Medi Assist Healthcare Annual Report

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

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Medi Assist Healthcare Services Limited

Medi Assist Healthcare Services Limited Balance Sheet (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Non-current assets
Property, plant and equipment	306.00	273.99
Right-of-use assets	240.74	268.90
Goodwill	1,291.78	754.31
Other intangible assets	626.27	417.70
Intangible assets under development	30.05	-
Investments	78.72	12.66
Other financial assets	166.32	116.56
Income tax assets (net)	812.17	661.79
Deferred tax assets (net)	140.87	91.30
Other non-current assets	36.15	38.60
Current assets
Investments	689.59	427.31
Trade receivables	1,786.25	1,271.57
Cash and cash equivalents	509.27	539.44
Bank balances other than cash and cash equivalents above	1,129.80	1,575.72
Other financial assets	336.57	281.94
Other current assets	325.29	325.37
Total assets	8,505.84	7,057.16
EQUITY
Equity share capital	351.05	344.30
Other equity	4,366.37	3,421.81
Equity attributable to owners of the Company	4,717.42	3,766.11
Non-controlling interests	95.92	70.61
Non-current liabilities
Lease liabilities	152.66	186.90
Other financial liabilities	79.71	73.36
Provisions	179.81	142.34
Deferred tax liabilities (net)	85.75	32.48
Current liabilities
Borrowings	-	0.77
Lease liabilities	110.65	119.12
Trade payables
Total outstanding dues of micro enterprises and small enterprises	30.28	68.62
Total outstanding dues of creditors other than micro enterprises and small enterprises	395.75	295.66
Other financial liabilities	186.67	350.68
Contract liabilities	2,200.96	1,713.40
Other current liabilities	135.30	115.74
Provisions	119.00	120.94
Current tax liabilities (net)	15.96	0.43
Total equity and liabilities	8,505.84	7,057.16

Medi Assist Healthcare Services Limited Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Income
Revenue from contracts with customers	6,347.25	5,049.34
Other income	183.23	140.21
Total income	6,530.48	5,189.55
Expenses
Employee benefits expense	2,543.64	1,976.93
Finance costs	31.64	29.89
Depreciation and amortisation expenses	430.77	267.69
Other expenses	2,470.56	1,878.95
Total expenses	5,476.61	4,153.46
Profit before exceptional item and tax	1,053.87	1,036.09
Exceptional item	210.00	-
Profit before tax for the year from continuing operations	843.87	1,036.09
Current tax	253.70	279.41
Adjustment for current tax relating to earlier years	(48.76)	-
Deferred tax	(74.02)	3.60
Profit for the year from continuing operations	712.95	753.08
(Loss) before tax for the year from discontinued operations	(27.49)	(16.92)
Tax credit of discontinued operations for the year	6.36	4.26
(Loss) for the year from discontinued operations	(21.13)	(12.66)
Profit for the year	691.82	740.42
Other comprehensive income
Items that will not be reclassified to profit and loss in subsequent periods
Re-measurement of defined benefit plans	(8.94)	(4.73)
Fair value changes in equity instruments through other comprehensive income	15.60	(56.72)
Income tax relating to items that will not be reclassified to profit and loss	0.13	(3.59)
Item that will be reclassified to profit and loss in subsequent periods
Exchange differences on translation of foreign operations	7.19	6.74
Other comprehensive income for the year, net of tax	13.98	(58.30)
Total comprehensive income for the year	705.80	682.12
Profit for the year attributable to
Owners of the Company	669.39	740.59
Non-controlling interests	22.43	(0.17)
Other comprehensive income/(loss) for the year attributable to:
Owners of the Company	11.10	(60.98)
Non-controlling interests	2.88	2.68
Total comprehensive income for the year attributable to:
Owners of the Company	680.49	679.61
Non-controlling interests	25.31	2.51
Earnings per share for continuing operations
Basic	10.02	10.94
Diluted	9.84	10.83
Earnings/(loss) per share for discontinued operations
Basic	(0.31)	(0.18)
Diluted	(0.31)	(0.18)
Earnings per share for continuing and discontinued operations
Basic	9.71	10.76
Diluted	9.53	10.65

