BSE: 539787 | NSE: HCG | Hospital & Healthcare Services | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Healthcare Global Enterprises Ltd is a average quality company.
The key valuation ratios of Healthcare Global Enterprises Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Healthcare Global Enterprises Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation Index Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 4.4% | 4% | 6.1% | 7.7% | 6.1% | 1.6% | -12.6% | 10.5% | 8% | 7.2% | - |
| Value Creation Index ⓘ | -0.7 | -0.7 | -0.6 | -0.5 | -0.6 | -0.9 | -1.9 | -0.3 | -0.4 | -0.5 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 420 | 471 | 545 | 586 | 641 | 688 | 609 | 850 | 1,006 | 1,099 | 1,192 |
| Sales YoY Gr. | - | 12.1% | 15.7% | 7.6% | 9.3% | 7.5% | -11.6% | 39.6% | 18.3% | 9.3% | - |
| Adj EPS ⓘ | 0.1 | -0.2 | 2.3 | 2 | 0.8 | -6.1 | -15.3 | -3.7 | 2.9 | 2.4 | -0.8 |
| YoY Gr. | - | -520% | NA | -11.1% | -61% | -883.3% | NA | NA | NA | -18.4% | - |
| BVPS (₹) ⓘ | 38.2 | 61 | 63.5 | 69.6 | 72.7 | 68.5 | 69.7 | 78.5 | 81.5 | 84.1 | 84.9 |
| Adj Net Profit ⓘ | 0.4 | -1.8 | 19.3 | 17.4 | 6.9 | -54.2 | -192 | -51.3 | 40.7 | 33.3 | -11 |
| Cash Flow from Ops. ⓘ | 50.5 | 57.8 | 53.9 | 66.4 | 87 | 86.3 | 70.9 | 124 | 130 | 195 | - |
| Debt/CF from Ops. ⓘ | 6.2 | 3.4 | 4 | 4 | 4.9 | 5.7 | 3.4 | 0.9 | 0.9 | 2 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 11.3% | 11.4% | 21.8% | 9.3% | ||||
| Adj EPS ⓘ | 53.7% | 25.1% | NA | -18.4% | ||||
| BVPSⓘ | 9.2% | 3% | 6.5% | 3.2% | ||||
| Share Price | - | 34.2% | 25.8% | 42.2% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0.1 | -0.5 | 3.6 | 2.9 | 1.1 | -8.6 | -24.9 | -5.1 | 3.6 | 2.9 | -1 |
| Op. Profit Mgn % ⓘ | 13.5 | 13.6 | 15.2 | 14 | 14.7 | 16.8 | 12.1 | 17.3 | 16.9 | 17.9 | 17.2 |
| Net Profit Mgn % ⓘ | 0.1 | -0.4 | 3.5 | 3 | 1.1 | -7.9 | -31.5 | -6 | 4.1 | 3 | -1 |
| Debt to Equity ⓘ | 1.2 | 0.4 | 0.4 | 0.4 | 0.7 | 0.8 | 0.3 | 0.1 | 0.1 | 0.3 | - |
| Working Cap Days ⓘ | 129 | 128 | 130 | 161 | 211 | 240 | 257 | 150 | 124 | 141 | 83 |
| Cash Conv. Cycle ⓘ | -9 | -18 | -16 | -3 | 10 | 22 | 38 | 26 | 26 | 23 | 21 |
Sales growth is growing at healthy rate in last 3 years 21.77%
Return on Equity is Poor
Net Profit has been subdued in last 3 years 0.00%
Sales growth is not so good in last 4 quarters at 8.52%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | -0.8 | 4.2 |
| TTM Sales (₹ Cr.) | 1,192 | 2,131 |
| BVPS (₹.) ⓘ | 84.9 | 62.3 |
| Reserves (₹ Cr.) ⓘ | 1,022 | 729 |
| P/BV ⓘ | 5.78 | 7.87 |
| PE ⓘ | 0.00 | 117.29 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 310.10 / 563.15 |
| All Time Low / High (₹) | 62.95 / 563.15 |
| Market Cap (₹ Cr.) | 6,839 |
| Equity (₹ Cr.) | 139.4 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 37.9 |
| Mar'24 | YoY Gr. Rt. % | Jun'24 | YoY Gr. Rt. % | Sep'24 | YoY Gr. Rt. % | Dec'24 | YoY Gr. Rt. % | |
|---|---|---|---|---|---|---|---|---|
| Sales (₹ Cr.)ⓘ | 280 | 8.4 | 294 | 7.9 | 306 | 8.5 | 313 | 9.3 |
| Adj EPS (₹) ⓘ | 0.7 | 51.1 | 0.8 | -14.3 | 1.2 | 17.4 | -0.9 | -250 |
| Op. Profit Mgn % ⓘ | 19.56 | 410 bps | 16.99 | -47 bps | 18.97 | 109 bps | 13.54 | -352 bps |
| Net Profit Mgn % ⓘ | 3.39 | 96 bps | 3.99 | -104 bps | 5.23 | 38 bps | -4.15 | -718 bps |
| Pledged * | 3.09 | 3.09 | 3.09 | 3.09 | 3.09 | 0.00 | 3.09 | 3.09 | 3.09 | 3.09 |
|
Particulars |
Q1FY24 |
YoY Trend |
Comments |
|
Revenue |
461 |
+13% |
