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Financial Accounting

Comparative Analysis of Apollo Hospitals Enterprises Ltd. and Narayana Hrudayalaya Ltd.

Group 4
Amrit Anshuman 1711079 amrit.anshuman17@iimb.ac.in
Chahat Gupta 1711092 chahat.gupta17@iimb.ac.in
Kiran Singh R 1711105 kiran.singh17@iimb.ac.in
Prerna Gautam 1711118 prerna.gautam17@iimb.ac.in
Sanath Upadhya 1711131 sanath.upadhya17@iimb.ac.in
1 Table of Contents
Company Background ...........................................................................................................................................1
Apollo Hospitals Enterprises Ltd. .......................................................................................................................2
Narayana Hrudayalaya Ltd...................................................................................................................................2
Economic Analysis .................................................................................................................................................1
Significant Accounting Policies & Changes in accounting Methods & Estimates) .........................................1
Apollo Hospitals Enterprises Ltd. .......................................................................................................................2
Narayana Hrudayalaya Ltd...................................................................................................................................2
Discontinued operations and prior period errors ...............................................................................................1
Interpretation of Financial Statements ................................................................................................................1
Balance Sheet .......................................................................................................................................................5
Apollo Hospitals Enterprises Ltd. ...................................................................................................................6
Narayana Hrudayalaya Ltd ..............................................................................................................................6
Profit and Loss .....................................................................................................................................................5
Apollo Hospitals Enterprises Ltd. ...................................................................................................................6
Narayana Hrudayalaya Ltd ..............................................................................................................................6
Cash Flow (earnings quality) ...............................................................................................................................5
Apollo Hospitals Enterprises Ltd. ...................................................................................................................6
Narayana Hrudayalaya Ltd ..............................................................................................................................6
Ratio Analysis ......................................................................................................................................................5
Apollo Hospitals Enterprises Ltd. ...................................................................................................................6
Narayana Hrudayalaya Ltd ..............................................................................................................................6
Comparative Analysis ............................................................................................................................................1
Apollo Hospitals Enterprises Ltd. Vs Narayana Hrudayalaya Ltd .....................................................................2
Apollo Hospitals Enterprises Ltd. Vs Narayana Hrudayalaya Ltd Vs Industry...................................................2
1 Company Background

1.1 Apollo Hospitals Enterprises Ltd.


Apollo Hospitals Enterprises Ltd. is an Indian chain of hospitals was founded in Chennai in 1983 by Dr. Prathap C Reddy.
The group has 64 hospitals and clinics across the country and 10 Telemedicine units in 10 countries. Apollo hospital was
India’s first corporate hospital. It has a robust presence across the healthcare ecosystem, including Hospitals,
Pharmacies, Primary Care & Diagnostic Clinics.

Company’s vision is “Apollo's vision for the next phase of development is to 'Touch a Billion Lives”.

5 hospitals of the group have been accredited by JCI, Joint Commission International.

1.2 Narayana Hrudayalaya Ltd.


Narayana Hrudalaya Ltd. is an Indian chain of multi-specialty hospitals founded in Bangalore in 2000 by Dr. Devi Shetty.
Narayana Health operates a chain of hospitals, heart centres, and primary care facilities across India. The group
has 24 Hospitals, 7 heart centres and several primary care facilities. The group has strong presence in Karnataka,
Eastern India and emerging presence in Central and North India.
Company’s mission is to deliver high quality, affordable healthcare services to the broader population of India .

3 hospitals of the group have been accredited by JCI.

