Aster DM Healthcare Ltd

Aster DM Healthcare Ltd

₹ 456 -1.96%
26 Feb - close price
About

Aster DM Healthcare Limited is one of the largest integrated private healthcare service providers operating in GCC (Gulf Cooperation Council) countries and an emerging player in India. With an inherent emphasis on clinical excellence, it is one of the few entities in the world with a strong presence across primary, secondary, tertiary and quaternary healthcare. [1]

Key Points

Demerger[1]
The company is demerging its GCC and India operations into separate entities for operational efficiencies. Post-segregation, Aster DM Healthcare Limited will be focused on India business. The GCC Business will be separated from Aster DM Healthcare Limited to create Aster GCC. GCC Business will be acquired by Alpha GCC Holdings Limited for Enterprise Value of US$1,651.2m (~Rs. 13,540 crs). At the closing of the Transaction, Fajr Capital & its consortium members will own ~65% and a Promoter entity will own the remaining ~35% stake in the GCC Business through Aster GCC. The transaction is expected to complete by Q4 FY24.

  • Market Cap 22,775 Cr.
  • Current Price 456
  • High / Low 487 / 217
  • Stock P/E 105
  • Book Value 65.0
  • Dividend Yield 0.00 %
  • ROCE 6.55 %
  • ROE 6.50 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 32.1% CAGR over last 5 years
  • Company's median sales growth is 37.4% of last 10 years

Cons

  • Stock is trading at 7.02 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Tax rate seems low
  • Company has a low return on equity of 2.36% over last 3 years.
  • Promoters have pledged 98.9% of their holding.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Healthcare Industry: Healthcare

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
216 234 252 279 295 291 328 378 399 429 457 509 524
194 223 232 241 246 247 272 301 328 344 374 423 433
Operating Profit 22 11 20 37 49 44 56 77 71 85 83 86 92
OPM % 10% 5% 8% 13% 17% 15% 17% 20% 18% 20% 18% 17% 17%
6 6 7 13 7 55 9 18 11 12 11 20 13
Interest 10 9 10 10 12 11 11 12 14 15 16 21 21
Depreciation 25 22 25 25 25 24 24 25 26 29 26 29 31
Profit before tax -8 -14 -7 15 19 63 30 57 41 54 53 57 53
Tax % -0% -5% -0% -0% -0% -0% -0% -0% 17% 4% -0% -4% -0%
-8 -14 -7 15 19 63 30 57 35 52 53 59 53
EPS in Rs -0.15 -0.29 -0.15 0.31 0.39 1.26 0.60 1.14 0.69 1.04 1.06 1.18 1.06
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
0 1 1 53 189 380 530 595 760 747 1,116 1,534 1,920
10 8 12 114 227 427 519 554 686 704 963 1,240 1,574
Operating Profit -10 -7 -11 -60 -38 -47 12 41 74 42 153 293 346
OPM % -3,431% -762% -1,256% -114% -20% -12% 2% 7% 10% 6% 14% 19% 18%
3 10 86 40 51 390 14 83 113 21 82 50 58
Interest -0 0 3 34 135 228 54 11 33 36 47 56 72
Depreciation -0 1 1 22 48 68 59 64 89 95 99 104 115
Profit before tax -7 2 72 -77 -170 47 -87 49 65 -68 90 182 217
Tax % -0% -0% 2% -1% -0% -0% -0% 1% 6% -1% -0% 5%
-7 2 70 -78 -170 47 -87 48 61 -69 90 173 217
EPS in Rs -542.10 0.15 1.86 -2.00 -4.21 1.16 -1.73 0.95 1.21 -1.38 1.81 3.47 4.34
Dividend Payout % -0% -0% 89% -0% -0% -0% -0% -0% -0% -0% -0% -0%
Compounded Sales Growth
10 Years: 110%
5 Years: 24%
3 Years: 26%
TTM: 38%
Compounded Profit Growth
10 Years: 65%
5 Years: 32%
3 Years: 41%
TTM: 18%
Stock Price CAGR
10 Years: %
5 Years: 24%
3 Years: 47%
1 Year: 100%
Return on Equity
10 Years: -2%
5 Years: 2%
3 Years: 2%
Last Year: 7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 0 125 375 389 403 403 505 505 497 497 500 500 500
Reserves 465 343 103 209 535 1,925 2,421 2,475 2,434 2,367 2,081 2,257 2,746
Preference Capital -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 374 374
0 22 266 384 1,914 645 110 125 349 417 521 697 865
34 9 24 124 168 251 257 271 273 307 661 649 352
Total Liabilities 499 499 768 1,105 3,021 3,224 3,293 3,376 3,552 3,589 3,762 4,102 4,462
35 36 37 469 547 714 772 753 1,016 1,009 1,013 1,008 1,251
CWIP 59 123 287 100 130 63 17 70 20 11 23 67 64
Investments 181 227 266 317 2,037 2,137 2,086 2,095 2,150 2,151 2,166 2,141 2,170
224 114 178 219 307 309 417 458 366 418 560 886 977
Total Assets 499 499 768 1,105 3,021 3,224 3,293 3,376 3,552 3,589 3,762 4,102 4,462

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-167 -51 -3 -51 98 42 78 246
-79 -251 -18 -36 40 -38 -49 -332
366 222 95 7 -126 -12 -18 92
Net Cash Flow 121 -80 74 -80 12 -9 11 6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 1,384 365 742 41 28 24 21 22 21 21 20 26
Inventory Days 171 100 66 42 38 49 38 32 38
Days Payable 288 150 102 57 64 240 270 173 228
Cash Conversion Cycle 1,384 365 742 -75 -22 -13 6 -4 -170 -210 -122 -163
Working Capital Days -30,484 1,604 4,109 -59 -48 77 29 86 -45 -40 -22 8
ROCE % -2% 0% 12% -5% -4% -4% -1% 2% 3% -1% 4% 7%

Shareholding Pattern

Numbers in percentages

1 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
37.88% 37.88% 37.88% 37.88% 37.88% 37.88% 37.88% 37.88% 41.88% 41.88% 41.88% 41.88%
10.57% 8.69% 10.80% 10.95% 11.03% 11.44% 11.77% 42.49% 38.63% 38.82% 40.22% 41.00%
8.72% 9.64% 8.48% 8.45% 8.64% 9.66% 8.99% 8.93% 8.93% 8.62% 7.64% 7.15%
42.33% 43.30% 42.36% 42.24% 41.99% 40.57% 40.91% 10.25% 10.12% 10.26% 9.85% 9.61%
0.50% 0.49% 0.48% 0.47% 0.46% 0.45% 0.45% 0.44% 0.43% 0.42% 0.41% 0.37%
No. of Shareholders 78,71994,00687,80480,74680,42778,37480,91384,57382,12971,37967,67367,331

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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