Aster DM Healthcare Ltd

Aster DM Healthcare Ltd

₹ 358 -1.32%
14 Jun - 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 17,888 Cr.
  • Current Price 358
  • High / Low 558 / 275
  • Stock P/E 143
  • Book Value 91.3
  • Dividend Yield 0.00 %
  • ROCE 4.28 %
  • ROE 2.90 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Debtor days have improved from 55.5 to 23.0 days.

Cons

  • Stock is trading at 3.92 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of -14.2% over past five years.
  • Company has a low return on equity of 9.21% over last 3 years.
  • Company might be capitalizing the interest cost
  • Promoters have pledged 98.9% of their holding.
  • Working capital days have increased from 123 days to 297 days

* 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

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
2,390.88 2,371.59 2,504.34 2,649.56 2,727.79 2,662.12 2,816.30 3,192.14 806.94 3,215.37 3,316.63 954.67 973.59
2,069.80 2,090.74 2,161.53 2,252.50 2,267.34 2,370.41 2,497.50 2,743.47 686.91 2,834.97 2,946.64 805.49 817.11
Operating Profit 321.08 280.85 342.81 397.06 460.45 291.71 318.80 448.67 120.03 380.40 369.99 149.18 156.48
OPM % 13.43% 11.84% 13.69% 14.99% 16.88% 10.96% 11.32% 14.06% 14.87% 11.83% 11.16% 15.63% 16.07%
30.26 9.08 10.13 12.09 21.98 37.27 18.42 9.52 148.61 9.20 -46.05 153.06 -39.84
Interest 76.73 66.46 61.39 66.93 62.24 68.80 77.21 87.24 24.91 98.89 101.94 25.26 29.88
Depreciation 152.64 152.98 156.35 160.88 170.37 174.96 189.37 197.51 53.74 217.46 227.16 56.51 58.36
Profit before tax 121.97 70.49 135.20 181.34 249.82 85.22 70.64 173.44 189.99 73.25 -5.16 220.47 28.40
Tax % 4.30% 15.45% 5.61% 7.25% 1.68% 6.40% 23.41% 8.31% 3.89% 72.90% -197.09% 5.10% 107.64%
116.72 59.60 127.62 168.20 245.63 79.77 54.10 159.03 182.59 19.85 -15.33 209.23 -2.17
EPS in Rs 2.11 0.89 2.14 2.97 4.53 1.37 0.93 2.79 3.42 0.10 -0.62 3.59 -0.48
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,922 2,871 3,876 5,250 5,931 6,721 7,963 8,652 8,608 10,253 11,933 3,699
1,660 2,421 3,370 4,805 5,582 6,089 6,886 7,187 7,506 8,720 10,307 3,132
Operating Profit 261 451 506 445 349 632 1,077 1,465 1,103 1,533 1,626 567
OPM % 14% 16% 13% 8% 6% 9% 14% 17% 13% 15% 14% 15%
11 19 23 25 453 177 -155 -158 53 51 79 32
Interest 45 48 79 189 371 204 205 391 334 307 390 110
Depreciation 76 111 144 243 322 298 306 586 618 641 780 220
Profit before tax 151 310 306 38 108 308 410 330 205 637 535 268
Tax % 4% 9% 11% 78% 10% 8% 10% 5% 13% 6% 11% 21%
149 284 272 8 98 282 367 315 178 601 475 212
EPS in Rs 7.26 4.69 7.00 0.20 2.52 5.32 6.59 5.54 2.96 10.53 8.51 2.59
Dividend Payout % 0% 35% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 3%
5 Years: -14%
3 Years: -25%
TTM: -69%
Compounded Profit Growth
10 Years: -3%
5 Years: -24%
3 Years: -5%
TTM: -70%
Stock Price CAGR
10 Years: %
5 Years: 21%
3 Years: 31%
1 Year: 24%
Return on Equity
10 Years: 8%
5 Years: 9%
3 Years: 9%
Last Year: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 125 375 389 403 403 505 505 497 497 500 500 500
Reserves 654 536 1,096 17 1,472 2,327 2,709 2,775 2,875 3,080 3,574 4,060
Preference Capital 0 0 0 0 0 0 0 0 0 374 374
505 886 1,091 3,321 2,758 2,352 2,788 5,605 4,804 4,907 5,700 1,384
856 1,097 1,834 2,003 2,171 2,296 2,926 3,528 3,444 4,035 5,062 12,048
Total Liabilities 2,140 2,894 4,409 5,743 6,804 7,479 8,928 12,405 11,620 12,521 14,836 17,991
872 1,087 2,237 2,507 3,520 3,738 4,289 7,124 6,749 7,009 9,052 3,175
CWIP 185 357 197 358 290 402 550 736 934 998 279 170
Investments 6 7 3 39 32 38 22 34 63 45 80 17
1,077 1,442 1,972 2,839 2,962 3,302 4,067 4,511 3,874 4,470 5,425 14,629
Total Assets 2,140 2,894 4,409 5,743 6,804 7,479 8,928 12,405 11,620 12,521 14,836 17,991

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
236 203 361 537 601 1,223 1,569 1,314 1,834 158
-439 -775 -1,136 -522 -702 -658 -333 -563 -951 -885
203 578 654 46 134 -675 -1,116 -686 -817 1,053
Net Cash Flow -1 5 -122 61 33 -110 120 65 66 326

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 95 86 83 93 79 84 93 100 86 72 71 23
Inventory Days 84 71 93 92 102 111 110 138 122 129 135 44
Days Payable 213 176 178 187 151 150 153 303 290 267 309 183
Cash Conversion Cycle -34 -18 -2 -1 30 45 50 -65 -83 -66 -102 -116
Working Capital Days 82 61 69 68 57 59 57 40 38 40 32 297
ROCE % 18% 14% 6% 1% 7% 13% 12% 6% 10% 9%

Shareholding Pattern

Numbers in percentages

15 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
37.88% 37.88% 37.88% 37.88% 37.88% 37.88% 37.88% 41.88% 41.88% 41.88% 41.88% 41.88%
8.69% 10.80% 10.95% 11.03% 11.44% 11.77% 42.49% 38.63% 38.82% 40.22% 41.00% 33.48%
9.64% 8.48% 8.45% 8.64% 9.66% 8.99% 8.93% 8.93% 8.62% 7.64% 7.15% 13.70%
43.30% 42.36% 42.24% 41.99% 40.57% 40.91% 10.25% 10.12% 10.26% 9.85% 9.61% 10.59%
0.49% 0.48% 0.47% 0.46% 0.45% 0.45% 0.44% 0.43% 0.42% 0.41% 0.37% 0.35%
No. of Shareholders 94,00687,80480,74680,42778,37480,91384,57382,12971,37967,67367,33180,931

* 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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