Fortis Healthcare Ltd : Latest Quarterly Results Analysis

Fortis Healthcare announced Q2FY24 & H1FY24 results:

• Q2FY24:
  • Consolidated revenues at Rs 1,770 crore, up 10.1%
  • Operating EBITDA at Rs 330 crore, 18.6% margin
  • Hospital Business Q2FY24 revenues up 12% to Rs 1,453 crore
  • Operating EBITDA at Rs 268 crore, 18.4% margin
  • Hospital business ARPOB increases 11.8% to Rs 2.21 crore
  • Agilus Diagnostics files DRHP for a proposed IPO
• H1FY24:
  • Consolidated revenues were at Rs 3,427.4 crore, up 10.7% versus H1FY23. The operating margins for H1FY24 were 17.6%, marginally lower than the 17.9% in the corresponding previous period.
  • Hospital business revenues grew 12.7% to Rs 2,806.7 crore as compared to Rs 2,489.3 crore in H1FY23. Operating margins stood at 16.9% for the period versus 17.3% in the corresponding previous period.
  • Diagnostic business gross revenues were at Rs 702.9 crore versus Rs 683.8 crore in H1FY23

Ravi Rajagopal, Chairman, Board of Directors, Fortis Healthcare stated, “Our Q2FY24 performance has seen the hospital business profitability increasing both versus the corresponding and trailing quarter. We remain on track to add approx. 250 beds to our network in the current fiscal across facilities such as Mulund, Anandpur, and Ludhiana with a total planned addition of close to 1,400 beds in the next few years. Further augmenting our bed expansion plans in the Delhi – NCR and the Punjab clusters, we are also evaluating new expansion opportunities including optimizing the current available space to add additional beds in Mohali and Shalimar Bagh. Following from the divestment of our Arcot Road, Chennai facility in July 2023, our focus on evaluating further portfolio rationalization opportunity continues. Efforts to implement the EMR technology are ongoing and offer a platform to integrate this with our HIS, myFortis app, and other applications. This could enable us to digitize the patient journey and provide a ‘Personalized Experience’ to our patients. I’m pleased to highlight that in September 2023 we filed the Draft Red Herring Prospectus (DRHP) for a proposed IPO of Agilus Diagnostics, our diagnostics business vertical.”

Commenting on the results for the quarter, Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare stated, “Our consolidated revenues in Q2FY24 have grown 10.1% to Rs 1,770 crore with operating EBITDA margins at 18.6%. Our hospital business has seen a significant improvement versus the trailing quarter with margins expanding 320 bps and are also better than Q2 of the previous year. Operating margins in the hospital business were at 18.4%, better than 18.2% on a YoY basis. This is attributable in part to a stronger case mix and growth in medical tourism revenues. Our focus on improving our specialty mix has led to a 13.4% growth cumulatively in our top 6 specialties with surgical contribution improving to 61.2% versus 60.5% in Q2 of the previous year. This is also reflected in the 11.8% growth witnessed in ARPOB which stood at Rs 2.21 crore. We have commissioned new medical equipment such as LINAC and Ortho Robots at select facilities such as Noida, Shalimar Bagh, and FMRI and have further bolstered our clinical talent; onboarding clinicians in several specialties including amongst others Oncology, Neurology, and Renal Sciences. These along with our brownfield bed expansion plans and a continuing focus on inorganic opportunities are expected to drive further growth in the business.”

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Fortis Healthcare announced Q1FY24 results:

• Consolidated revenues for Q1FY24 at Rs 1,657 crore vs Rs 1,488 crore in Q1FY23, a growth of 11.4%
• Consolidated operating EBITDA at Rs 273 crore versus Rs 251 crore, a growth of 8.7%
• PBT before exceptional items at Rs 169 crore versus Rs 176 crore
• PAT before exceptional items at Rs 122 crore versus Rs 134 crore
• Diagnostics business of the company was renamed “Agilus Diagnostics Limited”
• Board of Fortis & Agilus has approved for Agilus to initiate an initial public offer process, by way of an offer for sale
• Company divests its hospital business at Vadapalani, Chennai, to enhance focus on key strategic clusters.

