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Revenue
₹1,928 Cr
verified against source
Revenue YoY
14.8%
reported change
EBITDA
₹375 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 Q3 FY25 with consolidated revenue of INR 1,928 crore (+14.8% YoY) and EBITDA of INR 375 crore (+32% YoY), driven by the hospital business which grew 16.8% and expanded margins by 200 bps to 20%. PAT surged 82.2% to INR 231 crore, aided by a deferred tax asset. Hospital occupancy improved to 67% and ARPOB grew 9.9% to INR 2.45 crore, led by high-growth specialties like oncology (+30%) and neurosciences (+18%). The diagnostics business (Agilus) saw revenue growth of 3.5% with adjusted EBITDA margin of 21.3%, impacted by rebranding costs expected to taper by Q4. Management guided for hospital margins of 20.5% for FY25 and a medium-term target of 25%, with brownfield bed additions of 350-400 per year. Key risks include slower ramp-up of the Manesar greenfield facility and ongoing legal costs related to the open offer.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects hospital EBITDA margin to reach 20.5% for the full year FY25, with a medium-term target of 25%.
- Agilus Diagnostics is expected to deliver adjusted EBITDA margin of 21-22% for FY25.
- The Manesar facility, currently at INR 5 crore monthly revenue, is expected to break even at INR 9 crore per month by Q1 FY26.
- Agilus expects to return to industry-level growth of 8-10% by Q2 FY26, driven by volume growth.
Risks flagged
- The greenfield facility posted an operating loss of INR 12-13 crore in Q3; any delay in reaching break-even could pressure margins.
- Despite guidance, Agilus revenue growth has been sluggish (3.5% YoY) and rebranding costs may persist, delaying margin improvement.
- Ongoing legal cases related to the open offer and forensic audit could result in elevated legal expenses and management distraction.
- Aggressive bed additions by peers and potential talent wars could pressure occupancy and margins, though management downplays near-term impact.
Key quotes
- Our consolidated operating EBITDA increased 32% to INR 375 crores, delivering a margin of 19.4% versus 16.9% in Q3 of Financial Year 2024.
- We are targeting margin expansion, and hopefully, we'll be seeing margin improvement year on year. Our ultimate target is to reach 25% sooner than later.
- We are seeing consistent changes and improvements on a quarter-to-quarter basis. Every quarter, we are seeing that compared to the previous quarter.
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