2 Economic Analysis

3 Significant Accounting Policies

4 Interpretation of Financial Statements

4.1 Balance Sheet


Horizontal Analysis- Apollo Hospitals Enterprises Ltd

Balance Sheet of Apollo Hospitals


Horizontal Analysis
Enterprises
Mar 16 15-Mar 14-Mar 13-Mar
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 0.00% 0.00% 0.00% 3.47%
Total Share Capital 0.00% 0.00% 0.00% 3.47%
Reserves and Surplus 8.70% 6.78% 8.92% 18.33%
Total Reserves and Surplus 8.70% 6.78% 8.92% 18.33%
Money Received Against Share Warrants -100.00%
Total Shareholders Funds 8.51% 6.62% 8.69% 15.96%
NON-CURRENT LIABILITIES
Long Term Borrowings 33.42% 45.32% 14.39% 108.40%
Deferred Tax Liabilities [Net] 18.65% 22.23% 37.36% 40.75%
Other Long Term Liabilities 73.33% -94.57% -26.79% -21.13%
Long Term Provisions -100.00%
Total Non-Current Liabilities 30.23% 39.35% 19.16% 30.12%
CURRENT LIABILITIES
Short Term Borrowings 174.31% 250.16% -15.85% -86.31%
Trade Payables 25.36% 28.70% 41.05% 3.16%
Other Current Liabilities 29.35% 82.51% -22.10% 29.56%
Short Term Provisions -59.24% -0.91% 24.19% 37.09%
Total Current Liabilities 23.39% 43.42% 9.90% -7.13%
Total Capital And Liabilities 17.50% 19.84% 11.53% 15.87%
ASSETS
NON-CURRENT ASSETS
Tangible Assets 17.00% 22.16% 17.79% 17.81%
Intangible Assets 685.39% 7.04% -8.90% 15.84%
Capital Work-In-Progress 13.07% 10.48% 29.52% 89.06%
Intangible Assets Under Development -100.00% 17.42% 27.45%
Fixed Assets 19.42% 19.03% 19.64% 26.10%
Non-Current Investments 40.68% 10.54% 3.10% -18.79%
Long Term Loans And Advances 20.06% 19.99% 61.67% -40.90%
Total Non-Current Assets 22.60% 17.85% 21.02% 3.47%
CURRENT ASSETS
Current Investments -41.03% -23.01% -59.99% 216.45%
Inventories 26.96% 25.49% 29.01% 12.41%
Trade Receivables 11.93% 17.31% 9.81% 20.59%
Cash And Cash Equivalents 2.62% 19.31% -18.23% 36.64%
Short Term Loans And Advances -11.30% 68.69% 31.06% 94.46%
OtherCurrentAssets 61.56% 71.73% 17.83% -40.73%
Total Current Assets 5.10% 24.95% -7.23% 51.79%
Total Assets 17.50% 19.84% 11.53% 15.87%

Horizontal Analysis- Narayana Hrudayalaya Ltd.

Balance Sheet of Narayana


Hrudayalaya Horizontal Analysis
16-Mar 15-Mar 14-Mar 13-Mar
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 2% 60506% 0% 0%
Total Share Capital 2% 60506% 0% 0%
Reserves and Surplus 28% 4% 7% 4%
Total Reserves and Surplus 28% 4% 7% 4%
Total Shareholders Funds 21% 39% 7% 4%
NON-CURRENT LIABILITIES
Long Term Borrowings -40% -27% 25% 56%
Deferred Tax Liabilities [Net] -10% 13% 27% 9%
Other Long Term Liabilities -57% 121% 38% 75%
Long Term Provisions 28% 59% 13% 14%
Total Non-Current Liabilities -33% -19% 25% 48%
CURRENT LIABILITIES
Short Term Borrowings -61% 81% 78%
Trade Payables 16% -21% 103% 10%
Other Current Liabilities 7% -20% 13% 59%
Short Term Provisions 67% 73% 51% -30%
Total Current Liabilities -9% -2% 59% 53%
Total Capital And Liabilities 6% 15% 22% 19%
ASSETS
NON-CURRENT ASSETS
Tangible Assets -1% 4% 24% 23%
Intangible Assets -12% -56% 40% 1331%
Capital Work-In-Progress 44% -27% -71% -42%
Intangible Assets Under Development -100% -67%
Fixed Assets -1% 2% 17% 13%
Non-Current Investments 39% 369% 63% 151%
Long Term Loans And Advances -15% -24% 15% 10%
Other Non-Current Assets -78% -33% -2%
Total Non-Current Assets 6% 18% 18% 15%
CURRENT ASSETS
Inventories -9% 2% 30% 34%
Trade Receivables -3% 7% 46% 36%
Cash And Cash Equivalents -22% 5% -3% 66%
Short Term Loans And Advances 31% -14% 38% 76%
OtherCurrentAssets 137% -8% 74% 67%
Total Current Assets 4% 3% 37% 44%
Total Assets 6% 15% 22% 19%

Vertical Analysis – Apollo Hospitals Enterprise Ltd

Balance Sheet of Apollo Hospitals Enterprises Vertical Analysis


Mar 15- 14- 13-
16 Mar Mar Mar
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 1 1 1 2
Total Share Capital 1 1 1 2
Reserves and Surplus 49 53 60 61
Total Reserves and Surplus 49 53 60 61
Money Received Against Share Warrants 0 0 0 0
Total Shareholders Funds 50 54 61 63
NON-CURRENT LIABILITIES
Long Term Borrowings 28 25 21 20
Deferred Tax Liabilities [Net] 7 7 7 5
Other Long Term Liabilities 0 0 0 0
Long Term Provisions 0 0 0 0
Total Non-Current Liabilities 35 32 28 25
CURRENT LIABILITIES
Short Term Borrowings 2 1 0 1
Trade Payables 6 6 5 4
Other Current Liabilities 5 5 3 4
Short Term Provisions 1 2 3 3
Total Current Liabilities 14 14 11 12
Total Capital And Liabilities 100 100 100 100
ASSETS
NON-CURRENT ASSETS
Tangible Assets 41 41 41 39
Intangible Assets 2 0 0 0
Capital Work-In-Progress 8 9 10 8
Intangible Assets Under Development 0 0 0 0
Fixed Assets 51 51 51 47
Non-Current Investments 12 10 11 12
Long Term Loans And Advances 10 10 10 7
Total Non-Current Assets 74 71 72 66
CURRENT ASSETS 0 0 0 0
Current Investments 1 2 3 9
Inventories 6 6 5 5
Trade Receivables 9 9 10 10
Cash And Cash Equivalents 4 4 4 6
Short Term Loans And Advances 5 7 5 4
OtherCurrentAssets 1 1 0 0
Total Current Assets 26 29 28 34
Total Assets 100 100 100 100

Vertical Analysis – Narayana Hrudayalaya Ltd.

