ASTER DM HEALTHCARE 2023-24 Annual Report Analysis

Thu, 8 Aug

ASTER DM HEALTHCARE has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

ASTER DM HEALTHCARE Income Statement Analysis

• Operating income during the year rose 23.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 28.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.6% in FY24 as against 14.9% in FY23.
• Depreciation charges increased by 14.5% and finance costs increased by 24.1% YoY, respectively.
• Other income declined by 32.7% YoY.
• Net profit for the year grew by 28.3% YoY.
• Net profit margins during the year grew from 5.3% in FY23 to 5.5% in FY24.

ASTER DM HEALTHCARE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	29,941	36,989	23.5%
Other income	Rs m	369	249	-32.7%
Total Revenues	Rs m	30,310	37,238	22.9%
Gross profit	Rs m	4,466	5,754	28.8%
Depreciation	Rs m	1,920	2,200	14.5%
Interest	Rs m	960	1,191	24.1%
Profit before tax	Rs m	1,955	2,612	33.6%
Tax	Rs m	359	565	57.5%
Profit after tax	Rs m	1,596	2,047	28.3%
Gross profit margin	%	14.9	15.6
Effective tax rate	%	18.4	21.6
Net profit margin	%	5.3	5.5

Don't Miss: Key Information for Long-term Investors

ASTER DM HEALTHCARE Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 58 billion as compared to Rs 47 billion in FY23, thereby witnessing an increase of 25.2%.
• Long-term debt down at Rs 4 billion as compared to Rs 13 billion during FY23, a fall of 66.0%.
• Current assets rose 49% and stood at Rs 73 billion, while fixed assets fell 61% and stood at Rs 38 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 180 billion as against Rs 148 billion during FY23, thereby witnessing a growth of 21%.

ASTER DM HEALTHCARE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	44,416	45,517	2.5
Current Liabilities	Rs m	46,553	58,307	25.2
Long-term Debt	Rs m	13,123	4,461	-66.0
Total Liabilities	Rs m	148,356	179,827	21.2
Current assets	Rs m	49,216	73,121	48.6
Fixed Assets	Rs m	99,141	38,174	-61.5
Total Assets	Rs m	148,356	179,827	21.2

ASTER DM HEALTHCARE Cash Flow Statement Analysis

• ASTER DM HEALTHCARE's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -9 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 11 billion, an improvement of 229% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 3 billion from the Rs 657 million net cash flows seen during FY23.

ASTER DM HEALTHCARE Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	18,340	1,578	-91.4%
Cash Flow from Investing Activities	Rs m	-9,719	-8,847	-
Cash Flow from Financing Activities	Rs m	-8,174	10,528	-
Net Cash Flow	Rs m	657	3,324	405.6%

Current Valuations for ASTER DM HEALTHCARE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.1, an improvement from the EPS of Rs 3.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 399.2, stands at 59.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.4 times, while the price to sales ratio stands at 5.4 times.
• The company's price to cash flow (P/CF) ratio stood at 33.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	59.9	74.1
TTM Earnings per share	Rs	3.2	4.1
Diluted earnings per share	Rs	3.2	4.1
Price to Cash Flow	x	26.4	33.2
TTM P/E ratio	x	26.9	59.0
Price / Book Value ratio	x	2.5	3.1
Market Cap	Rs m	109,418	140,867
Dividends per share (Unadj.)	Rs	0.0	2.0

Ratio Analysis for ASTER DM HEALTHCARE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.3x during FY24, from 1.1x during FY23. 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 3.2x during FY24, from 3.0x during FY23. 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 4.5% during FY24, from 3.6% during FY24. 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 7.6% during FY24, from 5.1% during FY23. 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 1.8% during FY24, from 1.7% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.1	1.3
Debtors’ Days	Days	28	24
Interest coverage	x	3.0	3.2
Debt to equity ratio	x	0.3	0.1
Return on assets	%	1.7	1.8
Return on equity	%	3.6	4.5
Return on capital employed	%	5.1	7.6

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

ASTER DM HEALTHCARE Share Price Performance

Over the last one year, ASTER DM HEALTHCARE share price has moved up from Rs 241.0 to Rs 399.2, registering a gain of Rs 158.2 or around 65.7%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 41,165.2 (up 0.8%). Over the last one year it has moved up from 28,343.8 to 41,165.2, a gain of 12,821 points (up 45.2%).

Overall, the S&P BSE SENSEX is up 19.8% over the year.

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