Driven by increase in ARPOB |
|
EBITDA |
74 |
+3% |
|
|
EBITDA Margin |
16% |
-155 bps |
On account of increase in employee cost |
|
PAT |
3.65 |
+47% |
|
Good result on all parameters, sustaining performance with healthy focus on capacity expansion.
About the company
Healthcare Global Enterprises Ltd. is a provider of speciality healthcare services in India focused on cancer and fertility. Under the “HCG” brand, it operates the largest cancer care network in India in terms of the total number of private cancer treatment centres licensed by the AERB. Under the “Milann” brand, it operates its fertility centres. It also operates 4 multi-specialty hospitals in Ahmedabad, Rajkot, Bhavnagar and Hubli. It provides clinical reference laboratory services in India under the Triesta brand with a specialisation in oncology, including molecular diagnostic services and genomic testing. Additionally, Triesta offers research and development services to pharmaceutical and biotechnology companies in the areas of clinical trial management and biomarker discovery and validation.
Industry Overview
Based on the World Health Organization's World Cancer Report, it was estimated that India had approximately 1.16 million new cases of cancer in 2018. The report also suggested that one out of every 10 Indians will develop cancer in their lifetime, and one out of every 15 will succumb to the disease, making cancer the second leading cause of death in the country.
Over the past two decades, India has experienced impressive economic growth, with an annual expansion of more than 7% in most years, making it one of the world's top-performing emerging economies. This economic development has led to a range of socio-economic changes, including an increased risk of non-communicable diseases such as cancer, and significant disparities in access to cancer prevention and control services. According to the same WHO report, global cancer rates could increase by 60% in the next two decades if cancer care is not improved in low and middle-income countries.
As per the UN, the fertility rate of Indians has declined significantly by more than 50% from 4.97 to 2.23 and is further expected to decline to 2.1 by CY 2025-30 and to 1.86 by CY 2045-50. But the fertility rate of 2.2 is generally considered as the fertility replacement level. If the fertility rate goes below this number the population rate will definitely decline.
Sedentary lifestyles with minimum physical activity, rising stress level and irregular sleep pattern are few of the reasons that are causing infertility, thus forcing them to opt for artificial ways of conceiving. Infertility at present, affects about 10% to 14% of the Indian population, with higher rates in urban areas where one out of six couples is impacted, according to the Indian Society of Assisted Reproduction. About 27.5 million couples are known to actively trying to conceive suffer from infertility in the country.
Key Business Parameters
Leverage has been an issue with HCGEL in the past as it took recourse to debt to fund its capex expansion drive in recent years. Debt-Equity ratio (Ex IND AS116) is expected to come down significantly from 1.88 in FY20 to 0.13 in FY23 given the fund infusion by CVC, reduction of losses and minimal capex between FY21 and FY23. A strong balance sheet would keep HCGEL in good stead and support a higher valuation multiple.
