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ARTEMIS MEDICARE SERVICES 2022-23 Annual Report Analysis
Wed, 12 Jul

ARTEMIS MEDICARE SERVICES has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

ARTEMIS MEDICARE SERVICES Income Statement Analysis

  • Operating income during the year rose 32.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 41.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 12.7% in FY23 as against 12.0% in FY22.
  • Depreciation charges increased by 39.7% and finance costs increased by 64.3% YoY, respectively.
  • Other income grew by 50.3% YoY.
  • Net profit for the year grew by 21.0% YoY.
  • Net profit margins during the year declined from 5.7% in FY22 to 5.2% in FY23.

ARTEMIS MEDICARE SERVICES Income Statement 2022-23

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Net Sales Rs m 5,548 7,374 32.9%
Other income Rs m 49 73 50.3%
Total Revenues Rs m 5,597 7,448 33.1%
Gross profit Rs m 665 939 41.3%
Depreciation Rs m 222 310 39.7%
Interest Rs m 120 197 64.3%
Profit before tax Rs m 372 506 36.1%
Tax Rs m 58 126 117.8%
Profit after tax Rs m 314 380 21.0%
Gross profit margin % 12.0 12.7
Effective tax rate % 15.6 24.9
Net profit margin % 5.7 5.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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ARTEMIS MEDICARE SERVICES Balance Sheet Analysis

  • The company's current liabilities during FY23 stood at Rs 2 billion as compared to Rs 1 billion in FY22, thereby witnessing an increase of 49.0%.
  • Long-term debt stood at Rs 2 billion as compared to Rs 2 billion during FY22, a growth of 32.4%.
  • Current assets rose 34% and stood at Rs 2 billion, while fixed assets rose 27% and stood at Rs 8 billion in FY23.
  • Overall, the total assets and liabilities for FY23 stood at Rs 9 billion as against Rs 7 billion during FY22, thereby witnessing a growth of 28%.

ARTEMIS MEDICARE SERVICES Balance Sheet as on March 2023

No. of Mths Year Ending 12 Mar-22* 12 Mar-23* % Change
Networth Rs m 3,517 3,951 12.3
 
Current Liabilities Rs m 1,382 2,058 49.0
Long-term Debt Rs m 1,613 2,136 32.4
Total Liabilities Rs m 7,258 9,302 28.2
 
Current assets Rs m 1,270 1,704 34.1
Fixed Assets Rs m 5,987 7,599 26.9
Total Assets Rs m 7,258 9,302 28.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



ARTEMIS MEDICARE SERVICES Cash Flow Statement Analysis

  • ARTEMIS MEDICARE SERVICES's cash flow from operating activities (CFO) during FY23 stood at Rs 1 billion, an improvement of 113.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY23 stood at Rs -2 billion, an improvement of 47.6% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY23 stood at Rs 382 million on a YoY basis.
  • Overall, net cash flows for the company during FY23 stood at Rs 72 million from the Rs -35 million net cash flows seen during FY22.

ARTEMIS MEDICARE SERVICES Cash Flow Statement 2022-23

Particulars No. of months 12 12 % Change
Year Ending Mar-22 Mar-23
Cash Flow from Operating Activities Rs m 595 1,272 113.6%
Cash Flow from Investing Activities Rs m -1,072 -1,582 -
Cash Flow from Financing Activities Rs m 442 382 -13.6%
Net Cash Flow Rs m -35 72 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for ARTEMIS MEDICARE SERVICES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 2.8, an improvement from the EPS of Rs 2.4 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 123.3, stands at 44.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.2 times, while the price to sales ratio stands at 2.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 11.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-22* 12 Mar-23*
Sales per share (Unadj.) Rs 41.9 55.0
TTM Earnings per share Rs 2.4 2.8
Diluted earnings per share Rs 2.3 2.8
Price to Cash Flow x 11.6 11.7
TTM P/E ratio x 19.9 44.1
Price / Book Value ratio x 8.4 2.0
Market Cap Rs m 29,553 8,071
Dividends per share (Unadj.) Rs 0.0 0.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for ARTEMIS MEDICARE SERVICES

