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Fortis Malar Hospitals reported audited FY25 results showing nil revenue from operations, down from Rs 590.09 lakhs in FY24, following the slump sale of its Chennai hospital business to MGM Healthcare in February 2024. Standalone PAT for FY25 was just Rs 41.00 lakhs (vs Rs 5,603.54 lakhs in FY24, which included an exceptional gain of Rs 5,792.63 lakhs from the slump sale). EPS stood at Rs 0.22 for FY25. The auditor (B S R & Co. LLP) issued an unmodified opinion but drew an Emphasis of Matter noting the company has ceased all business operations and is evaluating restructuring options, though it has cash and bank balances of about Rs 3,213 lakhs to meet obligations. The Board also appointed a new Cost Auditor for FY26 and a Secretarial Auditor for a 5-year term (FY25-30).
The stock essentially represents a shell company post the hospital sale, with most of its cash already distributed as a Rs 7,965 lakh dividend. Shareholders should watch for the announced corporate restructuring plan, as future value depends on what the Board proposes next. The massive Rs 22,535 lakh GST show cause notice (currently contested) is a key overhang despite being assessed as remote by management.