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Business Standard
22-05-2025
- Business
- Business Standard
Fortis Healthcare rallies 9%, nears record high; brokerages see more upside
Fortis Healthcare share price today: Shares of Fortis Healthcare hit a four-month high of ₹731.35, as they rallied 9 per cent on the BSE in Thursday's intra-day trade amid heavy volumes on a healthy business outlook. The stock price of the hospital company is quoting at its highest level since January 8, 2025. It had hit a record high of ₹744 on December 30, 2024. At 11:13 AM, Fortis Healthcare stock was trading 8 per cent higher at ₹724.20 on the BSE. In comparison, the BSE Sensex was down 0.88 per cent at 80,880.47. The average trading volumes on the counter jumped over fourfold. A combined 5.72 million equity shares representing 0.76 per cent of the total equity of Fortis Healthcare have changed hands on the NSE and BSE. Fortis Healthcare Q4 & FY25 financial performance Delhi-headquartered hospital chain Fortis Healthcare on Tuesday, May 20, 2025, reported a 7.4 per cent year-on-year (Y-o-Y) fall in consolidated net profit for the March quarter of financial year 2024–25 (Q4FY25) at ₹188.02 crore, down from ₹203.14 crore in the same period last year. The decline in net profit was attributed to a 13.6 per cent Y-o-Y rise in total expenses, which stood at ₹1,741.52 crore, up from ₹1,531.76 crore. The company also cited impairments on investments in an associate firm and assets in a subsidiary, according to its regulatory filing. Revenue from operations rose to ₹2,007 crore in Q4FY25, marking a 12.4 per cent increase from ₹1,786 crore in Q4FY24. The increase in revenue was driven by strong performances in both the hospital and diagnostics businesses. Consolidated earnings before interest, tax, depreciation, and amortisation (Ebitda) rose 14.3 per cent Y-o-Y to ₹435 crore, with the Ebitda margin at 21.7 per cent, up from 21.3 per cent in the year-ago period. In FY25, the company's hospital business contributed 84 per cent to consolidated revenue compared to 82 per cent in FY24. Revenue from focus specialities comprising Oncology, Neurosciences, Cardiac Sciences, Gastroenterology, Orthopaedics and Renal Sciences grew 16 per cent Y-o-Y and contributed 62 per cent to overall hospital business revenues. The management said the company has witnessed a steady improvement in the diagnostics business Ebitda margins (excluding one-offs) at 22.0 per cent in FY25 compared to 19.6 per cent in FY24. The new brand is being well accepted and gaining prominence, placing the business in a better position to drive business expansion and enhance performance metrics, the management said. The company added 200 beds in FY25 and plans to add 993 beds in FY26, most of which are Brownfield projects. Brokerages' view on Fortis Healthcare JM Financial Institutional Securities - Due to ongoing efforts to improve the profitability of underperforming units, combined with significant Brownfield expansion, the company is poised to achieve over 15 per cent topline growth over the next three years, along with 200–300 bps margin expansion. With improved profitability, the company is also expected to generate ₹3,980 crore in free cash flow over the next three years. At the Wednesday market price of ₹672, the stock is trading at 26.2x on a 1Y forward EV/Ebitda basis, which the brokerage firm believes is likely to expand in the coming years due to improving fundamentals. 'We value the company on a SOTP basis to arrive at a target price (TP) of ₹810. Maintain BUY on the stock,' the brokerage firm said in the Q4 result update. Elara Capital - Strong growth continued in the hospitals segment. The management has guided for continued growth and a further 150- 200 bps margin expansion in FY26. Performance has started picking up in the diagnostics business as well – the management guided for double-digit growth in FY26, with margin recovering to ~23 per cent levels. 'We raise FY26E and FY27E core EPS estimates by 15-17 per cent, on strong guidance in both the business segments. So, we raise our TP to ₹749 from ₹686 – Retain Accumulate,' the brokerage firm said. About Fortis Healthcare Fortis Healthcare is a leading integrated healthcare delivery service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care speciality facilities. Currently, the company operates 27 healthcare facilities (including JVs and O&M facilities). The Company's network comprises approximately 4,750 operational beds (including O&M beds) and 404 diagnostics labs.
