.0
5.1
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Preference Capital/ FCCB
Total Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liabilities
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and cash equivalents
Loans and Advances
Curr. Liability & Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Appl. of Funds
E: MOSL Estimates
FY12
4,052
43
28,468
32,563
8,308
68,630
-416
109,085
36,598
9,619
26,980
64,823
5,658
2,348
23,968
799
5,461
4,210
13,498
14,691
8,102
5,676
912
9,277
109,085
FY13
4,052
6,743
33,013
43,809
10,212
64,712
261
118,994
28,405
10,232
18,172
74,569
2,438
10,055
29,903
925
6,628
6,936
15,415
16,144
9,267
5,318
1,559
13,759
118,994
FY14
4,628
6,700
38,196
49,524
1,393
18,803
350
70,070
27,751
10,056
17,695
23,773
1,471
10,314
25,255
620
4,407
10,446
9,782
8,438
5,061
2,477
899
16,817
70,070
FY15
4,628
0
35,848
40,476
1,529
17,843
-71
59,777
29,230
11,726
17,504
24,673
2,282
10,561
20,826
640
4,094
5,970
10,122
16,069
5,649
9,316
1,103
4,757
59,777
FY16
4,631
0
35,342
39,973
1,431
14,960
-506
55,858
26,997
12,569
14,428
23,328
2,010
10,784
21,264
619
4,438
7,369
8,838
15,957
6,071
8,872
1,013
5,307
55,857
FY17E
4,631
0
34,713
39,344
1,431
26,460
-506
66,729
29,855
15,219
14,636
23,328
1,652
22,284
20,508
656
5,838
4,200
9,813
15,679
4,703
9,851
1,125
4,828
66,728
(INR Million)
FY18E
5,231
0
41,390
46,621
1,431
16,460
-506
64,006
27,676
18,219
9,457
23,328
1,830
22,284
24,066
718
7,362
4,849
11,137
16,961
4,504
11,180
1,277
7,106
64,006
FY19E
5,231
0
44,576
49,808
1,431
16,460
-506
67,192
30,641
21,419
9,221
23,328
1,866
22,284
29,687
806
8,356
7,884
12,640
19,195
5,056
12,689
1,449
10,492
67,192
10 November 2016
8
 Motilal Oswal Financial Services
Fortis Healthcare
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Net Debt/Equity
FY12
0.4
4.2
70.3
0.0
0.0
FY13
-5.6
-0.6
94.6
0.0
0.0
FY14
-4.6
-0.7
106.9
0.0
-0.2
FY15
-2.7
2.4
87.4
0.0
-0.9
-62.3
71.8
1.9
2.3
68.9
0.0
1.3
-2.8
-0.2
-2.6
1.4
0.7
6
38
52
0.3
FY16
-1.9
3.0
86.3
0.0
-2.4
-87.9
55.7
2.0
2.0
39.6
0.0
4.3
-2.2
1.1
-0.2
1.6
0.8
5
38
52
0.2
FY17E
-1.3
4.4
85.0
0.0
-2.5
-127.6
38.4
2.0
2.1
22.6
0.0
-2.7
-1.5
3.0
3.6
1.6
0.7
5
45
36
0.6
FY18E
3.5
10.0
100.7
0.0
-2.5
47.8
16.9
1.7
1.7
13.3
0.0
14.0
3.8
4.2
6.9
1.9
0.8
5
50
31
0.2
FY19E
6.7
13.6
107.5
-0.1
-2.5
25.2
12.4
1.6
1.4
10.5
0.0
7.5
6.4
5.6
9.7
2.0
0.9
5
50
30
0.2
0.0
-5.2
0.5
2.3
1.4
0.7
0.2
11
76
113
2.0
0.0
26.9
-6.7
1.0
0.0
1.1
0.3
11
80
111
1.3
0.0
-1.3
-4.6
0.4
-2.0
1.3
0.5
6
46
53
0.2
Consolidated - Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Investments
Issue of Shares
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
FY12
1,131
1,822
1,708
-1,073
-544
3,044
-67
2,977
-5,397
-2,420
583
-3,124
-7,937
3,005
6,418
-2,031
0
-479
6,912
1,952
2,257
4,210
FY13
7,313
2,922
4,483
-2,496
2,240
14,461
1,975
16,436
-3,978
12,458
-6,971
-2,020
-12,969
3,002
-3,916
-5,553
0
5,725
-741
2,726
4,210
6,936
FY14
1,491
2,479
1,839
-1,049
-203
4,556
235
4,791
-5,413
-622
-5,858
42,162
30,891
10,196
-37,737
-3,777
0
-854
-32,172
3,510
6,936
10,446
FY15
-1,374
2,628
1,048
-1,193
-280
829
-587
242
383
625
4,097
-6,162
-1,682
1
-1,539
-1,400
0
-98
-3,035
-4,475
10,446
5,970
FY16
552
2,305
587
-1,544
126
2,026
-352
1,674
325
1,999
-1,393
5,229
4,162
32
-3,255
-1,248
0
34
-4,438
1,399
5,970
7,369
FY17E
-458
2,650
2,250
-500
-2,690
1,252
0
1,252
-2,500
-1,248
-11,500
600
-13,400
0
11,500
-2,850
-15
344
8,979
-3,169
7,369
4,200
(INR Million)
FY18E
2,079
3,000
1,700
-686
-1,628
4,465
0
4,465
2,000
6,465
0
300
2,300
5,600
-10,000
-2,000
41
243
-6,116
649
4,200
4,849
FY19E
4,368
3,200
700
-1,442
-351
6,476
0
6,476
-3,000
3,476
0
300
-2,700
0
0
-1,000
78
182
-741
3,035
4,849
7,884
10 November 2016
9
 Motilal Oswal Financial Services
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Fortis Healthcare
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Fortis Healthcare
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