Vijaya Diagnostic Centre (VIJAYA) Q2 24/25 earnings summary

Executive summary

• Achieved 32% year-over-year revenue growth for Q2 FY25, with 23% organic growth, driven by increased test volumes and new center launches, marking eight consecutive quarters of exceeding growth guidance.

• Consolidated financials now include PH Diagnostic Centre, Pune, acquired in December 2023.

• Expansion continues with new hubs in Ongole and Nizamabad, upgrades in Gurugram and Kurnool, and further expansion planned in Pune, Kolkata, and entry into Bengaluru.

• Unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2024 were approved by the Board on 7 November 2024.

• The Board noted the cessation of the Chief Operating Officer effective 6 November 2024.

Financial highlights

• Q2 FY25 consolidated revenue reached ₹1,829 million (INR 183 crore), up 32% year-over-year and 17% quarter-on-quarter; H1 FY25 revenue was ₹3,392 million (INR 339 crore), up 30% YoY.

• Q2 FY25 EBITDA was ₹760 million (INR 76 crore), up 33% YoY, with a margin of 41.5%; PAT was ₹419 million (INR 42 crore), PAT margin 23%.

• Total tests in Q2 FY25: 3.95 million (30.5% YoY growth); revenue per test stable at ₹463; revenue per footfall at ₹1,619.

• PH Pune contributed ₹122 million (INR 12.2 crore) in Q2; Hyderabad region contributed 73% of revenue.

• Earnings per share (consolidated, basic) for Q2 FY25 was ₹4.09.

Outlook and guidance

• Confident of maintaining double-digit organic growth (15-16%) for the year, with efforts to achieve higher.

• CapEx guidance of INR 200 crore for 10-12 new hubs over FY25-FY26, funded through internal accruals.

• New centers in Ongole and Nizamabad expected to reach breakeven quickly and drive future growth.

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

• No plans for share split or bonus issue currently.