HCGEL was on a capex overdrive between FY18 and FY20 when Rs 2662 mln, Rs 2199 mln and Rs 2141 mln were added to its gross tangible assets block in FY18, FY19 and FY20 respectively. Nine new comprehensive cancer care centres were added between FY16 and FY20 which led to the decline in EBITDA margin and RoCE. HCGEL’s new centre losses increased to Rs 455 mln in FY20 from around Rs 70 mln in FY17. While it took about ~1.0-1.5 years for the new centres to breakeven, Borivali and Nagpur centres’ breakeven was delayed owing to doctor and rent-related issues. With the commissioning of the South Mumbai centre in Q3FY20, HCGEL is done with its major capex plan barring small amounts related to its Gurgaon comprehensive cancer care centre. Thus, we expect improvement in EBITDA for the projected years FY21 to FY23. Further, incremental depreciation charge would also be low and recourse to additional debt to fund the expansion would not be necessary at all. All these would culminate to positive return ratios in FY23 and support a higher valuation multiple.
Management Team
CVC Capital Partners (Promoter and Member of Board) - Stakes in more than 50 companies worldwide, employing ~3 lakh people and generating annual sales of over $100 Bn. 34+ years of proven record of Private Equity investment success. Marquee investments in Healthcare services including P T Siloam (Indonesia), Affinity Health (Australia), Metropolitan Hospital (Greece), and General Healthcare Group (UK).
Mr. B.S. Ajaikumar (Promoter and Executive Chairman) - MBBS from St. Johns & Radiation/Medical oncologist from MD Anderson. Over 40 years of experience in practising oncology in India and the US. Successfully raised capital and provided exits to marquee PE investors and led the public listing of HCG.
Mr. Raj Gore (CEO) - He has 21 years of diverse experience in business management in North America, Asia, and Africa, with a focus on Healthcare for the past 17 years. In his previous role, he was the Chief Executive Officer – Southern Region of Apollo Hospitals Enterprise Limited. Before joining Apollo, he worked with Fortis Healthcare Limited as Chief Growth Officer (India) & Chief Operating Officer – NCR.
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| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 420 | 471 | 545 | 586 | 640 | 688 | 609 | 850 | 1,006 | 1,099 |
| Operating Expenses ⓘ | 364 | 407 | 462 | 504 | 546 | 573 | 535 | 703 | 837 | 903 |
| Manufacturing Costs | 120 | 141 | 158 | 159 | 192 | 215 | 196 | 241 | 273 | 296 |
| Material Costs | 131 | 134 | 149 | 155 | 153 | 147 | 138 | 210 | 236 | 246 |
| Employee Cost | 69 | 85 | 98 | 116 | 130 | 143 | 137 | 157 | 175 | 197 |
| Other Costs ⓘ | 43 | 48 | 57 | 75 | 71 | 69 | 65 | 95 | 153 | 164 |
| Operating Profit ⓘ | 56 | 64 | 83 | 82 | 94 | 116 | 73 | 147 | 169 | 196 |
| Operating Profit Margin (%) | 13.4% | 13.5% | 15.2% | 13.9% | 14.7% | 16.8% | 12.1% | 17.3% | 16.8% | 17.9% |
| Other Income ⓘ | 4 | 3 | 7 | 23 | 13 | 12 | 24 | 12 | 22 | 17 |
| Interest ⓘ | 32 | 34 | 16 | 27 | 48 | 83 | 63 | 43 | 41 | 48 |
| Depreciation ⓘ | 33 | 37 | 44 | 44 | 47 | 79 | 87 | 88 | 89 | 94 |
| Exceptional Items ⓘ | -4 | -4 | 0 | 3 | 0 | -31 | -153 | 53 | -3 | -16 |
| Profit Before Tax ⓘ | -8 | -9 | 29 | 37 | 13 | -65 | -205 | 81 | 58 | 55 |
| Tax ⓘ | -5 | -4 | 10 | 12 | 5 | -12 | -14 | 43 | 17 | 21 |
| Profit After Tax | -2 | -5 | 19 | 25 | 7 | -53 | -192 | 38 | 40 | 34 |
| PAT Margin (%) | -0.6% | -1.0% | 3.6% | 4.2% | 1.1% | -7.7% | -31.5% | 4.5% | 4.0% | 3.1% |
