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D&B Business Optimism Index for Q2 2009 declines by only 2% (q-o-q) as against a 31% drop in Q1 2009 (q-o-q)

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The Dun & Bradstreet Composite Business Optimism Index for Q2 2009 fell to a new low of 93.8, after touching 95.7 in Q1 2009. As compared to the previous quarter, the Composite Optimism Index declined by around 2%. However, the pace of contraction is lower as compared to the previous quarter; in Q1 2009 the Composite Optimism Index fell by 31% (q-o-q). On a y-o-y basis, the BOI for Q2 2009 recorded a decrease of 39% as against a decline of 43% in Q1 2009. Based on the responses received, it was observed that five out of the six optimism indices – namely, volume of sales, net profits, selling prices, new orders, and employee levels have registered a decline as compared to the previous quarter. Only one out of the six optimism indices – inventory levels – increased by seven percentage point as compared to the previous quarter. 

“While the BOI shows marginal improvement, sentiment continues to be dampened. Less than expected growth in GDP numbers is likely to have dented corporate confidence. Decline in industrial production for two consecutive months (Dec & Jan) and in exports for five months in a row (Oct-Jan) remains a cause for concern. However, 52% of BOI survey respondents expecting an increase in New Orders is a positive sign.”, said Kaushal Sampat, Chief Operating Officer, Dun & Bradstreet – India.”Going forward, the outcome of the forthcoming parliamentary elections and stability of the ensuing Government will play a key role in determining business expectations over the next quarter. The rapidly evolving dynamics of the global economy over the coming months will continue to have an impact on domestic business sentiment” he added.

Demand conditions are expected to remain subdued during Q2 2009. While about 50% of the respondents anticipate an increase in sales volume, as many as 27% of the respondents expect the sales volume to decline in Q2 2009. The resultant Optimism for Volume of Sales remained unchanged at 23% (this is the lowest value since Q1 2002) compared to the previous quarter. However, the resultant Optimism for Volume of Sales has declined by as much as 40 percentage points as compared to Q2 2008.

Profit expectations of the Indian corporate sector continued to taper further with as many as 28% of the respondents anticipating a fall in their net profits in the forthcoming quarter. Approximately 46% of the respondents expect an increase in profits during Q2 2009, while as many as 26% expect no change in profits. The resultant Optimism for Net Profits declined by around 5 percentage points compared to the previous quarter and stands at 18% (a 27 quarter low).

With moderating demand conditions, lowering input costs and the extension of excise duty cuts beyond 31-Mar-09, as many as 78% of the respondents expect the selling prices of their products to decline or remain unchanged in Q2 2009. While about 22% of the respondents expect selling prices of their products to increase, about 26% expect to witness a decline in their selling prices during Q2 2009. The resultant Optimism for Selling Prices stands at -4%, the lowest value registered since Q1 2002.

Approximately 52% of the respondents expect their order book position to improve (an increase of 4 percentage points from the previous quarter), while around 27% anticipate a decrease in the number of new orders during Q2 2009. The resultant Optimism for New Orders stands at 25% (a 27 quarter low) marginally lower compared to 26% in the previous quarter.

While about 34% of the respondents expect their level of stock to increase, around 48% expect to witness no change in their inventory levels during the Apr-Jun 09 quarter. Approximately 18% expect their level of stock to decline during Q2 2009 as compared to 22% during the previous quarter. The resultant Optimism for Inventory Levels stands at 16% an increase of around 7 percentage points as compared to Q1 2009.

The majority of respondents anticipate no change in the size of the workforce employed during Q2 2009. Approximately 65% of the respondents intend to keep the number of employees unchanged. While 24% of the respondents expect an increase in the number of employees, 11% expect a decline. The resultant Optimism for Employees stands at 13% for the Apr-Jun 09 quarter, a decrease of around 8 percentage points as compared to the previous quarter.

For more information see boi-q2-apr09-final

Nandini Piramal joins Piramal Healthcare as the Executive Director

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Piramal Healthcare Limited has announced the appointment of Ms. Nandini Piramal on the Board of the company as the Executive Director. Nandini Piramal has been associated with the business for last four years looking after the operations in Canada. Nandini Piramal is the daughter of the promoters Mr. Ajay Piramal and Dr. Swati Piramal.

