Relevant Disclosure with respect to Compliance with Covenants under Regulation 56(1)(d) is attached.
Awaiting price reaction for this filing.
Fortis Healthcare has submitted auditor's certificates from BSR & Co. LLP confirming compliance with both financial and non-financial covenants for its listed non-convertible debentures (NCDs) as at and for the half year ended March 31, 2025. The NCDs comprise 155,000 debentures with a face value of Rs 1,00,000 each (totalling Rs 155 crore), privately placed, with Axis Trustee Services Limited as the debenture trustee. On a consolidated basis, Fortis reported total external debt of Rs 2,195 crore, net external debt of Rs 1,684 crore, and EBITDA of Rs 1,666 crore, translating to a Net External Debt to EBITDA ratio of 1.01. Agilus Diagnostics (its subsidiary) is in a net cash position of Rs -355 crore. The auditor confirmed the company has not incurred any financial indebtedness beyond the permitted limits defined in the Debenture Trust Deed.
This is a routine, positive compliance disclosure confirming Fortis is meeting all debt covenant requirements on its NCDs. The healthy 1.01x leverage ratio signals comfortable financial headroom, and the clean auditor opinion should reassure bondholders and lenders with no near-term default or refinancing risk visible.