INDRAPRASTHA MEDICAL 2023-24 Annual Report Analysis

Tue, 17 Sep

INDRAPRASTHA MEDICAL 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.

INDRAPRASTHA MEDICAL Income Statement Analysis

• Operating income during the year rose 13.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 28.3% YoY during the fiscal. Operating profit margins witnessed a fall and down at 15.5% in FY24 as against 13.7% in FY23.
• Depreciation charges increased by 2.1% and finance costs decreased by 5.1% YoY, respectively.
• Other income grew by 68.4% YoY.
• Net profit for the year grew by 43.9% YoY.
• Net profit margins during the year grew from 7.8% in FY23 to 10.0% in FY24.

INDRAPRASTHA MEDICAL Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	10,987	12,447	13.3%
Other income	Rs m	100	169	68.4%
Total Revenues	Rs m	11,087	12,616	13.8%
Gross profit	Rs m	1,507	1,934	28.3%
Depreciation	Rs m	393	401	2.1%
Interest	Rs m	43	41	-5.1%
Profit before tax	Rs m	1,172	1,661	41.8%
Tax	Rs m	310	422	35.8%
Profit after tax	Rs m	862	1,240	43.9%
Gross profit margin	%	13.7	15.5
Effective tax rate	%	26.5	25.4
Net profit margin	%	7.8	10.0

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INDRAPRASTHA MEDICAL Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 2 billion as compared to Rs 1 billion in FY23, thereby witnessing an increase of 27.6%.
• Current assets rose 38% and stood at Rs 3 billion, while fixed assets rose 25% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 7 billion as against Rs 6 billion during FY23, thereby witnessing a growth of 30%.

INDRAPRASTHA MEDICAL Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,795	4,778	25.9
Current Liabilities	Rs m	1,296	1,654	27.6
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	5,551	7,232	30.3
Current assets	Rs m	2,231	3,080	38.1
Fixed Assets	Rs m	3,321	4,153	25.1
Total Assets	Rs m	5,551	7,232	30.3

INDRAPRASTHA MEDICAL Cash Flow Statement Analysis

• INDRAPRASTHA MEDICAL's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion, an improvement of 38.5% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 billion, an improvement of 46.8% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -324 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 93 million from the Rs 105 million net cash flows seen during FY23.

INDRAPRASTHA MEDICAL 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	1,445	2,002	38.5%
Cash Flow from Investing Activities	Rs m	-1,079	-1,584	-
Cash Flow from Financing Activities	Rs m	-260	-324	-
Net Cash Flow	Rs m	105	93	-11.2%

Current Valuations for INDRAPRASTHA MEDICAL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.5, an improvement from the EPS of Rs 9.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 453.5, stands at 30.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 8.7 times, while the price to sales ratio stands at 3.3 times.
• The company's price to cash flow (P/CF) ratio stood at 8.6 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	119.9	135.8
TTM Earnings per share	Rs	9.4	13.5
Diluted earnings per share	Rs	9.4	13.5
Price to Cash Flow	x	5.7	8.6
TTM P/E ratio	x	8.3	30.1
Price / Book Value ratio	x	1.8	2.9
Market Cap	Rs m	6,694	14,037
Dividends per share (Unadj.)	Rs	3.0	4.5

Ratio Analysis for INDRAPRASTHA MEDICAL

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.9x during FY24, from 1.7x 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 41.9x during FY24, from 28.4x 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 improved and stood at 25.9% during FY24, from 22.7% 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 35.6% 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 improved and stood at 17.7% during FY24, from 16.3% 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	1.7	1.9
Debtors’ Days	Days	2	2
Interest coverage	x	28.4	41.9
Debt to equity ratio	x	0.0	0.0
Return on assets	%	16.3	17.7
Return on equity	%	22.7	25.9
Return on capital employed	%	32.0	35.6

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 up from Rs 161.0 to Rs 453.5, registering a gain of Rs 292.5 or around 181.6%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 44,299.5 (down 0.2%). Over the last one year it has moved up from 28,682.7 to 44,299.5, a gain of 15,617 points (up 54.4%).

Overall, the S&P BSE SENSEX is up 23.0% over the year.

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