Prior to her induction on the Board of Piramal Group, Nandini Piramal was the GM – Strategic Marketing of Piramal Healthcare, during which she was closely associated with the business of the company’s overseas subsidiaries and gained deep insight into the Group’s Pharma Solutions business. She played a key role in implementation of Operational Excellence Projects at the company’s overseas locations in UK and Canada. She was also actively involved in due diligence of acquisition and joint venture targets.

Ms. Piramal is a graduate in BA (Hons.) from Hertford College, Oxford University and is an MBA from the Stanford Graduate School of Business. In her role as a Business Analyst with a leading management consulting firm she worked on projects in Growth Strategy, Supply Chain Management and Information Technology Strategy of various corporate clients.


iSOFT wins major projects in Spain worth US$3.85 million

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iSOFT, an IBA Health Group company, today announced that it has won contracts totalling A$5.79 million (US$3.85 million) with two regional healthcare services in Spain.

In a deal worth A$5.08 million (US$3.38 million), which will be booked over the life of the contract, iSOFT will develop clinical and patient management systems for one of Spain’s most important autonomous communities (regional governments). The company is part of a consortium providing an integrated healthcare system for 28 hospitals in a project totalling A$23.1 million (US$15.38 million) over two years. The consortium is upgrading current systems and infrastructure to provide a common platform for all administrative, clinical and patient management functions and so improve the quality of healthcare services for 8 million patients. The system is designed for up to 82,000 healthcare professionals.

iSOFT’s contract, which includes patient administration, theatres, electronic prescriptions and data warehousing systems and integration services, covers the initial two years of the project. There is potential for ongoing development, maintenance and support.

Gary Cohen, IBA’s Executive Chairman and CEO, said: “This is a major project of significant importance in Spain, especially as other autonomous communities are planning similarly joined-up, regional healthcare systems. The project also provides a foundation for further developments such as electronic health records.”

Meanwhile, iSOFT has won a contract worth U$479,628 to develop an e-prescription solution for the Navarra Healthcare Service in northern Spain.

Under the initial one-year contract, iSOFT will provide an e-prescription solution to eliminate paper prescriptions and so save time and costs and avoid dispensing mistakes. It will also give doctors prescribing rules and lists of recommended drugs and automate invoicing and payments for pharmacists.

iSOFT is working in partnership with Madrid-based information and technology services company IECISA.

The solution will be piloted at the Mendillorri and Mutilva health centres, the Navarra Hospital and 17 pharmacies this year, before being rolled out to 56 health centres and all 500 pharmacies throughout the region in 2010.

iSOFT’s contract is for the initial pilot project and is its first with the Navarra Healthcare Service. It follows the completion of an e-prescription project for the Balearic Island Healthcare Service in December 2008. iSOFT’s solution is now used by 55 health centres and 411 pharmacies in Mallorca, Menorca, Ibiza and Formentera.

Guillermo Ramas, managing director of iSOFT Spain, Portugal and Latin America, said: “The e-prescription project in the Balearic Islands is a huge success and now serves as a model for other healthcare services in Spain. The 600,000 people in the Navarra region stand to benefit from this investment since the solution will help save money by reducing administrative workloads and eliminating duplicate prescriptions, improve accuracy and so avoids mistakes, and give doctors more time for patients.”

Lupin acquires majority stake in Multicare Pharmaceuticals Philippines, Inc

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Strengthens its position in the ASEAN market

Lupin Limited recently announced the acquisition of a 51 percent stake in Multicare Pharmaceuticals Philippines, Inc (MC) of Philippines. MC is a premium branded generics company with a strong position in the women’s health and child care segment. The company reported revenues of Php 272 Mill (approx. USD 6mn) for the year ending December 2008. The acquisition has been made with internal cash accruals by Lupin.

This acquisition, which is Lupin’s sixth since 2008, marks the company’s entry into the USD 2.5 bn pharmaceuticals market in Philippines, currently dominated by multinational companies. Under the agreement, Mr. Romeo Sy, founder, MC will continue to lead the company as President.

Commenting on the development, Dr. Kamal Sharma, Managing Director, Lupin Limited
said, “This is a very positive step ahead for Lupin to establish its stronghold as a top league generics company in the promising market of Philippines in the ASEAN Region. We have seen immense success with our previous acquisitions, all of which have been profitable. Taking this philosophy forward, we believe that MC is a strategic fit in Lupin’s business model. We will continue to focus and leverage on operational efficiencies and capitalize on synergies between the two companies to drive revenues at robust growth rates from the region in the near term.”