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Business Standard
20-05-2025
- Business
- Business Standard
Fortis Healthcare Q4 profit drops 7% on rise in quarterly expenses
Delhi-headquartered hospital chain Fortis Healthcare on Tuesday reported a 7.4 per cent year-on-year (Y-o-Y) fall in consolidated net profit for the March quarter of financial year 2024–25 (Q4 FY25) at Rs 188.02 crore, down from Rs 203.14 crore in the same period last year. The decline in net profit was attributed to a 13.6 per cent Y-o-Y rise in total expenses, which stood at Rs 1,741.52 crore, up from Rs 1,531.76 crore. The company also cited impairments on investments in an associate firm and assets in a subsidiary, according to its regulatory filing. Revenue from operations rose to Rs 2,007 crore in Q4 FY25, marking a 12.4 per cent increase from Rs 1,786 crore in Q4 FY24. Consolidated earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 14.3 per cent Y-o-Y to Rs 435 crore, with the EBITDA margin at 21.7 per cent, up from 21.3 per cent in the year-ago period. The hospital business posted a 14.2 per cent Y-o-Y revenue increase in Q4 FY25, supported by growth in average revenue per occupied bed (ARPOB) and improved occupancy. ARPOB rose 8.4 per cent Y-o-Y to Rs 2.51 crore, while occupancy levels reached 69 per cent, compared to 66 per cent in Q4 FY24. Key specialties such as oncology and neurosciences reported revenue growth of 25 per cent and 19 per cent, respectively. International patient revenue grew 17 per cent Y-o-Y to Rs 145 crore in the quarter, contributing 8.1 per cent to overall hospital revenue, compared to 7.9 per cent in the same quarter last year. The diagnostics business reported subdued revenue growth of 3.5 per cent Y-o-Y, reaching Rs 306 crore. 'This comes after the company consolidated its stake in Agilus Diagnostics to 89.2 per cent by acquiring 31.52 per cent from private equity investors,' Fortis stated in its investor presentation. Commenting on the company's future plans, Ashutosh Raghuvanshi, managing director and chief executive officer, said Fortis will continue to actively pursue inorganic growth opportunities in its focus geographic clusters. 'Notable developments during the year included the successful acquisition of the 'Fortis' brand and trademarks, and our foray into Jalandhar through the signing of definitive agreements in February 2025 to acquire Shrimann Superspecialty Hospital,' he said. This acquisition will increase Fortis's capacity in Punjab from approximately 800 beds across four facilities to over 1,000 beds. In addition to Jalandhar, the company plans to add around 993 beds through brownfield projects at Manesar, Gurugram, Noida, Bengaluru (BG Road), and Faridabad. The company announced its results post market hours. On Tuesday, Fortis Healthcare shares closed 0.81 per cent lower at Rs 679.70 on the Bombay Stock Exchange (BSE).
Fashion Value Chain
20-05-2025
- Business
- Fashion Value Chain
Listed Developers Strengthen their Hold on India's Residential Real Estate
A significant chunk of home buyers seems to be reposing their faith on developers who have constantly demonstrated their ability to complete projects on time without compromising on quality standards, particularly on listed entities. A peep into the annual performance of some of the reputed listed Indian real estate companies well and truly establishes this phenomenon. For the fiscal year 2024-2025, Godrej Properties has reported a robust 31% year-on-year surge in sales at Rs. 29,444 crore. Another Mumbai headquartered real estate firm Macrotech Developer is not far behind. For the year ended March 31, 2025, Macrotech reported strong sales bookings of Rs. 17,630 crore, reflecting a healthy 21% annual growth. The trend is just not limited to Mumbai-based developers but is rather widespread. Delhi-headquartered DLF Limited has reported robust sales of Rs. 21,223 crore in FY25, reflecting a strong year-on-year growth of 44%. The company not only exceeded its annual sales guidance of Rs. 17,000 crore but also underscored the sustained confidence of buyers in its offerings. Similarly, Signature Global (India) Ltd. achieved pre-sales of Rs. 10,290 crore, marking a substantial 42% increase from the preceding fiscal year. Mr. Ravi Aggarwal, Co-founder & Managing Director, Signature Global (India) Ltd. Commenting upon the performance reported by his company, Mr. Ravi Aggarwal, Co-founder & Managing Director, Signature Global (India) Ltd., said, 'The year 2024-25 was a phenomenal one for us. We easily achieved the guidance by clocking a pre-sales to the tune of Rs 10,290 crore. We received phenomenal response for all our offerings from various stakeholders and with interest rates inching downwards, we are confident about the continuation of the sales momentum.' 'In FY26, we plan to launch projects worth Rs 17,000 crore and are targeting pre-sales of Rs 12,500 crore. While most new launches in the region are priced at Rs 8-10 crore, Signature Global remains committed to providing homes to the maximum number of people, and as such, we will continue to focus on launching homes at prime locations in Gurugram in the price range of Rs 2-5 crore,' said Ravi Aggarwal. With most of the reputed listed entities having reported decent numbers, it reflects increasing preference of homebuyers for trusted brands that assure quality construction, timely delivery, and adherence to regulatory norms. An ICRA research report too suggests the same. As larger and more reputable companies gain a larger market share, their performance is expected to outpace the overall industry growth, the report has mentioned. While domestic demand continues to remain robust, Non-Resident Indians (NRIs) are also emerging as a significant buyer segment-attracted not only by the investment potential of Indian real estate but also by a deep emotional connection to their roots. As part of their long-term wealth preservation strategies, NRIs are actively acquiring premium and high-value properties in major Indian metropolitan areas and even in holiday destinations. NRIs are increasingly turning to Indias luxury real estate sector as a safer and more rewarding investment avenue, a recent GRI Club report has stated. 'Share of NRI investment in newly launched projects in major metros continues to rise substantially and with India remaining an attractive destination, the NRIs are expected to continue their trust on the vibrant Indian real estate,' says Aggarwal. Cities like Mumbai along with Gurugram, Hyderabad, and Bangalore are expected to attract the majority of NRI investments. While Gurugram, in particular, has emerged as a prime destination for premium and luxury real estate, some micro-market such Southern Peripheral Road, Dwarka Expressway, and Sohna are expected to outperform other areas due to their superior connectivity and rapid urban infrastructure development.
