Apollo Hospitals Enterprise Ltd

Apollo Hospitals Enterprise is engaged in operation of multidisciplinary private hospitals, clinics and pharmacies.

Add ratio:

Pros:

Company has been maintaining a healthy dividend payout of 44.12%

Cons:

Stock is trading at 6.17 times its book value

Promoter holding is low: 30.82%

Company has a low return on equity of 5.85% for last 3 years.

Promoters have pledged 36.66% of their holding.

Promoter holding has decreased over last 3 years: -3.53%

Peer comparison Sector: Healthcare // Industry: Healthcare

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Detailed Comparison with:

	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
	2,210	2,412	2,495	2,500	2,572	2,841	2,912
	1,981	2,141	2,222	2,220	2,218	2,427	2,482
Operating Profit	229	271	273	280	354	413	430
OPM %	10%	11%	11%	11%	14%	15%	15%
Other Income	5	3	12	26	10	9	10
Interest	76	81	84	85	126	134	137
Depreciation	95	97	98	105	144	155	157
Profit before tax	63	96	103	115	94	134	145
Tax %	63%	44%	52%	34%	48%	38%	38%
Net Profit	34	63	57	85	57	86	92
EPS in Rs	2.44	4.56	4.10	6.10	4.11	6.20	6.62
	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	1,216	1,614	2,026	2,605	3,148	3,769	4,357	5,129	6,150	7,256	8,243	9,617	10,824
	1,033	1,386	1,726	2,183	2,631	3,161	3,685	4,394	5,446	6,524	7,442	8,553	9,346
Operating Profit	184	228	301	422	516	608	672	735	704	731	801	1,065	1,477
OPM %	15%	14%	15%	16%	16%	16%	15%	14%	11%	10%	10%	11%	14%
Other Income	25	16	32	12	23	36	21	50	72	62	25	32	55
Interest	38	46	60	78	89	103	119	118	180	257	295	327	483
Depreciation	52	63	75	95	124	142	168	212	264	314	359	396	561
Profit before tax	119	134	198	261	326	399	407	455	332	222	171	374	489
Tax %	31%	36%	34%	33%	35%	26%	25%	29%	29%	41%	65%	46%
Net Profit	77	102	138	184	219	304	317	340	236	221	117	236	320
EPS in Rs	6.06	7.94	10.55	14.14	15.66	20.94	21.79	24.43	16.99	15.88	8.44	16.97	23.03
Dividend Payout %	46%	38%	31%	25%	25%	25%	25%	24%	35%	38%	59%	35%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
	59	60	62	62	67	70	70	70	70	70	70	70	70
Reserves	1,226	1,401	1,592	1,768	2,401	2,677	2,907	3,101	3,261	3,240	3,182	3,264	2,988
Borrowings	532	671	913	957	817	1,213	1,344	1,992	2,834	3,125	3,427	3,673	3,503
	418	493	675	815	698	854	1,029	1,297	1,195	1,668	1,917	2,159	4,638
Total Liabilities	2,235	2,624	3,242	3,602	3,983	4,814	5,350	6,459	7,360	8,103	8,596	9,166	11,198
	907	1,044	1,322	1,530	2,011	2,341	2,681	3,244	3,997	4,591	4,773	4,982	6,961
CWIP	71	245	304	361	209	403	491	533	562	347	712	822	468
Investments	624	591	417	502	564	527	322	311	352	406	352	462	441
	633	745	1,200	1,210	1,198	1,543	1,855	2,372	2,448	2,759	2,759	2,901	3,328
Total Assets	2,235	2,624	3,242	3,602	3,983	4,814	5,350	6,459	7,360	8,103	8,596	9,166	11,198

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	47	91	199	259	387	443	373	470	597	623	537	905
	-546	-271	-202	-441	-468	-733	-356	-759	-888	-1,152	-405	-711
	550	139	227	47	135	373	-63	392	330	477	-108	-215
Net Cash Flow	51	-40	224	-136	54	83	-46	103	39	-52	24	-20

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	10%	9%	11%	13%	14%	13%	12%	12%	9%	8%	7%	10%
Debtor Days	43	39	40	42	45	46	44	43	36	38	37	39
Inventory Turnover	16.72	15.94	15.75	17.39	17.99	18.37	17.53	16.31	16.26	16.62	15.96	16.72