Multicare President, Romeo Sy said that the partnership will be of considerable benefit to MC’s position in the generics industry locally. “The equity acquisition by Lupin gives us increased access to international research and development, world-class manufacturing capabilities which will further strengthen our local position”, he said.

MC, with field strength of about 140 people enjoys a commendable franchise with the medical fraternity and harbors strong distribution alliances. The dedicated Global Business Development department of Lupin will ensure continual exposure to international companies and product opportunities. Lupin is amongst the fastest growing pharmaceutical company in India with dedicated R&D facilities and is vertically integrated with presence in many global markets. This strategic partnership will provide significant benefits for both parties. MC will gain access to Lupin’s existing product pipeline and manufacturing expertise, while Lupin will gain access to the established brands and supply chains in Philippines.

Fortis announces aggressive plans for Clinique Darné now renamed ‘Fortis Clinique Darné’

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CIEL and Fortis Healthcare, who have recently announced a strategic tie up to pick up majority stake in Mauritius’ largest private hospital, Clinique Darné, today unveiled aggressive plans for the hospital. Fortis Healthcare, who have the operations and management contract for the hospital, have extensive plans to enhance the quality of healthcare services being provided. Dr. The Hon Navinchandra Ramgoolam, G.C.S.K. Prime Minister, Minister of Defense and Home Affairs graced the occasion and unveiled Fortis Clinique Darné‘s new logo. Mr. Shivinder Mohan Singh, Managing Director, Fortis Healthcare, Mr. Bhavdeep Singh, Chief Executive Officer, Fortis Healthcare and Mr. Gérald De Senneville, CIEL were present at the occasion.                   

Fortis Healthcare, India’s fastest growing healthcare delivery network plans to utilize its experience and expertise to upgrade and expand Fortis Clinic Darné in a two phased manner.

  • In phase I, the company will make an investment of MUR 66 million of a total of MUR 165 Mn invested and upgrade the current facility which will involve introduction of new specialties and upgradation of existing specialties to tertiary care level.
  • In Phase II, the company, utilizing the six acre land available, will expand the facility to become a 400-bedded super speciality hospital providing comprehensive medical services.

To support the upgradation of medical program, there will be introduction of a high end Critical Care Department. This will allow treatment of more complicated and high end cases. There will be introduction of high end Surgical ICU, Medical ICU and Pediatric ICU. Fortis also plans to introduce a Neonatal ICU which will be of tremendous support to the birthing program in the hospital. These Critical Care Units will meet an important need for people of Mauritius. Along with these, there will be extensive scaling up of Emergency Medicine and Ambulance Services. There will be introduction of comprehensive range of diagnostic services including high end Radiology & Laboratory services. While Clinique Darne was the first private player to introduce Cardiac Care in Mauritius, its Cardiac Program will receive significant strength and will be enhanced using the expertise of Fortis. Today Fortis runs the “Fortis Escorts Cardiac Program” which is one of the largest Cardiac Programs in the world.

Post the investment and creation of state of art super speciality healthcare hub, Mauritians would not be required to travel abroad for high end treatment and the hospital will also attract patients from neighbouring African countries. Fortis, known for its clinical excellence and compassionate patient care, will bring in its clinical and management expertise to further enhance the scope and the quality of services available at Fortis Clinique Darné.

According to Mr. Gérald De Senneville, CIEL, “Fortis is a renowned and highly respected name in the Indian healthcare space with significant contribution made to the sector. We are very proud of this association which has come up after considerable research. We are confident and optimistic that the experience and expertise that Fortis will bring to Fortis Clinique Darné will add immense value not only to the hospital but also to the Mauritian healthcare sector.”

Mr. Raj Gore, Chief Operating Officer of Fortis Clinique Darné further added that, “As a trusted health partner, Clinique Darné has always taken the leadership role to reinvent itself to provide the best of healthcare to the people of Mauritius. The association with an eminent group like Fortis is another milestone in the same tradition. We are very confident about adding real value to the clinical as well as hospital services. Our patients would undoubtedly be the first beneficiary of this.”

