Medi Assist Healthcare Annual Report | Financials

Medi Assist Healthcare Services Limited (Medi Assist) Return Comparision with Primex 40 Index

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Medi Assist Healthcare Services Limited

Medi Assist Healthcare Services Limited Balance Sheet (In Lakhs)

Particulars	2023	2022
ASSETS
Non-Current Assets
Property, plant and equipment	273.99	212.49
Right-of-use assets	268.90	200.88
Goodwill	754.31	409.80
Other Intengabile assets	417.70	163.81
Intangible assets under development		64.61
Financial assets
Investments	12.66	69.39
Other financial assets	116.56	58.93
Income tax assets (Net)	661.79	492.47
Deferred tax assets (Net)	91.30	95.19
Other non-current assets	38.60	6.56
Total Non-Current Assets	2,635.81	1,774.13
Current Assets
Financial assets
Investments	427.31	1,945.04
Trade receivables	1,271.57	1,187.70
Cash and cash equivalents	539.44	145.95
Bank balance other than cash and cash equivalnets above	1,575.72	479.38
Other financial assets	281.94	224.23
Other current assets	325.37	265.86
Total Current Assets	4,421.35	4,248.16
Total Assets	7,057.16	6,022.29
EQUIYTY AND LIABILITIES
EQUITY
Equity Share Capital	344.30	344.30
Other Equity	3,421.81	3,026.98
Equity attributable to owners of the Company	3,766.11	3,371.28
Non-controlling interests	70.61	21.57
Total Equity	3,836.72	3,392.85
LIABILITIES
Non-Current Liabilities
Financial Liabilities
Lease liabilities	186.90	175.20
Other financial liabilities	73.36
Provisions	142.34	112.21
Deferred tax liabilities(Net)	32.48
Total Non-Current Liabilities	435.08	287.41
Current Liabilities
Financial Liabilities
Borrowings	0.77
Lease liabilities	119.12	99.58
Trade Payables
Total outstanding dues of micro enterprises and small enterprises	68.62	32.32
Total outsatnding dues of creditiors other than micro enterprises and small enterprises	295.66	257.88
Other financial liabilities	350.68	132.94
Contract liabilities	1,731.40	1,536.96
Other current liabilities	115.74	216.13
Provisions	120.94	66.22
Current tax liabilities(Net)	0.43
Total Current Liabilities	2,785.36	2,342.03
Total Liabilities	3,220.44	2,629.44
Total Equity and Liabilities	7,057.16	6,022.29

Medi Assist Healthcare Services Limited Profit & Loss Statement (In Lakhs)

Particulars	2023	2022
Continunig Operations
Income
Revenue from contracts with consumers	5,049.34	3,938.10
Other Income	140.21	182.13
Total Income	5,189.55	4,120.23
Expenses
Employee benefits expense	1,976.93	1,556.79
Finance Costs	29.89	29.50
Depreciation and amortisation expenses	267.69	284.08
Other expenses	1,878.95	1,469.11
Total Expenses	4,153.46	3,339.48
Profit before exceptional item and tax	1,036.09	789.75
Exceptional item		(26.11)
Profit before tax for the year from continunig operations	1,036.09	806.86
Income tax expenses
Current tax	279.41	192.26
Adjustments for current tax relating to earlier years		(38.99)
Deferred tax	3.60	18.93
Total Income Tax expenses	283.01	172.20
Profit for the year from continuning operations	753.08	634.66
Discontinued operations	(16.92)	10.04
Profit/(loss) before tax for the year from discontinued operations	4.26	(2.53)
Tax (expenses)/credit of discontinued operations for the year	(12.66)	7.51
Profit for the year	740.42	642.17
Other comprehensive income
Items that will not be reclassified to profit and loss in subsequent periods
Re-measurement of defined benefit plans	(4.73)	(28.06)
Fair value changes in equity instruments through other comprehensive income	(56.72)	(5.34)
Income tax relating to items that will not be reclassified to profit and loss	(3.59)	7.68
Items that will be reclassifed to profit and loss in subsequent periods
Exchange difference on translation of foreign operations	6.74
Other comprehensive income for the year	(58.30)	(25.72)
Total Comprehensive Income for the year	682.12	616.45
Earnigs per share
Basics	10.94	9.22
Diluted	10.83	9.14