Mint
18-05-2025
- Business
- Mint
IPO-bound SAEL to venture into solar cells with a ₹5,000 crore plant in UP
New Delhi: Norfund-backed clean energy firm SAEL Ltd plans to establish a solar cell manufacturing plant in Uttar Pradesh at a projected investment of ₹5,000 crore. The Delhi-headquartered IPO-bound company is looking to set up an integrated solar cell and module manufacturing facility with a capacity to produce 5 gigawatt (GW) of solar cells annually, chief executive Laxit Awla told Mint in an interview. 'We are about to begin implementation of the cell manufacturing project in the next few months. It (solar cell manufacturing capacity) will be 5 GW approximately. We have module manufacturing in Rajasthan. This will be in UP, Greater Noida. So approximate investment should be around ₹5,000 crore," Awla said. The Union government has included solar cells under the ambit of the renewable energy ministry's approved list of models and manufacturers with effect from June 2026, effectively allowing only those suppliers featured in the list to supply solar cells for government-backed projects. SAEL currently has a 3 GW capacity plant in Rajasthan to manufacture solar modules—panels of connected solar cells—and another 0.3 GW capacity in Punjab, employing around 1,500 people. It has so far incurred a capital expenditure of ₹600 crore for module manufacturing, Awla said. SAEL will also look at manufacturing other components used in manufacturing solar modules, such as wafers and ingots, depending on government policy and domestic market requirements, he added. SAEL's IPO plans On SAEL's fundraising plans, Awla confirmed media reports that the company was planning an initial public offering of its shares in 12 months and that it had appointed merchant bankers for the IPO. 'IPO today is one of the most conducive ways of raising funds, which is why in the past two years the market has picked up. Now obviously, we have other options available as well, private placement, private equity. So all these are probable fundraising scenarios," Awla said. 'Having said that, we are focusing on IPO majorly right now because the market is good and I think we intend to achieve this milestone at this point of time." In January last year, the company raised $1 billion from investors including Norway investment fund Norfund, DFC, ADB, and Tata Cleantech. Indian solar equipment makers were hoping to gain acompetitive global advantage after US President Donald Trump announced reciprocal trade tariffs on almost all countries last month. The current tariff rate on Indian solar exports to the US stands at 14%, which is lower than the tariffs imposed on products from China, the world's largest manufacturer of solar panels and other related equipment. India is targeting 500GW of non-fossil capacity by 2030. Last month, Union minister for new and renewable energy, Pralhad Joshi, said India added about 25 GW of renewable energy capacity in 2024-25, the highest ever green power capacity addition in a year, registering a nearly 35% growth from the previous fiscal year. Of the 25 GW of renewable energy capacity added in FY25,solar power capacity comprised 21 GW. Tight competition Apart from manufacturing solar modules and cells, SAEL plans to add at least 8 GW of battery integrated solar capacity over the next four years, taking the company's cumulative solar-based power-generation capacity to about 15 GW. 'It's currently over 6.5 gigawatt. We are looking at a committed capacity of 15 GW in the next 3-4 years," Awla said, adding that going ahead SAEL's solar projects would be integrated with battery energy storage systems. SAEL is also present in the waste-to-energy space with 11 biomass plants in Punjab, Haryana, and Rajasthan, with cumulative paddy-to-energy generation capacity of 165 MW. In the overall renewable energy space, SAEL faces competition from private sector giants such as Tata Power Ltd, Reliance Power Ltd,ReNew Energy Global Plc., andSembcorp Industries. Last week, Tata Power reported a nearly40% year-on-year increase in fourth-quarter operational earnings driven in part by higher margins from its newly commissioned solar cell manufacturing facility. Also last week, Reliance NU Energy, a subsidiary of Reliance Power, announced that it had secured a350 MW solar power project integrated with a 175 MW/700 MWh battery energy storage system through a competitive bidding process conducted by state-run SJVN Ltd. Earlier in May, Reliance NU Suntech, another Reliance Power subsidiary, signed a 25-year power purchase agreement with state-run Solar Energy Corporation of India to developAsia's largest single-location integrated solar and battery energy storage system project.