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY23, from 0.9x during FY22. 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 3.6x during FY23, from 4.1x during FY22. 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 9.6% during FY23, from 8.9% during FY23. 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 11.5% during FY23, from 9.6% during FY22. 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 6.2% during FY23, from 6.0% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-22* 12 Mar-23*
Current ratio x 0.9 0.8
Debtors’ Days Days 483 462
Interest coverage x 4.1 3.6
Debt to equity ratio x 0.5 0.5
Return on assets % 6.0 6.2
Return on equity % 8.9 9.6
Return on capital employed % 9.6 11.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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 up from Rs 47.3 to Rs 123.3, registering a gain of Rs 76.0 or around 160.6%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 26,286.8 (up 0.3%). Over the last one year it has moved up from 22,163.6 to 26,286.8, a gain of 4,123 points (up 18.6%).

Overall, the S&P BSE SENSEX is up 20.2% over the year.

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

Annual Report FAQs

What is the current share price of ARTEMIS MEDICARE SERVICES?

ARTEMIS MEDICARE SERVICES currently trades at Rs 184.8 per share. You can check out the latest share price performance of ARTEMIS MEDICARE SERVICES here...

What was the revenue of ARTEMIS MEDICARE SERVICES in FY23? How does it compare to earlier years?

The revenues of ARTEMIS MEDICARE SERVICES stood at Rs 7,448 m in FY23, which was up 33.1% compared to Rs 5,597 m reported in FY22.

ARTEMIS MEDICARE SERVICES' revenue has grown from Rs 5,505 m in FY19 to Rs 7,448 m in FY23.

Over the past 5 years, the revenue of ARTEMIS MEDICARE SERVICES has grown at a CAGR of 7.8%.

What was the net profit of ARTEMIS MEDICARE SERVICES in FY23? How does it compare to earlier years?

The net profit of ARTEMIS MEDICARE SERVICES stood at Rs 380 m in FY23, which was up 21.0% compared to Rs 314 m reported in FY22.

This compares to a net profit of Rs 62 m in FY21 and a net profit of Rs 195 m in FY20.

Over the past 5 years, ARTEMIS MEDICARE SERVICES net profit has grown at a CAGR of 16.8%.

What does the cash flow statement of ARTEMIS MEDICARE SERVICES reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of ARTEMIS MEDICARE SERVICES reveals:

  • Cash flow from operations increased in FY23 and stood at Rs 1,272 m as compared to Rs 595 m in FY22.
  • Cash flow from investments decreased in FY23 and stood at Rs -1,582 m as compared to Rs -1,072 m in FY22.
  • Cash flow from financial activity decreased in FY23 and stood at Rs 382 m as compared to Rs 442 m in FY22.

Here's the cash flow statement of ARTEMIS MEDICARE SERVICES for the past 5 years.

(Rs m)FY19FY20FY21FY22FY23
From Operations4045612735951,272
From Investments-496-263-374-1,072-1,582
From Financial Activity144-274177442382
Net Cashflow532476-3572

What does the Key Ratio analysis of ARTEMIS MEDICARE SERVICES reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of ARTEMIS MEDICARE SERVICES reveals:

  • Operating profit margins witnessed a fall and down at 12.7% in FY23 as against 12.0% in FY22.
  • Net profit margins declined from 5.7% in FY22 to 5.2% in FY23.
  • Debt to Equity ratio for FY23 stood at 0.5 as compared to 0.5 in FY22.

Here's the ratio/financial analysis of ARTEMIS MEDICARE SERVICES for the past 5 years.

 FY19FY20FY21FY22FY23
Operating Profit Margin (%)11.710.99.412.012.7
Net Profit Margin (%)3.73.41.55.75.2
Debt to Equity Ratio (x)0.20.20.30.50.5

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