TTK HEALTHCARE 2017-18 Annual Report Analysis

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TTK HEALTHCARE 2017-18 Annual Report Analysis
Wed, 27 Mar

TTK HEALTHCARE has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

TTK HEALTHCARE Income Statement Analysis

  • Operating income during the year rose 9.4% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 10.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 7.4% in FY18 as against 7.3% in FY17.
  • Depreciation charges increased by 27.9% and finance costs increased by 52.1% YoY, respectively.
  • Other income grew by 32.1% YoY.
  • Net profit for the year declined by 3.0% YoY.
  • Net profit margins during the year declined from 3.5% in FY17 to 3.1% in FY18.

TTK HEALTHCARE Income Statement 2017-18

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
Net SalesRs m5,2785,7769.4%
Other incomeRs m577632.1%
Total RevenuesRs m5,3355,8519.7%
Gross profitRs m38542610.6%
DepreciationRs m11915227.9%
InterestRs m314752.1%
Profit before taxRs m2923023.3%
TaxRs m10412014.8%
Profit after taxRs m187182-3.0%
Gross profit margin%7.37.4
Effective tax rate%35.839.7
Net profit margin%3.53.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TTK HEALTHCARE Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 2 billion as compared to Rs 1 billion in FY17, thereby witnessing an increase of 39.9%.
  • Long-term debt down at Rs 7 million as compared to Rs 9 million during FY17, a fall of 24.1%.
  • Current assets rose 53% and stood at Rs 3 billion, while fixed assets rose 11% and stood at Rs 1 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 4 billion as against Rs 3 billion during FY17, thereby witnessing a growth of 43%.

TTK HEALTHCARE Balance Sheet as on March 2018

No. of Mths Year Ending12 Mar-17*12 Mar-18*% Change
NetworthRs m1,5752,33047.9
 
Current LiabilitiesRs m1,1971,67539.9
Long-term DebtRs m97-24.1
Total LiabilitiesRs m2,8494,07343.0
 
Current assetsRs m1,6662,55653.5
Fixed AssetsRs m 9951,10310.9
Total AssetsRs m2,8494,07343.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



TTK HEALTHCARE Cash Flow Statement Analysis

  • TTK HEALTHCARE's cash flow from operating activities (CFO) during FY18 stood at Rs 253 million, an improvement of 42.1% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -226 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -72 million, an improvement of 69% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -41 million from the Rs 1 million net cash flows seen during FY17.

TTK HEALTHCARE Cash Flow Statement 2017-18

ParticularsNo. of months1212% Change
Year EndingMar-17Mar-18
Cash Flow from Operating ActivitiesRs m17825342.1%
Cash Flow from Investing ActivitiesRs m53-226-
Cash Flow from Financing ActivitiesRs m-229-72-
Net Cash FlowRs m1-41-
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for TTK HEALTHCARE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 12.9, an decline from the EPS of Rs 24.1 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 675.0, stands at 19.1 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.8 times, while the price to sales ratio stands at 2.8 times.
  • The company's price to cash flow (P/CF) ratio stood at 15.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Sales per share (Unadj.)Rs679.3408.7
TTM Earnings per shareRs24.112.9
Diluted earnings per shareRs24.123.4
Price to Cash Flow x17.115.7
TTM P/E ratiox19.119.1
Price / Book Value ratiox4.66.8
Market CapRs m5,2455,245
Dividends per share (Unadj.)Rs5.05.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for TTK HEALTHCARE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.5x during FY18, from 1.4x during FY17. 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 7.4x during FY18, from 10.4x during FY17. 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 7.8% during FY18, from 11.9% during FY18. 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 14.9% during FY18, from 20.4% during FY17. 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 5.6% during FY18, from 7.7% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-17*12 Mar-18*
Current ratiox1.41.5
Debtors’ DaysDays2435
Interest coveragex10.47.4
Debt to equity ratiox0.00.0
Return on assets%7.75.6
Return on equity%11.97.8
Return on capital employed%20.414.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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

TTK HEALTHCARE Share Price Performance

Over the last one year, TTK HEALTHCARE share price has moved up from Rs 1,066.4 to Rs 675.0, registering a loss of Rs 391.4 or around 36.7%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 14,248.9 (up 0.3%). Over the last one year it has moved up from 13,308.8 to 14,248.9, a gain of 940 points (up 7.1%).

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

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