Snapshot Value of stock based on

APOLLO HOSPITALS ENTERPRISE LTD gs

Company rnin
Sector 0 Ea
Stock Price# 6052
No of shares outstanding 72 9,380 Distance Covered -35%
Market Cap 87,018.46 Distance Left (1 Yr) 157%
Promoter Shareholding 65.00% 16,023 Distance Left (5 Yrs.) 31%

Valuation 2(historical
(historical
PEPE
/ PB,
/ PB,
current
fwd EPS
EPS)
@ historical growth)

th
ow
0 Gr Valuation (historical PE /
Business Summary
PB, fwd EPS @ SS growth)
7,255

Valuation (historical PE / PB, fwd EPS @ SS growth)

Total Income - Annl EPS - Annl Income Dist - Annl

25,000 60% 80.0 60% 4% 3% 1%
1% 4% 1%
1% 5% 5%
7% 2% 1%
4% 4% 2%
3% 2% 4% 2% 2% Net profit
3% 3% 4% 5% 3% 2% 2%
2% 4% 4% 2% 4% 5% 4% 4%
70.0 4% 2% 1% 1% 5% 2% 3% 1% 1%
40% 40% 1% 6% 4% Tax
20,000 4% 12% 1% 9% 9%
60.0 16% 16% 17% 8% 7%
10%
15% 13% 13% Interest
20% 20% 17% 12%
50.0 16%
15,000 17% 16% 16% 17% Depreciation
10% 12% 12% 12%
0% 40.0 0% 2% 5% 9% 9% 2%
73.4 2% 2% 3% 1% 1% 1% Other Expenses
2% 2% 2% 2% 2%
10,000 19,164 30.0 62.5
16,688 -20% 57.0 -20% Selling and admin
15,031
11,468 20.0
5,000 9,643 10,663 32.7 Employee Cost
8,268 -40% -40% 50% 53% 50% 51% 51%
6,241 7,315 10.0
49% 49% 49% 48% 48%
17.0 15.9 17.0 Other Mfr. Exp
8.4 10.5
- -60% - -60%
Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Power and Fuel
Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Raw Mat + Invt change
Sales Sales YoY EPS EPS YoY

Total Income - Qtrly Net Profit - Annl Income Dist - Qtrly

6,000 60% 400 60% 5% 4%

2%
3%
2% 4%
2% 5% 5% 5% 6% 7% 7% Net profit
3%
2% 2% 2% 2% 3%
2% 2%
2% 2%
2% 2% 3% 3%
4% 4% 4% 4% 3% 3% 4% 2% 2% 2%
350 379 372 3% 3% 3% Tax
5,000 40% 40% Interest
300 Depreciation
305
4,000 20% 20% Expenses
250
245 254
3,000 0% 233
5,633 5,596 200 0%
5,134 87% 88% 88% 88% 87% 87% 86% 86% 85% 85%
4,873 4,880 4,981
4,322 4,452 150 167
2,000 4,299 -20% 154 145 -20%
100
1,000 -40% -40%
50
- -60% - -60%
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

Sales Sales QoQ NP NP QoQ

Liabilities - Annl Tangible Assets - Annl Asset Dist. - Annl

12000 100%
11% 8% 8% 13%
17% 13%
90%24% 22% 19% 19% 6% 7%
4%
10000 5% 6%
80% 6% 5% 4% 9% 12% 13%
6% 5% 7% 15% 15%
51% 70% 9% 10% 11% 2% 3%
55% 59% 60% 58% 57% 59% 8% 4%
62% 64% 9% 6% 12% 6% 3% 3%
70% 8000 6% 7% 6% 4% 6%
60% 5% 5% 4%
5% 5%
50% 5%
6000 40%
66% 63%
30% 57% 56% 60% 59% 58%
49% 50% 54% 54%
45% 41% 40% 42% 43% 41% 4000
38% 36% 20%
30%
10%
2000 0%
Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24

0
Shareholder Funds Rest Aug-13 Dec-14 May-16 Sep-17 Feb-19 Jun-20 Oct-21 Mar-23 Jul-24 Dec-25 Tangible assets (Non-current) Investments (Current) Inventories (Current) Receivables (Current) Cash (Current) Rest

DU Pont Analysis Book Value Trend

600.00
4.00 25%
3.50 500.00
20%
3.00
400.00
2.50 15%
2.00 300.00

1.50 10%
200.00
1.00
5%
0.50 100.00

0.00 0%
-
CY-4 CY-3 CY-2 CY-1 CY
Mar-15

Mar-16

Mar-17

Mar-18

Mar-19

Mar-20

Mar-21

Mar-22

Mar-23

Mar-24

Asset Turnover Equity Multiplier NPM ROE

Qualatative parameters

Altman Score Piotroski Score

Likely to be Bankrupt Weak

Less Chances of Bankruptcy Stable
Not likely to be Bankrupt Strong
 Scoring #
PARAMETER Max Weight / Score Assessed Score

Financial Anlaysis 50% 43.5 1

Industry Analysis 13% 0.0 2

Management Analysis 23% 3.0 3

Other Parameters 10% 0.0 4

Margin of Safety 4% 0.0 5

TOTAL 100% 46.5 6

7

10

11

4
1

5
6

5
 Criteria Goal Actual
FINANCIAL ANALYSIS

ROE/ROA 5 Yr. > 20% 13%

EPS growth 5 Yr. >20% 30%

EPS growth 10 Yr. >20% 11%

Sales growth 5 Yr. >20% 15%

Avg. NP margin 5 Yr. >8% 5%

Promoter Pledged Holding 0% 0%

CFO/PAT 5 Yr. >1 2.2

Promoter Holding 5 Yr. >=-3% 0.0%

Debt/Net Profit <=5 5.8

Current ratio >1.25 1.17

Current Cash flow CFO > 0 1920

BUSINESS & INDUSTRY ANALYSIS
Comparison with industry Sales growth >
peers peers
Production
Increase in production capacity capacity & sales
and sales volume volume CAGR ~
Sales CAGR

Conversion of sales growth Profit CAGR 5 Yr.~

2.4
into profits Sales CAGR 5 Yr.

