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Narayana Health
Narayana Health
Narayana Health
p[
h 31, 2015 (in INR Millions)]
PAT
3,466.00
-339.1
-856.7
210
-381.4
252.5
475.7
324.9
-23.7
1.2
Apollo Hospital Fortis Health
Sources Of Funds
Total Share Capital 695.6 4628.1
Equity Share Capital 695.6 4628.1
Reserves 30,915.10 32,167.00
Networth 31,610.70 36,795.10
Secured Loans 13,140.50 674.8
Unsecured Loans 2025.3 5298.5
Total Debt 15,165.80 5973.3
Total Liabilities 46,776.50 42,768.40
Application Of Funds
Gross Block 31,791.10 2843.7
Less: Accum. Depreciation 7515.7 942.5
Net Block 24,275.40 1901.2
Capital Work in Progress 5121.6 1690
Investments 7130.2 24,111.30
Inventories 3325 72.4
Sundry Debtors 5495.5 1050.6
Cash and Bank Balance 2492.3 62.9
Total Current Assets 11,312.80 1185.9
Loans and Advances 10,359.60 22,703.70
Total CA, Loans & Advances 21,672.40 23,889.60
Current Liabilities 10,118.70 8587.4
Provisions 1304.4 236.2
Total CL & Provisions 11,423.10 8823.6
Net Current Assets 10,249.30 15,066.00
Total Assets 46,776.50 42,768.50
Kiran Mazumdar
4 Shaw 62 Non-Executive Director
Details
Founder of the company and Cardiac surgeon by profession with around
33 years of experience.
A cardiac surgeon with overall experience of 26 years and has been part of
the Company since its early days.
A civil engineer by profession responsible for identifying new growth
opportunities for the Company and has eight years of experience.
The chairperson and managing Director of Biocon Limited. She is a first
generation entrepreneur with more than 39 years of experience in the
field of biotechnology.
Around 42 years of experience and also a certified associate of the India
Institute of Bankers. He was appointed as nominee director of Ashoka
Holdings and Ambadevi
A founding member of Infosys Limited with around 34 years of
experience.
A professional with over around 43 years of experience, served on boards
of several organizations.
Currently on the board of several companies and also a trustee of the
Nasscom Foundation, this drives corporate social responsibility initiatives
for the IT industry.
Around 30 years of experience, a fellow member at ICAI since April 13,
1994.
A business man with over 40 years of experience in the retail sector,
business development and leadership roles.
Balance Sheet (in INR million)
For the year ended 31st March
Particulars 2011 2012 2013 2014 2015
EQUITY AND LIABILITIES
[A] Shareholders' funds
Share capital 3.25 3.25 3.25 3.25 2000
Reserves and surplus 4,857.39 5,147.22 5,331.67 5,693.50 5,912.99
Total 4860.64 5150.47 5334.92 5696.75 7912.99
ASSETS
[E] Non-current assets
(i) Fixed assets
a) Tangible assets 4,066.13 4,068.29 4,984.75 6,194.67 6,424.77
b) Intangible assets 3.56 3.49 50.13 70.18 30.72
c) Capital work-in-progress 366.88 725.57 421.83 121.04 88.53
d) Intangible assets under
development 30.66 68.75 22.69 - -
(ii) Non-current investments 58 125.27 314.42 513.72 2,408.20
(iii) Long-term loans and advances 1,451.27 1,532.86 1,679.82 1,926.82 1,465.15
(iv) Other non-current assets - - 13.41 13.06 8.76
EXPENSES
Purchase of medical consumables,
drugs and surgical equipments 1,616.76 1,965.47 2,401.18 2,866.45 3,286.36
Changes in inventories of medical
consumables, drugs and surgical
equipments -95.42 -19.54 -92.61 -109.85 -8.76
Employee benefits 771.79 1,108.33 1,539.22 1,924.04 2,640.64
Other expenses 1,850.27 2,579.28 3,545.44 4,855.68 5,833.36
Total expenses 4,143.40 5,633.54 7,393.23 9,536.32 11,751.60
Tax Expense
Current Tax 68 106 84 152 137
Deferred tax charge/ (credit) 32.8 22.25 15.33 50.79 31.75
Minimum Alternate Tax credit entitl -28.96 - - - -
Total tax expenses 71.84 128.25 99.33 202.79 168.75
Notes:
*Obtained by substracting 'Cash generated from operations' from 'Operating cash flow before working capital changes' in cash flow statement.
**Purchase of fixed assets (CAPEX) from Cash Flow Statement
Average Rates
2014 2015
of FY 2011-2015
(in %)
10913.16 13176.18 8722.52
0.3190532 0.2073662 0.29
9536.32 11751.6 7691.62
0.8738367 0.8918822 0.88
1376.84 1424.58 1030.90
12.62% 10.81%
546.81 619.56 455.13
5.01% 4.70% 5.42%
830.03 805.02 575.77
7.61% 6.11%
290.5105 281.757 201.52
539.5195 523.263 374.25
Assumptions:
Year
12204.78 15762.47 20357.23 26291.37 2021
15381.37 19865.04 25655.70 33134.34 2022
4821.16 6226.53 8041.56 10385.67 2023
15381.37 19865.04 25655.70 33134.34 2024
7383.62 9535.95 12315.68 15905.70 2025
2026
2027
12.00 13.00 14.00 15.00 2028
0.25 0.22 0.20 0.18 2029
1837.84 2113.84 2431.29 2796.41 2030
29.15%
87.96%
5.42%
1.70%
12.29%
Growth Rate^^
5.00%
35.00%
Data
Debt (in million Rs) 2010.25
Equity 34013.61
D/E 0.06
D+E 36023.86
WACC
Notes:
*Indian Govt Bond Generic Bid Yield (10 Years)
Ref: http://www.bloomberg.com/quote/GIND10YR:IND
**Average Beta of Competitors (Apollo & Fortis) Levered & Unlevered
***http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html (As of July 2016)
multiplying asset beta*(enterprise value/equity)
Terminal Growth Rate
3.00% 4.00% 5.00% 6.00% 7.00%
10.00% 14.71 17.33 21.00 26.50 35.67
WACC
Price
S No Comparable Firms in Healthcare Industry P/E Ratio Book
Ratio
VALUATION
Based on Apollo as comparable 273107.10
Equity value
Based on Fortis as comparable 32912.06
Based on Apollo as comparable 1365.45
Per Share Value
Based on Fortis as comparable 164.55