THYROCARE TECHNOLOGIES 2020-21 Annual Report Analysis

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THYROCARE TECHNOLOGIES 2020-21 Annual Report Analysis
Mon, 6 Sep

THYROCARE TECHNOLOGIES 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.

THYROCARE TECHNOLOGIES Income Statement Analysis

  • Operating income during the year rose 13.9% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 2.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 34.6% in FY21 as against 38.5% in FY20.
  • Depreciation charges decreased by 5.1% and finance costs decreased by 53.0% YoY, respectively.
  • Other income grew by 86.4% YoY.
  • Net profit for the year grew by 28.8% YoY.
  • Net profit margins during the year grew from 19.9% in FY20 to 22.3% in FY21.

THYROCARE TECHNOLOGIES Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 4,343 4,946 13.9%
Other income Rs m 67 124 86.4%
Total Revenues Rs m 4,409 5,071 15.0%
Gross profit Rs m 1,670 1,713 2.6%
Depreciation Rs m 319 303 -5.1%
Interest Rs m 19 9 -53.0%
Profit before tax Rs m 1,399 1,525 9.0%
Tax Rs m 520 393 -24.4%
Profit after tax Rs m 879 1,132 28.8%
Gross profit margin % 38.5 34.6
Effective tax rate % 37.2 25.8
Net profit margin % 19.9 22.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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THYROCARE TECHNOLOGIES Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 951 million as compared to Rs 817 million in FY20, thereby witnessing an increase of 16.4%.
  • Current assets rose 56% and stood at Rs 2 billion, while fixed assets fell 5% and stood at Rs 3 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 5 billion as against Rs 5 billion during FY20, thereby witnessing a growth of 15%.

THYROCARE TECHNOLOGIES Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 3,629 4,243 16.9
 
Current Liabilities Rs m 817 951 16.4
Long-term Debt Rs m 25 0 -100.0
Total Liabilities Rs m 4,689 5,402 15.2
 
Current assets Rs m 1,523 2,381 56.4
Fixed Assets Rs m 3,166 3,020 -4.6
Total Assets Rs m 4,689 5,402 15.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



THYROCARE TECHNOLOGIES Cash Flow Statement Analysis

  • THYROCARE TECHNOLOGIES's cash flow from operating activities (CFO) during FY21 stood at Rs 1 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -502 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -616 million, an improvement of 63% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 42 million from the Rs 41 million net cash flows seen during FY20.

THYROCARE TECHNOLOGIES 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 1,679 1,160 -30.9%
Cash Flow from Investing Activities Rs m 10 -502 -
Cash Flow from Financing Activities Rs m -1,648 -616 -
Net Cash Flow Rs m 41 42 4.7%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for THYROCARE TECHNOLOGIES

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 21.4, an improvement from the EPS of Rs 16.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 1,249.3, stands at 39.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 10.6 times, while the price to sales ratio stands at 9.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 46.0 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 82.2 93.6
TTM Earnings per share Rs 16.6 21.4
Diluted earnings per share Rs 16.6 21.4
Price to Cash Flow x 55.1 46.0
TTM P/E ratio x 39.1 39.1
Price / Book Value ratio x 8.0 10.6
Market Cap Rs m 66,002 66,053
Dividends per share (Unadj.) Rs 5.0 25.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for THYROCARE TECHNOLOGIES

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.5x during FY21, from 1.9x 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 176.3x during FY21, from 76.6x 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 26.7% during FY21, from 24.2% 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 declined and down at 36.2% during FY21, from 38.8% 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 21.1% during FY21, from 19.1% 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 1.9 2.5
Debtors’ Days Days 14 33
Interest coverage x 76.6 176.3
Debt to equity ratio x 0.0 0.0
Return on assets % 19.1 21.1
Return on equity % 24.2 26.7
Return on capital employed % 38.8 36.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how THYROCARE TECHNOLOGIES has performed over the last 5 years, please visit here.

THYROCARE TECHNOLOGIES Share Price Performance

Over the last one year, THYROCARE TECHNOLOGIES share price has moved up from Rs 750.0 to Rs 1,249.3, registering a gain of Rs 499.3 or around 66.6%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 26,760.0 (up 0.0%). Over the last one year it has moved up from 18,734.2 to 26,760.0, a gain of 8,026 points (up 42.8%).

Overall, the S&P BSE SENSEX is up 49.2% over the year.

(To know more, check out historical annual results for THYROCARE TECHNOLOGIES and quarterly results for THYROCARE TECHNOLOGIES)

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