The increase in
Creation of value for MCap in last 10
shareholders from the profits yrs. > Retained
retained profits in last 10
yrs.

MANAGEMENT ANALYSIS
Background check of
Web Search
promoters & directors
Good succession
Management succession plans plan should be in
place
No salary increase
Salary of promoters vs. net
with declining
profits
profits/losses
Green/brownfield
Project execution skills
project execution
Promoter shareholding > 51% 65%
FII shareholding ~ 0% 18%
OTHER BUSINESS PARAMETERS

Product diversification Pure play

No govt.
Govt. influence interference in
profit making
Labor Problems

Pricing Power

Margin of Safety

Free Cash Flow (FCF) FCF/CFO >> 0 -4%

 Description
FINANCIAL ANALYSIS
ROE = Efficiency in allocating capital, which is a CEO's #1 job. Higher = Better.
Look for consistency.

Consider it a positive sign when a company is able to earn above-average

Seek companies where earnings have risen as retained earnings (earnings after
(better than competitors) returns on equity without employing much debt.
paying dividends) have been employed profitably. A great way to screen for
Average return on equity for Indian companies over the last 10 years is
such companies is by looking at those that have had consistent earnings and
approximately 16%. Thus, seek companies that earn atleast this much (16%)
strong return on equity in the past.
Rising earnings serve as a good catalyst for stock prices. So seek companies
with strong, consistent, and expanding earnings (profits). Seek companies with
5/10 year earnings per share growth greater than 25% (alongwith safe balance
sheets). To help indicate that earnings growth is still strong, look for companies
Growth should be consistent year on year. Ignore companies where a sudden
spurt of sales in one year is confounding the 10 years performance.

Very high growth rates of >50% are unsustainable.

Look for companies with sustained operating & net profit margins over the
years - See more at: http://www.drvijaymalik.com/2015/01/selecting-top-
stocks-to-buy-part-10.html#sthash.swZnrKBv.dpuf

Cumulative PAT and CFO are similar for last 10 years

Buffett prefers that firms reinvest their earnings within the company, provided
that profitable opportunities exist. When companies have excess cash flow,
Buffett favours shareholder-enhancing maneuvers such as share buybacks.
While we do not screen for this factor, a follow-up examination of a company
would reveal if it has a share buyback plan in place.

Seeks out companies with conservative financing, which equates to a simple,

safe balance sheet. Such companies tend to have strong cash flows, with little
need for long-term debt. Look for low debt to equity or low debt-burden ratios.
Also seek companies that have history of consistently generating positive free
cash flows.
Current Ratio measures the liquidity of a company, or its ability to pay short-
term obligations.

Current Ratio = Current Assets / Current Liabilities

The ratio is mainly used to give an idea of the company's ability to pay back its
Positive CFO is necessary. It’s great if CFO meets the outflow for CFI and CFF
short-term liabilities (debt and payables) with its short-term assets (cash,
inventory, receivables). BUSINESS
The higher&theINDUSTRY ANALYSIS
current ratio, the more capable the
company
The Company must show sales growth higher than1peers.
is of paying its obligations. A ratio under suggests
If itsthat thegrowth
sales company
is
similar to peers, then there is no Moat
Company must have shown increased market penetration by selling higher
volumes of its product/service

A Moat would result in increasing profits with increasing sales. Otherwise,

sales growth is only a result of unnecessary expansion or aggressive marketing
push, which would erode value in long term.
Otherwise, company is destroying wealth of shareholders

MANAGEMENT ANALYSIS
There should not be any information questioning the integrity of promoters &
directors
Salary being paid to potential successors should be in line with their
experience

promoter should not have a history of seeking increase in remuneration when

the profits of the company declined in past

The company should have shown good project execution skills with cost and
time overruns.Exclude capacity increase by mergers & acquisitions.
Higher the better
the lower the better
OTHER BUSINESS PARAMETERS
The company should be either a pure play (only one business segment) or
related products. Pure play model ensures that the management is specialized
in what they are doing. Entirely different unrelated products/services are a
strict NO. An investor should rather buy stocks of different companies if she
wants such diversification.

No cap on profit returns or pricing of the product.No compulsion to supply to

certain clients.

That's what is called "pricing power". Companies with moat (as seen from
other screening metrics as suggested above (like high ROE, high grow margins,
low debt etc.) are able to adjust prices to inflation without the risk of losing
significant volume sales.

