Table of Contents

Executive summary.....................................................................................................................1

Introduction to the company’s considered..................................................................................1

Financial Performance................................................................................................................2

Ratio Analysis.............................................................................................................................2

Profitability ratios.......................................................................................................................3

Gross profit margin.................................................................................................................3

How to improve the gross profit margin?...............................................................................5

Net profit margin.....................................................................................................................6

How to improve the net profit margin?...................................................................................8

Liquidity ratios............................................................................................................................9

Current ratio..........................................................................................................................10

How to improve the current ratio?........................................................................................12

Acid test ratio........................................................................................................................12

How to improve the acid test ratio?......................................................................................14

Working capital ratio................................................................................................................15

How to improve the working capital performance?.............................................................17

Which company has been performing better?..........................................................................18

Conclusion................................................................................................................................19

References.................................................................................................................................19

1
Executive summary

On the Colombo Stock Exchange, we'll choose two companies that have long competed

against each other. Our investigation will focus on the company's financial performance and

its position in the industry. Financial records from the past four years are going to be

thoroughly analyzed and crucial ratios calculated to help us make better decisions in the

future (CSE, 2022). As a result of these ratios and statistics, we'll be able to identify the

strengths and weaknesses of each organization and make recommendations for how they can

be strengthened. We'll be able to explain why one company has done better than the others as

we move forward.

Introduction to the company’s considered

As a holding company, Ceylon Hospitals PLC CSICU (Cardiac Surgical Intensive Care Unit)

at the Durdans Cardiac Center of the Company has over 10 beds, including facilities for

pediatric cardiac surgery, a Heart Command Center, a cardiac catheterization laboratory, and

a Heart Station. Durdans Heart Surgical Centre (Pvt) Ltd., which performs cardiac surgery

and interventional procedures, Durdans Medical and Surgical Hospital (Pvt) Ltd., which

provides healthcare services, and Ceygen Biotech (Pvt) Ltd., which supplies molecular

biological, biochemical, and biotechnological supplies, are all subsidiaries of the company

(Markets.ft, 2022).

Nawaloka Hospitals' entry into Sri Lanka's state-dominated healthcare sector in 1985 marked

the beginning of a private health care system. People's overwhelming response to the

hospital's opening demonstrated a long-held desire for high-quality healthcare in a pleasant

setting.

2
First multi-specialty hospital of Sri Lanka, Nawaloka was built in the style of the best

hospitals in the region, offering advanced medical technology and expert care, eliminating the

need for patients to travel outside of Sri Lanka.

Under the chairmanship of the late Deshamanya H. K. Dharmadasa, the hospital was

established as a pioneering initiative to serve as a center of excellence for high-tech diagnostic

and curative facilities. One of the country's best-known and most respected medical facilities,

it has been a driving force in shaping the country's healthcare landscape (Nawaloka.com,

2022).

Financial Performance

A firm's Statement of Financial Position can be used to determine an entity's financial

position (SOFP). These three components of an organization's financial picture—assets,

liabilities, and equity—make up the most important part of the Balance Sheet. A ratio

analysis, which we'll go over in detail below, is critical for accurately determining and

double-checking an entity's performance (tools, 2022). A company's financial health is

assessed by investors through the examination of its financial statements and the calculation

of specific ratios. A company's financial analysis isn't as difficult as it first appears. The

program evaluation review technique (PERT) is a project management tool that shows the

timeline of a project graphically. This procedure is frequently included in PERT.

Ratio Analysis

As a standard practice, many companies use ratio analysis of financial statements to verify the

financial health of their business. The following ratios are used in this evaluation: net profit

margin, gross profit margin, return on capital employed, current ratios, acid test ratios, debt to

3
equity ratios, working capital ratios, and earnings per share ratios. To get a more complete

picture of a company's financial health, these ratios can be calculated.

When evaluating whether or not a company is a worthwhile investment, financial statements

that can be considered to be of Significant Importance can be interpreted using a number of

different Ratios. Ratios of profitability, liquidity, efficiency, and gearing are a few examples.

