METROPOLIS HEALTHCARE 2020-21 Annual Report Analysis

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METROPOLIS HEALTHCARE 2020-21 Annual Report Analysis
Tue, 26 Oct

METROPOLIS HEALTHCARE 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.

METROPOLIS HEALTHCARE Income Statement Analysis

  • Operating income during the year rose 16.5% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 36.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 29.0% in FY21 as against 24.8% in FY20.
  • Depreciation charges increased by 17.0% and finance costs decreased by 8.6% YoY, respectively.
  • Other income grew by 40.6% YoY.
  • Net profit for the year grew by 43.2% YoY.
  • Net profit margins during the year grew from 14.8% in FY20 to 18.2% in FY21.

METROPOLIS HEALTHCARE Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 8,564 9,980 16.5%
Other income Rs m 86 120 40.6%
Total Revenues Rs m 8,650 10,100 16.8%
Gross profit Rs m 2,126 2,898 36.3%
Depreciation Rs m 393 459 17.0%
Interest Rs m 127 116 -8.6%
Profit before tax Rs m 1,693 2,443 44.4%
Tax Rs m 412 610 48.1%
Profit after tax Rs m 1,281 1,833 43.2%
Gross profit margin % 24.8 29.0
Effective tax rate % 24.3 25.0
Net profit margin % 14.8 18.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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METROPOLIS HEALTHCARE Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 2 billion as compared to Rs 2 billion in FY20, thereby witnessing an increase of 14.3%.
  • Current assets rose 47% and stood at Rs 6 billion, while fixed assets fell 16% and stood at Rs 4 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 11 billion as against Rs 9 billion during FY20, thereby witnessing a growth of 14%.

METROPOLIS HEALTHCARE Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 5,214 6,981 33.9
 
Current Liabilities Rs m 2,102 2,402 14.3
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 9,300 10,592 13.9
 
Current assets Rs m 4,378 6,447 47.3
Fixed Assets Rs m 4,922 4,145 -15.8
Total Assets Rs m 9,300 10,592 13.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



METROPOLIS HEALTHCARE Cash Flow Statement Analysis

  • METROPOLIS HEALTHCARE's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion, an improvement of 15.8% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs 617 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -327 million, an improvement of 41% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 3 billion from the Rs 558 million net cash flows seen during FY20.

METROPOLIS HEALTHCARE 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 2,150 2,490 15.8%
Cash Flow from Investing Activities Rs m -1,048 617 -
Cash Flow from Financing Activities Rs m -553 -327 -
Net Cash Flow Rs m 558 2,794 400.7%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for METROPOLIS HEALTHCARE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 35.9, an improvement from the EPS of Rs 25.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,918.4, stands at 58.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 12.8 times, while the price to sales ratio stands at 8.9 times.
  • The company's price to cash flow (P/CF) ratio stood at 65.1 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 169.1 195.3
TTM Earnings per share Rs 25.3 35.9
Diluted earnings per share Rs 25.1 35.9
Price to Cash Flow x 88.3 65.1
TTM P/E ratio x 57.9 58.4
Price / Book Value ratio x 14.6 12.8
Market Cap Rs m 147,758 149,177
Dividends per share (Unadj.) Rs 8.0 8.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for METROPOLIS HEALTHCARE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.7x during FY21, from 2.1x 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 improved and stood at 22.1x during FY21, from 14.4x 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 improved and stood at 26.3% during FY21, from 24.6% 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 improved and stood at 36.7% during FY21, from 34.9% 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 improved and stood at 18.4% during FY21, from 15.1% 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 2.1 2.7
Debtors’ Days Days 547 450
Interest coverage x 14.4 22.1
Debt to equity ratio x 0.0 0.0
Return on assets % 15.1 18.4
Return on equity % 24.6 26.3
Return on capital employed % 34.9 36.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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

METROPOLIS HEALTHCARE Share Price Performance

Over the last one year, METROPOLIS HEALTHCARE share price has moved up from Rs 1,931.4 to Rs 2,918.4, registering a gain of Rs 987.0 or around 51.1%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 25,188.8 (up 0.5%). Over the last one year it has moved up from 19,369.0 to 25,188.8, a gain of 5,820 points (up 30.0%).

Overall, the S&P BSE SENSEX is up 51.1% over the year.

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

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