Balance Sheet of Narayana


Vertical Analysis
Hrudayalaya
16-Mar 15-Mar 14-Mar 13-Mar
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 14 15 15 0
Total Share Capital 14 15 15 0
Reserves and Surplus 57 55 46 50
Total Reserves and Surplus 57 55 46 50
Total Shareholders Funds 71 70 61 51
NON-CURRENT LIABILITIES
Long Term Borrowings 6 7 12 19
Deferred Tax Liabilities [Net] 2 2 2 2
Other Long Term Liabilities 2 0 0 0
Long Term Provisions 1 1 1 1
Total Non-Current Liabilities 11 10 16 22
CURRENT LIABILITIES
Short Term Borrowings 0 3 7 5
Trade Payables 10 10 9 14
Other Current Liabilities 7 6 6 9
Short Term Provisions 1 1 1 0
Total Current Liabilities 18 20 23 27
Total Capital And Liabilities 100 100 100 100
ASSETS
NON-CURRENT ASSETS
Tangible Assets 46 46 50 55
Intangible Assets 0 0 0 1
Capital Work-In-Progress 3 1 1 1
Intangible Assets Under
Development 0 0 0 0
Fixed Assets 49 48 51 57
Non-Current Investments 24 24 19 5
Long Term Loans And Advances 3 9 11 17
Other Non-Current Assets 5 0 0 0
Total Non-Current Assets 81 81 81 78
CURRENT ASSETS
Inventories 3 3 4 4
Trade Receivables 9 10 11 12
Cash And Cash Equivalents 2 1 2 2
Short Term Loans And Advances 1 2 2 2
OtherCurrentAssets 4 2 1 1
Total Current Assets 19 19 19 22
Total Assets 100 100 100 100

Trend Analysis- Apollo Hospitals Enterprises Ltd

Balance Sheet of Apollo Hospitals Enterprises Trend Analysis


Mar 15- 14- 13-
16 Mar Mar Mar
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 100 100 100 100
Total Share Capital 100 100 100 100
Reserves and Surplus 126 116 109 100
Total Reserves and Surplus 126 116 109 100
Money Received Against Share Warrants
Total Shareholders Funds 126 116 109 100
NON-CURRENT LIABILITIES
Long Term Borrowings 222 166 114 100
Deferred Tax Liabilities [Net] 199 168 137 100
Other Long Term Liabilities 7 4 73 100
Long Term Provisions
Total Non-Current Liabilities 216 166 119 100
CURRENT LIABILITIES
Short Term Borrowings 808 295 84 100
Trade Payables 228 182 141 100
Other Current Liabilities 184 142 78 100
Short Term Provisions 50 123 124 100
Total Current Liabilities 194 158 110 100
Total Capital And Liabilities 157 134 112 100
ASSETS
NON-CURRENT ASSETS
Tangible Assets 168 144 118 100
Intangible Assets 766 98 91 100
Capital Work-In-Progress 162 143 130 100
Intangible Assets Under Development 0 0 117 100
Fixed Assets 170 142 120 100
Non-Current Investments 160 114 103 100
Long Term Loans And Advances 233 194 162 100
Total Non-Current Assets 175 143 121 100
CURRENT ASSETS
Current Investments 18 31 40 100
Inventories 206 162 129 100
Trade Receivables 144 129 110 100
Cash And Cash Equivalents 100 98 82 100
Short Term Loans And Advances 196 221 131 100
OtherCurrentAssets 327 202 118 100
Total Current Assets 122 116 93 100
Total Assets 157 134 112 100

Trend Analysis- Narayana Hrudayalaya Ltd

Balance Sheet of Narayana


Trend Analysis
Hrudayalaya
16-Mar 15-Mar 14-Mar 13-Mar
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 61927 60606 100 100
Total Share Capital 61927 60606 100 100
Reserves and Surplus 147 115 111 104
Total Reserves and Surplus 147 115 111 104
Total Shareholders Funds 187 154 111 104
NON-CURRENT LIABILITIES
Long Term Borrowings 86 143 195 156
Deferred Tax Liabilities [Net] 141 156 138 109
Other Long Term Liabilities 229 531 240 175
Long Term Provisions 260 204 128 114
Total Non-Current Liabilities 100 150 186 148
CURRENT LIABILITIES
Short Term Borrowings
Trade Payables 204 176 224 110
Other Current Liabilities 154 143 179 159
Short Term Provisions 304 182 105 70
Total Current Liabilities 215 237 243 153
Total Capital And Liabilities 176 167 145 119
ASSETS
NON-CURRENT ASSETS
Tangible Assets 156 158 152 123
Intangible Assets 771 877 2006 1431
Capital Work-In-Progress 18 12 17 58
Intangible Assets Under Development 0 0 0 33
Fixed Assets 134 134 131 113
Non-Current Investments 2662 1922 410 251
Long Term Loans And Advances 81 96 126 110
Other Non-Current Assets
Total Non-Current Assets 170 160 135 115
CURRENT ASSETS
Inventories 162 178 175 134
Trade Receivables 206 213 198 136
Cash And Cash Equivalents 132 169 162 166
Short Term Loans And Advances 273 208 243 176
OtherCurrentAssets 633 267 290 167
Total Current Assets 210 202 196 144
Total Assets 176 167 145 119

