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APOLLO HOSPITALS 2017-18 Annual Report Analysis

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APOLLO HOSPITALS 2017-18 Annual Report Analysis
Fri, 4 Jan

APOLLO HOSPITALS has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

APOLLO HOSPITALS Income Statement Analysis

  • Operating income during the year rose 13.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 8.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.6% in FY18 as against 10.0% in FY17.
  • Depreciation charges increased by 14.3% and finance costs increased by 14.7% YoY, respectively.
  • Other income grew by 43.0% YoY.
  • Net profit for the year declined by 54.6% YoY.
  • Net profit margins during the year declined from 1.8% in FY17 to 0.7% in FY18.

APOLLO HOSPITALS Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 72,549 82,435 13.6%
Other income Rs m 225 322 43.0%
Total Revenues Rs m 72,774 82,756 13.7%
Gross profit Rs m 7,286 7,932 8.9%
Depreciation Rs m 3,140 3,590 14.3%
Interest Rs m 2,574 2,951 14.7%
Profit before tax Rs m 1,797 1,712 -4.7%
Tax Rs m 910 1,119 23.0%
Profit after tax Rs m 1,311 596 -54.6%
Gross profit margin % 10.0 9.6
Effective tax rate % 50.6 65.4
Net profit margin % 1.8 0.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



APOLLO HOSPITALS Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 16 billion as compared to Rs 10 billion in FY17, thereby witnessing an increase of 62.7%.
  • Long-term debt down at Rs 29 billion as compared to Rs 30 billion during FY17, a fall of 1.0%.
  • Current assets rose 4% and stood at Rs 22 billion, while fixed assets rose 3% and stood at Rs 51 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 86 billion as against Rs 81 billion during FY17, thereby witnessing a growth of 6%.

APOLLO HOSPITALS Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 36,679 32,515 -11.4
 
Current Liabilities Rs m 9,634 15,673 62.7
Long-term Debt Rs m 29,534 29,238 -1.0
Total Liabilities Rs m 81,193 86,128 6.1
 
Current assets Rs m 21,292 22,201 4.3
Fixed Assets Rs m 49,968 51,389 2.8
Total Assets Rs m 81,193 86,128 6.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



APOLLO HOSPITALS Cash Flow Statement Analysis

  • APOLLO HOSPITALS's cash flow from operating activities (CFO) during FY18 stood at Rs 5 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -4 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 236 million from the Rs -524 million net cash flows seen during FY17.

APOLLO HOSPITALS Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 6,226 5,370 -13.7%
Cash Flow from Investing Activities Rs m -11,519 -4,049 -
Cash Flow from Financing Activities Rs m 4,770 -1,085 -
Net Cash Flow Rs m -524 236 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for APOLLO HOSPITALS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.3, an decline from the EPS of Rs 9.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,276.6, stands at 66.7 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 5.0 times, while the price to sales ratio stands at 2.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 42.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 521.4 592.5
TTM Earnings per share Rs 9.4 4.3
Diluted earnings per share Rs 9.4 4.3
Price to Cash Flow x 44.1 42.5
TTM P/E ratio x 66.7 66.7
Price / Book Value ratio x 4.8 5.0
Market Cap Rs m 177,606 177,606
Dividends per share (Unadj.) Rs 6.0 5.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for APOLLO HOSPITALS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.4x during FY18, from 2.2x during FY17. 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 FY18, from 1.7x during FY17. 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 1.8% during FY18, from 3.6% during FY18. 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 improved and stood at 7.6% during FY18, from 7.2% during FY17. 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 4.1% during FY18, from 4.8% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 2.2 1.4
Debtors’ Days Days 38 39
Interest coverage x 1.7 1.6
Debt to equity ratio x 0.8 0.9
Return on assets % 4.8 4.1
Return on equity % 3.6 1.8
Return on capital employed % 7.2 7.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how APOLLO HOSPITALS has performed over the last 5 years, please visit here.

APOLLO HOSPITALS Share Price Performance

Over the last one year, APOLLO HOSPITALS share price has moved up from Rs 1,165.3 to Rs 1,276.6, registering a gain of Rs 111.3 or around 9.6%.

Overall, the S&P BSE SENSEX is up 5.5% over the year.

(To know more, check out historical annual results for APOLLO HOSPITALS and quarterly results for APOLLO HOSPITALS)

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