Ravi Rajagopal, Chairman, Board of Directors, Fortis Healthcare stated, “For Q1FY24, our consolidated revenues grew 11.4% to Rs 1,657.4 crore while our operating margins stood at 16.5% similar to trailing quarter and marginally lower than Q1FY23. More importantly and signifying our intent to move forward, the quarter witnessed key strategic corporate actions related to both our hospitals and diagnostic business. On the hospital side, our portfolio rationalization strategy gained momentum with the divestment of our loss-making Arcot Road facility in Chennai in July 2023. With an impetus on inorganic growth, we acquired a 350 bedded hospital in Manesar, Gurugram, enabling us to further augment our presence in Delhi-NCR. This we expect to close shortly. Our plans for brownfield bed expansion of close to 1400 beds in the next 2-3 years, increasing our focus on key medical specialties such as oncology and attracting the right clinical talent remain on track. We have initiated the name change of the diagnostics business which is now known as Agilus Diagnostics Limited. I’m also pleased to share that the Board of Fortis and Agilus, today, have granted approval for Agilus to initiate an initial public offer process, by way of an offer for the sale of its equity shares, subject to receipt of requisite approvals, market conditions and other considerations.”

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Fortis Healthcare announced Q4FY23 & FY23 results:

• Q4FY23 vs Q4FY22:
  • Consolidated Revenues at Rs 1,643 crore, up 19.2%
  • EBITDA at Rs 285 crore, 17.3% margin (Q4FY22: 16.5%)
  • PAT at Rs 138 crore versus Rs 87 crore
• FY23 vs FY22:
  • Consolidated Revenues at Rs 6,298 crore, up 10.1%
  • EBITDA at Rs 1,163 crore, 18.5% margin (FY22: 19.2%)
  • PAT at Rs 633 crore versus Rs 790 crore
  • Adjusted PAT (excluding one off’s) at Rs 559 crore versus Rs 475 crore
  • Net debt reduced by Rs 222 crore to Rs 330 crore in FY23. The Company’s net debt to equity was at 0.04x in FY23 versus 0.08x in the corresponding previous period
  • Finance costs witnessed a decline of 12.1% to Rs 129.1 crore for the year as a result of lower borrowing costs and a reduction in company borrowings
  • Cash flow from operations for FY23 stood at Rs 583 crore

Ravi Rajagopal, Chairman, Board of Directors, Fortis Healthcare, stated, “The year gone by has seen the Company emerge stronger in the aftermath of the covid pandemic. I’m particularly pleased to state that the Board has recommended a dividend of Rs 1.0 per share (10% of face value) for the first time since the Company was listed; the same being subject to shareholders' approval. This reflects the significant improvement in our performance and underscores the transformational journey of the Company in the last few years. We have clocked a consolidated topline growth of 10.1% to reach revenues of Rs 6,298 crore with an EBITDA margin of 18.5% in FY23.

Our hospital business continues to perform well across all financial and operating parameters. We remain well positioned for our next phase of growth comprising brownfield bed expansion in order to expand and create larger format facilities. This would enable us to draw higher operating leverage from the business. We are also progressing well on our portfolio optimization strategy allowing us to reallocate capital from our non-core or underperforming assets to assets in our key geographic clusters. This was evidenced in our recent acquisition of a hospital in Manesar, Gurugram in NCR with a potential bed capacity of 350 beds. Our diagnostics business was impacted by the decline in covid volumes and the challenging industry environment which still persists. We remain keen to participate in the consolidation opportunities in the healthcare landscape. While our balance sheet allows us comfortable leveraging capacity, we may also look at raising capital so as to not miss out on larger growth opportunities that may present themselves. I do thank all our stakeholders for their continuing support and confidence in the Board and Management of the Company.”

Commenting on the results for the quarter and the year, Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare stated, “I’m quite pleased with our performance for the quarter with consolidated revenues of Rs 1,643 crore, a growth of 19.2% and EBITDA margins improving to 17.3% from 16.5% in the Q4FY22. Our hospital business has performed quite well in FY23 led by higher occupancy and ARPOB with a significant 600 bps increase in contribution from surgical volumes. Our revenues from key specialties of orthopedics, oncology, renal sciences, and gastroenterology have increased 49%, 53%, 29%, and 36% respectively over FY22. International patient revenues continue to witness a robust uptick. In addition, ongoing cost-saving initiatives including those related to drugs and consumables and procurement and consumption optimization have all enabled the hospital business to reach an EBITDA of Rs 922 crore for FY23, a 37.1% increase, and an 18.1% margin. Our plans to expand and add beds to our key facilities like FMRI, Shalimar Bagh, Mulund, and Mohali to over 500 beds each in the next few years remain on track with a cumulative incremental addition of close to 1,400 beds.

