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THYROCARE TECHNOLOGIES 2022-23 Annual Report Analysis

Fri, 21 Jul

THYROCARE TECHNOLOGIES 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.

THYROCARE TECHNOLOGIES Income Statement Analysis

• Operating income during the year fell 10.6% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 47.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 23.5% in FY23 as against 40.0% in FY22.
• Depreciation charges increased by 14.3% and finance costs increased by 50.5% YoY, respectively.
• Other income declined by 71.2% YoY.
• Net profit for the year declined by 63.5% YoY.
• Net profit margins during the year declined from 29.9% in FY22 to 12.2% in FY23.

THYROCARE TECHNOLOGIES Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	5,889	5,267	-10.6%
Other income	Rs m	293	84	-71.2%
Total Revenues	Rs m	6,181	5,351	-13.4%
Gross profit	Rs m	2,356	1,237	-47.5%
Depreciation	Rs m	339	387	14.3%
Interest	Rs m	32	48	50.5%
Profit before tax	Rs m	2,277	886	-61.1%
Tax	Rs m	516	242	-53.0%
Profit after tax	Rs m	1,761	644	-63.5%
Gross profit margin	%	40.0	23.5
Effective tax rate	%	22.7	27.4
Net profit margin	%	29.9	12.2

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THYROCARE TECHNOLOGIES Balance Sheet Analysis

• The company's current liabilities during FY23 down at Rs 2 billion as compared to Rs 2 billion in FY22, thereby witnessing an decrease of -29.9%.
• Current assets fell 18% and stood at Rs 3 billion, while fixed assets rose 14% and stood at Rs 5 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 8 billion as against Rs 8 billion during FY22, thereby witnessing a fall of 2%.

THYROCARE TECHNOLOGIES Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	5,231	5,298	1.3
Current Liabilities	Rs m	2,153	1,509	-29.9
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	8,478	8,348	-1.5
Current assets	Rs m	4,208	3,468	-17.6
Fixed Assets	Rs m	4,271	4,881	14.3
Total Assets	Rs m	8,478	8,348	-1.5

THYROCARE TECHNOLOGIES Cash Flow Statement Analysis

• THYROCARE TECHNOLOGIES's cash flow from operating activities (CFO) during FY23 stood at Rs 1 billion, an improvement of 14.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -390 million, an improvement of 65.4% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs -862 million, an improvement of 4% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 41 million from the Rs 4 million net cash flows seen during FY22.

THYROCARE TECHNOLOGIES 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	1,134	1,293	14.0%
Cash Flow from Investing Activities	Rs m	-236	-390	-
Cash Flow from Financing Activities	Rs m	-894	-862	-
Net Cash Flow	Rs m	4	41	862.8%

Current Valuations for THYROCARE TECHNOLOGIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.2, an decline from the EPS of Rs 33.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 580.9, stands at 48.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.8 times, while the price to sales ratio stands at 5.8 times.
• The company's price to cash flow (P/CF) ratio stood at 34.2 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	111.3	99.5
TTM Earnings per share	Rs	33.3	12.2
Diluted earnings per share	Rs	33.3	12.2
Price to Cash Flow	x	19.5	34.2
TTM P/E ratio	x	23.2	48.7
Price / Book Value ratio	x	11.2	6.7
Market Cap	Rs m	58,409	35,277
Dividends per share (Unadj.)	Rs	15.0	18.0

Ratio Analysis for THYROCARE TECHNOLOGIES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.3x during FY23, from 2.0x 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 19.3x during FY23, from 71.9x 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 12.1% during FY23, from 33.7% 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 17.6% during FY23, from 44.1% 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 8.3% during FY23, from 21.2% 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	2.0	2.3
Debtors’ Days	Days	6	6
Interest coverage	x	71.9	19.3
Debt to equity ratio	x	0.0	0.0
Return on assets	%	21.2	8.3
Return on equity	%	33.7	12.1
Return on capital employed	%	44.1	17.6

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 down from Rs 610.2 to Rs 580.9, registering a loss of Rs 29.3 or around 4.8%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 26,692.7 (down 0.2%). Over the last one year it has moved up from 22,705.9 to 26,692.7, a gain of 3,987 points (up 17.6%).

Overall, the S&P BSE SENSEX is up 20.4% over the year.

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