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Revenue
₹1,859 Cr
verified against source
Revenue YoY
12.2%
reported change
EBITDA
₹343 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Fortis Healthcare delivered a strong Q1 FY25 with consolidated revenue of INR 1,859 crore (+12.2% YoY) and EBITDA of INR 343 crore (+25.5% YoY), driven by the hospital business which grew 14.4% and expanded margins by 330bps to 18.5%. The diagnostics segment (Agilus) remained flat at INR 343 crore, with margins pressured by rebranding costs and government provisions. Hospital occupancy improved to 67% (vs 64% YoY) and ARPOB rose 9.7% to INR 2.41 crore. Key growth areas included neurosciences (+23%) and oncology (+22%). Management guided for hospital EBITDA margins above 20% for FY25, supported by brownfield expansions and cost initiatives. Agilus expects to return to industry growth by next year. Risks include margin pressure from payer mix shift and ongoing legal costs from the Daiichi dispute.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance for hospital business EBITDA margins to exceed 20% for the full year, despite Q1 margin of 18.5% impacted by one-offs and mix.
- Agilus plans to spend approximately INR 50 crore on rebranding expenses this fiscal year, which will be treated as one-off costs.
- The acquired Manesar facility is expected to start operations in the ongoing quarter, initially with 100 beds, ramping up to full capacity over 18 months.
- Management expects Agilus to consolidate during FY25 and return to industry-level growth in FY26, driven by brand recovery and network expansion.
Risks flagged
- Increase in scheme business (CGHS/ECHS) and higher share of lower-margin specialties (ortho, onco) compressed hospital EBITDA margins by ~2% in Q1.
- Diagnostics revenue remained flat YoY, with margins declining due to rebranding costs and government provisions; recovery may take longer than expected.
- Legal costs related to the Daiichi litigation are expected to remain high this year, with potential appeals adding uncertainty.
- Recent developments in Bangladesh and Israel may affect international patient flows, though management expects no material impact.
Key quotes
- Our performance in Q1 financial year 2025 has been impressive, showing a significant improvement over the previous year.
- We have started the process of going right as per agreement, because IPO process not looking like we will be able to start immediately.
- We expect to be back on track in terms of growth expectations.
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