Margin of Safety
Companies that consistently need capital to grow their sales and profits are like
bank savings account, and thus bad for an investor's long term portfolio. Seek
companies that don't need high capital investments consistently. Retained
earnings must first go toward maintaining current operations at competitive
levels, so the lower the amount needed to maintain current operations, the
better. Here, more than just an absolute assessment, a comparison against
competitors will help a lot. Seek companies that consistently generate positive
and rising free cash flows.
Review Weight Score
50% 43.5

10% 7

9% 9

5% 9

4% 3

4% 1

6% 6
4% 4

3% 3

3% 0

1% 0.50

1% 1.00
13% 0

5% 0

2% 0

2% 0

4% 0

23% 3
8% 0

2% 0

4% 0

2% 0

4% 3
3% 0
10% 0

3% 0

2% 0

2% 0

3% 0

4% 0

4% 0
 Gross Profit Net Profit Inventory/ Receivables/
OTHERS PE PB Margin Margin Sales Sales

5 Yr. Average 110.3 9.7 14.2% 4.82% 3.1% 12.3%

Current 101.7 13.2 13.1% 4.81% 2.4% 13.2%

5 Yr. Max 277.5 13.2 17.4% 7.51% 6.6% 13.4%

CASH FLOW CFO CFF/CFO Capex/CFO CFO/PAT CFO/Sales CFO/Assets

5 Yr. Average 1510.1 -40% 104% 217% 10.47% 11.3%

Current 1920.2 -16% 109% 209% 10.1% 11.5%

GROWTH Sales Inventory Receivables PAT EPS BVPS

10 YR CAGR 15.7% 3% 17% 12.2% 11.0% 8.7%

5 YR CAGR 14.7% -5% 20% 35.7% 29.8% 15.0%

Promoter Pledged
Salary/PAT Holding Promoter FII DII
Holding

0.0 65.0% 0.0% 18.3% 0.0%

 Current Current
Cash/Assets Assets/Current Leverage Debt/PAT ROE ROCE ROA
Liabilities

6% 107% 2.5 6.2 13% 7% 5%

6% 117% 2.4 5.8 13% 7% 5%

20% 21% 9%

CFO/Current CFO/Total FCF/CFO CAPEX/FCF

Liabilty Debt

39.9% 35.1% -3.7% -2810%

42.9% 36.0% -9.1% -1205%

CFO FCF Promoter Share Capital Networth

Holding

16.9% -189.5% 0.4% 9.1%

16.2% -198.1% 0.0% 0.7% 15.8%

 Company Future5Growth RoE
Not
Ban Yr. Conserva Curren 5 Yr.
Ban
k CA tive t Avg.
k
GR
Current Data Year Ending Current Year CY-minus-1 CY-minus-2 CY-minus-3 CY-minus-4 CY-minus-5 CAGR
CMP 6,052 PE Ratio 102 76 62 278 35
EPSi 91 EPS 62 57 73 10 33 17 30%
EPSi-1 55 DPS 16.0 15.0 11.7 3.0 6.0 6.0 22%
BVPS 482 PB Ratio 13 10 12 9 5
ROE 13% BVPS 482 431 391 320 240 240 15%
PE 66
Earnings Yeild 1.51% Payout Ratio 26% 26% 16% 29% 18%
Dividend Yeild 0.26%
PB 13 Projections Historical 0 1 2 3 4 5
PEG 2.23 EPS/BV 91 109 131 157 189 227
Average Data DPS 16 25 30 36 43 52
ROE 5 Yr. 13.0%
Payout 23% EPS/BV after 5 years 227
Avg P/E Ratio 103 Bank Interest 1 Yr 484
Avg P/B Ratio 10 Sum Of dividend paid 203
Value of Stock Projected Price 23,339
Discount Rate 8% Final Price 23,542
Valuation (historical PE / PB, current EPS) 9,380
Valuation 2 (historical PE / PB, fwd EPS @ historical growt 16,023 Projections Growth Current Year CY+1 CY+2 CY+3 CY+4 CY+5
Valuation (historical PE / PB, fwd EPS @ SS growth) 7,255 BVPS 482 531 586 645 711 783
2 EPS 64 70 77 85 94 104
2 DPS 15 16 18 20 22 24
1 Earnings after 5 years 104
Sum Of dividend paid 114
Projected Price 10,661
Return on stock when existing ROE growth rate is
Final Price 10,774 extended

Scenario Estimates
Revenue 19,059 20,965 23,062 25,368 27,905 30,695 Revenue drivers
10.0% 10.0% 10.0% 10.0% 10.0%
Net Profit 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
RM Cost 51% Cost drivers
Employee Cost 13%
SG&A 9%
Depreciation 4%
EPS 146 160 176 194 213 235 10% 10%
10.0% 10.0% 10.0% 10.0% 10.0%
Company APOLLO HOSPITALS ENTERPRISE LTD
Sector
Business Summary
Current Price 6052

5 Yrs Back Promoter Holding 65.0%

Promoter Holding 65.0%
Pledged Promoter Holding 0%
Promoter Salary/PAT 0
FII Holding 18%
DII Holding 0%

Assumptions Max Current

Conservative furture growth in EPS/BVPS 20%
Discount Rate 8%

Scoring Parameters Assessed Score

Comparison with industry peers 5%

Increase in production capacity and sales volume 2%

Conversion of sales growth into profits 2%

Creation of value for shareholders from the profits retained 4%

Background check of promoters & directors 8%

Management succession plans 2%

Salary of promoters vs. net profits 4%

Project execution skills 2%

Promoter shareholding 4%
FII shareholding 3%

Product diversification 3%

Govt. influence 2%

Labor Problems 2%
Pricing Power 3%

Free Cash Flow (FCF) 4%

 Parameter Brief
The Company must show sales growth higher than peers. If its sales growth is
similar to peers, then there is no Moat
Company must have shown increased market penetration by selling higher
volumes of its product/service
A Moat would result in increasing profits with increasing sales. Otherwise, sales
growth is only a result of unnecessary expansion or aggressive marketing push,
which would erode value in long term.
Otherwise, company is destroying wealth of shareholders

There should not be any information questioning the integrity of promoters &
directors
Salary being paid to potential successors should be in line with their experience
promoter should not have a history of seeking increase in remuneration when the
profits of the company declined in past
The company should have shown good project execution skills with cost and time
overruns.Exclude capacity increase by mergers & acquisitions.
Higher the better

The company should be either a pure play (only one business segment) or related
products. Pure play model ensures that the management is specialized in what
they are doing. Entirely different unrelated products/services are a strict NO. An
investor should rather buy stocks of different companies if she wants such
diversification.
No cap on profit returns or pricing of the product.No compulsion to supply to
certain clients.
That's what is called "pricing power". Companies with moat (as seen from other
screening metrics as suggested above (like high ROE, high grow margins, low debt
etc.) are able to adjust prices to inflation without the risk of losing significant
volume sales.