4.2 Profit and Loss Statement


Horizontal Analysis- Apollo Hospitals Enterprises Ltd
Statement of Profit and Loss account of Apollo Trend Analysis
Hospitals Enterprises
Mar 16 15-Mar 14-Mar 13-Mar
INCOME
Revenue From Operations [Gross] 163 138 116 100
Revenue From Operations [Net] 163 138 116 100
Total Operating Revenues 163 138 116 100
Other Income 2 1 1 1
Total Revenue 165 140 117 101
EXPENSES 0 0 0 0
Purchase Of Stock-In Trade 56 42 33 26
Operating And Direct Expenses 33 32 29 26
Changes In Inventories Of FG,WIP And Stock-In Trade -2 -1 -1 0
Employee Benefit Expenses 25 22 18 16
Finance Costs 4 3 3 2
Depreciation And Amortisation Expenses 6 5 4 3
Other Expenses 28 23 19 16
Total Expenses 151 125 104 89
1,290 1,290 1,290 1,290
Profit/Loss Before Exceptional, ExtraOrdinary Items
And Tax 14 15 13 12
Exceptional Items -1 0 0 0
Profit/Loss Before Tax 14 14 13 12
Tax Expenses-Continued Operations 0 0 0 0
Current Tax 3 3 3 2
Less: MAT Credit Entitlement 3 1 3 2
Deferred Tax 2 2 3 2
Total Tax Expenses 2 4 3 3
Profit/Loss After Tax And Before ExtraOrdinary Items 11 10 10 9
Extraordinary Items 0 0 0 0
Profit/Loss From Continuing Operations 11 10 10 9
Profit/Loss For The Period 11 10 10 9
1,290 1,290 1,290 1,290
OTHER ADDITIONAL INFORMATION 0 0 0 0
EARNINGS PER SHARE 0 0 0 0
Basic EPS (Rs.) 1 1 1 1
Diluted EPS (Rs.) 1 1 1 1

Horizontal Analysis- Narayana Hrudayalaya Ltd.

Statement of Profit and Loss account of Apollo Hospitals


Horizontal Analysis
Enterprises
Mar 16 15-Mar 14-Mar 13-Mar
INCOME
Revenue From Operations [Gross] 18% 19% 16% 18%
Revenue From Operations [Net] 18% 19% 16% 18%
Total Operating Revenues 18% 19% 16% 18%
Other Income 52% 102% -28% 11%
Total Revenue 18% 19% 16% 18%
EXPENSES
Purchase Of Stock-In Trade 31% 28% 27% 25%
Operating And Direct Expenses 4% 12% 10% 10%
Changes In Inventories Of FG,WIP And Stock-In Trade 58% 7% 446% -56%
Employee Benefit Expenses 17% 18% 16% 22%
Finance Costs 60% -4% 20% 14%
Depreciation And Amortisation Expenses 25% 22% 19% 19%
Other Expenses 23% 21% 22% 15%
Total Expenses 20% 20% 18% 18%
0% 0% 0% 0%
Profit/Loss Before Exceptional, ExtraOrdinary Items And
Tax -1% 15% 4% 20%
Exceptional Items 75%
Profit/Loss Before Tax -3% 11% 4% 20%
Tax Expenses-Continued Operations
Current Tax 6% 11% 4% 23%
Less: MAT Credit Entitlement 102% -47% 66% 136%
Deferred Tax 3% -18% 29% 10%
Total Tax Expenses -32% 35% -10% -7%
Profit/Loss After Tax And Before ExtraOrdinary Items 7% 5% 9% 32%
Extraordinary Items -100%
Profit/Loss From Continuing Operations 7% 5% 7% 34%
Profit/Loss For The Period 7% 5% 7% 34%
0% 0% 0% 0%
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 7% 5% 6% 27%
Diluted EPS (Rs.) 7% 5% 7% 29%
VALUE OF IMPORTED AND INDIGENIOUS RAW
MATERIALS
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 4% 0% 5% 42%
Tax On Dividend 3% 20% 5% 49%
Equity Dividend Rate (%) 4% 0% 5% 38%

Vertical Analysis- Apollo Hospitals Enterprises Ltd

Statement of Profit and Loss account Vertical Analysis


of Apollo Hospitals Enterprises
16-Mar 15-Mar 14-Mar 13-Mar
Total Revenue 100.0 100.0 100.0 100.0
Total Expenses -91.3 -89.6 -89.2 -88.0
Profit before exceptional items and
tax 8.3 10.1 10.8 12.0
Exceptional items -0.5 -0.3 0.0 0.0
Profit before tax 8.3 10.1 10.8 12.0
Tax 1.5 2.6 2.3 3.0
Profit after tax 6.7 7.5 8.5 9.2

Vertical Analysis – Narayana Hrudayalaya Ltd.

