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Q3FY24: Vijaya Diagnostics revenue sees a 17% jump and net profit 58%

Vijaya Diagnostic Centre Limited announced its financial results for the third quarter ended December 31, 2023.

In Q3FY24, the company’s revenue was Rs 132.7 crore, as compared to Rs 113.1 crore in Q3FY24, a 17.3 percent increase. However this is a 4.4 percent decline over Q2FY24. The quarter’s non-Covid business comprised 99.8 percent of revenue from operations as against 99.2 percent in Q3FY23.

Profit after tax increased 58 percent YoY to Rs 25.8 crore in Q3FY24, as compared to Rs 16.4 crore in Q3FY23.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were at Rs 52.3 crore. The EBITDA margin was at 39.4 percent against 39.1 percent in the year-ago period.

Consolidated financial performance:

Particulars(Rs.Mn) Q3FY24 Q3FY23 YoY Q2FY24 QoQ
Revenue from Operations 1,327 1,131 17.3% 1,389 -4.4%
Non-Covid Revenue 1,325 1,122 18.1% 1,387 -4.5%
EBITDA 523 443 18.1% 574 -8.8%
EBITDA Margin(%) 39.4% 39.1% 30 bps 41.3% -190bps
Profit after tax(PAT) 258 164 58.0% 333 -22.4%
Normalized Profit after Tax (PAT) ^ 274 164 67.3% 333 -17.8%

“Coming to the close of yet another eventful quarter, I’m glad that we recorded an impressive 18% year-on-year non-Covid revenue growth, testifying to the strength of our brand and the firming up of our core business. Marking entry into the state of Karnataka, we inaugurated a futuristic hub at Gulbarga in Nov 2023. Market response &business performance has been encouraging. We believe that we will be able to break even within anticipated timelines and are confident about sufficiently addressing market needs and effective expansion in the region,” said Suprita Reddy, MD & CEO.

“Yet another major accomplishment in our growth journey is the complete acquisition of PH, Pune’s largest B2C integrated diagnostic chain in Dec 2023. The progress ever since has been rapid and we plan to complete software migration in the next two quarters. Dedicated efforts are fully underway for successful market capture, holistic expansion, and brand consolidation in Pune and neighboring geographies shortly.”
MB Bureau

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