ASTER DM HEALTHCARE 2020-21 Annual Report Analysis

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ASTER DM HEALTHCARE 2020-21 Annual Report Analysis
Mon, 9 Aug

ASTER DM HEALTHCARE has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

ASTER DM HEALTHCARE Income Statement Analysis

  • Operating income during the year fell 0.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 13.1% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 12.8% in FY21 as against 14.7% in FY20.
  • Depreciation charges increased by 5.4% and finance costs decreased by 14.6% YoY, respectively.
  • Other income grew by 32.0% YoY.
  • Net profit for the year declined by 44.6% YoY.
  • Net profit margins during the year declined from 3.6% in FY20 to 2.0% in FY21.

ASTER DM HEALTHCARE Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 86,519 86,084 -0.5%
Other income Rs m 379 500 32.0%
Total Revenues Rs m 86,898 86,584 -0.4%
Gross profit Rs m 12,691 11,027 -13.1%
Depreciation Rs m 5,859 6,176 5.4%
Interest Rs m 3,908 3,336 -14.6%
Profit before tax Rs m 3,302 2,015 -39.0%
Tax Rs m 154 272 77.0%
Profit after tax Rs m 3,149 1,743 -44.6%
Gross profit margin % 14.7 12.8
Effective tax rate % 4.7 13.5
Net profit margin % 3.6 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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ASTER DM HEALTHCARE Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 32 billion as compared to Rs 37 billion in FY20, thereby witnessing an decrease of -14.1%.
  • Long-term debt down at Rs 18 billion as compared to Rs 19 billion during FY20, a fall of 7.3%.
  • Current assets fell 11% and stood at Rs 36 billion, while fixed assets fell 4% and stood at Rs 80 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 116 billion as against Rs 124 billion during FY20, thereby witnessing a fall of 6%.

ASTER DM HEALTHCARE Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 32,721 33,725 3.1
 
Current Liabilities Rs m 37,221 31,956 -14.1
Long-term Debt Rs m 18,922 17,548 -7.3
Total Liabilities Rs m 124,053 116,200 -6.3
 
Current assets Rs m 40,957 36,290 -11.4
Fixed Assets Rs m 83,097 79,910 -3.8
Total Assets Rs m 124,053 116,200 -6.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ASTER DM HEALTHCARE Cash Flow Statement Analysis

  • ASTER DM HEALTHCARE's cash flow from operating activities (CFO) during FY21 stood at Rs 16 billion, an improvement of 28.3% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -3 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -11 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 1 billion from the Rs -1 billion net cash flows seen during FY20.

ASTER DM HEALTHCARE Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m 12,233 15,691 28.3%
Cash Flow from Investing Activities Rs m -6,673 -3,303 -
Cash Flow from Financing Activities Rs m -6,748 -11,161 -
Net Cash Flow Rs m -1,099 1,199 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for ASTER DM HEALTHCARE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.5, an decline from the EPS of Rs 6.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 160.3, stands at 45.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.9 times, while the price to sales ratio stands at 0.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 10.1 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 174.2 173.2
TTM Earnings per share Rs 6.3 3.5
Diluted earnings per share Rs 6.3 3.5
Price to Cash Flow x 8.8 10.1
TTM P/E ratio x 45.7 45.9
Price / Book Value ratio x 2.0 1.9
Market Cap Rs m 79,612 80,047
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for ASTER DM HEALTHCARE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY21, from 1.1x during FY20. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 1.6x during FY21, from 1.8x during FY20. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 5.2% during FY21, from 9.6% during FY21. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 10.4% during FY21, from 14.0% during FY20. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at 4.4% during FY21, from 5.7% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 1.1 1.1
Debtors’ Days Days 10 9
Interest coverage x 1.8 1.6
Debt to equity ratio x 0.6 0.5
Return on assets % 5.7 4.4
Return on equity % 9.6 5.2
Return on capital employed % 14.0 10.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how ASTER DM HEALTHCARE has performed over the last 5 years, please visit here.

ASTER DM HEALTHCARE Share Price Performance

Over the last one year, ASTER DM HEALTHCARE share price has moved up from Rs 128.2 to Rs 160.3, registering a gain of Rs 32.1 or around 25.0%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 26,357.8 (down 0.0%). Over the last one year it has moved up from 18,760.8 to 26,357.8, a gain of 7,597 points (up 40.5%).

Overall, the S&P BSE SENSEX is up 44.4% over the year.

(To know more, check out historical annual results for ASTER DM HEALTHCARE and quarterly results for ASTER DM HEALTHCARE)

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