| Adjusted EPS (₹) | -0.3 | -0.6 | 2.3 | 2.9 | 0.8 | -6.0 | -15.3 | 2.8 | 2.9 | 2.4 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 267 | 519 | 544 | 605 | 639 | 607 | 873 | 1,091 | 1,133 | 1,171 |
| Share Capital ⓘ | 70 | 85 | 86 | 87 | 88 | 89 | 125 | 139 | 139 | 139 |
| Reserves ⓘ | 197 | 434 | 458 | 518 | 551 | 519 | 748 | 952 | 994 | 1,032 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 277 | 160 | 165 | 219 | 396 | 419 | 214 | 83 | 113 | 362 |
| Long Term Debt | 247 | 123 | 124 | 217 | 346 | 315 | 147 | 82 | 113 | 261 |
| Short Term Debt | 29 | 37 | 41 | 2 | 50 | 104 | 67 | 1 | 0 | 101 |
| Trade Payables | 75 | 97 | 105 | 114 | 106 | 99 | 81 | 96 | 109 | 132 |
| Others Liabilities ⓘ | 70 | 60 | 96 | 165 | 259 | 628 | 379 | 374 | 375 | 523 |
| Total Liabilities ⓘ | 689 | 836 | 910 | 1,103 | 1,400 | 1,754 | 1,547 | 1,644 | 1,730 | 2,188 |
Fixed Assets | ||||||||||
| Gross Block | 566 | 467 | 511 | 591 | 693 | 1,141 | 1,058 | 1,177 | 1,275 | 1,510 |
| Accumulated Depreciation | 162 | 36 | 69 | 99 | 146 | 227 | 313 | 403 | 487 | 572 |
| Net Fixed Assetsⓘ | 405 | 431 | 442 | 492 | 547 | 914 | 745 | 774 | 788 | 938 |
| CWIP ⓘ | 28 | 29 | 33 | 79 | 104 | 44 | 28 | 5 | 9 | 36 |
| Investmentsⓘ | 84 | 155 | 141 | 219 | 299 | 316 | 366 | 439 | 475 | 506 |
| Inventories | 13 | 11 | 15 | 17 | 16 | 13 | 12 | 17 | 21 | 21 |
| Trade Receivables | 64 | 69 | 101 | 126 | 146 | 152 | 147 | 160 | 212 | 204 |
| Cash Equivalents | 13 | 50 | 75 | 15 | 9 | 15 | 14 | 120 | 80 | 237 |
| Others Assetsⓘ | 83 | 91 | 103 | 155 | 280 | 300 | 235 | 129 | 144 | 244 |
| Total Assets ⓘ | 689 | 836 | 910 | 1,103 | 1,400 | 1,754 | 1,547 | 1,644 | 1,730 | 2,188 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 51 | 58 | 54 | 66 | 87 | 86 | 71 | 124 | 130 | 195 |
| PBT ⓘ | -8 | -9 | 29 | 37 | 13 | -65 | -205 | 81 | 58 | 55 |
| Adjustment ⓘ | 64 | 74 | 57 | 60 | 91 | 192 | 285 | 79 | 150 | 168 |
| Changes in Working Capital ⓘ | -5 | -0 | -25 | -32 | 10 | -20 | -49 | -21 | -60 | 5 |
| Tax Paid ⓘ | 0 | -8 | -7 | 1 | -26 | -20 | 40 | -15 | -17 | -33 |
| Cash Flow From Investing Activity ⓘ | -74 | -86 | -73 | -185 | -208 | -116 | -246 | 49 | -138 | -249 |
| Capex | -67 | -90 | -40 | -104 | -123 | -80 | -23 | -42 | -95 | -124 |
| Net Investments | -5 | -3 | 2 | 20 | -15 | 4 | -102 | 189 | -10 | -46 |
| Others ⓘ | -2 | 7 | -35 | -100 | -70 | -40 | -120 | -99 | -32 | -79 |
| Cash Flow From Financing Activityⓘ | 22 | 120 | -14 | 91 | 66 | -3 | 236 | -41 | -42 | 105 |
| Net Proceeds from Shares ⓘ | 10 | 271 | 7 | 35 | 0 | 20 | 453 | 132 | 1 | 2 |
| Net Proceeds from Borrowing ⓘ | 29 | -110 | -9 | 79 | 106 | 36 | -219 | -67 | 14 | 174 |
| Interest Paid ⓘ | -28 | -33 | -12 | -23 | -40 | -66 | -59 | -43 | -36 | -46 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 12 | -8 | 0 | 0 | 0 | 7 | 62 | -63 | -21 | -25 |
| Net Cash Flow ⓘ | -1 | 92 | -33 | -27 | -55 | -32 | 61 | 132 | -49 | 51 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -0.9 | -1.2 | 3.67 | 4.33 | 1.16 | -8.55 | -25.87 | 3.9 | 3.61 | 2.95 |
| ROCE (%) | 4.42 | 3.98 | 6.12 | 7.65 | 6.13 | 1.62 | -12.55 | 10.46 | 8.02 | 7.21 |
| Asset Turnover Ratio | 0.64 | 0.62 | 0.62 | 0.58 | 0.51 | 0.44 | 0.37 | 0.53 | 0.6 | 0.56 |
| PAT to CFO Conversion(x) | N/A | N/A | 2.84 | 2.64 | 12.43 | N/A | N/A | 3.26 | 3.25 | 5.74 |
| Working Capital Days | ||||||||||
| Receivable Days | 50 | 52 | 57 | 71 | 77 | 79 | 90 | 66 | 68 | 69 |
| Inventory Days | 10 | 9 | 9 | 10 | 10 | 8 | 7 | 6 | 7 | 7 |
| Payable Days | 189 | 235 | 248 | 259 | 263 | 256 | 238 | 154 | 159 | 179 |