While commenting on his plans for Fortis Clinique Darné, Mr. Shivinder Mohan Singh said, “We are excited to be in Mauritius which has a strong cultural and historical connect with India. We are committed to bringing our healthcare expertise for betterment of healthcare standards not only in Fortis Clinique Darné but to the entire Mascaranes and beyond.”

Fortis follows Clinical Protocols found in the best Global Hospitals and has the honour of having a JCI accredited hospital and four hospitals having the coveted NABH accreditation issued by the Quality Council of India. Fortis will bring these protocols to Fortis Clinique Darné for significantly enhancing patient care.

Additionally, Fortis will introduce its’ Fortis Operating System (FOS), designed to provide uniform experience to patients across the Fortis network. FOS benchmarks the quality of services delivered at each patient interface point and creates systems and processes to deliver the same to provide the best in patient care.

Fortis will also continuously train and educate medical, paramedical, nursing and support services staff to ensure high quality service levels.

Take advantage of the opportunities the British Midlands offers Indian companies

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The British Midlands is a UK government-funded organisation, that comprises two of the nine UK-based regional development agencies East Midlands Development Agency (EMDA) and Advantage West Midlands (AWM) who work together to offer support to all international businesses looking to invest in the British Midlands region. The British Midlands region, which is the largest commercial centre outside London, has always been a favoured investment destination for Indian engineering, manufacturing and automotive companies. India is among the top ten countries to have invested into the UK in the last couple of years. At present there are over 50 Indian-owned companies in the British Midlands region and this is expected to double in the next few years.

The benefits of investing in British Midlands

  • UK’s primary manufacturing region with a GDP of $ 176 billion which is 15% of GDP is the British Midlands
  • Proximity to the city of London
  • 25% cheaper than London with same quality of skill sets and standard of living
  • Strategic location for access to Europe’s 400 million inhabitants
  • Property rates – 28% less than that of London
  • Excellent linkages – air, water, road and rail transportation – 180 plus flights to Europe, US and Middle East
  • Excellent Research facilities with 17 world class universities
  • Largest freight hub outside London in UK
  • Largest concentration of Indian population in the region in UK

The region has expertise in the following sectors which enables it to be the primary manufacturing region in the UK:

Engineering Cluster in The British Midlands

The Engineering Sector in The British Midlands is part of the Transportation technologies cluster. This broad cluster includes many sub-clusters such as Automotive and Performance Engineering, Railways and Aerospace.

Credentials in Automotive and Performance Engineering Cluster

About 900 automotive companies (1/3rd of UK) are in The British Midlands. 51% of all UK car production takes place in The British Midlands. 25% of all motorsport companies in UK are based in the British Midlands, including engine manufacturers, race and rally preparation companies, and race car construction teams. 40% of all Formula One engines are made in the British Midlands. The region’s racing circuits include Silverstone (the UK’s premier motorsport venue and home to Formula 1), Donington Park, Mallory Park, Rockingham Motor Speedway and Santa Pod Raceway (the UK’s leading drag racing venue) and the British Midlands has established an international reputation in motorsport engineering and technology.

Europe’s largest road distribution centre, Magna Park, is located here, along with three dedicated rail freight terminals providing intermodal road and rail transportation and customs facilities.

Mile-long trains can travel from Eurohub in Corby direct to Paris.

Credentials in Railways

Over 1000 companies are directly involved in the rail industry. Derbyshire is the focal point for the UK rail industry. It is uniquely placed to offer virtually all of the skills needed to design, build and run a modern transportation network. University of Birmingham has a dedicated Railway Research Centre, involved in industry-wide research to improve the safety and efficiency of rail travel.

Credentials in Aerospace

There are more than 600 aerospace companies located here. The British Midlands is home to nearly 27% of all suppliers to the UK aerospace industry and contributes over 43% of the value of the country’s supplies. The region’s long association with the aerospace industry began with the development of the jet engine, RADAR and the Spitfire Credentials in Research & Development Credentials. Motor Industry Research Association, Europe’s leading independent automotive research, design and development centre houses test facilities in the region.

It has 26 test laboratories and 50 m of test tracks, used by over 800 companies worldwide. It has conducted research for MG (Lola Le Mans cars), Rob Beere Racing, T-Cars formula, Peugeot Rally and Prodrive’s Subaru team.