Statement of Profit and Loss account


Vertical Analysis
of Narayana Hrudayalaya
16- 15- 14- 13-
Particulars Mar Mar Mar Mar
Total Revenue 100 100 100 100
Total Expenses -93 -97 -95 -97
Profit before exceptional items and tax 7 3 5 3
Exceptional items -1 0 0 0
Profit before tax 6 3 5 3
Tax -2 -1 -2 -1
Profit after tax 4 2 3 2

Trend Analysis- Apollo Hospitals Enterprises Ltd

Statement of Profit and Loss account of Apollo Hospitals Trend Analysis


Enterprises
Mar 16 15-Mar 14-Mar 13-Mar
INCOME
Revenue From Operations [Gross] 163 138 116 100
Revenue From Operations [Net] 163 138 116 100
Total Operating Revenues 163 138 116 100
Other Income 2 1 1 1
Total Revenue 165 140 117 101
EXPENSES 0 0 0 0
Purchase Of Stock-In Trade 56 42 33 26
Operating And Direct Expenses 33 32 29 26
Changes In Inventories Of FG,WIP And Stock-In Trade -2 -1 -1 0
Employee Benefit Expenses 25 22 18 16
Finance Costs 4 3 3 2
Depreciation And Amortisation Expenses 6 5 4 3
Other Expenses 28 23 19 16
Total Expenses 151 125 104 89
1,290 1,290 1,290 1,290
Profit/Loss Before Exceptional, ExtraOrdinary Items And
Tax 14 15 13 12
Exceptional Items -1 0 0 0
Profit/Loss Before Tax 14 14 13 12
Tax Expenses-Continued Operations 0 0 0 0
Current Tax 3 3 3 2
Less: MAT Credit Entitlement 3 1 3 2
Deferred Tax 2 2 3 2
Total Tax Expenses 2 4 3 3
Profit/Loss After Tax And Before ExtraOrdinary Items 11 10 10 9
Extraordinary Items 0 0 0 0
Profit/Loss From Continuing Operations 11 10 10 9
Profit/Loss For The Period 11 10 10 9
1,290 1,290 1,290 1,290
OTHER ADDITIONAL INFORMATION 0 0 0 0
EARNINGS PER SHARE 0 0 0 0
Basic EPS (Rs.) 1 1 1 1
Diluted EPS (Rs.) 1 1 1 1

Trend Analysis- Narayana Hrudayalaya Ltd.

Statement of Profit and Loss account of Narayana


Trend Analysis
Hrudayalaya
16-Mar 15-Mar 14-Mar 13-Mar
INCOME
Revenue From Operations [Gross] 177 158 130 100
Revenue From Operations [Net] 177 158 130 100
Other Operating Revenues 770 566 361 100
Total Operating Revenues 177 158 130 100
Other Income 437 441 680 100
Total Revenue 178 159 132 100
EXPENSES
Operating And Direct Expenses 163 148 125 100
Changes In Inventories Of FG,WIP And Stock-In
Trade -47 10 119 100
Employee Benefit Expenses 200 172 125 100
Finance Costs 126 221 170 100
Depreciation And Amortisation Expenses 149 141 124 100
Other Expenses 181 199 168 100
Total Expenses 172 159 130 100
100 100 100 100
Profit/Loss Before Exceptional, ExtraOrdinary
Items And Tax 346 161 198 100
Exceptional Items
Profit/Loss Before Tax 308 161 198 100
Tax Expenses-Continued Operations
Current Tax 418 163 181 100
Deferred Tax -300 208 332 100
Total Tax Expenses 308 170 204 100
Profit/Loss After Tax And Before ExtraOrdinary
Items 308 157 195 100
Profit/Loss From Continuing Operations 308 157 195 100
Profit/Loss For The Period 308 157 195 100
100 100 100 100
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 288 154 195 100
Diluted EPS (Rs.) 288 154 195 100
Quarterly Analysis

Horizontal Analysis- Apollo Hospitals Enterprises Ltd

Apollo Hospitals Enterprises Horizontal Analysis


Standalone Quarterly Results 2016 2015 2014 2013
Mar Dec Sep Jun Mar Dec Sep Jun Mar Dec Sep Jun Mar Dec Sep Jun
'17 '16 '16 '16 '16 '15 '15 '15 '15 '14 '14 '14 '14 '13 '13 '13

