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MAX HEALTHCARE INSTITUTE 2021-22 Annual Report Analysis
Tue, 13 Sep

MAX HEALTHCARE INSTITUTE 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.

MAX HEALTHCARE INSTITUTE Income Statement Analysis

  • Operating income during the year rose 56.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 516.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 23.5% in FY22 as against 6.0% in FY21.
  • Depreciation charges increased by 27.0% and finance costs decreased by 43.8% YoY, respectively.
  • Other income grew by 1.2% YoY.
  • Net profit for the year declined by NA YoY.
  • Net profit margins during the year grew from 4.6% in FY21 to 15.4% in FY22.

MAX HEALTHCARE INSTITUTE Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 25,080 39,315 56.8%
Other income Rs m 1,350 1,366 1.2%
Total Revenues Rs m 26,429 40,681 53.9%
Gross profit Rs m 1,499 9,243 516.5%
Depreciation Rs m 1,741 2,211 27.0%
Interest Rs m 1,795 1,009 -43.8%
Profit before tax Rs m -687 7,389 NA
Tax Rs m 459 1,339 191.9%
Profit after tax Rs m -1,145 6,051 NA
Gross profit margin % 6.0 23.5
Effective tax rate % -66.8 18.1
Net profit margin % -4.6 15.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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MAX HEALTHCARE INSTITUTE Balance Sheet Analysis

  • The company's current liabilities during FY22 down at Rs 8 billion as compared to Rs 8 billion in FY21, thereby witnessing an decrease of -2.5%.
  • Long-term debt down at Rs 6 billion as compared to Rs 8 billion during FY21, a fall of 25.3%.
  • Current assets fell 11% and stood at Rs 10 billion, while fixed assets rose 10% and stood at Rs 82 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 92 billion as against Rs 85 billion during FY21, thereby witnessing a growth of 8%.

MAX HEALTHCARE INSTITUTE Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 56,122 62,604 11.5
 
Current Liabilities Rs m 7,769 7,573 -2.5
Long-term Debt Rs m 8,428 6,294 -25.3
Total Liabilities Rs m 85,435 91,891 7.6
 
Current assets Rs m 11,245 10,003 -11.0
Fixed Assets Rs m 74,190 81,888 10.4
Total Assets Rs m 85,435 91,891 7.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



MAX HEALTHCARE INSTITUTE Cash Flow Statement Analysis

  • MAX HEALTHCARE INSTITUTE's cash flow from operating activities (CFO) during FY22 stood at Rs 7 billion, an improvement of 535.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs -8 billion, an improvement of 957.2% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs -3 billion on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs -3 billion from the Rs 5 billion net cash flows seen during FY21.

MAX HEALTHCARE INSTITUTE 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 1,179 7,485 535.1%
Cash Flow from Investing Activities Rs m -730 -7,718 -
Cash Flow from Financing Activities Rs m 1,913 -2,942 -
Net Cash Flow Rs m 5,156 -3,175 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for MAX HEALTHCARE INSTITUTE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 6.2, an improvement from the EPS of Rs -1.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 424.0, stands at 65.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.6 times, while the price to sales ratio stands at 10.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 39.8 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 26.0 40.5
TTM Earnings per share Rs -1.2 6.2
Diluted earnings per share Rs -1.2 6.2
Price to Cash Flow x 335.3 39.8
TTM P/E ratio x -174.5 65.2
Price / Book Value ratio x 2.7 5.2
Market Cap Rs m 152,933 328,505
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for MAX HEALTHCARE INSTITUTE

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.3x 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 improved and stood at 8.3x during FY22, from 0.6x 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 9.7% during FY22, from -2.0% 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 12.2% during FY22, from 1.7% 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 7.7% during FY22, from 0.8% 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 1.3
Debtors’ Days Days 533 358
Interest coverage x 0.6 8.3
Debt to equity ratio x 0.2 0.1
Return on assets % 0.8 7.7
Return on equity % -2.0 9.7
Return on capital employed % 1.7 12.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

MAX HEALTHCARE INSTITUTE Share Price Performance

Over the last one year, MAX HEALTHCARE INSTITUTE share price has moved up from Rs 386.4 to Rs 424.0, registering a gain of Rs 37.7 or around 9.7%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 23,293.4 (up 0.2%). Over the last one year it has moved down from 26,612.1 to 23,293.4, a loss of 3,319 points (down 12.5%).

Overall, the S&P BSE SENSEX is up 3.9% over the year.

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

Annual Report FAQs

What is the current share price of MAX HEALTHCARE INSTITUTE?

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

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

The revenues of MAX HEALTHCARE INSTITUTE stood at Rs 40,681 m in FY22, which was up 53.9% compared to Rs 26,429 m reported in FY21.

MAX HEALTHCARE INSTITUTE's revenue has grown from Rs 17,837 m in FY18 to Rs 40,681 m in FY22.

Over the past 5 years, the revenue of MAX HEALTHCARE INSTITUTE has grown at a CAGR of 22.9%.

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

The net profit of MAX HEALTHCARE INSTITUTE stood at Rs 6,051 m in FY22, which was NA compared to Rs -1,145 m reported in FY21.

This compares to a net profit of Rs 129 m in FY20 and a net loss of Rs -2 m in FY19.

Over the past 5 years, MAX HEALTHCARE INSTITUTE net profit has grown at a CAGR of NaN%.

What does the cash flow statement of MAX HEALTHCARE INSTITUTE 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 MAX HEALTHCARE INSTITUTE reveals:

  • Cash flow from operations increased in FY22 and stood at Rs 7,485 m as compared to Rs 1,179 m in FY21.
  • Cash flow from investments decreased in FY22 and stood at Rs -7,718 m as compared to Rs -730 m in FY21.
  • Cash flow from financial activity decreased in FY22 and stood at Rs -2,942 m as compared to Rs 1,913 m in FY21.

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

(Rs m)FY18FY19FY20FY21FY22
From Operations8228907711,1797,485
From Investments-1,004-165-26,407-730-7,718
From Financial Activity120-74023,5311,913-2,942
Net Cashflow-61-15-2,1055,156-3,175

What does the Key Ratio analysis of MAX HEALTHCARE INSTITUTE 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 MAX HEALTHCARE INSTITUTE reveals:

  • Operating profit margins witnessed a fall and down at 23.5% in FY22 as against 6.0% in FY21.
  • Net profit margins grew from 4.6% in FY21 to 15.4% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.1 as compared to 0.2 in FY21.

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

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)6.58.68.86.023.5
Net Profit Margin (%)-1.70.01.2-4.615.4
Debt to Equity Ratio (x)0.70.90.00.20.1

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