MEDPLUS HEALTH SERVICES 2023-24 Annual Report Analysis

Mon, 9 Sep

MEDPLUS HEALTH 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.

MEDPLUS HEALTH SERVICES Income Statement Analysis

• Operating income during the year rose 23.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 32.0% YoY during the fiscal. Operating profit margins witnessed a fall and down at 6.6% in FY24 as against 6.2% in FY23.
• Depreciation charges increased by 23.5% and finance costs increased by 15.1% YoY, respectively.
• Other income declined by 13.2% YoY.
• Net profit for the year grew by 30.9% YoY.
• Net profit margins during the year grew from 1.1% in FY23 to 1.2% in FY24.

MEDPLUS HEALTH SERVICES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	45,576	56,249	23.4%
Other income	Rs m	461	400	-13.2%
Total Revenues	Rs m	46,037	56,649	23.1%
Gross profit	Rs m	2,814	3,713	32.0%
Depreciation	Rs m	1,816	2,242	23.5%
Interest	Rs m	987	1,136	15.1%
Profit before tax	Rs m	472	734	55.7%
Tax	Rs m	-29	79	NA
Profit after tax	Rs m	501	656	30.9%
Gross profit margin	%	6.2	6.6
Effective tax rate	%	-6.2	10.7
Net profit margin	%	1.1	1.2

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

MEDPLUS HEALTH SERVICES Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 5 billion as compared to Rs 5 billion in FY23, thereby witnessing an increase of 10.4%.
• Current assets rose 6% and stood at Rs 16 billion, while fixed assets rose 7% and stood at Rs 14 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 29 billion as against Rs 28 billion during FY23, thereby witnessing a growth of 6%.

MEDPLUS HEALTH SERVICES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	14,607	15,476	5.9
Current Liabilities	Rs m	4,766	5,259	10.4
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	27,645	29,430	6.5
Current assets	Rs m	14,807	15,676	5.9
Fixed Assets	Rs m	12,838	13,755	7.1
Total Assets	Rs m	27,645	29,430	6.5

MEDPLUS HEALTH SERVICES Cash Flow Statement Analysis

• MEDPLUS HEALTH SERVICES's cash flow from operating activities (CFO) during FY24 stood at Rs 1 billion, an improvement of 59.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -828 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -1 billion from the Rs 3 billion net cash flows seen during FY23.

MEDPLUS HEALTH 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	904	1,437	59.0%
Cash Flow from Investing Activities	Rs m	4,294	-828	-
Cash Flow from Financing Activities	Rs m	-1,702	-1,981	-
Net Cash Flow	Rs m	3,496	-1,372	-

Current Valuations for MEDPLUS HEALTH SERVICES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 5.5, an improvement from the EPS of Rs 4.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 733.0, stands at 115.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.7 times, while the price to sales ratio stands at 1.6 times.
• The company's price to cash flow (P/CF) ratio stood at 32.5 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	382.0	470.5
TTM Earnings per share	Rs	4.2	5.5
Diluted earnings per share	Rs	4.2	5.5
Price to Cash Flow	x	33.6	32.5
TTM P/E ratio	x	155.4	115.1
Price / Book Value ratio	x	6.6	6.1
Market Cap	Rs m	96,459	94,159
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for MEDPLUS HEALTH SERVICES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 3.0x during FY24, from 3.1x 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 1.6x during FY24, from 1.5x 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 4.2% during FY24, from 3.4% 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 12.1% during FY24, from 10.0% 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 6.1% during FY24, from 5.4% 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	3.1	3.0
Debtors’ Days	Days	1	1
Interest coverage	x	1.5	1.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	5.4	6.1
Return on equity	%	3.4	4.2
Return on capital employed	%	10.0	12.1

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

MEDPLUS HEALTH SERVICES Share Price Performance

Over the last one year, MEDPLUS HEALTH SERVICES share price has moved down from Rs 808.0 to Rs 733.0, registering a loss of Rs 75.0 or around 9.3%.

Overall, the S&P BSE SENSEX is up 23.3% over the year.

(To know more, check out historical annual results for MEDPLUS HEALTH SERVICES and quarterly results for MEDPLUS HEALTH SERVICES)