Analysis of a company's financial statements is referred to as "ratio analysis." Typically, they

are used by outside analysts to evaluate a company's profitability, liquidity, and solvency.

Profitability ratios

Analysts and investors use profitability ratios to measure and evaluate a company's ability to

generate money (profit) in relation to sales, balance sheet assets, operating costs, and

shareholders' equity over a given period. Show how effectively a company uses its resources

to generate profits and shareholder value.

Increasing the ratio or value indicates that the company is operating profitably and generating

cash flow, which is what most businesses want. A comparison to other companies in a similar

field, as well as previous periods, is where the ratios really shine. The following section

examines the most commonly used profitability ratios. Profitability and how well a company

earns profits are determined by these ratios: revenue cost of sales and expenses, asset value

and shareholder equity. For example, gross profit margin, net profit margin, and the return on

capital employed are some of the most important profitability ratios (ROCE). In business,

profitability ratios are one of the most common metrics. With a little bit of digging into the

numbers, you can use them to make smarter decisions.

Gross profit margin

Formula = (Gross profit/Sales) *100

4
 Ceylon hospitals plc

Year Working GPM

2017 3,417,356,494/ 59%

5,733,404,060*100

2018 3,625,313,992/ 62.4%

5,806,352,697*100

2019 3,851,726,377/ 64.4%

5,975,781,838*100

2020 3,493,722,741/ 63%

5,545,520,697*100

Nawaloka Hospitals plc

Year Working GPM

2017 4,403,929,201/ 55%

7,955,278,613*100

2018 4,390,416,507/ 50%

8,755,718,461*100

2019 4,787,648,507/ 52.9%

9,035,829,577*100

2020 5,542,448,881/ 46.8%

11,827,738,761*100

Now that we have these numbers, we can compare the gross profit margins of the two

businesses. "Gross profit margin" refers to the percentage of gross profit that a company

makes compared to its sales revenue. When the costs of manufacturing and providing a
5
company's goods and services are subtracted, the net profit margin is revealed. A high gross

profit margin ratio demonstrates that it is able to pay operating expenses, fixed costs,

dividends, and depreciation while still generating net earnings for the company. There are

many factors that contribute to a low-profit margin, including unfavorable purchasing

practices, low selling prices, low sales, and fierce market competition (Team, 2022). Over the

three years from 2017 to 2019, the gross profit margin of Ceylon plantations plc decreased.

Even in 2019, it reached a negative value of -1.67%. Since their revenues have decreased, this

could be the reason. Revenues fell by more than 10% from 2,421,797 in 2018 to 2,185,536 in

2019, according to the company's statement of profit/loss. However, the cost of sales has

decreased over the past year. In spite of the drop in gross profit, revenue has increased so

much that it has not yet reached a negative figure. But they've managed to make a gross profit

of 10.22% in 2020, which is plausible given that they had a loss the year before that..

However, Nawaloka hospitals' Gross Profit Margin (GPM) has remained relatively stable

between 55 percent and 46 percent from 2017 to 2019.

In 2020, the company increased its gross profit margin from 16.1 percent to 27.4 percent.

Nawaloka hospitals Plc had a successful and promising financial year this year. That their

revenue will rise significantly in the 2020 fiscal year is proof enough. It's an increase of 28%

in revenue that's not been matched by an increase in sales costs that's slightly higher than in

the 2019 financial year.

How to improve the gross profit margin?

Your gross profit margin will increase if you raise your selling price without also increasing

your cost of goods sold. Calculate your gross profit margin before making a price adjustment

to see if it will increase.

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Increase your output while keeping your cost of production low. The fixed manufacturing cost

per unit decreases as production volume increases, resulting in lower product prices.

Increased sales and lower unit costs have resulted in a larger gross profit margin.

Lower your selling price without increasing your profit margins to lower your product costs.

A decrease in the cost of goods sold leads to an increase in gross profit margin. Suppliers, raw

materials, labor-saving technology, and outsourcing are all possibilities for lowering product

delivery costs. As the difference between sales and product costs grows, so does the gross

profit margin. It's essential to remember this.

