Fortis Malar Hospitals EBITDA dropped on 15.6% in 2015 and EBITDA Margin decreased slightly on 1.9 pp from 8.3% to 6.4%

29-04-2015 • About Fortis Malar Hospitals ($FORTISMLR) • By InTwits

Fortis Malar Hospitals reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is declining: 6.4% in FY2015 vs. 8.3% in FY2014 vs. 14.8% in FY2011.

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Fortis Malar Hospitals ($FORTISMLR) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	835	948	969	1,077	1,176	9.2%
EBITDA	124	139	121	89	75	-15.6%
Net Income	54	78	435	88	79	-10.4%
Balance Sheet
Cash	3	7	30
Short Term Debt	27	25	0
Long Term Debt	46	46	6
Cash flow
Capex	80	98
Ratios
Revenue growth	-38.5%	13.5%	2.2%	11.1%	9.2%
EBITDA growth	28.9%	12.5%	-12.9%	-26.2%	-15.6%
EBITDA Margin	14.8%	14.7%	12.5%	8.3%	6.4%	-1.9%
Net Income Margin	6.5%	8.2%	44.9%	8.1%	6.7%	-1.5%
CAPEX, % of revenue	9.6%	10.4%				0.0%
ROIC	26.6%	27.7%	15.9%			0.0%
ROE	23.5%	26.1%	78.5%			0.0%
Net Debt/EBITDA	0.6x	0.5x	-0.2x	0.0x	0.0x	0.0x

Revenue and profitability

Fortis Malar Hospitals's Revenue increased on 9.2% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.9 pp from 8.4% to 4.5% in FY2015.

Net Income marign decreased slightly on 1.5 pp from 8.1% to 6.7% in FY2015.

Appendix 1: Peers in Healthcare Services

Below you can find Fortis Malar Hospitals benchmarking vs. other companies in Healthcare Services industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.

Top companies by Revenue growth, %

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Kovai Medical Center & Hospital ($KOVAI)	-63.8%	27.3%	33.6%	12.4%
Vimta Labs ($VIMTALABS)	-18.5%	-8.7%	24.9%	8.4%
Dr.Agarwal'S Eye Hospital ($DRAGARWQ)	-24.3%	0.7%	4.4%	4.3%
Median (3 companies)	-24.3%	0.7%	24.9%	8.4%
Fortis Malar Hospitals ($FORTISMLR)		13.5%	2.2%	11.1%	9.2%

Top companies by EBITDA margin, %

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Vimta Labs ($VIMTALABS)	16.6%	2.1%	19.3%	22.6%
Kovai Medical Center & Hospital ($KOVAI)	21.1%	20.0%	23.9%	22.0%
Dr.Agarwal'S Eye Hospital ($DRAGARWQ)	12.5%	10.7%	11.0%	8.8%
Median (3 companies)	16.6%	10.7%	19.3%	22.0%
Fortis Malar Hospitals ($FORTISMLR)	14.8%	14.7%	12.5%	8.3%	6.4%

Top companies by CAPEX/Revenue, %

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Vimta Labs ($VIMTALABS)	3.4%	4.4%	3.6%	7.3%
Kovai Medical Center & Hospital ($KOVAI)	55.9%	34.8%	3.4%	4.5%
Median (2 companies)	3.6%	4.4%	3.5%	5.9%

Top companies by ROIC, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Kovai Medical Center & Hospital ($KOVAI)	14.5%	11.5%	18.0%	18.4%
Vimta Labs ($VIMTALABS)	-0.7%	-9.9%	4.7%	13.7%
Kmc Speciality Hospitals (India) ($KMCSHIL)	0.9%	11.0%	17.6%	-9.9%
N.G.Industries ($NGIND)	12.2%	14.3%	13.1%
Secunderabad Healthcare ($SECHE)	0.4%	0.2%	-0.1%
Median (8 companies)	6.0%	11.3%	15.3%	13.7%
Fortis Malar Hospitals ($FORTISMLR)	26.6%	27.7%	15.9%

Top companies by Net Debt / EBITDA

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Kmc Speciality Hospitals (India) ($KMCSHIL)	6.0x	3.2x	2.3x	7.7x
Kovai Medical Center & Hospital ($KOVAI)	4.4x	4.5x	2.5x	2.0x
Vimta Labs ($VIMTALABS)	1.5x	10.9x	0.5x	0.2x
N.G.Industries ($NGIND)	0.2x	-0.2x	0.8x	0.0x
Chennai Meenakshi Multispeciality Hospital ($CMMHOSP)	14.5x	8.7x	4.6x	0.0x
Median (6 companies)	4.4x	4.5x	2.3x	0.1x
Fortis Malar Hospitals ($FORTISMLR)	0.6x	0.5x	-0.2x	0.0x	0.0x

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