Dr. Raghuvanshi further added, “In addition, we continue to invest and expand our medical programs with a specific focus on oncology, neurosciences and cardiac sciences. The business both clinically and operationally is being primed to be aptly supported by an efficient digital ecosystem drawing the benefits of, amongst other things, an Electronic Medical Records system, an ERP based Business Solutions support program and a Picture Archive Communications system (PACS). The diagnostics business has witnessed a muted performance with the decline in covid volumes. Whilst SRL is undertaking a host of initiatives in terms of channel expansion and network optimization, given the challenging industry environment we expect improvement to be gradual. All in all, we believe that both our businesses with their investment and expansion priorities are better positioned to accelerate their growth in the current fiscal.”

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Fortis Healthcare announced Q2FY23 results:

• Consolidated revenues for Q2FY23 at Rs 1,607 crore, up 9.9%
• EBITDA at Rs 319 crore, 19.8% margin vs 20.0% in Q2FY22
• PBT prior to exceptional items at Rs 216 crore versus Rs 182 crore in Q2FY22
• PAT at Rs 218 crore versus Rs 131 crore in Q2FY22

Ravi Rajagopal, Chairman, Board of Directors, Fortis Healthcare, stated, “Our Q2FY23 consolidated results reflect the robust performance of our hospital business that now contributes ~77% to our consolidated EBITDA and has seen healthy margins expansion. The hospital business performance has enabled us to maintain our consolidated margins at around 20% despite covid volumes significantly impacting the diagnostics business. I’m also pleased that for the first time ever, SRL, our majority 57% held diagnostics subsidiary has declared a dividend. This shows our commitment towards efforts on augmenting shareholder returns and reflects the growing confidence we have in our future expansion and growth prospects. Our brownfield expansion plans in facilities like Mulund, BG Road and Anandpur are progressing well. Simultaneously, digital transformation efforts such as implementation of Electronic Medical Records (EMR), ERP implementation and improving patient experience through websites and apps are being worked upon. EMR implementation specifically, would significantly enhance patient care allowing quick access to healthcare records and faster diagnosis and treatment. Portfolio rationalisation coupled with a well chalked out inorganic expansion strategy focusing on our key existing clusters will further drive our operational performance.”

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Fortis Healthcare announced Q1FY23 Result :

• Consolidated revenues of the company grew 5.5% versus Q1FY22 and 8% versus Q4 FY22
• Hospital business witnessed robust performance - revenue grows 18.5% versus Q1FY22 and 14.6% versus Q4FY22
• Hospital EBITDA grew 39% YoY to INR 208 Crs, translating into a 17.4% margin
• Hospital business EBITDA contribution to consolidated EBITDA increases to 76% versus 53% in Q1 FY22
• ARPOB at INR 1.96 Crs, up 21%. Surgical : non-surgical mix at an all time high of 61 :39
• Diagnostics business witnessed muted performance due to lower covid volumes; margins at 19.3%
• Healthy Balance Sheet – net debt to EBITDA at 0.54x, net debt at INR 585 Crs.

Ravi Rajagopal, Chairman, Board of Directors, Fortis Healthcare stated, “Q1 FY23 has witnessed an encouraging start to the fiscal. With covid abating, our hospital business has shown a strong uptrend relative to the diagnostics business which has seen a decline in volumes due to a higher covid led base in both Q1 and Q4 of FY22. We continue to further strengthen the business in terms of adding beds, expanding medical programs, and onboarding clinical talent. Our next phase of growth would be led by our brownfield expansion strategy which would see approx. 1500 beds coming onstream in the next few years: largely in key existing Fortis facilities such as the likes of FMRI, Mohali, Shalimar Bagh, BG Road and Noida. This coupled with our focus on digital initiatives in both the medical and non-medical related aspects should enable us to further fortify our longer-term business prospects”

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Fortis Healthcare declares Q4FY22 result:

