ARTEMIS MEDICARE SERVICES 2023-24 Annual Report Analysis

Wed, 3 Jul

ARTEMIS MEDICARE SERVICES 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.

ARTEMIS MEDICARE SERVICES Income Statement Analysis

• Operating income during the year rose 19.1% on a year-on-year (YoY) basis.
• The company's operating profit increased by 41.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.1% in FY24 as against 12.7% in FY23.
• Depreciation charges increased by 30.0% and finance costs increased by 59.0% YoY, respectively.
• Other income grew by 0.2% YoY.
• Net profit for the year grew by 29.3% YoY.
• Net profit margins during the year grew from 5.2% in FY23 to 5.6% in FY24.

ARTEMIS MEDICARE SERVICES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,374	8,786	19.1%
Other income	Rs m	73	74	0.2%
Total Revenues	Rs m	7,448	8,859	19.0%
Gross profit	Rs m	939	1,327	41.3%
Depreciation	Rs m	310	403	30.0%
Interest	Rs m	197	313	59.0%
Profit before tax	Rs m	506	685	35.3%
Tax	Rs m	126	193	53.3%
Profit after tax	Rs m	380	491	29.3%
Gross profit margin	%	12.7	15.1
Effective tax rate	%	24.9	28.2
Net profit margin	%	5.2	5.6

Must See: These Segments are Witnessing Incredible Growth with Modi's Push

ARTEMIS MEDICARE SERVICES Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 2 billion as compared to Rs 2 billion in FY23, thereby witnessing an decrease of -10.3%.
• Long-term debt stood at Rs 2 billion as compared to Rs 2 billion during FY23, a growth of 6.6%.
• Current assets rose 6% and stood at Rs 2 billion, while fixed assets rose 8% and stood at Rs 8 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 10 billion as against Rs 9 billion during FY23, thereby witnessing a growth of 8%.

ARTEMIS MEDICARE SERVICES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,951	4,418	11.8
Current Liabilities	Rs m	2,058	1,846	-10.3
Long-term Debt	Rs m	2,136	2,277	6.6
Total Liabilities	Rs m	9,302	10,019	7.7
Current assets	Rs m	1,704	1,801	5.7
Fixed Assets	Rs m	7,599	8,218	8.1
Total Assets	Rs m	9,302	10,019	7.7

ARTEMIS MEDICARE SERVICES Cash Flow Statement Analysis

• ARTEMIS MEDICARE SERVICES's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -870 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -301 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -83 million from the Rs 72 million net cash flows seen during FY23.

ARTEMIS MEDICARE SERVICES 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	1,272	1,089	-14.4%
Cash Flow from Investing Activities	Rs m	-1,582	-870	-
Cash Flow from Financing Activities	Rs m	382	-301	-
Net Cash Flow	Rs m	72	-83	-

Current Valuations for ARTEMIS MEDICARE SERVICES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 3.6, an improvement from the EPS of Rs 2.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 178.3, stands at 49.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.5 times, while the price to sales ratio stands at 2.8 times.
• The company's price to cash flow (P/CF) ratio stood at 19.6 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	55.0	64.7
TTM Earnings per share	Rs	2.8	3.6
Diluted earnings per share	Rs	2.8	3.6
Price to Cash Flow	x	13.5	19.6
TTM P/E ratio	x	24.5	49.7
Price / Book Value ratio	x	2.0	4.0
Market Cap	Rs m	8,071	17,526
Dividends per share (Unadj.)	Rs	0.5	0.5

Ratio Analysis for ARTEMIS MEDICARE SERVICES

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.0x during FY24, from 0.8x 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 deteriorated and stood at 3.2x during FY24, from 3.6x 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 11.1% during FY24, from 9.6% 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 14.9% during FY24, from 11.5% 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 8.0% during FY24, from 6.2% 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	0.8	1.0
Debtors’ Days	Days	462	394
Interest coverage	x	3.6	3.2
Debt to equity ratio	x	0.5	0.5
Return on assets	%	6.2	8.0
Return on equity	%	9.6	11.1
Return on capital employed	%	11.5	14.9

To see how ARTEMIS MEDICARE SERVICES has performed over the last 5 years, please visit here.

ARTEMIS MEDICARE SERVICES Share Price Performance

Over the last one year, ARTEMIS MEDICARE SERVICES share price has moved up from Rs 123.2 to Rs 178.3, registering a gain of Rs 55.1 or around 44.7%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 37,159.3 (down 0.3%). Over the last one year it has moved up from 25,627.6 to 37,159.3, a gain of 11,532 points (up 45.0%).

Overall, the S&P BSE SENSEX is up 21.8% over the year.

(To know more, check out historical annual results for ARTEMIS MEDICARE SERVICES and quarterly results for ARTEMIS MEDICARE SERVICES)