THYROCARE TECHNOLOGIES 2023-24 Annual Report Analysis

Mon, 5 Aug

THYROCARE TECHNOLOGIES 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.

THYROCARE TECHNOLOGIES Income Statement Analysis

• Operating income during the year rose 8.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 12.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 24.3% in FY24 as against 23.5% in FY23.
• Depreciation charges increased by 21.4% and finance costs increased by 14.5% YoY, respectively.
• Other income grew by 11.2% YoY.
• Net profit for the year grew by 8.0% YoY.
• Net profit margins during the year declined from 12.2% in FY23 to 12.2% in FY24.

THYROCARE TECHNOLOGIES Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	5,267	5,719	8.6%
Other income	Rs m	84	94	11.2%
Total Revenues	Rs m	5,351	5,812	8.6%
Gross profit	Rs m	1,237	1,392	12.5%
Depreciation	Rs m	387	470	21.4%
Interest	Rs m	48	55	14.5%
Profit before tax	Rs m	886	960	8.3%
Tax	Rs m	242	265	9.3%
Profit after tax	Rs m	644	695	8.0%
Gross profit margin	%	23.5	24.3
Effective tax rate	%	27.4	27.6
Net profit margin	%	12.2	12.2

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THYROCARE TECHNOLOGIES Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 905 million as compared to Rs 771 million in FY23, thereby witnessing an increase of 17.4%.
• Long-term debt stood at Rs 109 million as compared to Rs 0 million during FY23, a fall of 0.0%.
• Current assets rose 2% and stood at Rs 3 billion, while fixed assets fell 28% and stood at Rs 4 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 6 billion as against Rs 8 billion during FY23, thereby witnessing a fall of 17%.

THYROCARE TECHNOLOGIES Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	5,298	5,224	-1.4
Current Liabilities	Rs m	771	905	17.4
Long-term Debt	Rs m	0	109	0.0
Total Liabilities	Rs m	7,610	6,291	-17.3
Current assets	Rs m	2,729	2,785	2.0
Fixed Assets	Rs m	4,881	3,506	-28.2
Total Assets	Rs m	7,610	6,291	-17.3

THYROCARE TECHNOLOGIES Cash Flow Statement Analysis

• THYROCARE TECHNOLOGIES's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion, an improvement of 29.6% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -913 million, an improvement of 134.1% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -848 million, an improvement of 2% on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -85 million from the Rs 41 million net cash flows seen during FY23.

THYROCARE TECHNOLOGIES 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	1,293	1,676	29.6%
Cash Flow from Investing Activities	Rs m	-390	-913	-
Cash Flow from Financing Activities	Rs m	-862	-848	-
Net Cash Flow	Rs m	41	-85	-

Current Valuations for THYROCARE TECHNOLOGIES

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.1, an improvement from the EPS of Rs 12.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 773.6, stands at 53.7 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 7.8 times, while the price to sales ratio stands at 7.2 times.
• The company's price to cash flow (P/CF) ratio stood at 26.2 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	99.5	108.0
TTM Earnings per share	Rs	12.2	13.1
Diluted earnings per share	Rs	12.2	13.1
Price to Cash Flow	x	22.1	26.2
TTM P/E ratio	x	36.0	53.7
Price / Book Value ratio	x	6.7	5.8
Market Cap	Rs m	35,277	30,493
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for THYROCARE TECHNOLOGIES

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 3.1x during FY24, from 3.5x 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 deteriorated and stood at 18.4x during FY24, from 19.3x 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 13.3% during FY24, from 12.1% 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 19.0% during FY24, from 17.6% 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 11.9% during FY24, from 9.1% 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	3.5	3.1
Debtors’ Days	Days	6	3
Interest coverage	x	19.3	18.4
Debt to equity ratio	x	0.0	0.0
Return on assets	%	9.1	11.9
Return on equity	%	12.1	13.3
Return on capital employed	%	17.6	19.0

To see how THYROCARE TECHNOLOGIES has performed over the last 5 years, please visit here.

THYROCARE TECHNOLOGIES Share Price Performance

Over the last one year, THYROCARE TECHNOLOGIES share price has moved up from Rs 572.6 to Rs 773.6, registering a gain of Rs 201.0 or around 35.1%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 40,058.1 (down 1.8%). Over the last one year it has moved up from 27,852.0 to 40,058.1, a gain of 12,206 points (up 43.8%).

Overall, the S&P BSE SENSEX is up 18.6% over the year.

(To know more, check out historical annual results for THYROCARE TECHNOLOGIES and quarterly results for THYROCARE TECHNOLOGIES)