Companies that consistently need capital to grow their sales and profits are like
bank savings account, and thus bad for an investor's long term portfolio. Seek
companies that don't need high capital investments consistently. Retained
earnings must first go toward maintaining current operations at competitive
levels, so the lower the amount needed to maintain current operations, the better.
Here, more than just an absolute assessment, a comparison against competitors
will help a lot. Seek companies that consistently generate positive and rising free
cash flows.
Assessment Comments
List of mistakes made in the market made over and over again -

Do not be taken in by the new highs. Once the past peak of the index has been crossed, every new level is a new high & there
These are journeys of an index which will go up as the market prices of stocks go up. They are not urgent reminders that tell y
Do not treat them like immediate calls for actions. Do not check the index everyday, and do not make generalizations based o
Explanations about why the market is up or down is equally useless. Discount them. How you will do is a function of what you
Stay focussed on that micro reality, not on the macro nartatives floating around.

Do not sacrifice quality for anything. The rising tide allows lightweights to also soar. Do not use price as an indicator of how go
What you see as the rise in the price of the stock in the past is history. What will matter to you is how the stock stock will beha
While it is not possible to predict the future with any degee of certainity, you need to have an investment thesis or a basic set
Make sure your holdings are worth your hard earned money. Do not take chances with unknown stocks and overhyped IPO w
Your money deserves better

Do not benchmark your returns with what you may have gained in the short-term by participating in the equity markets. It is a
A bull market attracts investors as their confidence moves up when what they have invested in begins to do well, or exceed th
Investors who see a 10% return as fantastic will begin to believe that a 40% return is to be normally expected.
Do not be taken in by recent experiences of appreciation in the value of your investments. Learn to see these as the buffer fo
It does not matter when that would happen, not is it necessary to predict the next fall. Returns will eventually average out ove

Do not quit in great haste. The desire to be right about timing the market is very high with investors. Coming off from a flat int
Stories about how someone did not make all the money because of not getting out at the right time remain in memory.
Tentativeness about how far the markets will run up will increase as naysayers point to the end of the bull market with every
Remember that a bull market is not defined by its highs, but by its lows. No one knows how far your stock will run and you ma
Allow your gains to run. What you have to be hawk-eyed is the loss.

Do not hesitate to throw out the bad apples. There is no way you will get each one of the stock picks right - even if you did the
There are too many unknowns and a stock you picked might end up doing worse that you expected. Your portfolio will do wel
Do not hope to recover your loss from the stock you wrongly picked. You can make it in a another stock.By letting your losses
If you are unable to see at a loss and move on, you may still not be ready for equity investing.If you do not cut your loss, your

Do not indulge in day trading if you not mastered the art of managing your capital. Trading is very different from investing & c
Riding the momentum in a stock and booking some quick gains can make you mistakenly believe that it is all easy. Its just that
Traders are tested when the bets move against them and a good one will bow out and take the loss on the chin. The amateur
Trading is about moving the capital quickly across positions, evaluating them as you go along. If you merely buy & sell without

Particpate in the market with the power of information and preparedness. There are sensible approaches for discerning inves
evel is a new high & there is nothing extraordinary about it.
rgent reminders that tell you about loss opportunities.
ke generalizations based on the index.
o is a function of what you are buying, holding and selling.

e as an indicator of how good the stock is.

w the stock stock will behave in the future.
tment thesis or a basic set of reasons why you bought the stock. Write down your reasons.
ocks and overhyped IPO when there are enough of others with well established track record & performance numbers

n the equity markets. It is a good feeling to see the value of investments go up.
ns to do well, or exceed their expectations

see these as the buffer for the inevitable correction that will come in the future.
eventually average out overtime and these abnormal gains will bufer you again.

. Coming off from a flat into a boom creates anxities.

remain in memory.
he bull market with every rise.
r stock will run and you may regret quitting too soon.

s right - even if you did the best research and analysis.

. Your portfolio will do well if you focus on selling off what is losing money for you, rather than selling what is making money.
tock.By letting your losses to persist, you are allowing your capital to bleed.
do not cut your loss, your profits may get wiped off.

ifferent from investing & calls for a different set of skills.

at it is all easy. Its just that you got lukcy in a gamble ans you may not be able to replicate your gains.
on the chin. The amateur will hold the position & wish for the markets to oblige & get caught up in steep loss.
merely buy & sell without that agility it is your broker who will make the money, not you.

oaches for discerning investor to participate in the value that businesses create
Philip Fisher on What to Buy

1.Does the company have products or services with sufficient market potential to make possible a siz

2.Does the management has determination to continue to develop products or processes that will fu

3.How effective are the company's research and development efforts in relation to its size

4.Does the company have an above average sales organization

5.Does the company have a worthwhile profit margin

6.What is the company doing to maintain or improve its profit margin

7.Does the company have outstanding labor and personel relations

8.Does the company have outstanding executive relations

9.Does the company have depth to its management

10.How good are the company's cost analysis and accounting controls

11.Are there other aspects of the business, somewhat peculiar to the industry involved, which will gi