Net profit margin

Formula = (Profit after tax/Sales) *100

Ceylon hospitals plc

Year Working NPM

2017 487,873,286/ 8.5%

5,733,404,060*100

2018 376,318,731/ 6.48%

5,806,352,697*100

2019 467,093,177/ 7.8%

5,975,781,838*100

2020 600,258,708/ 10.82%

5,545,520,697*100

Nawaloka Hospitals plc

Year Working NPM

2017 179,958,539/ 2.26%

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 7,955,278,613*100

2018 -565,095,576/ -6.45%

8,755,718,461*100

2019 15,980,740/ 0.17%

9,035,829,577*100

2020 501,263,947/ 4.23%

11,827,738,761*100

Net profit margin is calculated by dividing a company's or business unit's total revenue and

profits (net sales). As a rule of thumb, net profit margin is expressed as a percentage of total

sales. The money a business has left over after deducting all of its costs, such as taxes,

interest, and operational costs, is known as its net income. The percentage of revenue that a

business retains as profit is known as the profit margin.

Investors may use net profit margin to determine a company's profitability. When comparing

two businesses, net margin is an important financial metric to keep in mind. This metric can

tell you how well or how poorly a company is managing its finances.

The net profit margin is calculated by dividing the total revenue and profits of a company or

business unit (net sales). The percentage of revenue is used to show the net profit margin. It is

the amount of money that a company has left over after all of its expenses, such as taxes,

interest, and operational costs, are taken into account. The percentage of sales that a company

keeps in profit.

Investors can estimate the profitability of a company in relation to revenue using its net profit

margin. A company's net margin is an important financial metric to consider when comparing

it to another. This metric can tell you how well or how poorly an organization is managing its

budget (DiLallo, 2022).

8
According to our calculations, Ceylon hospitals plc net profit margin fell to a record low of -

10.4% in 2020, down from a positive net profit margin of 5.4% the year before. Although the

company's revenues are increasing, its costs and sales expenditures are not keeping pace. By

eliminating all sales-related costs and expenses, the company is left with a negative net profit.

There is an increased risk of bankruptcy for a company if it does not receive revenue from its

normal operations. In the fiscal year 2019, Ceylon hospitals plc revenue dropped by more

than 40%. Profitability has dipped while costs have remained flat as a result of this. For the

past two fiscal years, they've had to deal with losses. The primary cause of this is that their

costs and sales balances have risen while their income has remained flat. Because of this, they

had a financial loss. The net profit margin of a company can be increased by implementing

the strategies listed below.

The net profit margin of Nawaloka hospitals has increased from a negative -4.2 percent in

2017 to a positive 10.6 percent by 2020, which is remarkable given the company's historically

low net profit margin. Most likely, this is because their revenue balances are increasing while

their costs, such as finance costs and other expenses, are decreasing. If the company's net

profit margin improves, investors will regain confidence and begin buying more shares,

generating additional revenue for the business.

How to improve the net profit margin?

Firms can improve their net margin by increasing sales, whether through the sale of additional

products or services or by raising the price.

For example, by finding cheaper raw material suppliers, businesses can improve their net

margins (e.g. (e.g., finding cheaper sources for raw materials).

1)Cut back on utility use. Here are some suggestions for doing just that:

Turning off equipment that is in standby mode all night will save you money in the long run.

9
You can save water by inspecting your faucets for leaks and installing low-flow toilets in the

workplace.

Lower the temperature by 7 to 10 degrees at night and on weekends.

2) Cut costs by reducing the amount of overtime work your employees have to do. It's better

to schedule employees so that no one works longer than is absolutely necessary because

overtime pay is higher than the standard rate.

You should first see if the people you have can handle the additional workload before adding

more people. Invite everyone who has the time and energy to handle any unexpected tasks to

a meeting.

Whenever possible, use contract labor. Software development and event marketing have both

been routinely and successfully outsourced.

3)Reducing operational costs; High-priced suppliers could significantly raise operational

costs. Consider bulk purchases of popular items in order to save money.