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Business Standard
13-05-2025
- Automotive
- Business Standard
Highlights: Echoes of Operation Sindoor's success heard across the globe, says PM Modi
New Delhi 9:28 PM Harvard loses another USD 450 million in grants in escalating battle with Trump administration President Donald Trump's administration is cutting another USD 450 million in grants to Harvard University a day after the Ivy League school pushed back against government allegations that it's a hotbed of liberalism and antisemitism. In a letter to Harvard on Tuesday, a federal antisemitism task force said Harvard will lose grants from eight federal agencies in addition to USD 2.2 billion that was previously frozen by the Trump administration. The letter said Harvard has become a 'breeding ground for virtue signalling and discrimination' and faces a 'steep, uphill battle' to reclaim its legacy as a place of academic excellence. 9:02 PM Coromandel International's subsidiary forms joint venture with Sakarni Plaster Coromandel Chemicals Ltd, a wholly owned subsidiary of Coromandel International Ltd, formed a joint venture with Sakarni Plaster India Pvt Ltd for the manufacturing and sale of Phospho Gypsum-based green building materials, a top official said. The joint venture will enable Coromandel International to diversify beyond its agri-inputs business, enhance integration synergies, and create long-term value. For Sakarni Plaster, the alliance facilitates the expansion of its product portfolio, market diversification, and reinforces its leadership in the gypsum plaster industry. Delhi-headquartered Sakarni Plaster is a manufacturer, exporter, and supplier of Plaster of Paris, wall putty, and building exterior and interior renovation products. 7:42 PM India-UK FTA augurs well for JLR, future cars expected to benefit: Tata Motors Group CFO The India-UK free trade agreement augurs well to keep driving JLR's performance in India as it would benefit future cars and enable customers to access global cars and global prices much faster, Tata Motors Group CFO PB Balaji said on Tuesday. On the other hand, further details and clarifications are needed to fully understand the impact on JLR after the US-UK trade deal that reduced US trade tariffs on auto exports from the UK to 10 per cent from 27.5 per cent within a quota of 1 lakh vehicles, Balaji said in an earnings call. "As far as India-UK FTA is concerned, it is a great development and augurs well for the same time, we also wait when the FTA actually comes into force, but we believe this is going to benefit the future cars that are going to come, which means customers will be able to access these global cars and global prices much faster because of this FTA," he said. 7:36 PM Pakistan's Balochistan appoints first Hindu woman Assistant Commissioner Kashish Chaudhary, a 25-year-old Pakistani Hindu woman, has made history by becoming the first female from the minority community in Balochistan to be appointed as Assistant Commissioner in the restive province. Kashish, who hails from the remote town of Noshki in district Chagai in the province, qualified Balochistan Public Service Commission (BPSC) examination. On Monday, Kashish, accompanied by her father Girdhari Lal, met Balochistan Chief Minister Sarfaraz Bugti in Quetta and told him that she would work for the empowerment of women and minorities, and the overall development of the province. 'It is a matter of great pride for me that my daughter has become an assistant commissioner due to her hard work and commitment,' Lal told the media. Lal, a mid-level trader, said his daughter had always dreamed of studying and doing something for her women. Chief Minister Bugti said it was a matter of pride for the nation when members of the minority communities got to key positions due to their hard work and effort. 'Kashish is a symbol of pride for the nation and Balochistan,' he said. In recent years, women from the Hindu community have achieved notable success in generally male-dominated fields in Pakistan, overcoming many cultural, religious and social hurdles to get to important positions. 