Medi Assist Healthcare Services Limited Consolidated Cash Flow Statement (In Lakhs)

Particulars	2023	2022
Cash flows from operating activities
Profit before tax for the year from contuning operations	1,036.09	806.86
Profit / (Loss) before tax for the year from discontinued operations	(16.92)	10.04
Adjutsments
Depreciation and amortisation expenses	267.69	284.08
Allowance for expected credit lossess on trade receivables and other receivables	17.04	22.69
Provisions for doubtful advances and other receivables	15.30
Creditiors/Provisions no longer required written back	(12.44)	(11.52)
Gain on modification of lease contract	(10.30)
Employee stock option comprensation expense	32.79	23.04
Finance costs	29.89	28.71
Profit on sale of investments in mutual funds	(60.20)	(12.35)
Bad debts written off	80.84	98.57
Utilisation of provisions for expected credit lossess	(80.84)	(98.57)
Interest Income	(40.68)	(31.29)
Advances written off	1.26
Net gain on financial assets measured at fair value through profit and loss	(12.56)	(46.34)
Loss/(Gain) on disposal of property, plant and equipment(Net)	4.76	(60.34)
Net froeign exchange difference (Unrealised)	1.97
Operating profit before working capital changes	1,253.66	1,013.58
Working Capital adjustments
Increase/(Decrease) in trade payables	(52.61)	(33.14)
Increase in other liabilities	47.53	262.91
Increase in provisions	18.70	11.71
Increase in trade receivables	36.66	0.41
Increase in other assets	(101.75)	(184.81)
Cash generated from operations	1,202.19	1,070.66
Income taxes paid	(391.40)	(426.67)
Net cash inflows from operating activities (A)	810.79	643.99
Cash flows from investing activities
Purchase of property, plant and equipment, other intangible assets including capital advances	(276.69)	(60.06)
Payments for intangible assets under development		(57.67)
Payments for acquidition subsidiaries, net of cash acquired	(275.69)
Proceeds from sale of property, plant and equipment and other intangible assets
(Purchase)/sale of investments in mutual funds(Net)	1,540.49	(805.46)
Payment towards advance for investment		(50.00)
(Investments)/redemption of bank deposits	(1,128.40)	25.42
Interest received	35.41	28.51
Net cash used in investing activities (B)	(104.88)	(828.99)
Cash flows from financing activities
Repayment of short term borrowings	(42.83)
Payment (Including interest) of lease liabilities	(140.18)	(129.59)
Dividend Paid	(130.14)	(172.15)
Finance Costs Paid	(2.10)	(1.20)
Net Cash Used in financing activities©	(315.25)	(302.94)
Net increase/(decrease) in cash and cash equivalents (A+B+C)	390.66	(487.94)
Cash and cash equivalents at the beginning of the year	145.95	633.89
Effects of movements in exchange rates on cash and cash equivalents	2.83
Cash and cash equivalents at the end of the year	539.44	145.95

In the financial year 2023, the company exhibited notable financial activities across operating, investing, and financing segments. Here 's a summary of the key points:

Operating Activities:

1. Profitability: The profit before tax from continuing operations increased to INR 1,036.09 lakhs compared to INR 806.86 lakhs in 2022.

2. Adjustments: Various adjustments were made, including depreciation, allowance for expected credit losses, provisions, employee stock option expenses, finance costs, and gains/losses on various financial assets.

3. Working Capital Changes: Adjustments for changes in working capital involved fluctuations in trade payables, other liabilities, provisions, trade receivables, and other assets.

4. Cash Generation: The operating profit before working capital changes was INR 1,253.66 lakhs in 2023, an increase from INR 1,013.58 lakhs in 2022. Cash generated from operations amounted to INR 1,202.19 lakhs.

Investing Activities:

1. Capital Expenditure: Significant investments were made in property, plant, equipment, and intangible assets, amounting to (INR 276.69) lakhs.

