INDRAPRASTHA MEDICAL 2018-19 Annual Report Analysis
Fri, 18 Oct

INDRAPRASTHA MEDICAL has announced its results for the year ended March 2019. Let us have a look at the detailed performance review of the company during FY18-19.

INDRAPRASTHA MEDICAL Income Statement Analysis

  • Operating income during the year rose 4.7% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 11.0% YoY during the fiscal. Operating profit margins witnessed a growth and stood at 10.2% in FY19 as against 9.7% in FY18.
  • Depreciation charges decreased by 3.0% and finance costs decreased by 22.8% YoY, respectively.
  • Other income declined by 41.0% YoY.
  • Net profit for the year grew by 34.6% YoY.
  • Net profit margins during the year grew from 2.8% in FY18 to 3.6% in FY19.

INDRAPRASTHA MEDICAL Income Statement 2018-19

No. of Mths Year Ending12 Mar-18*12 Mar-19*% Change
Net SalesRs m7,5277,8824.7%
Other incomeRs m85-41.0%
Total RevenuesRs m7,5357,8864.7%
Gross profitRs m72880811.0%
DepreciationRs m307298-3.0%
InterestRs m8969-22.8%
Profit before taxRs m34044631.2%
TaxRs m12916225.6%
Profit after taxRs m21128434.6%
Gross profit margin%9.710.2
Effective tax rate%37.936.3
Net profit margin%2.83.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



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INDRAPRASTHA MEDICAL Balance Sheet Analysis

  • The company's current liabilities during FY19 down at Rs 1 billion as compared to Rs 1 billion in FY18, thereby witnessing an decrease of -10.4%.
  • Long-term debt down at Rs 150 million as compared to Rs 210 million during FY18, a fall of 28.6%.
  • Current assets rose 2% and stood at Rs 1 billion, while fixed assets fell 4% and stood at Rs 3 billion in FY19.
  • Overall, the total assets and liabilities for FY19 stood at Rs 4 billion as against Rs 4 billion during FY18, thereby witnessing a fall of 2%.

INDRAPRASTHA MEDICAL Balance Sheet as on March 2019

No. of Mths Year Ending12 Mar-18*12 Mar-19*% Change
NetworthRs m2,3232,4405.0
 
Current LiabilitiesRs m1,3841,241-10.4
Long-term DebtRs m210150-28.6
Total LiabilitiesRs m4,3234,224-2.3
 
Current assetsRs m1,3291,3562.0
Fixed AssetsRs m 2,9402,814-4.3
Total AssetsRs m4,3234,224-2.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



INDRAPRASTHA MEDICAL Cash Flow Statement Analysis

  • INDRAPRASTHA MEDICAL's cash flow from operating activities (CFO) during FY19 stood at Rs 752 million, an improvement of 57.6% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY19 stood at Rs -167 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY19 stood at Rs -442 million on a YoY basis.
  • Overall, net cash flows for the company during FY19 stood at Rs 143 million from the Rs 6 million net cash flows seen during FY18.

INDRAPRASTHA MEDICAL Cash Flow Statement 2018-19

ParticularsNo. of months1212% Change
Year EndingMar-18Mar-19
Cash Flow from Operating ActivitiesRs m47775257.6%
Cash Flow from Investing ActivitiesRs m-299-167-
Cash Flow from Financing ActivitiesRs m-172-442-
Net Cash FlowRs m61432,365.5%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for INDRAPRASTHA MEDICAL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.1, an improvement from the EPS of Rs 2.3 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 36.1, stands at 10.9 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 1.7 times, while the price to sales ratio stands at 0.5 times.
  • The company's price to cash flow (P/CF) ratio stood at 5.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending12 Mar-18*12 Mar-19*
Sales per share (Unadj.)Rs82.186.0
TTM Earnings per shareRs2.33.1
Diluted earnings per shareRs2.33.1
Price to Cash Flow x6.45.7
TTM P/E ratiox10.910.9
Price / Book Value ratiox2.31.7
Market CapRs m3,3093,309
Dividends per share (Unadj.)Rs1.51.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for INDRAPRASTHA MEDICAL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.1x during FY19, from 1.0x during FY18. 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 7.5x during FY19, from 4.8x during FY18. 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 11.6% during FY19, from 9.1% during FY19. 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 19.9% during FY19, from 16.9% during FY18. 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 8.4% during FY19, from 6.9% during FY18. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending12 Mar-18*12 Mar-19*
Current ratiox1.01.1
Debtors’ DaysDays4135
Interest coveragex4.87.5
Debt to equity ratiox0.10.1
Return on assets%6.98.4
Return on equity%9.111.6
Return on capital employed%16.919.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how INDRAPRASTHA MEDICAL has performed over the last 5 years, please visit here.

INDRAPRASTHA MEDICAL Share Price Performance

Over the last one year, INDRAPRASTHA MEDICAL share price has moved down from Rs 40.4 to Rs 36.1, registering a loss of Rs 4.3 or around 10.6%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 12,628.2 (up 1.0%). Over the last one year it has moved down from 14,640.1 to 12,628.2, a loss of 2,012 points (down 13.7%).

Overall, the S&P BSE SENSEX is up 12.8% over the year.

(To know more, check out historical annual results for INDRAPRASTHA MEDICAL and quarterly results for INDRAPRASTHA MEDICAL)