THEMIS MEDICARE 2020-21 Annual Report Analysis

Wed, 31 Mar

THEMIS MEDICARE 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.

THEMIS MEDICARE Income Statement Analysis

• Operating income during the year rose 14.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 38.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 21.5% in FY21 as against 17.7% in FY20.
• Depreciation charges increased by 3.3% and finance costs decreased by 1.3% YoY, respectively.
• Other income grew by 4.5% YoY.
• Net profit for the year grew by 65.2% YoY.
• Net profit margins during the year grew from 7.9% in FY20 to 11.4% in FY21.

THEMIS MEDICARE Income Statement 2020-21

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Net Sales	Rs m	2,016	2,307	14.4%
Other income	Rs m	35	36	4.5%
Total Revenues	Rs m	2,051	2,343	14.3%
Gross profit	Rs m	357	495	38.8%
Depreciation	Rs m	83	85	3.3%
Interest	Rs m	129	127	-1.3%
Profit before tax	Rs m	180	319	77.3%
Tax	Rs m	21	56	168.9%
Profit after tax	Rs m	159	262	65.2%
Gross profit margin	%	17.7	21.5
Effective tax rate	%	11.6	17.7
Net profit margin	%	7.9	11.4

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THEMIS MEDICARE Balance Sheet Analysis

• The company's current liabilities during FY21 down at Rs 1 billion as compared to Rs 2 billion in FY20, thereby witnessing an decrease of -17.1%.
• Long-term debt stood at Rs 222 million as compared to Rs 119 million during FY20, a growth of 87.2%.
• Current assets rose 3% and stood at Rs 2 billion, while fixed assets rose 13% and stood at Rs 2 billion in FY21.
• Overall, the total assets and liabilities for FY21 stood at Rs 4 billion as against Rs 3 billion during FY20, thereby witnessing a growth of 7%.

THEMIS MEDICARE Balance Sheet as on March 2021

No. of Mths Year Ending		12 Mar-20*	12 Mar-21*	% Change
Networth	Rs m	1,825	2,181	19.5
Current Liabilities	Rs m	1,548	1,283	-17.1
Long-term Debt	Rs m	119	222	87.2
Total Liabilities	Rs m	3,453	3,711	7.5
Current assets	Rs m	1,805	1,855	2.8
Fixed Assets	Rs m	1,649	1,857	12.6
Total Assets	Rs m	3,453	3,711	7.5

THEMIS MEDICARE Cash Flow Statement Analysis

• THEMIS MEDICARE's cash flow from operating activities (CFO) during FY21 stood at Rs 570 million, an improvement of 17,270.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY21 stood at Rs -157 million, an improvement of 186.3% on a YoY basis.
• Cash flow from financial activities (CFF) during FY21 stood at Rs -256 million on a YoY basis.
• Overall, net cash flows for the company during FY21 stood at Rs 157 million from the Rs 16 million net cash flows seen during FY20.

THEMIS MEDICARE 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	3	570	17,270.4%
Cash Flow from Investing Activities	Rs m	-55	-157	-
Cash Flow from Financing Activities	Rs m	67	-256	-
Net Cash Flow	Rs m	16	157	887.8%

Current Valuations for THEMIS MEDICARE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 28.5, an improvement from the EPS of Rs 17.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 280.3, stands at 9.8 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 1.2 times, while the price to sales ratio stands at 1.1 times.
• The company's price to cash flow (P/CF) ratio stood at 8.7 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	219.4	251.0
TTM Earnings per share	Rs	17.3	28.5
Diluted earnings per share	Rs	17.3	28.5
Price to Cash Flow	x	9.1	8.7
TTM P/E ratio	x	13.9	9.8
Price / Book Value ratio	x	1.5	1.4
Market Cap	Rs m	2,747	3,014
Dividends per share (Unadj.)	Rs	1.8	4.3

Ratio Analysis for THEMIS MEDICARE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.4x during FY21, from 1.2x 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 3.5x during FY21, from 2.4x 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 12.0% during FY21, from 8.7% 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 18.5% during FY21, from 15.9% 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 10.5% during FY21, from 8.3% 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	1.2	1.4
Debtors’ Days	Days	1,856	1,228
Interest coverage	x	2.4	3.5
Debt to equity ratio	x	0.1	0.1
Return on assets	%	8.3	10.5
Return on equity	%	8.7	12.0
Return on capital employed	%	15.9	18.5

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

THEMIS MEDICARE Share Price Performance

Over the last one year, THEMIS MEDICARE share price has moved up from Rs 240.0 to Rs 280.3, registering a gain of Rs 40.3 or around 16.8%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 21,328.2 (up 0.4%). Over the last one year it has moved up from 12,148.6 to 21,328.2, a gain of 9,180 points (up 75.6%).

Overall, the S&P BSE SENSEX is up 74.1% over the year.

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

Read: Latest Annual Report Analysis of THEMIS MEDICARE