Coventry is a magnet for companies carrying out R&D for the automotive industry – Lotus, Corus and Lear have all established major bases here. The Ford College in Loughborough is a ground-breaking initiative which is benchmarking standards of professionalism for the auto dealerships industry. The Motorsport Industry Association has over 220 members, who do over $ 960 m of motorsport business worldwide. QinetiQ, the largest research and development organization in Western Europe, has 8,000 scientists in the region. Toyota has established its own Training Centre on a 1.2 acre site within the grounds of Nottingham Trent University.

Loughborough University and Warwick University offer leading edge research, development and test facilities specific to the motorsports industry. The British Midlands is internationally acknowledged as a world centre of automotive technology innovation. Its expertise extends across design, fabrication, engine technology, transmission, electronic systems, components and chassis. The Rolls Royce University Technology Centre in Birmingham carries out ground-breaking research and development work on titanium based materials for the aerospace industry. The Rolls Royce University Technology Centre in Nottingham researches advanced aero engine technologies. Research at Warwick Manufacturing Group has led to numerous breakthroughs and innovations for the aerospace industry. Warwick is a partner in ENHANCE (Enhanced Aeronautical Concurrent Engineering) which aims to reduce the time-to-market and cost of development of aeronautical products.

Apart from this, the region has 17 universities that produce 7,000 engineering and technology graduates annually.

For more details visit: www.thebritishmidlands.com

Written by sreelakshmi

16 March, 2009 at 5:46 pm

iSOFT reports First Half Year Revenue Up by 168%

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iSOFT, an IBA Health Group Company (ASX: IBA), Australia’s largest listed health information technology company announced its release of first-half yearly results ending on 31 December, 2008. iSOFT follows the financial year from July to June.

For the half year ended 31 December 2008, the total revenue of iSOFT on a standalone basis, stood at A$275.4 (US$176.7) million, up by 168% from the first half yearly revenue of A$102.8 (US$66) million. The company’s net profit for the first six months increased to A$10.3 (US$6.6) million, compared to a loss of A$1.1 (US$0.7) million in the previous corresponding period. Underlying EBITDA was A$67.5 (US$43.3) million, up 161% from A$25.8 (US$16.6) million.

Executive Chairman and CEO of iSOFT, Gary Cohen said: “We have achieved profitable revenue growth in the first half, driven by solid recurring revenues across all our geographies. We are continuing to benefit from global investment in health IT by governments worldwide, and the computerisation of healthcare records”.

“We have been able to sustain continual all round business growth considering both financials as well as human resource factors”, said Mr. S Govind, Managing Director, iSOFT. “iSOFT’s business proposition arises from our experience and deep understanding of the healthcare vertical which generally faces minimal impact while other industries might be affected by the turbulent economies”.

iSOFT Financial Highlights: H1-09 VS H1-08:


H1-09

Million A$

H1-08

Million A$

% Change

Revenue

275.4

102.8

168%

Reported EBITDA

67.5

25.8

161%

Underlying EBITDA

68.5

33.7

103%

Reported EBIT

41.9

12.6

232%

Reported NPAT

10.3

(1.1)

N/A

Underlying NPAT (after minorities)

25.8

12.9

100%

Earnings per share (basic) in cts

1.20

(0.20)

N/A

Underlying EPS

3.17

2.07

53%

Cash at end of period

44.1

55.7

(21)%

Net cash from operating activities

(12.9)

8.2

N/A

iSOFT Financial Highlights – 12 Months YTD


H1 09 + H2 08

Million A$

H1 09

Million A$

Revenue 533.5 275.4
Reported EBITDA 138.0 67.5
EBITDA Margin 26% 25%
Underlying EBITDA 140.4 68.5
Depreciation (8.7) (4.5)
Amortisation (40.2) (21.1)
Impairment (2) (5.1) –
Reported EBIT 83.9 41.9
Finance cost (46.2) (26.6)
Income tax (11.6) (4.9)
Reported NPAT 26.1 10.3
Underlying NPAT (after minorities) 56.4 25.8
Earnings per share (basic) in cts 3.35 1.20
Underlying EPS

7.12

3.17

Net cash from operating activities 46.4 (12.9)

Written by sreelakshmi

12 March, 2009 at 10:30 am

New business from The British Midlands

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Yesterday in New Delhi a business mission from England’s British Midlands region was welcomed by one of leading real estate companies, Vipul Ltd. The British Midlands, a UK government-funded organisation, that comprises two of the nine UK-based regional development agencies East Midlands Development Agency (EMDA) and Advantage West Midlands (AWM) who work together to offer support to all international businesses looking to invest in the British Midlands region. Mr. Anil Aggarwal, Director, Vipul Ltd. was Chief Guest at the inauguration of the mission as it heads for the Punjab.