12.Does the company have a short-range or a long-range outlook in regard to its profits

13.In the foreseeable future will the growth of the company require sufficient equity financing so tha

14.Does the management talk freely to investors about its affairs when things are going well but calm

15. Dies the company has management of unquestionable integrity

ntial to make possible a sizeable increase in sales for atleast several years

ts or processes that will further increase total sales potential when the growth potential of currently attractive product lines have largely been exploite

lation to its size

stry involved, which will give the investor important clues as to how outstanding the company maybe in relation to its competitors

to its profits

ent equity financing so that the large number of shares then outstanding will largely cancel the existing share holder's benefit from this anticipated grow

ngs are going well but calm up when trouble and disappointments happen
have largely been exploited

t from this anticipated growth

 Dupont Analysis
CY-4 CY-3 CY-2 CY-1 CY 5 YR CAGR
NPM 4% 1% 8% 5% 5% NP 35.7%
Asset Turnover 1.02 0.94 1.13 1.16 1.14 Sales 14.7%
Equity Multiplier 3.38 2.48 2.36 2.33 2.41 Assets 12.8%
ROE 13% 3% 20% 14% 13% Shareholder funds 15.8%

DuPont analysis is an extended analysis of a company's return on equity. It concludes that a company can earn a high return on equity if:

1. It earns a high net profit margin - Preferred

2. It uses its assets effectively to generate more sales; and/or - Preferred
3. It has a high financial leverage

ROIIC = (𝑌𝑒𝑎𝑟2 𝑁𝑂𝑃𝐴𝑇 − 𝑌𝑒𝑎𝑟1

𝑁𝑂𝑃𝐴𝑇)/(𝑌𝑒𝑎𝑟1 𝐼𝑛𝑣𝑒𝑠𝑡𝑒𝑑 𝐶𝑎𝑝𝑖𝑡𝑎𝑙
− 𝑌𝑒𝑎𝑟0 𝐼𝑛𝑣𝑒𝑠𝑡𝑒𝑑 𝐶𝑎𝑝𝑖𝑡𝑎𝑙)
NPCY - NPCY-4 482 13%
꓿
NWCY - NWCY-4 3,594
 Piotrosoki Score
Piotroski F Score data Current Year CY-minus-1 CY-minus-2 CY-minus-3 CY-minus-4
ROA 5.5% 6.2% 8.3% 1.2% 3.9%
Borrowings / Total Assets 0.32 0.30 0.31 0.37 0.32
Current Ratio 1.17 1.21 1.15 1.15 0.73
Gross Margin 13.1% 12.9% 17.4% 11.8% 16.1%
PAT 917 888 1101 136 435
Operating Cash Flow 1920 1377 1696 1265 1293
Shares Outstanding 72 72 72 72 70
Asset Turnover 114% 116% 113% 94% 102%
Start 0 Value 44
Intial 30 Pointer 1
Piotroski 1: PAT >0 TRUE Middle 40 End 154.555556
Piotroski 2: Operating Cash Flow >0 TRUE End 30
Piotroski 3: Return on Assets higher than last Yr. FALSE Max 100
Piotroski 4: Operating Cash Flow higher than PAT TRUE
Piotroski 5: Borrowings/Assets lower than last Yr. FALSE
Piotroski 6: Current Ratio than last Yr. FALSE
Piotroski 7: Shares Outstanding not higher than last Yr. FALSE
Piotroski 8: Gross Margin higher than last Yr. TRUE
Piotroski 9: Total Income/Total Assets higher than last Yr. FALSE A discrete score between 0-9 which reflects nine criteria used to
Piotroski F Score 4 determine the strength of a firm's financial position
 Altman Z-score
Altman Z-score = 1.2T1 + 1.4T2 + 3.3T3 + 0.6T4 + T5
Input CY T1 = Working Capital / Total Assets 0.04 Altman Score Pointer
Working Capital 745 T2 = Retained Earnings / Total Assets 0.04 Start 0 Value 100
Total Assets 16,742.2 T3 = EBITDA / Total Assets 0.11 Intial 30 Pointer 1
Total Liabilities 16,742.2 T4 = Market Value of Equity / Total Liabilities 8.87 Middle 20 End 99
Retained Earnings 687 T5 = Net Sales / Total Assets 1.14 End 50
EBIT 1,812 Max 100
Market Value of Equity 87018.46 0
Net Sales 19,059

Score 6.00

Legend
Not likely to be Bankrupt 3+ The output of Altman score test gauges a publicly traded
Less Chances of Bankruptcy 1.8 to 3 company's likelihood of bankruptcy.
Likely to be Bankrupt 0 to 1.8
APOLLO HOSPITALS ENTERPRISE LTD

APOLLO HOSPITALS ENTERPRISE LTD Mar-15 Mar-16 Mar-17 Mar-18

CONSOLIDATED
Inventory 350 406 467 566
Debtors 609 609 751 825
Cash & Bank Balance 377 379 525 417
Current Assets 2,372 2,448 2,759 2,759
Current Liabilities 1,296 1,195 1,665 1,917
Working Capital (check) 1,076 1,253 1,095 841

