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BAJAJ HEALTHCARE 2021-22 Annual Report Analysis
Tue, 4 Oct

BAJAJ HEALTHCARE 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.

BAJAJ HEALTHCARE Income Statement Analysis

  • Operating income during the year rose 3.5% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 13.0% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 17.5% in FY22 as against 20.8% in FY21.
  • Depreciation charges increased by 9.4% and finance costs increased by 53.3% YoY, respectively.
  • Other income declined by 79.1% YoY.
  • Net profit for the year declined by 14.1% YoY.
  • Net profit margins during the year declined from 12.7% in FY21 to 10.5% in FY22.

BAJAJ HEALTHCARE Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 6,570 6,799 3.5%
Other income Rs m 69 14 -79.1%
Total Revenues Rs m 6,639 6,813 2.6%
Gross profit Rs m 1,364 1,187 -13.0%
Depreciation Rs m 161 176 9.4%
Interest Rs m 83 128 53.3%
Profit before tax Rs m 1,188 897 -24.5%
Tax Rs m 357 183 -48.8%
Profit after tax Rs m 831 714 -14.1%
Gross profit margin % 20.8 17.5
Effective tax rate % 30.1 20.4
Net profit margin % 12.7 10.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BAJAJ HEALTHCARE Balance Sheet Analysis

  • The company's current liabilities during FY22 stood at Rs 3 billion as compared to Rs 2 billion in FY21, thereby witnessing an increase of 76.4%.
  • Long-term debt down at Rs 663 million as compared to Rs 797 million during FY21, a fall of 16.8%.
  • Current assets rose 54% and stood at Rs 4 billion, while fixed assets rose 21% and stood at Rs 3 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 7 billion as against Rs 5 billion during FY21, thereby witnessing a growth of 37%.

BAJAJ HEALTHCARE Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 2,584 3,285 27.1
 
Current Liabilities Rs m 1,826 3,221 76.4
Long-term Debt Rs m 797 663 -16.8
Total Liabilities Rs m 5,256 7,211 37.2
 
Current assets Rs m 2,583 3,983 54.2
Fixed Assets Rs m 2,673 3,228 20.8
Total Assets Rs m 5,256 7,211 37.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BAJAJ HEALTHCARE Cash Flow Statement Analysis

  • BAJAJ HEALTHCARE's cash flow from operating activities (CFO) during FY22 stood at Rs 7 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs -748 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs 618 million on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs -123 million from the Rs 101 million net cash flows seen during FY21.

BAJAJ HEALTHCARE 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 436 7 -98.4%
Cash Flow from Investing Activities Rs m -1,089 -748 -
Cash Flow from Financing Activities Rs m 755 618 -18.0%
Net Cash Flow Rs m 101 -123 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BAJAJ HEALTHCARE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 25.9, an decline from the EPS of Rs 60.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 351.9, stands at 15.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 3.0 times, while the price to sales ratio stands at 1.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 20.6 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 476.1 246.3
TTM Earnings per share Rs 60.2 25.9
Diluted earnings per share Rs 30.1 25.9
Price to Cash Flow x 13.1 20.6
TTM P/E ratio x 15.7 15.1
Price / Book Value ratio x 2.1 5.6
Market Cap Rs m 5,520 18,328
Dividends per share (Unadj.) Rs 1.4 1.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BAJAJ HEALTHCARE

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY22, from 1.4x 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 deteriorated and stood at 8.0x during FY22, from 15.3x 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 declined and down at 21.7% during FY22, from 32.2% 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 declined and down at 26.0% during FY22, from 37.6% 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 declined and down at 11.7% during FY22, from 17.4% 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 1.4 1.2
Debtors’ Days Days 549 991
Interest coverage x 15.3 8.0
Debt to equity ratio x 0.3 0.2
Return on assets % 17.4 11.7
Return on equity % 32.2 21.7
Return on capital employed % 37.6 26.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

BAJAJ HEALTHCARE Share Price Performance

Over the last one year, BAJAJ HEALTHCARE share price has moved down from Rs 426.0 to Rs 351.9, registering a loss of Rs 74.2 or around 17.4%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 23,697.7 (up 0.7%). Over the last one year it has moved down from 26,649.3 to 23,697.7, a loss of 2,952 points (down 11.1%).

Overall, the S&P BSE SENSEX is down 2.0% over the year.

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

Annual Report FAQs

What is the current share price of BAJAJ HEALTHCARE?

BAJAJ HEALTHCARE currently trades at Rs 0.0 per share. You can check out the latest share price performance of BAJAJ HEALTHCARE here...

What was the revenue of BAJAJ HEALTHCARE in FY22? How does it compare to earlier years?

The revenues of BAJAJ HEALTHCARE stood at Rs 6,813 m in FY22, which was up 2.6% compared to Rs 6,639 m reported in FY21.

BAJAJ HEALTHCARE's revenue has grown from Rs 2,540 m in FY18 to Rs 6,813 m in FY22.

Over the past 5 years, the revenue of BAJAJ HEALTHCARE has grown at a CAGR of 28.0%.

What was the net profit of BAJAJ HEALTHCARE in FY22? How does it compare to earlier years?

The net profit of BAJAJ HEALTHCARE stood at Rs 714 m in FY22, which was down -14.1% compared to Rs 831 m reported in FY21.

This compares to a net profit of Rs 252 m in FY20 and a net profit of Rs 163 m in FY19.

Over the past 5 years, BAJAJ HEALTHCARE net profit has grown at a CAGR of 47.2%.

What does the cash flow statement of BAJAJ HEALTHCARE 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 BAJAJ HEALTHCARE reveals:

  • Cash flow from operations decreased in FY22 and stood at Rs 7 m as compared to Rs 436 m in FY21.
  • Cash flow from investments increased in FY22 and stood at Rs -748 m as compared to Rs -1,089 m in FY21.
  • Cash flow from financial activity decreased in FY22 and stood at Rs 618 m as compared to Rs 755 m in FY21.

Here's the cash flow statement of BAJAJ HEALTHCARE for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations1662522064367
From Investments-116-130-276-1,089-748
From Financial Activity25-12633755618
Net Cashflow74-4-37101-123

What does the Key Ratio analysis of BAJAJ HEALTHCARE 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 BAJAJ HEALTHCARE reveals:

  • Operating profit margins witnessed a fall and stood at 17.5% in FY22 as against 20.8% in FY21.
  • Net profit margins declined from 12.7% in FY21 to 10.5% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.2 as compared to 0.3 in FY21.

Here's the ratio/financial analysis of BAJAJ HEALTHCARE for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)15.715.311.820.817.5
Net Profit Margin (%)6.05.86.212.710.5
Debt to Equity Ratio (x)0.20.10.10.30.2

 

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