BLUE JET HEALTHCARE 2023-24 Annual Report Analysis

Wed, 18 Sep

BLUE JET 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.

BLUE JET HEALTHCARE Income Statement Analysis

• Operating income during the year fell 1.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 0.2% YoY during the fiscal. Operating profit margins witnessed a fall and down at 30.8% in FY24 as against 30.4% in FY23.
• Depreciation charges increased by 12.0% and finance costs decreased by 88.2% YoY, respectively.
• Other income grew by 20.5% YoY.
• Net profit for the year grew by 2.3% YoY.
• Net profit margins during the year grew from 22.2% in FY23 to 23.0% in FY24.

BLUE JET HEALTHCARE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	7,210	7,116	-1.3%
Other income	Rs m	240	289	20.5%
Total Revenues	Rs m	7,449	7,405	-0.6%
Gross profit	Rs m	2,191	2,195	0.2%
Depreciation	Rs m	251	281	12.0%
Interest	Rs m	14	2	-88.2%
Profit before tax	Rs m	2,166	2,201	1.6%
Tax	Rs m	566	563	-0.4%
Profit after tax	Rs m	1,600	1,638	2.3%
Gross profit margin	%	30.4	30.8
Effective tax rate	%	26.1	25.6
Net profit margin	%	22.2	23.0

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BLUE JET HEALTHCARE Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 4 billion as compared to Rs 3 billion in FY23, thereby witnessing an increase of 13.6%.
• Current assets rose 6% and stood at Rs 9 billion, while fixed assets rose 79% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 12 billion as against Rs 10 billion during FY23, thereby witnessing a growth of 21%.

BLUE JET HEALTHCARE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	6,815	8,452	24.0
Current Liabilities	Rs m	3,184	3,616	13.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	10,066	12,145	20.7
Current assets	Rs m	8,096	8,613	6.4
Fixed Assets	Rs m	1,970	3,532	79.3
Total Assets	Rs m	10,066	12,145	20.7

BLUE JET HEALTHCARE Cash Flow Statement Analysis

• BLUE JET HEALTHCARE's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion, an improvement of 70.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -3 billion, an improvement of 79.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -20 million, an improvement of 53% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -245 million from the Rs -99 million net cash flows seen during FY23.

BLUE JET 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	1,416	2,413	70.4%
Cash Flow from Investing Activities	Rs m	-1,473	-2,638	-
Cash Flow from Financing Activities	Rs m	-42	-20	-
Net Cash Flow	Rs m	-99	-245	-

Current Valuations for BLUE JET HEALTHCARE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 9.4, an improvement from the EPS of Rs 9.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 530.0, stands at 58.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 10.9 times, while the price to sales ratio stands at 12.9 times.
• The company's price to cash flow (P/CF) ratio stood at 34.0 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	41.6	41.0
TTM Earnings per share	Rs	9.2	9.4
Diluted earnings per share	Rs	9.2	9.4
Price to Cash Flow	x	0.0	34.0
TTM P/E ratio	x	0.0	58.4
Price / Book Value ratio	x	0.0	7.7
Market Cap	Rs m	0	65,279
Dividends per share (Unadj.)	Rs	0.0	1.0

Ratio Analysis for BLUE JET HEALTHCARE

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.4x during FY24, from 2.5x 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 1,368.0x during FY24, from 160.4x 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 declined and down at 19.4% during FY24, from 23.5% 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 declined and down at 26.1% during FY24, from 32.0% 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 declined and down at 13.5% during FY24, from 16.0% 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	2.5	2.4
Debtors’ Days	Days	121	91
Interest coverage	x	160.4	1,368.0
Debt to equity ratio	x	0.0	0.0
Return on assets	%	16.0	13.5
Return on equity	%	23.5	19.4
Return on capital employed	%	32.0	26.1

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

BLUE JET HEALTHCARE Share Price Performance

Over the last one year, BLUE JET HEALTHCARE share price has moved up from Rs 0.0 to Rs 530.0, registering a gain of Rs 530.0 or around 0.0%.

Overall, the S&P BSE SENSEX is up 23.2% over the year.

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