Ask your suppliers if they offer discounts for on-time payments.

Look for less expensive ways to complete administrative tasks. Repetitive tasks can be

automated and outsourced using software such as Oracle or Zapier (taluspay.com, n.d.)

Liquidity ratios

Liquidity ratios are useful in determining a company's ability to pay short-term loans quickly

when they are due (CFI, 2022).. Liquidity ratios include two main categories of ratios. As an

example, consider the current to acid-test ratio.

Using liquidity ratios, one can determine a company's ability to meet its short-term financial

responsibilities. Liquidity ratios are frequently used by prospective creditors and lenders to

10
determine whether or not to issue credit or debt to businesses. Using these ratios, you can

compare the number of current liabilities listed on a company's most recent balance sheet to a

variety of liquid assets that are comparable. The higher the ratio, the better a company is at

meeting its deadlines.

Current ratio

Formula = Current Assets / Current Liabilities

Ceylon hospitals plc

Year Working Current Ratio

2017 1,500,151,636/ 1.11:1

1,354,791,879

2018 1,756,372,139/ 1.14:1

1,532,461,574

2019 1,846,831,610/ 1.24:1

1,485,200,555

2020 2,677,957,747/ 1.37:1

1,954,227,802

Nawaloka hospitals plc

Year Working Current Ratio

2017 3,286,682,172/ 0.53:1

6,150,638,761

2018 2,258,261,299/ 0.45:1

5,051,922,900

2019 2,990,461,864/ 0.2:1

11
 14,273,572,354

2020 4,373,840,272/ 0.2:1

14,614,268,769

Measures how well an organization can cover or settle its current liabilities as they become

due by comparing the company's current assets to its current liabilities. The current ratio can

be used to assess a company's ability to pay back short-term loans (Debts that fall within one

year).

For assessing a company's short-term liquidity, the current ratio is a widely accepted industry

standard. Debt repayment is a function of a company's ability to generate sufficient revenue. It

is widely used as a general indicator of a company's financial well-being.

While a ratio of 1.5 to 3 is considered healthy, this can vary depending on the industry. It may

not be in a serious financial crisis if the ratio is less than 1 as long as additional funds can be

secured. Any time this ratio exceeds three, it indicates that the company's current assets and

working capital are not being utilized or managed effectively.

Historically, Ceylon Hospital PLC has operated at a lower current ratio of 0 decimals, as can

be seen in its current ratio. This is logical, and I agree with it. They appear to be having

difficulty quickly converting their liquid assets into cash to meet their dwindling current

liabilities a result. Due to the lack of funds, the company is unable to meet its current and

future obligations. As a result, the company's relationship with its suppliers may be strained,

making it difficult to honor the credit term. Unpaid bank overdrafts and other forms of short-

term debt are becoming increasingly likely. A negative impact on the company's finances

would be the result of this.

Nawaloka Hospitals plc's current ratio has increased from 1.11:1 to 1.37:1 over the course of

four years. This isn't enough to meet the predetermined 2:1 target. The company will not be

12
able to meet its current liabilities if it lacks current assets. If suppliers are unable to meet their

credit terms, it could harm the company's relationship with them. Short-term debts like bank

overdrafts may not be paid off and the company may have difficulty keeping up with them.

Because of this, the relationship between the financial institution and Nawaloka Hospital plc

is tarnished. Even if the current ratio of 1.5:1 is adequate to deal with uncertain scenarios, it is

prudent to maintain a 2:1 ratio.

How to improve the current ratio?

Creditors or Debtors The process of converting receivables into cash is sped up.

Pay Your Debts Immediately!

Increase your current assets by disposing of unused resources through an increase in

shareholder funds.

Examine your bank statements (efinancemanagement.com, n.d.)

The company's liquidity and current ratio can be improved by delaying any capital

expenditures that require cash payments, investigating whether any term loans can be repaid,

and reducing demands on the resources of the company.

