Vijaya Diagnostic Centre (VIJAYA) Q1 24/25 earnings summary

Executive summary

• Achieved 29.1% year-on-year revenue growth in Q1FY25, with 19.6% organic growth driven by increased footfall and test volumes; test volumes grew 28.7% YoY to 3.38 million, and footfalls increased 22.5% YoY to 0.96 million.

• B2C revenue share remained strong at 93%, with wellness contributing 12.9–13.4% of total revenue.

• New hub in VIP Road, Kolkata, broke even within three quarters; expansion included launch of a new 10,000 sq ft hub in Ongole.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2024, were approved by the Board on August 5, 2024.

Financial highlights

• Consolidated Q1FY25 revenue was INR 1,562 million (₹15,621.68 lakhs), up from INR 1,210 million (₹12,104.96 lakhs) in Q1FY24, a 29.1% increase.

• EBITDA for the quarter stood at INR 612 million, up 27.3% YoY, with a margin of 39.2%.

• Profit after tax was INR 313.5 million, with a PAT margin of 20.1%.

• Surplus cash reserves at quarter-end were INR 212 crore; cash and cash equivalents at INR 222 million as of March 2024.

• EPS (basic) for Q1FY25 was INR 3.06, up from INR 2.57 in Q1FY24.

Outlook and guidance

• Expansion plan for the next two years is on track, with nine new hubs to be operational in 12–18 months, including a new advanced hub in Ongole.

• EBITDA margins expected to remain in the 39–40% range despite expansion.

• Existing centers expected to continue double-digit growth for the next 1–2 years; long-term growth to be driven by new center additions.

• Board approved a proposed Scheme of Amalgamation for Medinova Diagnostic Services Limited to merge into the company, subject to regulatory and stakeholder approvals.