Operating Expenses/Capex Mar-15 Mar-16 Mar-17 Mar-18

Raw Materials 2,562 3,135 3,646 4,111
Employee cost 860 1,024 1,197 1,405
Advertising and sales promotion 520 976 1,169 1,432
Freight, transport and distribution
Royalty
Power and fuel 94 123 128 167
Miscellaneous expenses 219 144 87 129
R&D Cost 934
Capex 1,046 693 906
COMPANY NAME Mar-15 Mar-16 Mar-17 Mar-18
Total Income 5,176 6,241 7,315 8,268
Sales 5,129 6,150 7,256 8,243
Raw Materials 2,562 3,135 3,646 4,111
Gross Profit 2,567 3,014 3,609 4,133
EBITDA 785 776 793 826
Depreciation & Amortisation 212 264 314 359
EBIT 573 512 479 467
Interest 118 180 257 295
PBT 455 332 222 171
Tax 130 97 91 112
PAT 325 235 131 60
Dividends 80 83 83 70
Market Cap 19,046 18,491 16,207 14,809
Current Market Cap 87,018
Current EPS 91.1

Equity 70 70 70 70
Reserves & Surplus 3,102 3,262 3,244 3,182
Networth 3,171 3,331 3,313 3,252
Secured Loans
Unsecured Loans
Borrowings 1,992 2,834 3,125 3,427
Other Liabilities 1,296 1,195 1,665 1,917
Current Asset 2,372 2,448 2,759 2,759
Current Liabilities 1,296 1,195 1,665 1,917
Total Assets 6,459 7,360 8,103 8,596
Net Fixed Assets 3,244 3,997 4,591 4,773
Capital Work in Progress 533 562 347 712
Working Capital 1,076 1,253 1,095 841
Debtors 609 609 751 825
Inventory 350 406 467 566
Cash 377 379 525 417
Net Other Assets
Invested Capital 5,164 6,165 6,438 6,678
Capital Employed 5,164 6,165 6,438 6,678
Total Liability 3,287.8 4,028.7 4,789.8 5,344.1
Total Assets 6,459.2 7,359.8 8,103.0 8,595.6

Operating Cash Flow 470 597 623 537

Free Cash Flow (449) (70) (369)
Cash from Investing Activity (759) (888) (1,152) (405)
Cash from Financing Activity 392 330 477 (109)
Tax Rate 29% 29% 41% 65%
NOPAT 409.6 362.7 283.1 162.0

MktCap+Dividend 18,571 16,291 14,893

Retained Profit 245 152 48 (10)

Price 1,369.20 1,329.30 1,165.15 1,064.65

BVPS 227.99 239.48 238.19 233.75
EPS 24.44 16.99 15.89 8.44
DPS 5.75 6.00 6.00 5.00
P/E 56.03 78.22 73.34 126.12
PEG (2.57) (11.26) (2.69)
Price/Book 6.01 5.55 4.89 4.55
Price/operating CashFlow 40.53 30.96 26.03 27.58
Price/Free Cashflow (41.19) (230.12) (40.11)
Price/Sales 3.71 3.01 2.23 1.80
EV/EBITDA 22.21 20.67 17.15 14.29
Dividend Yield 0.42% 0.45% 0.52% 0.47%
Enterprise Value 17,431 16,036 13,606 11,800

Working Capital/Total Assets 0.17 0.17 0.14 0.10

Retained Profits/Total Assets 0.04 0.02 0.01 (0.00)
EBIT/Total Assets 0.09 0.07 0.06 0.05
Market Cap/Total Liabilities 5.79 4.59 3.38 2.77
Sales/Total Assets 0.79 0.84 0.90 0.96

RoE 7% 4% 2%
RoCE 10% 8% 7%
RoA 3% 2% 1%

Assets Mar-15 Mar-16 Mar-17 Mar-18

Tangible assets (Non-current) 3244 3997 4591 4773
Tangible assets (Non-current) 50% 54% 57% 56%
Investments (Current) 5% 5% 5% 4%
Inventories (Current) 5% 6% 6% 7%
Receivables (Current) 9% 8% 9% 10%
Cash (Current) 6% 5% 6% 5%
Rest 24% 22% 17% 19%

Liabilities Mar-15 Mar-16 Mar-17 Mar-18

Shareholder Funds 49% 45% 41% 38%
Rest 51% 55% 59% 62%

P/L - Annual Mar-15 Mar-16 Mar-17 Mar-18

Raw Mat + Invt change 50% 49% 49% 49%
Power and Fuel 2% 2% 2% 2%
Other Mfr. Exp 2% 2% 5% 3%
Employee Cost 17% 16% 16% 17%
Selling and admin 10% 16% 16% 17%
Other Expenses 4% 2% 1% 2%
Depreciation 4% 4% 4% 4%
Interest 2% 3% 4% 4%
Tax 3% 2% 1% 1%
Net profit 7% 4% 3% 1%
100% 100% 101% 101%

P/L - Annual - YoY change Mar-15 Mar-16 Mar-17 Mar-18

Sales 6,241 7,315 8,268
Sales YoY 21% 17% 13%
EPS 17.0 15.9 8.4
EPS YoY -30% -7% -47%

P/L - QoQ - change Sep-22 Dec-22 Mar-23 Jun-23

Sales 4,299 4,322 4,452
Sales QoQ 1% 1% 3%
NP 154 145 167
NP QoQ -25% -6% 15%

P/L - Quaterly Sep-22 Dec-22 Mar-23 Jun-23

Expenses 87% 88% 88% 88%
Depreciation 4% 4% 4% 4%
Interest 2% 2% 2% 2%
Tax 3% 2% 2% 2%
Net profit 5% 4% 3% 4%
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

585 738 250 432 390 460

1,023 1,027 1,331 1,765 2,234 2,515
347 467 724 924 776 934
2,901 3,187 3,037 4,104 4,712 5,219
2,159 4,354 2,629 3,570 3,886 4,474
742 (1,167) 407 534 826 745