The British High Commission supports this group of business people who will be meeting partners in Chandigarh, Ludhiana, Jallandhar and Amritsar in a week of busy business meetings, with support from the CII and UK Trade and Investment.

The key theme of the missioners is growth through delivery of shared visions between the Punjab and the British Midlands region of England that matches the Punjab in Agri-business, Engineering, Education and research. The British Midlands region hosts nine leading Universities and many excellent colleges – two participating in this mission.

The region is keen to develop partnerships and share its diverse advanced technologies in space, transport – from rail to motor racing, waste treatment, bio and life sciences and technical textiles. It is also host to high quality services, as wide ranging as quality assurance, innovative design education, ICT, skills assessment, and freight support services. The UK’s most prestigious luxury brand in table and giftware, Royal Crown Derby, is also part of this mission.

The Universities in the Punjab have been approached by the British High Commission to match those in the British Midlands, and this mission will start the formal partnering with the Punjab, identifying shared strategies and opportunities to create new joint research, new courses and fresh content that will start to develop.

The mission is led by Helen Deas, who set up the East Midlands India Business Bureau for England’s East Midlands Development Agency (emda) after completing three years as Deputy Head of Mission and Head of trade and investment Western India in the British Deputy High Commission in Mumbai.

Thanking Vipul Ltd. for their support she said “I am certain that two States in India are natural partners for the British Midlands’ region. This visit to the Punjab will result in business and future new developments for the mutual benefit of our educational establishments, businesses and people. I am delighted to have witnessed India’s innovation and growth. Whatever world problems there are, our regions have so much to gain that they need to understand more about each other now. The British Midlands India Business Bureau will offer free help to bring our businesses and skills programmes together, with support for Punjabi senior business visitors, looking to visit or establish, as well as British Midlands’ firms doing the same in the Punjab. In addition to many Punjabi speakers is the region, we also are proud to be home to the excellent entrepreneurial example of Dr Nath Puri, of Purico and the Puri Foundation, now President of the Nottinghamshire Cricket Club.”

Mr. Anil Aggarwal met ten organizations on this British Midlands Regional Government funded mission and will be supporting their meetings in Ludhiana. Talking at the meet he said “We welcome this interest from the businesses from this East Midlands India Business Bureau supported mission. This mission will not only improve the bilateral relations between India and the UK but will also provide us a platform to further enhance our business opportunities. We are glad that the Punjab is on their priority list as it offers huge growth potential for mutual business development. We are looking forward to working with them and to widening our business scope.”

The British Midlands India Business Bureau plans a further University mission to the Punjab and to Gujarat later this year.

For further details:
http://www.thebritishmidlands.com



Written by sreelakshmi

3 March, 2009 at 10:44 pm

Fortis announces yet another buoyant quarter

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Fortis Healthcare Ltd., one of India’s leading chain of private hospitals with a network of 26 hospitals (including 11 satellite and heart command centres)* with a capacity of ~ 3000 beds, today announced its unaudited consolidated results for the 3rd quarter and 9 months ended 31st December 2008.

Quarter ended 31st December 2008 (Q3 FY09)

  • For the third quarter, the Company reported 33% growth in operating revenue as compared to corresponding quarter in the last fiscal. Aggressive strategies adopted to increase number of facilities and specialties across Fortis network have lead to the buoyant growth.
  • EBIDTA margins for the quarter stood at 18%, up from 15% in the corresponding quarter. On absolute basis the EBIDTA grew by 47%.
  • The net profit stood at Rs 5.1 Crore as compared to a loss of Rs 6.8 Crore in the corresponding quarter last year. On a trailing quarter basis, the net profit before exceptional items grew by 38%.
  • Escorts Delhi completed 20 years in providing tertiary care in the field of Cardiac Sciences. Earlier during the financial year, Escorts was awarded “Super Brand” status by Super Brand India, as acknowledgement of its strong brand equity.