7:04 PM Tesla's refresh to best-selling Model Y SUV starts on rocky road Tesla investors had pinned their hopes on a refresh of the company's flagship compact SUV to reinvigorate sales. But rock-bottom financing deals for the Model Y and its easy availability suggest that this expectation is unrealistic. The electric vehicle maker is offering financing deals as low as 0% on the spanking new version of the Model Y. While other automakers including Kia and General Motors are offering similar deals on some EV models, such offers within weeks of a model rolling out are rare. 6:48 PM Trump envoys Witkoff and Kellogg to go to Turkey for Russia-Ukraine talks President Donald Trump's senior envoys Steve Witkoff and Keith Kellogg will travel to Istanbul for potential talks on Thursday on how to end Russia's war in Ukraine, three sources familiar with the plans said on Tuesday. However, a senior U.S. official said it was unclear whether anyone from the Russian government would show up. The White House, State Department, National Security Council and a spokesperson for Witkoff did not immediately respond to a request for comment. President Volodymyr Zelenskiy will only attend the talks this week if Russia's Vladimir Putin is also there, an aide to the Ukrainian leader said on Tuesday, challenging the Kremlin to show it is genuine about seeking peace. 6:37 PM Russia launches smallest nighttime attack on Ukraine in months in run-up to possible peace talks Russia launched 10 Shahed and decoy drones at Ukraine in nighttime attacks, the Ukrainian air force said Tuesday, in its smallest drone bombardment this year as the warring countries prepare for possible peace talks in Turkiye. The Kremlin hasn't directly responded to Ukrainian President Volodymyr Zelenskyy's challenge for Russian leader Vladimir Putin to meet him in person at the negotiating table in Istanbul on Thursday. Kremlin spokesman Dmitry Peskov refused for the second straight day Tuesday to tell reporters whether Putin will travel to Istanbul and who else will represent Russia at the potential talks. 'As soon as the president considers it necessary, we will make an announcement,' Peskov said. 5:58 PM Anand Rathi Share and Stock Brokers pays Rs 90.2 lakh to Sebi to settle regulatory violations Anand Rathi Share and Stock Brokers Ltd on Tuesday settled with markets regulator Sebi a case pertaining to alleged violations of stock brokers' norms on payment of Rs 90.2 lakh. The order came after the broking company filed an application with Sebi proposing to settle the violations "without admitting or denying the findings of facts and conclusions of law" through a settlement order. Anand Rathi Share and Stock Brokers remitted the settlement amount of Rs 90.2 lakh. 5:52 PM Tamil Nadu CM Stalin, AIADMK hail Pollachi case verdict Tamil Nadu Chief Minister M K Stalin and main opposition AIADMK on Tuesday welcomed a local court sentencing nine men to life imprisonment till death in the sensational Pollachi sexual assault and extortion case. The Coimbatore Mahila Court, which convicted and sentenced the nine, also ordered compensation of Rs 85 lakh to the women victims. "Justice has been served for the atrocities committed by the wicked criminals including the AIADMK functionary," the Chief Minister said reacting to the verdict. 5:24 PM GlaxoSmithKline Pharma reports profit rise on strong demand India's GlaxoSmithKline Pharmaceuticals reported a higher fourth-quarter profit on Tuesday, led by steady demand for its generic drugs. The Indian unit of British drugmaker GSK reported consolidated profit of 2.63 billion rupees ($30.86 million) in the quarter ended March 31, up 35% year-on-year. Its revenue from operations climbed about 5% to 9.74 billion rupees. GlaxoSmithKline Pharma has been benefitting from rising market share for its antibiotic Augmentin and respiratory drugs Nucala and Trelegy. Strong demand for its shingles vaccine, Shingrix, has also boosted earnings, the company said. 4:39 PM Turkey says it is closely monitoring PKK disbandment to secure peace Turkey is closely monitoring any attempts to undermine its peace initiative with the PKK, a senior official said Tuesday, following the militant Kurdish group's announcement that it is dissolving and ending its decades-long armed conflict with the Turkish state. The PKK, designated as a terrorist organisation by several, announced the historic decision on Monday months after its imprisoned leader called for the group to formally disband and disarm 4:34 PM Goyal to lead team of officials to Washington for trade talks from May 16 Commerce and Industry Minister Piyush Goyal will lead a team of senior Indian officials to Washington starting May 16 for discussions with their US counterparts on the proposed bilateral trade agreement (BTA), an official said on Tuesday. Goyal is expected to hold meetings with US Trade Representative (USTR) Jamieson Greer and US Commerce Secretary Howard Lutnick during his visit. 4:31 PM Retail inflation dips to 3.16% in April; lowest since July 2019 India's retail inflation fell to 3.16 per cent in April, down from 3.34 per cent in March. India's wholesale price index (WPI)-based inflation for April 2025 will be released on Wednesday.
