RATING

RECOMMENDATION

Neutral

  • MEDI ASSIST HEALTHCARE SERVICES
  • ₹390.00

  • PLACE ORDER
  • ROFR Required
  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary

RATING

RECOMMENDATION

Neutral

Business Type

Dominant Leader

RATING

RECOMMENDATION

Neutral

Business Type

Dominant Leader

  • MEDI ASSIST Growth

Get detailed information about the Medi Assist Share Price. In this research report, you will get to know about Medi Assist Pre IPO data. In addition, get the Complete details about the Net Profit Growth, Revenue Growth and Book Value Growth.

MEDI ASSIST Revenue Growth

Growth in %

  • 5.37%

    1 Year

  • 11.28%

    2 Year

  • 12.96%

    3 Year

The total revenue of the company in FY21 has witnessed a steady growth of 5% from FY20. Other income of the company has witnessed an increase of Rs. 10 Cr in absolute terms, while revenue from operations increased by Rs. 7 Cr in FY21 from FY20. An increase in the revenue from operations is attributable to TPA fees, which had risen on account of the COVID-19 pandemic and an increase in health insurance premiums in India, which witnessed 13.3% growth in GDPI in FY21. Other income, on the other hand, witnessed a strong growth of 91% in FY21 from FY20 due to an overall increase in the interest rate of the company, which led to a higher realisation of interest income received by the company and, aggregately, an increase in the total revenue.

MEDI ASSIST Net Profit Growth(PAT)

Growth in %

  • -21.69%

    1 Year

  • 0.16%

    2 Year

  • -13.39%

    3 Year

The net profit of the company in FY21 stood at Rs. 38 Cr. in FY21, whilst net profits in FY20 stood at Rs. 39 Cr., which represents a de-growth of 4% despite the 5% growth in revenue. Total expenses of the company have witnessed a growth of 6% overall in FY21 from FY20, mostly on account of an increase in employee benefit expenses along with other expenses in lieu of an increase in the demand for TPA during the times of COVID-19 associated with higher compensation and an overall increase in expenses. Depreciation, along with interest expense, witnessed a growth of 5% and 55%, respectively, which led to a further decline in the net profits. 

MEDI ASSIST EPS Growth

Growth in %

  • -1.40%

    1 Year

  • 6.86%

    2 Year

  • -5.02%

    3 Year

There was an increase in the equity shares on account of converting 18 redeemable preference shares to CCPS, which was further converted into equity shares, which led to a marginal increase in the equity shares of the company. Although the impact of the increase in EPS was insignificant and most attributable to the fall in the net profit of the company by Rs. 1 Cr. only. As a result, the EPS of the company has witnessed a de-growth of 4% in FY21 from FY20. 

  • MEDI ASSIST Book Value Growth

Growth in %

  • 16.69%

    1 Year

  • 8.92%

    2 Year

The overall book value of the company has increased on account of the marginal increase in the equity share capital of the company in lieu of the conversion of redeemable preference shares into CCPS and into equity shares and the increase in the other equity of the company worth Rs. 78 Cr. in FY21 from FY20. The increase in other equity contributed to the premium on the issue of equity shares and total comprehensive income for FY21, leading to an increase in the overall book value of the company and a collectively increased book value per share of the company. 

MEDI ASSIST EBITDA Growth

Growth in %

  • 9.36%

    1 Year

  • 6.17%

    2 Year

  • 4.38%

    3 Year

The EBITDA of the company has witnessed a growth of 9% in FY21 from FY20, which represents an aggregate increase of Rs. 8 Cr. The overall increase in the EBITDA is attributable to an increase in the revenue of the company, with a surge in the demand for TPA services all over India in lieu of COVID-19. Overall in absolute terms, total revenue of the company has increased by Rs. 18 Cr. and  total expenses of Rs. 9 Cr. in FY21 from FY20. This led to a higher realisation of EBITDA in FY21 compared to FY20. 

MEDI ASSIST Operating Profit Growth

Growth in %

  • 5.04%

    1 Year

  • 2.09%

    2 Year

  • -0.51%

    3 Year

Whilst there was a marginal increase in EBITDA, the EBIT of the company has also witnessed an increase of Rs. 3 Cr., mostly attributable to an increase in the EBITDA of the company. On the other hand, total depreciation on property, plant and equipment, rights of use assets and intangible assets has increased by Rs. 3 Cr, Rs. 0.8 Cr and Rs. 1.3 Cr., respectively.