All non-revenue generating assets should be removed from the business (use cash to reduce

current debt)

Acid test ratio

Formula = Current Assets-Closing inventory / Current Liabilities

Ceylon hospitals plc

Year Working Acid test Ratio

2017 1,500,151,636-304,509,727/ 0.88:1

13
 1,354,791,879

2018 1,756,372,139-309,297,748/ 0.944:1

1,532,461,574

2019 1,846,831,610-379,749,270/ 0.98:1

1,485,200,555

2020 2,677,957,747-535,877,348/ 1.1:1

1,954,227,802

Nawaloka hospitals plc

Year Working Acid test Ratio

2017 3,286,682,172-556,576,847/ 0.44:1

6,150,638,761

2018 2,258,261,299-489,254,828/ 0.35:1

5,051,922,900

2019 2,990,461,864-462,391,285/ 0.2:1

14,273,572,354

2020 4,373,840,272-445,123,960/ 0.27:1

14,614,268,769

In order to account for inventory's lower liquidity, the acid test ratio was developed. Due to

the difficulty of converting inventory into cashflows in a timely manner, the Quick ratio was

devised. Shareholders and other stakeholders in an organization can draw important

conclusions from the results based on the data. The acid-test ratio (ATR), also known as the

fast ratio, is used to gauge a company's liquidity. It assesses the ability of current assets to

meet current liabilities.

ratio.

With an acid test ratio of between 10 and 20:1, Ceylon hospitlas plc is an exceptional

company. Although closing inventory balances are considered less liquid, this indicates that

the company does not plan to use these funds to meet short-term obligations. We can see that

the acid test ratio has exceeded the predetermined 1:1 or 1.5:1 benchmark here, which means

that there is a significant amount of money invested in the current assets that could be used

elsewhere to generate profitable returns. On top of all that, the inflated acid and quick ratios

seem to indicate a company intent on deceiving the public and investors by engaging in

accounting frauds and other forms of financial statement window dressing.

A minimum of one-to-one in the Acid Test Ratio is required. For the past four years,

Nawaloka hospitals plc has been plagued by a negative Acid test ratio. Excessive reliance on

their closing inventory balance indicates that they have been making timely payments on

short-term loans. This raises the possibility that the current ratio, which appears to account for

the inventory balance, is misleading the investing public. As a result, the company's ability to

pay its short-term loans has fallen to an all-time low of 0.14:1, increasing the likelihood that it

will go out of business. Some of these loans could be made out to trade creditors and/or other

financial institutions. Interest-bearing loans and borrowings increased by 51.7 percent in the

financial year 2019, while the item "amounts payable to related parties" went up by a

whopping 149%. Moreover, the current asset balance has fallen by 20%.

How to improve the acid test ratio?

In order to improve the acid test ratio, it is necessary to pay off liabilities as quickly as

possible. Acid test ratios can be improved by reducing current liabilities. Paying off debts as

soon as possible and reducing the length of loan terms can be helpful.

15
Sales and Inventory Turnover: Increasing sales will result in more inventory being turned

over and more cash being kept on hand. Increased sales and inventory turnover will improve

short-term cash flow. Increase your profits by increasing your sales volume. As sales increase,

your acid-to-base ratio improves.

Reduce the Time It Takes to Collect Invoices to Improve Your Acid Ratio Test.

Collection times can be shortened, which can help reduce long-term debtors, difficulty to

collect customers and bad debt. Invoice terms should be made clear as early as possible to

ensure that accounts receivable remain liquid. Become a collector.

Working capital ratio

Formula = Current Assets - Current Liabilities

Ceylon hospitals plc

Year Working Working capital

2017 1,500,151,636- 145359757

1,354,791,879

2018 1,756,372,139- 223910565

1,532,461,574

2019 1,846,831,610- 361631055

1,485,200,555

2020 2,677,957,747- 723729945

1,954,227,802

Nawaloka hospitals plc

Year Working Working capital

16
 2017 3,286,682,172- -2863956589

6,150,638,761

2018 2,258,261,299- -2793661601

5,051,922,900

2019 2,990,461,864- -11283110490

14,273,572,354

2020 4,373,840,272- -1024042850

14,614,268,769

Certain industries require working capital more frequently than others. In order to function,

several industries require additional working capital because they cannot produce cash on

demand quickly enough. Businesses that deal with large numbers of customers on a daily

basis can usually raise short-term financing much more quickly because they have a lower

need for operating capital.