Net Sales/Income from


operations -1% 3% 12% 1% 2% 1% 8% 8% 2% 3% 9% 6% 0% 2% 9% 6%
Other Operating Income
Total Income From Operations -1% 3% 12% 1% 2% 1% 8% 8% 2% 3% 9% 6% 0% 2% 9% 6%
EXPENDITURE
Consumption of Raw Materials 123% 6% -4% 9% 5% -3% -12% 17% 1% -4% -8% 21% -3% 5% 2% 8%
Purchase of Traded Goods -10% 11% 13% 9% -2% -2% 2% 26% -3% 7% 11% 11% -2% 7% 8% 15%
- - - - - -
Increase/Decrease in Stocks 1099% 556% 123% 432% -38% -271% -91% 1397% 165% 132% -84% 391% -43% 5212% -98% 272%
Power & Fuel
Employees Cost 0% 7% 7% -3% 1% 9% 6% 0% 6% 0% 5% 5% 4% 4% 9% 5%
Depreciation 2% 2% 8% 15% -10% 9% 2% 20% 5% -1% -3% 21% -1% 6% 3% 6%
Excise Duty
Admin. And Selling Expenses 6% 18% 8% 3% 28% -13% 9% 21% -3% 16% 10% 14% -3%
R & D Expenses
Provisions And Contingencies
Exp. Capitalised
Other Expenses 30% 4% 9% -18% 32% 0% 6% 28% 11% 1% 9% 2% 7% -1% 7% 5%
P/L Before Other Inc. , Int.,
Excpt. Items & Tax -19% -18% 23% -2% 1% -10% 14% -4% -2% 2% 15% 0% -6% -3% 11% 11%
Other Income 196% -67% 78% -44% -86% 6941% -82% 9% -81% 215% 27% -8% 85% -30% -11% 35%
P/L Before Int., Excpt. Items &
Tax -14% -21% 25% -5% -28% 34% 10% -3% -14% 14% 16% -1% -3% -4% 10% 12%
Interest 13% 9% 6% 1% 37% 4% 15% 19% 4% 8% 6% -10% -9% 2% 10% -2%
P/L Before Exceptional Items &
Tax -30% -32% 35% -7% -40% 42% 9% -8% -17% 15% 17% 1% -2% -6% 10% 15%
-
Exceptional Items 103%
P/L Before Tax -30% -32% 35% -7% -29% 20% 9% -8% -7% 3% 17% 1% -2% -6% 10% 15%
Tax -7% -65% 62% 11% -1% -34% 37% -49% 31% -1% 43% -2% 1% -11% 11% 31%
P/L After Tax from Ordinary
Activities -34% -21% 27% -11% -34% 37% 2% 13% -19% 4% 11% 2% -3% -4% 10% 11%
Prior Year Adjustments
Extra Ordinary Items
Net Profit/(Loss) For the Period -34% -21% 27% -11% -34% 37% 2% 13% -19% 4% 11% 2% -3% -4% 10% 5%
Equity Share Capital 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Reserves Excluding Revaluation
Reserves
Equity Dividend Rate (%)
EPS Before Extra Ordinary
Basic EPS -34% -21% 27% -11% -34% 36% 2% 13% -19% 4% 11% 2% -3% -4% 10% 11%
Diluted EPS -34% -21% 27% -11% -34% 36% 2% 13% -19% 4% 11% 2% -3% -4% 10% 11%
EPS After Extra Ordinary
Basic EPS -34% -21% 27% -11% -34% 36% 2% 13% -19% 4% 11% 2% -3% -4% 10% 4%
Diluted EPS -34% -21% 27% -11% -34% 36% 2% 13% -19% 4% 11% 2% -3% -4% 10% 4%

Horizontal Analysis- Narayana Hrudayalaya Ltd.

Narayana Hrudayalaya Horizontal Analysis


Standalone Quarterly Results 2016 2015
Mar '17 Dec '16 Sep '16 Jun '16 Mar '16 Dec '15 Sep '15 Jun '15 Mar '15 Dec '14