• Consolidated Revenues at INR 5,718 Crs, up 42%
• EBITDA at INR 1,096 Crs, 19.2% margin (FY21: 11.2%)
• PAT at INR 790 Crs versus a loss of INR 56 Crs
• Consolidated Revenues at INR 1,378 Crs, up 10%
• EBITDA at INR 227 Crs, 16.5% margin (Q4 FY21 :16.3%)
• PAT at INR 87 Crs versus INR 62 Crs
• Q4FY22 Hospital Business revenues grew 6% to INR 1,041 Crs versus INR 982 Crs in Q4FY21. Covid business revenues contributed 5.8% to overall hospital revenues. (Q4 FY21 : 6.9%)
• The hospital business EBITDA was at INR 143 Crs versus INR 139 Crs in Q4FY21 (13.8% margin versus 14.2% in Q4 FY21).
• For FY22, Hospital Business revenues grew 37% to INR 4,264 Crs versus INR 3,124 Crs in FY21. Covid business revenues contributed 9.1% to overall hospital revenues. (FY21 : 13.7%). Revenue growth was primarily as a result of occupancy improving to 63% from 55% in FY21 and a higher ARPOB.
• EBITDA was at INR 672 Crs versus INR 263 Crs, reflecting a margin of 15.8% versus 8.4% in FY21. A higher surgical revenue contribution at 53% to overall hospital revenues (FY21: 49%) and increased complexity of cases resulted in margin expansion.
• Q4 FY22 Diagnostics Business gross revenues grew 22% to INR 372 Crs versus INR 306 Crs in Q4FY21. Covid business revenues contributed 18% to overall diagnostic revenues. (Q4 FY21: 17%)
• The diagnostics business EBITDA was at INR 84 Crs versus INR 67 Crs in Q4FY21. (22.5% margin versus 22% in Q4 FY21)
• For FY22, Diagnostic Business gross revenues grew 55% to INR 1,605 Crs versus INR 1,035 Crs in FY21. Covid business revenues contributed 20.3% to overall diagnostic revenues. (FY21: 23.5%), Revenue growth was in part due to higher covid volumes in Q1 and Q4 of FY22 and the DDRC – SRL acquisition.
• EBITDA was at INR 425 Crs versus INR 200 Crs, reflecting a margin of 26.5% versus 19.3% in FY21

Ravi Rajagopal, Chairman, Board of Directors, Fortis Healthcare stated, “FY22 has been a challenging year with the Company being impacted by the covid pandemic both in Q1 and Q4 of FY22. Despite this, the Company made all efforts to ensure the availability of medical infrastructure and treatment for covid patients. At the same time, as covid abated and business rebounded, all the building blocks were in place to quickly scale up operations and refocus on our growth levers. To this effect, hiring new clinical talent, expanding medical programs and initiating brownfield expansion plans were prioritized and are currently ongoing. The diagnostics business witnessed a healthy performance aided in part by the DDRC – SRL transaction and due to higher covid volumes. While our Q4 performance was impacted by the omicron variant, business recovered speedily enabling us to end the year on a healthy note. Given our strong Balance Sheet and a continuous focus on performance improvement, we expect to maintain a steady growth momentum going forward.”

Commenting on the results for the quarter and the year, Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare stated, “I’m quite pleased with our performance in the year gone by. The pandemic while presenting its own set of challenges has also made us more resilient and enabled us to adapt to the changing environment. We have not only ensured business continuity but have moved quickly to augment our efforts both strategically and operationally. This has enabled us to register our highest ever revenues and a consolidated EBITDA of INR 1000 Crs. Our hospital occupancy leveIs have increased to 63% from 55% in FY21 and we continue to see further traction in occupancy in the current fiscal. Our diagnostics business has shown a steady improvement and is further expanding its channel network and product mix. Q4 has been impacted due to the third wave of covid but has been less severe allowing the business to recover quickly. However, we must keep in perspective that high covid test volumes are unlikely in the current fiscal and of the increasing competition in the space."

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Fortis Healthcare declares Q3FY22 result:

• Consolidated Revenues for Q3FY22 at INR 1,467 Crs, up 25%
• EBITDA at INR 294 Crs versus INR 201 Crs, up 46%. EBITDA margins at 20%, up 300bps
• PAT at INR 142 Crs versus INR 54 Crs in Q3FY21, up 163%
• Q3FY22 hospital business revenues grew 23.3% YoY to INR 1,118.2 Crs versus INR 906.9 Crs in Q3FY21. Revenues in Q2FY22 were at INR 1,098.5 Crs.
• Non-covid revenues contributed 98% to the overall hospital revenues in the quarter, similar to trailing quarter and compared to 81% in Q3 FY21.
• The hospital business EBITDA grew 46% to INR 190.2 Crs versus INR 130.7 Crs in Q3FY21. EBITDA in Q2FY22 stood at 189.1 Crs. This was due to higher surgical volumes witnessed in select key medical specialties.
• EBITDA Margins stood at 17.0% in Q3FY22 versus 14.4% in Q3 FY21 and 17.2% in Q2 FY22
• Q3 FY22 diagnostics business gross revenues grew 26.9% YoY to INR 388.5 Crs versus INR 306.2 Crs in Q3FY21. Revenues in Q2FY22 were at INR 402.7 Crs.
  • Non-covid revenues grew 33.8% versus Q3FY21. Covid contribution to overall diagnostics revenues was at 19.1% versus 24.1% in Q3FY21 and 17.7% in Q2FY22.
• The diagnostics business EBITDA was at INR 103.4 Crs versus INR 73 Crs in Q3 FY21. This was similar to the EBITDA in Q2FY22.
  • Margins improved to 26.6% in Q3 FY22 versus 23.9% in Q3 FY21 and 25.7% in Q2 FY22
• Net debt to EBITDA was at 0.53x for Q3FY22 versus 1.3x for Q3FY21. This was despite the acquisition of the balance 50% stake in the DDRC – SRL JV in April 2021, which was funded entirely through internal accruals.
• Net debt as of 31 December 2021 was at INR 621 Crs, lower by INR 248 Crs compared to Q2FY22 (INR 869 Crs) and reflecting a net debt to equity of 0.09x.
• For the period ended nine months December 2021 (YTD FY22), hospital business revenues grew 50.5% to reach INR 3,223.3 Crs. EBITDA stood at INR 528.9 Crs versus INR 123.9 Crs in Q3FY21. Margins stood at 16.4% versus 5.8% in the corresponding previous period.
• For the period ended nine months December 2021 (YTD FY22), diagnostic business gross revenues grew 69.1% to reach INR 1,232.6 Crs. EBITDA stood at INR 341.6 Crs versus INR 133 Crs in Q3FY21. Margins stood at 27.7% versus 18.2% in the corresponding previous period.

Commenting on the results for the quarter, Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare stated, “Q3 continues to build on the business momentum we witnessed in Q2. Despite it being a festive season in some of our larger geographies, both the hospital and the diagnostics businesses have performed well. Hospital occupancy was at 65.4% in the quarter versus approx. 64% in both the trailing and corresponding quarters. Higher complex procedure surgical volumes resulted in the ARPOB increasing 18% versus Q3 FY21. Further augmenting our medical infrastructure along with strengthening our clinical talent base continue to be high priority areas. Led by a higher B2C revenue component, the diagnostics business recorded robust margins; higher than both the trailing and corresponding quarters. The third wave of covid has had an impact primarily in the month of January though we are now seeing a gradual recovery in business which we expect should accelerate going forward. This would hopefully enable us to end FY22 on a sound note.”

Result PDF

Highlights:

• Consolidated Revenues for Q2FY22 at INR 1,463 Crs, up 47%
• EBITDA doubles to INR 292 Crs versus INR 146 Crs in Q2FY21
• PAT at INR 131 Crs versus INR 16 Crs in Q2FY21
• Q2FY22 hospital business revenues grew 47.2% YoY to INR 1,098.5 Crs versus INR 746.4 Crs in Q2 FY21. Revenues in Q1FY22 were at INR 1,006.5 Crs.
• Covid revenue contribution to overall hospital revenues declined to 3% versus 21% in Q2 FY21 and 27% in Q1 FY22.
• The hospital business EBITDA was at INR 189.1 Crs versus INR 78.2 Crs in Q2FY21. EBITDA in Q1 FY22 stood at 149.6 Crs. This was primarily as a result of higher procedure volumes witnessed across key specialties.
  • Margins of 17.2% in Q2 FY22 versus 10.5% in Q2 FY21 and 14.9% in Q1 FY22
• Q2 FY22 diagnostics business gross revenues grew 42.6% YoY to INR 402.7 Crs versus INR 282.4 Crs in Q2FY21. Revenues in Q1FY22 were at INR 441.4 Crs.
  • Non-covid revenues grew 65% versus Q2FY21. Covid contribution to overall diagnostics revenues was at 18% versus 28% in Q2FY21 and 26% in Q1FY22.
• The diagnostics business EBITDA was at INR 103.3 Crs versus INR 70.5 Crs in Q2 FY21. EBITDA in Q1 FY22 stood at INR 134.9 Crs
  • Margins at 25.7% in Q2 FY22 versus 25% in Q2 FY21 and 30.6% in Q1 FY22
• Net debt to EBITDA was at 0.74x for Q2FY22 versus 1.04x for Q4FY21. This was post the acquisition of the balance 50% stake in the DDRC – SRL JV in April 2021, which was funded entirely through internal accruals.
• Net debt was at INR 869 Crs as on September 30, 2021 reflecting a net debt to equity of 0.13x. Net debt stood at INR 849 Crs as on March 31, 2021

