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THEMIS MEDICARE 2022-23 Annual Report Analysis

Fri, 31 Mar

THEMIS MEDICARE 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.

THEMIS MEDICARE Income Statement Analysis

• Operating income during the year fell 10.2% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 24.2% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 22.9% in FY23 as against 27.1% in FY22.
• Depreciation charges increased by 10.7% and finance costs increased by 9.0% YoY, respectively.
• Other income grew by 75.9% YoY.
• Net profit for the year declined by 21.9% YoY.
• Net profit margins during the year declined from 18.5% in FY22 to 16.1% in FY23.

THEMIS MEDICARE Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	3,946	3,543	-10.2%
Other income	Rs m	65	115	75.9%
Total Revenues	Rs m	4,012	3,658	-8.8%
Gross profit	Rs m	1,070	811	-24.2%
Depreciation	Rs m	95	105	10.7%
Interest	Rs m	88	96	9.0%
Profit before tax	Rs m	953	725	-23.9%
Tax	Rs m	224	156	-30.2%
Profit after tax	Rs m	729	569	-21.9%
Gross profit margin	%	27.1	22.9
Effective tax rate	%	23.5	21.5
Net profit margin	%	18.5	16.1

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THEMIS MEDICARE Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 1 billion as compared to Rs 1 billion in FY22, thereby witnessing an increase of 20.9%.
• Long-term debt stood at Rs 284 million as compared to Rs 239 million during FY22, a growth of 19.1%.
• Current assets rose 20% and stood at Rs 3 billion, while fixed assets rose 17% and stood at Rs 2 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 5 billion as against Rs 4 billion during FY22, thereby witnessing a growth of 19%.

THEMIS MEDICARE Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	2,873	3,394	18.1
Current Liabilities	Rs m	1,235	1,494	20.9
Long-term Debt	Rs m	239	284	19.1
Total Liabilities	Rs m	4,418	5,242	18.7
Current assets	Rs m	2,282	2,748	20.4
Fixed Assets	Rs m	2,136	2,494	16.8
Total Assets	Rs m	4,418	5,242	18.7

THEMIS MEDICARE Cash Flow Statement Analysis

• THEMIS MEDICARE's cash flow from operating activities (CFO) during FY23 stood at Rs 161 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -240 million, an improvement of 53.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 1 million, an improvement of 101% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs -77 million from the Rs 13 million net cash flows seen during FY22.

THEMIS MEDICARE 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	344	161	-53.2%
Cash Flow from Investing Activities	Rs m	-156	-240	-
Cash Flow from Financing Activities	Rs m	-175	1	-
Net Cash Flow	Rs m	13	-77	-

Current Valuations for THEMIS MEDICARE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 61.8, an decline from the EPS of Rs 79.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,166.5, stands at 248.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 31.6 times, while the price to sales ratio stands at 3.0 times.
• The company's price to cash flow (P/CF) ratio stood at 14.5 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	428.9	385.1
TTM Earnings per share	Rs	79.2	61.8
Diluted earnings per share	Rs	7.9	6.2
Price to Cash Flow	x	104.3	14.5
TTM P/E ratio	x	139.5	248.0
Price / Book Value ratio	x	2.4	2.9
Market Cap	Rs m	6,794	9,784
Dividends per share (Unadj.)	Rs	0.5	0.5

Ratio Analysis for THEMIS MEDICARE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.8x during FY23, from 1.8x 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 8.6x during FY23, from 11.9x 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 declined and down at 16.8% during FY23, from 25.4% 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 declined and down at 22.3% during FY23, from 33.4% 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 declined and down at 12.7% during FY23, from 18.5% 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	1.8	1.8
Debtors’ Days	Days	930	1,494
Interest coverage	x	11.9	8.6
Debt to equity ratio	x	0.1	0.1
Return on assets	%	18.5	12.7
Return on equity	%	25.4	16.8
Return on capital employed	%	33.4	22.3

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 933.2 to Rs 1,166.5, registering a gain of Rs 233.3 or around 25.0%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 21,883.5 (up 0.4%). Over the last one year it has moved down from 24,303.8 to 21,883.5, a loss of 2,420 points (down 10.0%).

Overall, the S&P BSE SENSEX is up 1.8% over the year.

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