MEDI ASSIST Asset Growth

Growth in %

  • -2.12%

    1 Year

  • 2.33%

    2 Year

  • 4.33%

    3 Year

Total assets of the company in FY21 witnessed a marginal fall of 2% from FY20. Most of the asset base is comprised of current assets(68% of total assets) as the company provides services. Overall, an increase in revenue in FY21 has led to an increase in cash and short-term instruments, which primary led to increase in current assets of 20% in FY21 from FY20. Conversely, the company has witnessed a fall in its non-current of 30%, which is mostly attributable to a fall in the income tax-assets of the company worth Rs. 45 Cr. in FY21 from FY20, which comprises of taxes paid under protest of Rs. 3.4 Cr. in FY21 compared with Rs. 8.9 Cr. in FY20 as the assessing officer has disallowed payments made to various hospitals during FY8 and FY9 and raised a demand of Rs. 3 Cr. and 43.5 Cr. under section 143(3) of the IT Act respectively. The company filed an appeal against these orders as the payments to hospitals were made from the funds received from insurance companies as an advance and all payments were adjusted against the advance received. 

MEDI ASSIST Cash Flow from Operations

Growth in %

  • 729.09%

    1 Year

  • 99.53%

    2 Year

  • 51.36%

    3 Year

The cash flow from operations of the company increased by 729% in FY21 compared to FY20. The company has made higher provisions for credit losses and trade receivables in lieu of COVID-19, which when added back improved the cash flow from operations significantly. It must be noted that, overall, there was an increase in the current assets of the company by 20% in FY21 from FY20, but in specific, "other current assets" saw a fall of Rs. 38 Cr., which gave a further boost to the increase in cash flow from operations. 

  • MEDI ASSIST Solvency Ratios

MEDI ASSIST D/E Ratio

The D/E of the company has witnessed a de-growth of 40% in FY21 from FY20. Overall, there has been an increase in the equity of the company, on account of redeemable preference shares converted into CCPS and into equity shares, amounting to 1099 equity shares, and a simultaneous decrease in the debt of the company in FY21. Overall, the conversion of redeemable preference shares into equity shares led to a higher base for equity and the lower debt amount has improved the overall debt/equity of the company in FY21. 

MEDI ASSIST Current Ratio

The current ratio of the company has witnessed a growth of 23% in FY21 from FY20. There has been an overall increase in the current assets of 20%, in lieu of an increase in the cash and short-term instruments and investments in mutual funds of Rs. 75 Cr. and Rs. 46 Cr., respectively, in FY21 from FY20. Current liability, on the other hand, has witnessed a de-growth of 29% in FY21 from FY20, primarily attributable to the conversion of redeemable preference shares into equity shares, which reduced the overall current liability of the company altogether, with such an increase in the current assets and a fall in the current liabilities. Overall, the current ratio of the company improved. 

MEDI ASSIST Quick Ratio

The company provides TPA services, which don't account for inventory. Hence, the current ratio is the same as the quick ratio.

MEDI ASSIST Interest Coverage Ratio

The interest coverage ratio of the company has witnessed a significant fall of 36% in FY21 from FY20, primarily due to an increase in the interest on bank overdraft and with a fall in the net profit of the company in FY21, which led to an overall fall in the interest coverage ratio of the company. 

  • MEDI ASSIST Operating Efficiency

A decrease can be seen in the EBIT and EBITDA margins of the company. The decrease is primarily due to increase in the employee benefit expenses. primarily due to an increase in annual increments and performance-linked incentives and other expenses growth relating to the volume of the business. Despite the decrease, the company’s EBIT and EBITDA margins remain healthy.

MEDI ASSIST Operating Profit EBIT Margin(OPM)

MEDI ASSIST Profit Before Tax Margin (PBT Margin)

MEDI ASSIST Profit After Tax Margin (PAT Margin)


  • MEDI ASSIST Profitablity Ratio

MEDI ASSIST Return on Equity(RoE)

The company's ROE has witnessed a significant downfall of 18% in FY21 from FY20. The reason for such a downfall is the equity multiplier of the company, as there has been a conversion of redeemable preference shares into equity shares, which has led to an increase in the overall base of equity multiplier and the given base of assets. Although this clearly indicates a positive sign for the company, it has negatively impacted the ROE. Net income margin has also witnessed a downfall of 6% and stable asset turnover of the company in FY21 from FY20, which has also further led to a downfall in ROE in FY21 from FY20. 

MEDI ASSIST Return on Capital Employed(RoCE)

ROCE of the company has witnessed a de-growth of 11% in FY21 from FY20, mostly attributable to an increase in the overall capital employed. With an increase in equity and lower net income of the company in FY21 from FY20, ROCE has been impacted negatively. 

MEDI ASSIST Return to Assets (RoA)

There has been a fall in the ROA of the company in FY21, on account of a lower asset base due to the conversion of preference shares into equity shares and lower net income in FY21 from FY20. Although it should be noted that the company's asset turnover has remained relatively stable from FY20 to FY21, demonstrating the ability to generate comparable revenue with a lower asset level.

  • MEDI ASSIST Valuation Ratios

MEDI ASSIST Earning Yield