Net Sales/Income from operations 8% -7% 7% 4% 7% -3% 6% 2% 5%


Other Operating Income 5% -9% 55% 111% -19% 7% -152% -363% 1.03
Total Income From Operations 7% -7% 6% 4% 7% -3% 6% 3% 4% 325.58
EXPENDITURE
Consumption of Raw Materials --
Purchase of Traded Goods -4% -10% 7% 10% 3% -7% 13% -133% -404% 81.8
Increase/Decrease in Stocks -1781% -91% 270% -120% 6557% -102% -214% 23% 874% 0.23
Power & Fuel --
Employees Cost -3% -1% 4% 1% 1% 7% 2% 6% 4% 66.56
Depreciation 7% 2% 7% -11% 8% 2% 2% 3% -6% 16.04
Excise Duty --
Admin. And Selling Expenses --
R & D Expenses --
Provisions And Contingencies --
Exp. Capitalised --
Other Expenses 12% -6% 6% 5% 7% -4% 7% -68% 201% 156.01
P/L Before Other Inc. , Int., Excpt. Items & Tax 17% -24% 19% 20% 25% -25% 24% -18% 513% 4.94
Other Income 49% -9% 74% -10% 51% -30% 20% -54% 125% 2.24
P/L Before Int., Excpt. Items & Tax 21% -22% 23% 17% 27% -26% 24% -23% 392% 7.18
Interest 61% -13% -6% -23% 20% -45% -21% 0% -35% 11.05
P/L Before Exceptional Items & Tax 18% -23% 26% 22% 28% -22% 40% -29% -826% -3.87
Exceptional Items 668% --
P/L Before Tax 30% -30% 26% 85% -10% -26% 40% -29% -826% -3.87
Tax 37% -25% 24% 65% -20% 1% 58% -35% --
P/L After Tax from Ordinary Activities 26% -33% 27% 99% -3% -39% 33% -26% -603% -3.87
Prior Year Adjustments --
Extra Ordinary Items --
Net Profit/(Loss) For the Period 26% -33% 27% 99% -3% -39% 33% -26% -603% -3.87
Equity Share Capital 0% 0% 1% -1% 0% 2% 0% 0% 57043% 0.35
Reserves Excluding Revaluation Reserves --
Equity Dividend Rate (%) --
EPS Before Extra Ordinary
Basic EPS 27% -33% 27% 100% -3% -40% -0.2
Diluted EPS 26% -33% 26% 100% -3% -40% -0.2
EPS After Extra Ordinary
Basic EPS 27% -33% 27% 100% -3% -40% -0.2
Diluted EPS 26% -33% 26% 100% -3% -40% -0.2

Trend Analysis- Apollo Hospitals Enterprises Ltd


Apollo Hospitals Enterprises Trend Analysis
Standalone Quarterly Results 2016 2015 2014 2013
Mar Dec Sep Jun Mar Dec Sep Jun Mar Dec Sep Jun Mar Dec Sep Jun
'17 '16 '16 '16 '16 '15 '15 '15 '15 '14 '14 '14 '14 '13 '13 '13

Net Sales/Income from


operations 186 188 183 164 162 159 158 146 134 132 129 118 112 111 109 100
Other Operating Income
Total Income From Operations 186 188 183 164 162 159 158 146 134 132 129 118 112 111 109 100
EXPENDITURE
Consumption of Raw Materials 290 130 122 128 117 112 116 131 112 110 115 125 104 107 102 100
Purchase of Traded Goods 224 248 223 197 181 185 188 184 146 150 140 126 114 116 108 100
Increase/Decrease in Stocks 2102 175 -38 167 -50 -81 47 534 -41 -16 48 294 60 105 2 100
Power & Fuel
Employees Cost 179 178 166 155 160 158 145 137 137 129 129 123 117 113 109 100
Depreciation 204 201 196 181 158 175 161 158 132 126 126 130 108 109 103 100
Excise Duty
Admin. And Selling Expenses 288 273 232 228 211 205 160 183 169 140 144 125 114 100
R & D Expenses
Provisions And Contingencies
Exp. Capitalised
Other Expenses 301 231 222 204 250 189 189 179 139 126 125 115 113 106 107 100
P/L Before Other Inc. , Int.,
Excpt. Items & Tax 93 115 140 114 116 115 127 112 116 118 116 101 101 108 111 100
Other Income 148 50 153 86 154 1075 15 86 78 419 133 105 114 62 89 100
P/L Before Int., Excpt. Items &
Tax 96 112 141 112 118 163 122 111 114 133 117 101 102 106 110 100
Interest 282 251 229 217 214 156 151 131 110 106 98 92 102 113 110 100
P/L Before Exceptional Items &
Tax 58 83 123 91 98 165 116 106 115 139 121 103 102 104 110 100
Exceptional Items
P/L Before Tax 58 83 123 91 98 139 116 106 116 124 121 103 102 104 110 100
Tax 48 51 147 91 82 82 124 91 179 136 138 96 99 98 111 100
P/L After Tax from Ordinary
Activities 61 92 117 91 103 155 113 111 98 120 116 105 103 106 110 100
Prior Year Adjustments
Extra Ordinary Items
Net Profit/(Loss) For the Period 61 92 117 91 103 155 113 111 98 120 116 105 103 106 110 100
Equity Share Capital 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100
Reserves Excluding Revaluation
Reserves
Equity Dividend Rate (%)
EPS Before Extra Ordinary
Basic EPS 61 92 117 92 103 155 114 111 98 120 116 105 103 106 110 100
Diluted EPS 61 92 117 92 103 155 114 111 98 120 116 105 103 106 110 100
EPS After Extra Ordinary
Basic EPS 61 92 117 92 103 155 114 111 98 120 116 105 103 106 110 100
Diluted EPS 61 92 117 92 103 155 114 111 98 120 116 105 103 106 110 100
Trend Analysis- Narayana Hrudayalaya Ltd.
Narayana Hrudayalaya Trend Analysis
Standalone Quarterly Results 2016 2015
Mar '17 Dec '16 Sep '16 Jun '16 Mar '16 Dec '15 Sep '15 Jun '15 Mar '15 Dec '14

