THEMIS MEDICARE 2023-24 Annual Report Analysis

Thu, 27 Jun

THEMIS MEDICARE 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.

THEMIS MEDICARE Income Statement Analysis

• Operating income during the year rose 7.7% on a year-on-year (YoY) basis.
• The company's operating profit decreased by 13.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.4% in FY24 as against 22.9% in FY23.
• Depreciation charges increased by 16.7% and finance costs decreased by 2.0% YoY, respectively.
• Other income declined by 58.7% YoY.
• Net profit for the year declined by 23.5% YoY.
• Net profit margins during the year declined from 16.1% in FY23 to 11.4% in FY24.

THEMIS MEDICARE Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	3,543	3,818	7.7%
Other income	Rs m	115	48	-58.7%
Total Revenues	Rs m	3,658	3,865	5.7%
Gross profit	Rs m	811	703	-13.3%
Depreciation	Rs m	105	122	16.7%
Interest	Rs m	96	94	-2.0%
Profit before tax	Rs m	725	534	-26.3%
Tax	Rs m	156	99	-36.5%
Profit after tax	Rs m	569	435	-23.5%
Gross profit margin	%	22.9	18.4
Effective tax rate	%	21.5	18.6
Net profit margin	%	16.1	11.4

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THEMIS MEDICARE 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 9.7%.
• Long-term debt down at Rs 268 million as compared to Rs 284 million during FY23, a fall of 5.9%.
• Current assets rose 10% and stood at Rs 3 billion, while fixed assets rose 10% and stood at Rs 3 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 5 billion during FY23, thereby witnessing a growth of 10%.

THEMIS MEDICARE Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	3,394	3,777	11.3
Current Liabilities	Rs m	1,494	1,639	9.7
Long-term Debt	Rs m	284	268	-5.9
Total Liabilities	Rs m	5,242	5,757	9.8
Current assets	Rs m	2,748	3,025	10.1
Fixed Assets	Rs m	2,494	2,732	9.6
Total Assets	Rs m	5,242	5,757	9.8

THEMIS MEDICARE Cash Flow Statement Analysis

• THEMIS MEDICARE's cash flow from operating activities (CFO) during FY24 stood at Rs 221 million, an improvement of 37.3% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -159 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -88 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -26 million from the Rs -77 million net cash flows seen during FY23.

THEMIS MEDICARE 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	161	221	37.3%
Cash Flow from Investing Activities	Rs m	-240	-159	-
Cash Flow from Financing Activities	Rs m	1	-88	-
Net Cash Flow	Rs m	-77	-26	-

Current Valuations for THEMIS MEDICARE

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.7, an decline from the EPS of Rs 61.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 214.7, stands at 79.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 5.2 times, while the price to sales ratio stands at 5.2 times.
• The company's price to cash flow (P/CF) ratio stood at 175.2 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	385.1	41.5
TTM Earnings per share	Rs	61.8	4.7
Diluted earnings per share	Rs	6.2	4.7
Price to Cash Flow	x	159.3	175.2
TTM P/E ratio	x	248.0	79.9
Price / Book Value ratio	x	2.9	25.9
Market Cap	Rs m	9,784	97,726
Dividends per share (Unadj.)	Rs	0.5	0.5

Ratio Analysis for THEMIS MEDICARE

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.8x during FY24, from 1.8x 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 6.7x during FY24, from 8.6x 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 declined and down at 11.5% during FY24, from 16.8% 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 15.5% during FY24, from 22.3% 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 9.2% during FY24, from 12.7% 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	1.8	1.8
Debtors’ Days	Days	1,494	1,701
Interest coverage	x	8.6	6.7
Debt to equity ratio	x	0.1	0.1
Return on assets	%	12.7	9.2
Return on equity	%	16.8	11.5
Return on capital employed	%	22.3	15.5

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

THEMIS MEDICARE Share Price Performance

Over the last one year, THEMIS MEDICARE share price has moved down from Rs 1,352.2 to Rs 0.0, registering a loss of Rs 1,352.2 or around 100.0%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 36,790.6 (up 0.3%). Over the last one year it has moved up from 25,406.2 to 36,790.6, a gain of 11,384 points (up 44.8%).

Overall, the NIFTY 50 is down 0.0% over the year.

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