Medi Assist Healthcare Services Limited Consolidated Cash Flow Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Cash flows from operating activities
Profit before tax for the year from continuing operations	843.87	1,036.09
(Loss) before tax for the year from discontinued operations	(27.49)	(16.92)
Adjustments:
Depreciation and amortisation expenses	430.77	267.69
Allowance for expected credit losses on trade receivables	18.91	17.04
Provision for doubtful advances and other receivables	7.69	15.30
Provisions no longer required written back	(37.02)	(12.44)
Gain on modification of lease contract	(3.56)	(10.33)
Employee stock option compensation expense	38.44	32.79
Finance costs	31.64	29.89
Profit on sale of investments in mutual funds	(14.27)	(60.20)
Interest income	(108.28)	(40.68)
Advances written off	-	1.26
Net gain on financial assets measured at fair value through profit and loss	(8.12)	(12.56)
Loss on disposal of property, plant and equipment (net)	-	4.76
Employee incentive plan	210.00	-
Net foreign exchange differences (unrealised)	0.90	1.97
Operating profit before working capital changes	1,383.48	1,253.66
Working capital adjustments:
Increase/(decrease) in trade payables	88.24	(52.61)
(Decrease)/increase in other liabilities	(62.72)	47.53
(Decrease)/increase in provisions	(42.59)	18.70
(Increase)/decrease in trade receivables	(411.17)	36.66
(Increase) in other assets	(19.49)	(101.75)
Cash generated from operations	935.75	1,202.20
Income taxes paid	(271.94)	(391.40)
Net cash inflows from operating activities	663.81	810.79
Cash flows from investing activities
Purchase of property, plant and equipment, other intangible assets including intangible assets under development and capital advances	(184.24)	(276.69)
Payment for acquisition of subsidiaries, net of cash acquired	(1,087.25)	(275.69)
Payment for business transfer of assets, net of cash acquired	(5.58)	-
Proceeds from sale of property, plant and equipment and other intangible assets	6.41	-
(Purchase)/sale of investments in mutual funds (net)	(239.89)	1,540.49
Redemption/(Investments) of bank deposits	860.64	(1,128.40)
Interest received	101.27	35.41
Net cash used in investing activities	(548.64)	(104.88)
Cash flows from financing activities
Repayment of short term borrowings	(0.77)	(42.83)
Proceeds from issue of shares (including share premium)	152.53	-
Payment of lease liabilities	(162.13)	(140.18)
Dividend paid	(130.14)	(130.14)
Finance costs paid	(7.04)	(2.10)
Net cash used in financing activities	(147.55)	(315.25)
Net increase/(decrease) in cash and cash equivalents (A+B+C)	(32.38)	390.66
Cash and cash equivalents at the beginning of the year	539.44	145.95
Effects of movements in exchange rates on cash and cash equivalents	2.21	2.83
Cash and cash equivalents at the end of the year	509.27	539.44
Component of cash and cash equivalents
Balances with banks
- In current accounts	488.78	506.48
- in Deposits with original maturity of less than three months	20.01	26.00
Cash on hand	0.48	6.96
Total cash and cash equivalents at the end of the year	509.27	539.44

Here is a summary of the Cash Flow Statement for the years 2024 and 2023:

Cash Flow from Operating Activities:

Net Profit Before Tax: The company reported a loss of ₹27.49 million from discontinued operations but a profit of ₹843.87 million from continuing operations. After various adjustments, including depreciation (₹430.77 million), finance costs (₹31.64 million), and allowances for expected credit losses, the operating profit before working capital changes amounted to ₹1,383.48 million in 2024, compared to ₹1,253.66 million in 2023.

Working Capital Adjustments: Notable changes include a decrease in trade receivables (₹411.17 million), which negatively impacted cash generation. However, increases in trade payables and adjustments in provisions helped improve the working capital.

Cash Generated from Operations: After these adjustments, the company generated ₹935.75 million from operations, down from ₹1,202.20 million in 2023.

Taxes Paid: The company paid ₹271.94 million in income taxes, leaving a net cash inflow from operating activities of ₹663.81 million, lower than the ₹810.79 million from the previous year.

Cash Flow from Investing Activities:

Capital Expenditures: The company spent ₹184.24 million on property, plant, and equipment and ₹1,087.25 million on acquiring subsidiaries in 2024, which significantly impacted cash outflow.

Investments: There was a net outflow of ₹239.89 million due to mutual fund transactions. However, bank deposit redemptions contributed ₹860.64 million in inflows.

