APOLLO HOSPITALS 2020-21 Annual Report Analysis

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APOLLO HOSPITALS 2020-21 Annual Report Analysis
Tue, 26 Oct

APOLLO HOSPITALS 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.

APOLLO HOSPITALS Income Statement Analysis

  • Operating income during the year fell 6.1% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 32.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.3% in FY21 as against 15.8% in FY20.
  • Depreciation charges decreased by 7.5% and finance costs decreased by 15.7% YoY, respectively.
  • Other income grew by 47.9% YoY.
  • Net profit for the year declined by 68.7% YoY.
  • Net profit margins during the year declined from 3.9% in FY20 to 1.3% in FY21.

APOLLO HOSPITALS Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 112,468 105,600 -6.1%
Other income Rs m 332 491 47.9%
Total Revenues Rs m 112,800 106,091 -5.9%
Gross profit Rs m 17,793 11,939 -32.9%
Depreciation Rs m 6,197 5,731 -7.5%
Interest Rs m 5,328 4,492 -15.7%
Profit before tax Rs m 6,600 2,207 -66.6%
Tax Rs m 2,251 847 -62.4%
Profit after tax Rs m 4,349 1,360 -68.7%
Gross profit margin % 15.8 11.3
Effective tax rate % 34.1 38.4
Net profit margin % 3.9 1.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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APOLLO HOSPITALS Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 20 billion as compared to Rs 23 billion in FY20, thereby witnessing an decrease of -12.8%.
  • Long-term debt down at Rs 25 billion as compared to Rs 29 billion during FY20, a fall of 13.3%.
  • Current assets rose 38% and stood at Rs 36 billion, while fixed assets fell 9% and stood at Rs 88 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 124 billion as against Rs 123 billion during FY20, thereby witnessing a growth of 1%.

APOLLO HOSPITALS Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 33,361 45,962 37.8
 
Current Liabilities Rs m 23,373 20,379 -12.8
Long-term Debt Rs m 28,520 24,735 -13.3
Total Liabilities Rs m 122,898 124,304 1.1
 
Current assets Rs m 26,468 36,413 37.6
Fixed Assets Rs m 96,430 87,891 -8.9
Total Assets Rs m 122,898 124,304 1.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



APOLLO HOSPITALS Cash Flow Statement Analysis

  • APOLLO HOSPITALS's cash flow from operating activities (CFO) during FY21 stood at Rs 13 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -9 billion, an improvement of 202.0% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -3 billion, an improvement of 63% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 445 million from the Rs 945 million net cash flows seen during FY20.

APOLLO HOSPITALS 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 12,929 12,734 -1.5%
Cash Flow from Investing Activities Rs m -2,888 -8,723 -
Cash Flow from Financing Activities Rs m -9,096 -3,401 -
Net Cash Flow Rs m 945 445 -52.9%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for APOLLO HOSPITALS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.5, an decline from the EPS of Rs 31.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 4,298.2, stands at 73.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.8 times, while the price to sales ratio stands at 3.0 times.
  • The company's price to cash flow (P/CF) ratio stood at 87.2 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 808.4 734.5
TTM Earnings per share Rs 31.3 9.5
Diluted earnings per share Rs 30.2 9.5
Price to Cash Flow x 56.7 87.2
TTM P/E ratio x 70.8 73.2
Price / Book Value ratio x 6.0 6.8
Market Cap Rs m 597,988 618,015
Dividends per share (Unadj.) Rs 6.0 3.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for APOLLO HOSPITALS

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.8x 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 1.5x during FY21, from 2.2x 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 3.0% during FY21, from 13.0% 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 9.5% during FY21, from 19.3% 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 4.7% during FY21, from 7.9% 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 1.8
Debtors’ Days Days 33 46
Interest coverage x 2.2 1.5
Debt to equity ratio x 0.9 0.5
Return on assets % 7.9 4.7
Return on equity % 13.0 3.0
Return on capital employed % 19.3 9.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, 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 2,049.6 to Rs 4,298.2, registering a gain of Rs 2,248.7 or around 109.7%.

Overall, the S&P BSE SENSEX is up 50.9% over the year.

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

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APOLLO HOSPITALS Announces Quarterly Results (3QFY20); Net Profit Up 9.0% (Quarterly Result Update)

Feb 19, 2020 | Updated on Feb 19, 2020

For the quarter ended December 2019, APOLLO HOSPITALS has posted a net profit of Rs 948 m (up 9.0% YoY). Sales on the other hand came in at Rs 25 bn (up 16.6% YoY). Read on for a complete analysis of APOLLO HOSPITALS's quarterly results.

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