Ravi Rajagopal, Chairman, Board of Directors, Fortis Healthcare stated, “The quarter gone by has seen a healthy improvement in our operations led by robust growth in the non-covid business. With operations returning to near normal, we have refocussed on our strategic priorities to further strengthen our medical programs in key facilities in Delhi- NCR and Mumbai. We continue to review our portfolio of facilities and our efforts to turnaround underperforming but high potential facilities such as Fortis Escorts (FEHI) are seeing encouraging results. Investments for brownfield expansion should augment our existing operational bed capacity of close to 3900 beds by another approx. 250-300 beds in FY22. In addition, leveraging Information Technology via mediums such as the myFortis app, upgrading ERP systems, utilizing advanced business intelligence tools and digitization of medical processes would ensure a seamless experience for all our patients. The diagnostics business performance has been aided by its network expansion strategy coupled with the successful integration of the DDRC acquisition. With a strong Balance Sheet we remain well positioned to evaluate opportunities of growth and consolidation for value enhancement of all stakeholders.”

Result PDF

Fortis Healthcare reports Q1 FY 22 Financial Results:

• Strong rebound in Hospitals and Diagnostics as impact of Covid abates
• SRL completes acquisition of balance 50% stake in DDRC JV, making it a 100% subsidiary
• Acquisition enables SRL to consolidate its position as the 2nd largest diagnostics chain pan – India.
• Revenues for Q1FY22 at INR 1,410 Crs vs INR 606 Crs in Q1FY21
• EBITDA at INR 283 Crs versus a loss of INR 99 Crs in Q1FY21
• PAT at INR 431 Crs versus a loss of INR 188 Crs in Q1FY21

Consolidated Financial Snapshot:

• Q1FY22 hospital business revenues were at INR 1,006.5 Crs versus INR 488.4 Crs in Q1FY21 and INR 982.2 Crs in Q4FY21.
• The hospital business EBITDA was at INR 149.6 Crs versus a loss of INR 85 Crs in Q1FY21. EBITDA in Q4 FY21 stood at 139.4 Crs. (14.9% margin in Q1 FY22 versus 14.2% in Q4 FY21)
• SRL registered the highest growth in revenues in the diagnostics space. Q1 FY22 diagnostics business gross revenues grew 214% YoY to INR 441.4 Crs versus INR 140.4 Crs in Q1FY21. Revenues were up 44% versus Q4FY21.
• The diagnostics business EBITDA was at INR 134.9 Crs versus a loss of INR 10.6 Crs in Q1 FY21. EBITDA in Q4 FY21 stood at INR 67.2 Crs. (30.6% margin in Q1 FY22 versus 22.0% margin in Q4 FY21)
• Net debt to EBITDA was at 0.90x versus 1.04x in Q4 FY21. Net debt was at INR 1,014 Crs versus INR 849 Crs in Q4 FY21.

Commenting on the results for the quarter, Dr Ashutosh Raghuvanshi, MD and CEO, Fortis Healthcare stated, “Our efforts and the resilience of our workforce has enabled us to respond to the second wave as effectively as possible and simultaneously ensure that our core business remains on track. Month on month non covid occupancy improved from 30% in May to approx. 47% in June. We expect the momentum to continue allowing the business to return to near normal in the short term. We are also progressing well on our strategic initiatives and have also initiated investments for advanced medical equipment such as Cath Labs, neuro microscopes, bone marrow transplant units and the likes in select facilities. The diagnostics business I believe is now well positioned for accelerating its growth and profitability. At the same time, we cannot discount the possibility of a third wave which could impact operations in future. However, having augmented our resources both on the clinical and non-clinical fronts, we are relatively better prepared for such eventualities. FY22 has seen a challenging start but business has recovered well and I expect to see progressively better quarters going forward.”

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