ARTEMIS MEDICARE SERVICES 2021-22 Annual Report Analysis

Sat, 25 Jun

ARTEMIS MEDICARE SERVICES has announced its results for the year ended March 2022. Let us have a look at the detailed performance review of the company during FY21-22.

ARTEMIS MEDICARE SERVICES Income Statement Analysis

• Operating income during the year rose 35.8% on a year-on-year (YoY) basis.
• The company's operating profit increased by 75.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.2% in FY22 as against 9.4% in FY21.
• Depreciation charges increased by 3.2% and finance costs decreased by 7.4% YoY, respectively.
• Other income grew by 10.2% YoY.
• Net profit for the year grew by 409.8% YoY.
• Net profit margins during the year grew from 1.5% in FY21 to 5.7% in FY22.

ARTEMIS MEDICARE SERVICES Income Statement 2021-22

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Net Sales	Rs m	4,084	5,548	35.8%
Other income	Rs m	35	39	10.2%
Total Revenues	Rs m	4,119	5,587	35.6%
Gross profit	Rs m	384	675	75.5%
Depreciation	Rs m	215	222	3.2%
Interest	Rs m	129	120	-7.4%
Profit before tax	Rs m	75	372	393.8%
Tax	Rs m	14	58	322.1%
Profit after tax	Rs m	62	314	409.8%
Gross profit margin	%	9.4	12.2
Effective tax rate	%	18.2	15.6
Net profit margin	%	1.5	5.7

Don't Miss: Best Chance to Access Midcap Stocks Research at 80% OFF

ARTEMIS MEDICARE SERVICES Balance Sheet Analysis

• The company's current liabilities during FY22 stood at Rs 1 billion as compared to Rs 1 billion in FY21, thereby witnessing an increase of 16.6%.
• Long-term debt stood at Rs 2 billion as compared to Rs 1 billion during FY21, a growth of 49.7%.
• Current assets rose 16% and stood at Rs 1 billion, while fixed assets rose 20% and stood at Rs 6 billion in FY22.
• Overall, the total assets and liabilities for FY22 stood at Rs 7 billion as against Rs 6 billion during FY21, thereby witnessing a growth of 19%.

ARTEMIS MEDICARE SERVICES Balance Sheet as on March 2022

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*	% Change
Networth	Rs m	3,202	3,517	9.8
Current Liabilities	Rs m	1,185	1,382	16.6
Long-term Debt	Rs m	1,077	1,613	49.7
Total Liabilities	Rs m	6,086	7,265	19.4
Current assets	Rs m	1,095	1,270	16.1
Fixed Assets	Rs m	4,992	5,994	20.1
Total Assets	Rs m	6,086	7,265	19.4

ARTEMIS MEDICARE SERVICES Cash Flow Statement Analysis

• ARTEMIS MEDICARE SERVICES's cash flow from operating activities (CFO) during FY22 stood at Rs 596 million, an improvement of 118.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY22 stood at Rs -1 billion, an improvement of 186.5% on a YoY basis.
• Cash flow from financial activities (CFF) during FY22 stood at Rs 442 million, an improvement of 149% on a YoY basis.
• Overall, net cash flows for the company during FY22 stood at Rs -35 million from the Rs 76 million net cash flows seen during FY21.

ARTEMIS MEDICARE SERVICES Cash Flow Statement 2021-22

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-21	Mar-22
Cash Flow from Operating Activities	Rs m	273	596	118.6%
Cash Flow from Investing Activities	Rs m	-374	-1,072	-
Cash Flow from Financing Activities	Rs m	177	442	149.4%
Net Cash Flow	Rs m	76	-35	-

Current Valuations for ARTEMIS MEDICARE SERVICES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.4, an decline from the EPS of Rs 4.7 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 40.2, stands at 17.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.5 times, while the price to sales ratio stands at 1.0 times.
• The company's price to cash flow (P/CF) ratio stood at 55.1 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*
Sales per share (Unadj.)	Rs	308.5	41.9
TTM Earnings per share	Rs	4.7	2.4
Diluted earnings per share	Rs	0.5	2.4
Price to Cash Flow	x	106.6	55.1
TTM P/E ratio	x	478.5	17.0
Price / Book Value ratio	x	0.8	8.4
Market Cap	Rs m	2,580	29,553
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for ARTEMIS MEDICARE SERVICES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 0.9x during FY22, from 0.9x during FY21. 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 improved and stood at 4.1x during FY22, from 1.6x during FY21. 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 improved and stood at 8.9% during FY22, from 1.9% during FY22. 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 9.6% during FY22, from 4.8% during FY21. 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 improved and stood at 6.0% during FY22, from 3.1% during FY21. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-21*	12 Mar-22*
Current ratio	x	0.9	0.9
Debtors’ Days	Days	489	483
Interest coverage	x	1.6	4.1
Debt to equity ratio	x	0.3	0.5
Return on assets	%	3.1	6.0
Return on equity	%	1.9	8.9
Return on capital employed	%	4.8	9.6

To see how ARTEMIS MEDICARE SERVICES has performed over the last 5 years, please visit here.

ARTEMIS MEDICARE SERVICES Share Price Performance

Over the last one year, ARTEMIS MEDICARE SERVICES share price has moved down from Rs 301.9 to Rs 40.2, registering a loss of Rs 261.8 or around 86.7%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 21,666.4 (up 0.6%). Over the last one year it has moved down from 25,099.5 to 21,666.4, a loss of 3,433 points (down 13.7%).

Overall, the S&P BSE SENSEX is up 0.8% over the year.

(To know more, check out historical annual results for ARTEMIS MEDICARE SERVICES and quarterly results for ARTEMIS MEDICARE SERVICES)

Read: Latest Annual Report Analysis of ARTEMIS MEDICARE SERVICES