"Working capital" refers to the money you'll need to keep your business running in the short

term. Fixed assets and R&D are long-term investments, but working capital has a much

shorter time horizon.

The term "working capital" refers to the difference between the current value of an asset and

the current value of a liability. People use the term "current" when referring to things that are

likely to change soon. Inventory and accounts receivable are examples of "short-term" assets

because they can be converted into cash within the next year or operational cycle. Current

assets include cash and short-term investments, receivables, and inventory (FERNANDO,

2022).

17
Financial obligations that must be paid off within the next 12 months include bank operating

credit, accounts payable, short-term debt, and tax liabilities. The value and turnover of each of

these items are constantly changing.

It is the difference between current assets (cash, accounts receivable from customers,

inventory of raw materials and finished goods) and debts (such as loans) that constitute the

term working capital (also known as net working capital) (NWC). This figure is frequently

cited in order to assess a company's current state of health.

Working capital is typically determined by a company's industry. Due to a lack of rapid

inventory turnover in some industries, work-in-progress requirements may be higher.

However, retail businesses typically raise short-term financing much more quickly and have

lower working capital requirements because they interact with thousands of customers every

day (FERNANDO, 2022).

Over a four-year period, Nawaloka plc's working capital performance fell to a negative

6280555365 rupees. Bankruptcy is more likely with short-term loans, such as Bank ODs than

with long-term ones because it is more difficult to fund ongoing business operations when a

loan is late.

As an alternative, Ceylon Hospitals plc's prudent management of working capital has resulted

in a positive working capital balance for the past four years running. In the fiscal year 2020,

the working capital balance has increased by 100 percent compared to the fiscal year 2017.

This is a truly remarkable position. Consequently, the company will be able to carry out its

usual business. Finished goods and raw materials are kept in stock. This widely accepted

indicator can be used to determine the current health of a company.

How to improve the working capital performance?

It's simple to keep tabs on your spending by following these steps:

18
Take into account how many finished products or raw materials you have on hand before

deciding how much inventory to keep. What would happen if you could save money?

Look into the possibility of switching providers and getting a better deal. Compare prices to

get the best deal. By using the information you've learned about your current rates and

payment terms, it may be possible to get a discount.

Better terms from your creditors and shorter payment terms accepted by your customers will

help you get paid more quickly. Paying invoices on time can be made easier if a reward

system is implemented.

Keeping track of your own payments can help you stay out of debt in the future. You can

better predict your financial situation if you pay your bills on time.

Your profit margins can be boosted by offering additional services or products to your

customers.

The sooner you get your money, the better for your working capital.

Which company has been performing better?

In terms of profitability ratios, we can say that both companies have performed at about the

same level, based on our calculations in areas like liquidity and profitability. However,

Nawaloka hospitals have a higher ROCE margin than Ceylon hospitals plc. Ceylon's hospital

holdings have performed better on the liquidity ratios such as current ratio and acid test. This

is just as important as profitability ratios. On the other hand, Ceylon Hospitals plc has a

remarkable working capital management while Nawaloka hospitals have an extremely

negative working capital management. Thus, Ceylon Hospital plc is now the best-performing

financial institution in the country.

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Conclusion

A company's nonfinancial aspects should be considered as well before making an investment.

When deciding which companies to invest in, non-financial factors are just as important as the

numbers. Non-financial elements include finance, technology, culture, environmental issues,

education, and expertise. When it comes to achieving learning objectives and boosting results,

non-financial elements tend to be overlooked.

Before making a purchase, it's critical to look into the company's goodwill to ensure that the

public has a positive impression of it. Location, customer base, market share, and employee

happiness are all important factors in a company's long-term success.

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%20liabilities.

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improve-current-ratio

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%20capital%2C%20also%20known%20as,as%20accounts%20payable%20and%20debts.

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[Accessed 01 08 2022].

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