Net Cash Used in Investing Activities: The overall cash used in investing activities was ₹548.64 million, which is higher compared to the smaller outflow of ₹104.88 million in 2023. This increased outflow was primarily due to the acquisition of subsidiaries.

Cash Flow from Financing Activities:

Repayment of Borrowings and Lease Payments: The company repaid ₹0.77 million in short-term borrowings and paid ₹162.13 million in lease liabilities in 2024.

Dividends and Finance Costs: A dividend of ₹130.14 million was paid, similar to the previous year, and ₹7.04 million was paid in finance costs.

Net Cash Used in Financing Activities: The company had a net cash outflow of ₹147.55 million in 2024, which was less than the ₹315.25 million outflow in 2023, due to lower repayments and financing costs.

Net Change in Cash and Cash Equivalents:

The company experienced a net decrease in cash and cash equivalents by ₹32.38 million in 2024, compared to an increase of ₹390.66 million in 2023.

Cash at the End of the Year: The closing balance of cash and cash equivalents stood at ₹509.27 million, down from ₹539.44 million in the previous year.

Financial Ratios of Medi Assist Healthcare Services Limited

Particulars	2024	2023
Current Ratio	3.8	2.88
Debt-Equity Ratio	0	0.02
Return on Equity Ratio	0.1	0.1
Trade Receivables Turnover Ratio	7.67	2.63
Trade Payable Turnover Ratio	5.27	5.97
Net Capital Turnover Ratio	1.11	1.21
Net Profit ratio	0.18	0.26
Return on Capital Employed Ratio	0.13	0.11
Return on Investment	0.04	0.04

Here is a summary of the financial and operational metrics for Medi Assist Healthcare Services Limited for the year 2024 and 2023:

Current Ratio:

2024: 3.8 | 2023: 2.88

The current ratio shows the company’s ability to meet its short-term obligations using its current assets. The increase from 2.88 to 3.8 indicates better liquidity and improved capability to cover short-term liabilities.

Debt-Equity Ratio:

2024: 0 | 2023: 0.02

A ratio of zero in 2024 means the company has no debt, which reflects a stronger financial position with reliance solely on equity for financing. In 2023, the minimal ratio of 0.02 shows the company had negligible debt.

Return on Equity (ROE):

2024: 0.1 | 2023: 0.1

This measures the profitability relative to shareholder equity. With both years showing a return of 0.1, the company’s efficiency in generating profits from its equity base remained consistent.

Trade Receivables Turnover Ratio:

2024: 7.67 | 2023: 2.63

This ratio reflects how efficiently the company collects its receivables. A significant increase from 2.63 to 7.67 suggests the company improved its ability to collect payments from customers in 2024.

Trade Payable Turnover Ratio:

2024: 5.27 | 2023: 5.97

This indicates how often the company pays off its suppliers. The slight decline from 5.97 to 5.27 means the company took a little more time to settle its payables in 2024 compared to 2023.

Net Capital Turnover Ratio:

2024: 1.11 | 2023: 1.21

This ratio measures how effectively the company utilizes its working capital to generate revenue. A small decline in 2024 from 1.21 to 1.11 suggests slightly less efficient capital usage compared to the prior year.

Net Profit Ratio:

2024: 0.18 | 2023: 0.26

The net profit ratio reflects the percentage of revenue that turns into profit. A decrease from 0.26 to 0.18 indicates that the company’s profitability declined slightly in 2024.

Return on Capital Employed (ROCE):

2024: 0.13 | 2023: 0.11

This ratio measures the company’s efficiency in using its capital to generate profits. The slight increase to 0.13 in 2024 shows improved capital utilization compared to 2023.

Return on Investment (ROI):

2024: 0.04 | 2023: 0.04

This measures the profitability of investments. The consistent ROI of 0.04 across both years indicates steady performance in investment returns.

Medi Assist Healthcare Annual Reports, Balance Sheet and Financials

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

Medi Assist Healthcare Services Limited Balance Sheet (Rs in Millions)

Medi Assist Healthcare Services Limited Profit & Loss Statement (Rs in Millions)

Medi Assist Healthcare Services Limited Consolidated Cash Flow Statement (Rs in Millions)

Financial Ratios of Medi Assist Healthcare Services Limited

Medi Assist Healthcare Services Annual Report 2023-24

Medi Assist Healthcare Services Annual Report 2022-23

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