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Nursing staff attrition and wage inflation
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Fortis Healthcare Limited — Q1 FY24
Fortis Healthcare reported a steady Q1 FY24 with consolidated revenue of INR 1,657 crore, up 11.4% YoY, driven by hospital revenue growth of 13.6% to INR 1,354 crore.
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Fortis Healthcare reported a steady Q1 FY24 with consolidated revenue of INR 1,657 crore, up 11.4% YoY, driven by hospital revenue growth of 13.6% to INR 1,354 crore. However, consolidated EBITDA margin contracted 40bps to 16.5% due to lower occupancy (64% vs 65%) and unfavorable payer mix skewed toward government schemes. Hospital EBITDA margin stood at 15.2%, impacted by seasonal softness and higher employee costs from annual increments and new clinical hires. Diagnostics revenue grew 2% to INR 342 crore, with non-COVID revenue up 9% and EBITDA margin improving to 19.4%. Management maintained guidance for hospital margins to reach 18-20% and ARPOB growth of 4-5% for FY24. Key strategic actions include the planned IPO of Agilus Diagnostics and acquisition of a 350-bed hospital in Manesar. Risk: Nursing staff attrition and wage inflation could pressure margins.
फोर्टिस हेल्थकेयर ने पहली तिमाही में 1,657 करोड़ रुपये का राजस्व कमाया, जो पिछले साल से 11.4% ज्यादा है। अस्पतालों से आय 13.6% बढ़कर 1,354 करोड़ रुपये हुई। लेकिन मुनाफा (EBITDA) घटकर 16.5% रह गया, क्योंकि मरीजों की संख्या कम थी (64% बिस्तर भरे, पिछले साल 65%) और सरकारी योजनाओं के ज्यादा मरीजों से कम कमाई हुई। अस्पतालों का मुनाफा 15.2% रहा, जो मौसमी कमजोरी और नए डॉक्टरों व कर्मचारियों की बढ़ी तनख्वाह से प्रभावित हुआ। डायग्नोस्टिक्स से आय 2% बढ़कर 342 करोड़ रुपये हुई और मुनाफा 19.4% रहा। कंपनी का लक्ष्य अस्पतालों का मुनाफा 18-20% और प्रति बिस्तर आय 4-5% बढ़ाना है। अगिलस डायग्नोस्टिक्स को शेयर बाजार में लाने और मानेसर में 350 बिस्तरों वाला अस्पताल खरीदने की योजना है। जोखिम: नर्सों की कमी और महंगाई से मुनाफा कम हो सकता है।
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Hospital Occupancy
64%
-1pp YoY
Occupancy declined from 65% in Q1 FY23 due to seasonal softness and unseasonal rains.
ARPOB (Average Revenue Per Occupied Bed)
INR 60,036
+12% YoY
ARPOB growth driven by improved surgical mix and price revisions.
Oncology Revenue Contribution
14%
+34% YoY
Oncology grew 34% YoY and now contributes 14% of hospital revenue.
International Patient Revenue Contribution
8.5%
+1pp YoY
International patient revenue grew 29% YoY, contributing 8.5% of hospital revenue.
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Guidance and risk preview
Management reiterated guidance for hospital EBITDA margins to trend towards 18-20% in coming quarters, despite Q1 margin of 15.2%.
Management acknowledged industry-wide nursing shortage and wage inflation, which could pressure margins.
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