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

4,733 5,606 5,809 7,647 8,599 9,839
1,599 1,854 1,602 1,788 2,180 2,497
1,125 903 624 986 1,461 1,672

184 213 170 194 218 247

86 135 240 134 127 138

714 2,484 (82) 1,930 1,404 2,094

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
9,643 11,468 10,663 15,031 16,688 19,164
9,617 11,247 10,560 14,663 16,613 19,059
4,733 5,606 5,809 7,647 8,599 9,839
4,885 5,641 4,751 7,016 8,014 9,220
1,095 1,812 1,243 2,557 2,140 2,499
396 620 573 601 615 687
700 1,193 670 1,957 1,525 1,812
327 533 449 379 381 449
373 660 221 1,578 1,144 1,362
173 225 85 477 256 446
199 435 136 1,101 888 917
84 84 43 169 216 230
17,076 15,844 41,740 64,942 61,991 91,411

70 70 72 72 72 72
3,264 3,270 4,531 5,551 6,126 6,864
3,334 3,339 4,603 5,623 6,197 6,935

3,673 3,596 4,160 4,068 4,332 5,333

2,159 4,354 2,629 3,570 3,886 4,474
2,901 3,187 3,037 4,104 4,712 5,219
2,159 4,354 2,629 3,570 3,886 4,474
9,166 11,289 11,392 13,261 14,416 16,742
4,982 7,432 6,778 8,296 8,520 9,664
822 236 234 46 610 873
 742 (1,167) 407 534 826 745
1,023 1,027 1,331 1,765 2,234 2,515
585 738 250 432 390 460
347 467 724 924 776 934

7,007 6,935 8,762 9,691 10,530 12,268

7,007 6,935 8,762 9,691 10,530 12,268
5,832.4 7,949.7 6,789.1 7,637.7 8,218.3 9,806.8
9,165.9 11,288.8 11,391.6 13,261.0 14,415.7 16,742.2

905 1,293 1,265 1,696 1,377 1,920

191 (1,191) 1,347 (234) (27) (174)
(711) (289) (880) (747) (857) (1,537)
(215) (910) (340) (792) (633) (311)
47% 34% 38% 30% 22% 33%
374.0 785.8 412.8 1,365.3 1,183.0 1,219.5

17,145 15,928 41,824 64,985 62,160 91,626

116 351 93 932 672 687

1,227.60 1,139.05 2,902.65 4,516.10 4,310.90 6,356.80

239.65 240.05 320.06 391.05 430.97 482.29
16.97 32.70 10.46 73.41 56.96 62.49
6.00 6.00 3.00 11.75 15.00 16.00
72.36 34.83 277.53 61.52 75.68 101.73
0.72 0.38 (4.08) 0.10 (3.38) 10.48
5.12 4.75 9.07 11.55 10.00 13.18
18.86 12.25 33.01 38.29 45.02 47.60
89.23 (13.30) 30.99 (278.00) (2,287.48) (525.95)
1.78 1.41 3.95 4.43 3.73 4.80
12.56 7.02 30.82 24.16 27.31 34.82
0.49% 0.53% 0.10% 0.26% 0.35% 0.25%
13,750 12,715 38,305 61,797 58,434 87,012
Z-Weights
0.08 (0.10) 0.04 0.04 0.06 0.04
0.01 0.03 0.01 0.07 0.05 0.04
0.08 0.11 0.06 0.15 0.11 0.11
2.93 1.99 6.15 8.50 7.54 9.32
1.05 1.00 0.93 1.11 1.15 1.14

6% 13% 3% 20% 14% 13%

10% 17% 9% 21% 15% 16%
2% 4% 1% 9% 6% 6%

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

4982 7432 6778 8296 8520 9664
54% 66% 60% 63% 59% 58%
5% 4% 12% 6% 4% 6%
 6% 7% 2% 3% 3% 3%
11% 9% 12% 13% 15% 15%
4% 4% 6% 7% 5% 6%
19% 11% 8% 8% 13% 13%

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

36% 30% 40% 42% 43% 41%
64% 70% 60% 58% 57% 59%

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

48% 48% 53% 50% 51% 51%
2% 2% 2% 1% 1% 1%
9% 9% 10% 12% 12% 12%
17% 16% 15% 12% 13% 13%
12% 8% 6% 7% 9% 9%
1% 1% 2% 1% 1% 1%
4% 5% 5% 4% 4% 4%
3% 5% 4% 3% 2% 2%
2% 2% 1% 3% 2% 2%
2% 4% 1% 7% 5% 5%
100% 100% 100% 100% 100% 100%

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

9,643 11,468 10,663 15,031 16,688 19,164
17% 19% -7% 41% 11% 15%
17.0 32.7 10.5 73.4 57.0 62.5
101% 93% -68% 602% -22% 10%

Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

4,873 4,880 4,981 5,134 5,633 5,596
9% 0% 2% 3% 10% -1%
233 245 254 305 379 372
40% 5% 3% 20% 24% -2%

Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

87% 87% 86% 86% 85% 85%
3% 3% 4% 3% 3% 3%
2% 2% 2% 2% 2% 2%
3% 2% 2% 2% 3% 3%
5% 5% 5% 6% 7% 7%
COMPANY NAMEAPOLLO HOSPITALS ENTERPRISE LTD
LATEST VERSION 2.10 PLEASE D
CURRENT VERSION 2.10

META
Number of shares 14.38
Face Value 5
Current Price 6052
Market Capitalization 87018.46