2. Acquisitions: Payments for the acquisition of subsidiaries net of cash acquired totaled (INR 275.69) lakhs.

3. Proceeds and Investments: Notable net cash flows resulted from the purchase/sale of investments in mutual funds, with a net cash inflow of INR 1,540.49 lakhs.

4. Bank Deposits: There was a substantial redemption of bank deposits, resulting in a net cash outflow of (INR 1,128.40) lakhs.

Financing Activities:

1. Borrowings and Repayments: The company made repayments of short-term borrowings amounting to (INR 42.83) lakhs.

2. Lease Liabilities: Payments, including interest, for lease liabilities were (INR 140.18) lakhs.

3. Dividend Payments: Dividend payments amounted to (INR 130.14) lakhs.

4. Finance Costs: Payments for finance costs were (INR 2.10) lakhs.

Overall Cash Position:

1. Net Increase in Cash: The net increase in cash and cash equivalents for the year was INR 390.66 lakhs, a positive change from the previous year 's decrease.

2. Opening and Closing Cash Balance: Cash and cash equivalents at the beginning of the year were INR 145.95 lakhs, and by the end of the year, they increased to INR 539.44 lakhs.

3. Exchange Rate Effects: There were minimal effects of movements in exchange rates on cash and cash equivalents, contributing to an increase in the overall cash position.

Bellow, are the Financial Ratios

Ratios	2023
EBITDA	-75.67 %
Networth	0.41 %
Debt/Equity Ratio	0
Return on Equity	9.89%
Total Assets	1.39 %
Fixed Assets	45.07 %
Current Assets	-24.14 %
Current Liabilities	16.55 %
Trade Receivables	-64.18 %
Trade Payables	102.14 %
Current Ratio	2.88

In 2023, the company 's financial health and performance are reflected through various key ratios, providing insights into different aspects of its operations.

1. EBITDA Margin:

- Ratio: EBITDA margin stands at -75.67%, indicating that the company 's Earnings Before Interest, Taxes, Depreciation, and Amortization are negative relative to its revenue.

- Interpretation: A negative EBITDA margin suggests that the company is incurring operating losses, and careful attention is required to assess and address operational efficiency.

2. Net Worth:

- Ratio: The Net Worth ratio is at 0.41%, indicating a relatively low proportion of net assets to total assets.

- Interpretation: A low net worth ratio may suggest limited financial cushion, and it is crucial to monitor the company 's ability to cover its obligations with available assets.

3. Debt/Equity Ratio:

- Ratio: The Debt/Equity Ratio is 0, signifying that the company has no debt in relation to its equity.

- Interpretation: A Debt/Equity ratio of 0 indicates a debt-free capital structure, suggesting low financial risk and a conservative approach to financing.

4. Return on Equity (ROE): - Ratio: The Return on Equity is 9.89%, indicating the company 's ability to generate a positive return for its equity holders.

- Interpretation: A positive ROE signifies profitability and efficiency in utilizing shareholders ' equity to generate returns.

5. Total Assets and Composition:

- Ratio: Total Assets increased by 1.39%, suggesting modest growth in the company 's asset base.

- Fixed Assets: Fixed Assets constitute a significant portion at 45.07%, indicating a substantial investment in long-term assets.

- Current Assets: Current Assets decreased by -24.14%, possibly signaling a shift in the composition of assets or changes in working capital.

6. Current Liabilities and Working Capital:

- Ratio: Current Liabilities increased by 16.55%, reflecting changes in short-term obligations.

- Trade Receivables and Payables: Trade Receivables decreased significantly by -64.18%, while Trade Payables increased by 102.14%, indicating potential shifts in customer payment behavior and supplier relationships.

7. Current Ratio:

- Ratio: The Current Ratio is at 2.88, suggesting a healthy liquidity position.

- Interpretation: A Current Ratio above 1 indicates the company 's ability to cover short-term liabilities with its current assets, portraying a sound liquidity position.

Annual Report

Medi Assist Healthcare Services Annual Report 2022-23

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Medi Assist Healthcare Annual Reports, Balance Sheet and Financials