JM Financial has recommended buying shares of Fortis Healthcare Ltd. with a target price of Rs 595. Currently, the market price stands at Rs 490.4.
Fortis Healthcare Ltd., founded in 1996, operates in the hospitals and allied services sector as a mid-cap company with a market capitalization of Rs 37,083.54 crore.
Products and Revenue
Fortis Healthcare generates its revenue primarily from healthcare services, lease rentals, other operating revenue, and pharmaceuticals for the fiscal year ending March 31, 2024.
Financial Performance
In the quarter ending March 31, 2024, the company reported a consolidated total income of Rs 1,795.68 crore, showing a 6.47% increase from the previous quarter’s total income of Rs 1,686.49 crore. Compared to the same quarter last year, the total income grew by 8.40% from Rs 1,656.49 crore. Fortis Healthcare reported a net profit after tax of Rs 198.82 crore in the latest quarter.
Ownership Structure
As of March 31, 2024, promoters hold 31.17% of the company, while Foreign Institutional Investors (FIIs) own 23.24% and Domestic Institutional Investors (DIIs) hold 29.95%.
JM Financial’s recommendation reflects optimism about Fortis Healthcare’s financial performance and growth potential in the healthcare services sector.
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