Net Sales/Income from operations 122 113 122 114 110 103 106 100 98
Other Operating Income 272 260 286 184 87 107 100 -453% 1.03
Total Income From Operations 121 114 122 115 110 103 106 100 -100% 325.58
EXPENDITURE
Consumption of Raw Materials --
Purchase of Traded Goods 110 114 127 118 108 105 113 100 -105% 81.8
Increase/Decrease in Stocks 189 -11 -126 -34 169 3 -114 100 3700% 0.23
Power & Fuel --
Employees Cost 111 114 115 111 110 109 102 100 -100% 66.56
Depreciation 118 110 108 100 113 105 102 100 -100% 16.04
Excise Duty --
Admin. And Selling Expenses --
R & D Expenses --
Provisions And Contingencies --
Exp. Capitalised --
Other Expenses 127 114 122 115 110 103 107 100 -99% 156.01
P/L Before Other Inc. , Int., Excpt. Items & Tax 148 127 166 139 116 93 124 100 4% 4.94
Other Income 271 182 200 115 127 84 120 100 -44% 2.24
P/L Before Int., Excpt. Items & Tax 159 131 169 137 117 92 124 100 -45% 7.18
Interest 53 33 38 40 52 43 79 100 -103% 11.05
P/L Before Exceptional Items & Tax 197 167 216 172 141 109 140 100 113% -3.87
Exceptional Items --
P/L Before Tax 197 151 216 172 93 103 140 100 113% -3.87
Tax 267 194 260 211 128 160 158 100 --
P/L After Tax from Ordinary Activities 169 134 199 157 79 81 133 100 56% -3.87
Prior Year Adjustments --
Extra Ordinary Items --
Net Profit/(Loss) For the Period 169 134 199 157 79 81 133 100 56% -3.87
Equity Share Capital 102 102 102 101 102 102 100 100 162880% 0.35
Reserves Excluding Revaluation Reserves --
Equity Dividend Rate (%) --
EPS Before Extra Ordinary
Basic EPS -0.2
Diluted EPS -0.2
EPS After Extra Ordinary
Basic EPS -0.2
Diluted EPS -0.2
Ratio Analysis

1. Liquidity Ratios
a. Current Ratio

Current Ratio
Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.
2.86
2.45
2.13
1.82
0.83 0.95

2013 2014 2015 2016

b. Quick Ratio

Quick Ratio
Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.

2.43
1.95
1.69
1.37
0.67 0.79

2013 2014 2015 2016

2. Financing Ratios
a. Debt to equity Ratio

Debt to Equity Ratio


Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.

0.99
0.84
0.60 0.64 0.63
0.42

2013 2014 2015 2016

b. Interest coverage ratio


Interest Coverage Ratio
Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.

8.08
7.10 6.95
5.86
4.44
2.04

2013 2014 2015 2016

3. Activity Ratios
a. Asset Turnover Ratio

Asset Turnover ratio


Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.

1.10
0.84 0.86 0.85

2014 2015 2016

b. Fixed Asset Turnover ratio

c. Receivables turnover ratio`

Receivables Turnover
ratio
Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.

8.63 9.02 9.29 10.40

2014 2015 2016

d. Inventory turnover ratio


Inventory Turnover ratio
Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.

8.51
8.11
7.63 7.70

2014 2015 2016

e. Average collection period

Average Collection Period


Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.

42.30 40.45 39.2935.10

2014 2015 2016

f. Average days in inventory

Average Days in Inventory


Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.

47.8647.42
44.98
42.88

2014 2015 2016

4. Profitability Ratios
a. Gross profit ratio
Gross Profit Ratio
Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.
74.9% 75.8%

48.2% 48.2% 47.2% 46.8%

2013 2014 2015 2016

b. Profit margin on sales

Profit Margin on Sales


Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.
9.3% 8.6% 7.5% 6.8%
3.9%
1.6%

2013 2014 2015 2016

c. Return on assets

Return of Assets
Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.
7.2%
6.5%
5.8%
4.3%

2014 2015 2016

d. Return on equity
Return on Equity
Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.

11.6% 11.3% 11.2%

6.5%

2014 2015 2016

5. Capital Market Ratios


a. Price earnings ratio

Price earnings Ratio


Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.

114.86

42.18 44.35 52.10 50.03

2013 2014 2015 2016

b. Earnings yield

Earnings Yield
Apollo Hospitals Enterprises Ltd.
Narayana Hrudayalaya Ltd.

2.4% 2.3%
1.9% 2.0%

0.9%

2013 2014 2015 2016

c. Dividend yield
Dividends Yield
Apollo Hospitals Enterprises Ltd.

0.59% 0.55%
0.44% 0.45%

2013 2014 2015 2016

d. Stock return

Stock Return
Apollo Hospitals Enterprises Ltd.

23.64%
13.71%
2.81%

2014 2015 2016

e. Price to book ratio

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