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 5128.98 6149.5 7255.7 8243.47
Raw Material Cost 2562.23 3135.33 3646.22 4110.85
Change in Inventory -18.96 80.59 47.34 78.19
Power and Fuel 93.98 122.8 127.89 166.68
Other Mfr. Exp 116.96 143.36 342.51 276.52
Employee Cost 860.41 1023.94 1196.89 1404.98
Selling and admin 520.03 976.21 1168.62 1431.98
Other Expenses 218.97 144.2 87.12 129.43
Other Income 47.47 91.73 59.68 24.34
Depreciation 211.65 263.83 314.04 359.03
Interest 117.85 180.02 257.35 295.07
Profit before tax 455.41 332.13 222.08 171.46
Tax 130 96.9 90.96 111.91
Net profit 339.9 236.38 220.99 117.42
Dividend Amount 79.99 83.47 83.47 69.56

Quarters
Report Date Sep-22 Dec-22 Mar-23 Jun-23
Sales 4251.1 4263.6 4302.2 4417.8
Expenses 3698.9 3779.7 3814.1 3908.8
Other Income 22.6 35.4 20 34.1
Depreciation 155 153.4 159.1 166.9
Interest 92.7 100 95.4 106.2
Profit before tax 327.1 265.9 253.6 270
Tax 114.3 103.5 108 96.6
Net profit 204 153.5 144.5 166.6
Operating Profit 552.2 483.9 488.1 509
BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 69.56 69.56 69.56 69.56
Reserves 3101.77 3261.57 3243.64 3181.94
Borrowings 1992.26 2833.52 3125.29 3426.64
Other Liabilities 1295.58 1195.15 1664.52 1917.48
Total 6459.17 7359.8 8103.01 8595.62
Net Block 3244.12 3997.42 4591.06 4772.86
Capital Work in Progress 532.64 561.56 346.86 712.2
Investments 310.65 352.38 406.05 351.99
Other Assets 2371.76 2448.44 2759.04 2758.57
Total 6459.17 7359.8 8103.01 8595.62
Receivables 609.27 609.37 750.53 825.19
Inventory 350.26 406.13 466.87 565.84
Cash & Bank 377.33 378.79 524.5 417.25
No. of Equity Shares 139125159 139125160 139125160 139125160
New Bonus Shares
Face value 5 5 5 5

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 469.95 597.17 622.55 536.96
Cash from Investing Activity -759.07 -888.21 -1151.88 -404.91
Cash from Financing Activity 392.31 329.93 476.96 -108.5
Net Cash Flow 103.19 38.89 -52.37 23.55

PRICE: 1369.2 1329.3 1165.15 1064.65

DERIVED:
Adjusted Equity Shares in Cr 13.91 13.91 13.91 13.91
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

9617.4 11246.8 10560 14662.6 16612.5 19059.2
4732.5 5605.9 5809.4 7646.8 8598.8 9839
71.6 107 125.2 73.3 24.5 33.5
183.8 213 169.7 193.7 217.5 247.2
892.9 1051.7 1100.2 1798.6 1988.3 2305.1
1598.9 1853.9 1602.1 1788.3 2179.8 2497
1124.9 903 623.7 985.5 1461.2 1671.8
86.4 135.4 239.8 133.9 126.8 138.3
25.5 221.6 102.7 368.3 75.3 104.6
395.5 619.7 573.1 600.7 615.4 687
327 532.8 449.2 378.6 380.8 449.4
372.6 660 220.7 1578.1 1143.7 1362.5
173.4 225.2 84.7 477 256.2 445.5
236 454.9 150.4 1055.6 819.1 898.6
83.52 83.52 43.14 168.96 215.7 230.08

Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

4846.9 4850.6 4943.9 5085.6 5589.3 5526.9
4219.4 4236.9 4303.4 4410.5 4773.8 4765.4
26.2 29.2 36.7 48.7 43.9 69.1
163.4 167 189.7 177.4 184.5 184.6
111.3 112.6 119.3 116.4 117.5 109.8
379 363.3 368.2 430 557.4 536.2
130.2 108.9 109.8 114.5 161.7 156.8
232.9 245.3 253.8 305.2 378.8 372.3
627.5 613.7 640.5 675.1 815.5 761.5
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
69.6 69.6 71.9 71.9 71.9 71.9
3263.9 3269.5 4530.6 5551.4 6125.5 6863.5
3673.2 3595.6 4159.8 4068.1 4332.4 5332.6
2159.2 4354.1 2629.3 3569.6 3885.9 4474.2
9165.9 11288.8 11391.6 13261 14415.7 16742.2
4981.6 7432.1 6778.3 8295.6 8519.8 9663.9
821.8 235.6 233.9 45.5 609.9 872.8
461.6 434.1 1342.7 816.1 573.6 986.1
2900.9 3187 3036.7 4103.8 4712.4 5219.4
9165.9 11288.8 11391.6 13261 14415.7 16742.2
1023.2 1027.2 1331.1 1764.7 2234.2 2514.9
584.8 737.8 249.5 431.9 390.1 459.8
346.9 466.8 724.4 924 775.8 933.8
139125159 139125159 143784657 143784657 143784657 143784657

5 5 5 5 5 5

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

905.2 1292.9 1264.6 1696 1376.9 1920.2
-710.6 -288.8 -880 -746.6 -856.8 -1537.1
-214.7 -909.6 -340.1 -791.6 -633.2 -311
-20.1 94.5 44.5 157.8 -113.1 72.1

1227.6 1139.05 2902.65 4516.1 4310.9 6356.8

13.91 13.91 14.38 14.38 14.38 14.38