Commenting on the results, Mr. Shivinder Mohan Singh, Managing Director, Fortis Healthcare Ltd., said, “A continuous strong focus on delivering consistent quality care and operating efficiencies across the network is leading to a higher level of patient trust and FORTIS brand recognition. This brand recognition has also led us to expand our network aggressively”.

9 Months ended 31st December 2008 (9MFY09)

  • Operating revenues of the company grew by 22% over the corresponding period to Rs 458 Crore. All the hospitals recorded increase in revenues ranging from 13% to 53%, with notable performance by Amritsar, Mohali, Noida and Escorts Delhi.
  • For the same period, the operating revenues for the entire network hospitals stood at Rs 542 Crore, registering a growth of 24%.
  • EBIDTA grew by 77% from Rs 47 Crore to Rs 83 Crore. EBIDTA margins for the period stood at 17%, up from 12% for the corresponding period.
  • Growth in revenues together with expanded gross margins and optimization of operating costs has resulted into a net profit of Rs 16 Crore as compared to a loss of Rs 45.6 Crore in the corresponding period last year.

The company, in line with its vision to become a globally respected Healthcare Organization, continues to add new hospitals to its network in an aggressive manner. Fortis Clinique Darne a 120 bedded hospital in Mauritius, the first international foray of the Company is expected to provide firsthand experience of managing healthcare delivery in developed market and will go a long way in attracting Medical Value Travel to India.

Consequent to acquisition of majority stake, Fortis Hospital Seshadripuram has started to re-position its medical program in order to add new specialties and elevate the level of medical care. This is Fortis’s second venture in South. With the strategy to expand its network rapidly and to strengthen presence in west, Fortis recently took over the operation and management of a 200 bedded hospital (now known as Fortis Modi Hospital) in Kota.

The overall performance for the period has been encouraging and tracking as per plan with most of the hospitals constantly setting new milestones in terms of operating and financial parameters. The continuous endeavour to deliver high quality medical care coupled with patient centric approach shall remain the core foundation for strengthening the FORTIS Brand

Mr. Bhavdeep Singh is Fortis Healthcare’s CEO

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Fortis Healthcare Limited, one of India’s leading private chains of hospitals, announced the appointment of Mr. Bhavdeep Singh as the company’s Chief Executive Officer. Bhavdeep Singh brings with him a vast and rich background covering three decades of professional experience. While for the major part of his career he was in the United States, Bhavdeep has now been in India for three years and most recently serving as Chief Executive of Reliance Fresh.

Bhavdeep Singh, a US citizen, returned to India after spending 30 plus years in US. In the US, for more than 28 years, Bhavdeep was associated with A&P, a leading supermarket chain in the United States. His key areas of responsibility included Operations, Merchandising, Marketing, Finance, Supply Chain/Logistics, HR, Labor Relations, Asset Protection, Productivity and other support functions. In his last role, he was responsible for a $3.5 billion business with almost 20 thousand employees.

On his return to India in 2006, Bhavdeep Singh joined Spencer’s Retail as the Chief Executive –Operations and Food Merchandising before moving to Reliance Fresh as Chief Executive. During the last two plus years at Reliance, Bhavdeep spearheaded the aggressive launch and expansion drive of Reliance Fresh and introduced almost 600 new stores in 18 months, to turn it into the fastest growing retail chain in India.

Announcing the new development in the management team, Shivinder Mohan Singh, Managing Director, Fortis Healthcare said, “Fortis is in a phase of stupendous growth. When organizations grow at this pace, it becomes important to signify and solidify its leadership, align systems and processes with a renewed focus on outcomes. Bhavdeep’s extensive experience in the retail sector with focus on efficient processes, ability to manage and contain cost of operations, exceptional people management experience coupled with his strong operations & business acumen will bring tremendous value to Fortis and help further enhance its leadership stature in the industry.”

Commenting on his appointment as Chief Executive Officer of Fortis Healthcare, Bhavdeep Singh said, “I am very excited to be a part of Fortis at such a crucial and significant time in its growth and see great potential of leveraging my experience both in USA and in India. I look forward to lead the organization which is leading the Indian Healthcare Sector to its next stage of development.”

For further details visit http://www.fortishealthcare.com