Healthcare Global Enterprises was originally incorporated as Curie Centre of Oncology Private Limited on March 12, 1998 at Bengaluru, Karnataka, India as a private limited company under the Companies Act, 1956. The name of the company was subsequently changed to HealthCare Global Enterprises Private Limited and a fresh certificate of incorporation consequent upon change of name was issued by the RoC on November 14, 2005. The company was converted into a public limited company pursuant to a special resolution passed by its Shareholders at the extraordinary general meeting held on May 20, 2006 and the name of the company was changed to HealthCare Global Enterprises Limited. A fresh certificate of incorporation consequent upon conversion to a public limited company was issued by the RoC on July 5, 2006.
The company is a provider of speciality healthcare services in India focused on cancer and fertility. Under the “HCG” brand, it operates the largest cancer care network in India in terms of the total number of private cancer treatment centres licensed by the AERB . Under the “Milann” brand, it operates its fertility centres.
The company’s HCG network operates on a “hub and spoke” model, wherein its HCG centre of excellence in Bengaluru serves as a “hub” to its other cancer centres. Its centre of excellence provides its other centres access to centralised quality control and assurance services; establishes treatment protocols that are adhered to across its HCG network; provides centralised treatment planning and tele-radiology services to help with diagnosis and treatment; conducts weekly central tumour board meetings to review complex cases; and also gives its HCG network access to advanced technologies, such as WBRRS and specialised procedures such as liver transplants and stem cell therapies. This model allows HCG network of cancer centres to leverage the expertise and capabilities of its centre of excellence, which when combined with the diagnostic and treatment facilities at its cancer centres, allows it to deliver quality cancer care to patients across India in a seamless manner.
The company follows a multidisciplinary approach to cancer care across its HCG network, wherein specialist physicians from various disciplines collaborate to provide the best course of treatment for each patient. This allows it to share and develop best practices, build clinical expertise and adopt standardised protocols for diagnosis and treatment, thereby improving the quality of its cancer care services. As a result, the company is able to better serve its patients and ensure consistent clinical outcomes.
Given the large number of patient cases treated across its HCG network, the company is able to efficiently utilise its equipment, technologies and human resources, thereby deriving economies of scale. Furthermore, through the adoption of a centralised drug and consumables formulary, it is able to lower the overall cost of drugs and consumables. Its business model is scalable and when combined with efficient utilisation of resources, it enables it to operate within a competitive cost structure.
Business area of the company
The company is Bangalore based provider of speciality healthcare in India focused on cancer and fertility. It operates the largest cancer care network in India in terms of the total number of private cancer treatment centres licensed. It also operates fertility centres under the ‘Milann’ brand.
Major events and milestones
Awards and accreditations
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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