Kovai Medical Center & Hospital Ltd

About

Kovai Medical Center & Hospital Ltd is a Coimbatore-based company which is in the business of advanced healthcare services. It also forayed into education services in 2019 with the commencement of its new Medical College in Coimbatore.[1]

Key Points

Hospital Portfolio
The company owns 1 multi-speciality medical centre along with 5 other small-medium scale hospitals in Coimbatore and Erode in Tamil Nadu.[1]
It has a capacity of ~1,400 beds through its hospitals.[2]

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  • Market Cap 1,811 Cr.
  • Current Price 1,656
  • High / Low 1,899 / 992
  • Stock P/E 16.9
  • Book Value 518
  • Dividend Yield 0.18 %
  • ROCE 13.2 %
  • ROE 16.5 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter

Cons

  • The company has delivered a poor sales growth of 8.21% over past five years.
  • Company might be capitalizing the interest cost

Peer comparison

Sector: Healthcare Industry: Healthcare

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
166 159 165 177 192 178 129 184 179 199 239 218
129 127 130 135 141 137 106 123 127 141 164 154
Operating Profit 37 33 36 41 51 40 22 61 52 58 75 64
OPM % 22% 20% 22% 23% 26% 23% 17% 33% 29% 29% 31% 29%
Other Income 2 2 3 2 3 3 3 2 2 5 2 2
Interest 3 2 3 4 3 4 7 8 8 9 11 11
Depreciation 9 9 10 10 11 22 16 17 17 18 19 23
Profit before tax 27 23 26 29 39 17 2 38 29 36 47 32
Tax % 36% 34% 23% 44% 37% -94% 27% 25% 30% 26% 25% 25%
Net Profit 17 15 20 16 25 33 2 29 21 27 35 24
EPS in Rs 15.67 14.06 18.13 14.95 22.75 30.61 1.41 26.07 18.96 24.55 32.19 22.07

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
130 175 222 297 334 402 465 531 588 628 712 690 834
105 139 179 227 261 307 374 406 459 494 540 495 586
Operating Profit 25 36 43 70 73 94 92 125 129 135 171 195 249
OPM % 19% 21% 20% 24% 22% 23% 20% 23% 22% 21% 24% 28% 30%
Other Income 2 1 2 3 5 7 8 6 7 8 10 12 11
Interest 5 11 17 27 24 20 17 15 13 15 18 33 39
Depreciation 5 7 12 15 16 21 21 24 34 36 52 68 77
Profit before tax 17 20 16 31 37 59 62 92 89 93 112 106 145
Tax % 33% 38% 26% 32% 36% 35% 35% 35% 35% 35% 15% 27%
Net Profit 12 12 12 21 24 39 40 60 58 60 95 78 107
EPS in Rs 10.58 11.05 10.92 19.42 21.68 35.37 36.95 54.81 52.99 54.96 86.44 71.00 97.77
Dividend Payout % 12% 11% 11% 8% 7% 4% 7% 5% 6% 5% 3% 4%
Compounded Sales Growth
10 Years: 15%
5 Years: 8%
3 Years: 5%
TTM: 22%
Compounded Profit Growth
10 Years: 20%
5 Years: 14%
3 Years: 10%
TTM: 21%
Stock Price CAGR
10 Years: 31%
5 Years: 11%
3 Years: 34%
1 Year: 48%
Return on Equity
10 Years: 23%
5 Years: 21%
3 Years: 20%
Last Year: 16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
11 11 11 11 11 11 11 11 11 11 11 11 11
Reserves 29 40 50 70 91 127 165 224 276 332 420 499 556
Borrowings 108 192 228 209 184 163 158 125 202 378 543 623 576
25 41 50 55 65 85 96 103 116 129 134 148 190
Total Liabilities 174 284 339 345 351 386 430 464 605 850 1,108 1,281 1,332
98 185 288 279 277 281 337 354 443 469 643 1,033 1,059
CWIP 42 38 0 5 5 17 10 6 13 227 300 45 28
Investments 4 4 4 4 4 4 4 4 0 0 0 0 0
29 57 46 57 65 85 78 100 149 153 165 202 244
Total Assets 174 284 339 345 351 386 430 464 605 850 1,108 1,281 1,332

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
24 41 56 62 68 97 85 99 87 126 152 186
-64 -97 -77 -9 -12 -80 -113 -83 -192 -352 -335 -329
31 71 17 -48 -52 -43 -24 -50 60 160 113 38
Net Cash Flow -8 15 -4 6 4 -26 -53 -33 -45 -66 -70 -104

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 12 14 5 5 8 9 7 8 8 6 4 6
Inventory Days 43 37 36 35 33 25 22 20 23 20 23 19
Days Payable 39 25 32 29 35 53 47 37 43 47 46 29
Cash Conversion Cycle 16 26 9 11 6 -19 -19 -9 -12 -21 -19 -4
Working Capital Days -2 -25 -28 -18 -16 -28 -27 -23 -25 -30 -34 -38
ROCE % 18% 16% 12% 20% 21% 27% 25% 31% 24% 18% 15% 13%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
50.65 50.65 50.65 50.65 50.81 50.80 50.80 50.80 50.80 55.76 55.76 55.74
4.00 4.07 4.20 3.72 3.69 3.05 2.93 2.76 2.57 2.57 2.08 2.08
1.58 1.58 1.58 1.08 1.01 1.01 1.01 1.39 1.54 0.98 1.43 1.72
43.77 43.70 43.57 44.55 44.49 45.14 45.26 45.05 45.09 40.69 40.73 40.46

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