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VIJAYA DIAGNOSTIC 2023-24 Annual Report Analysis

Mon, 19 Aug

VIJAYA DIAGNOSTIC has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

VIJAYA DIAGNOSTIC Income Statement Analysis

• Operating income during the year rose 19.3% on a year-on-year (YoY) basis.
• The company's operating profit increased by 18.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 39.4% in FY24 as against 39.6% in FY23.
• Depreciation charges decreased by 7.7% and finance costs increased by 14.5% YoY, respectively.
• Other income grew by 69.6% YoY.
• Net profit for the year grew by 40.4% YoY.
• Net profit margins during the year grew from 18.6% in FY23 to 21.8% in FY24.

VIJAYA DIAGNOSTIC Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	4,592	5,478	19.3%
Other income	Rs m	142	240	69.6%
Total Revenues	Rs m	4,734	5,718	20.8%
Gross profit	Rs m	1,820	2,157	18.5%
Depreciation	Rs m	617	570	-7.7%
Interest	Rs m	209	240	14.5%
Profit before tax	Rs m	1,135	1,587	39.8%
Tax	Rs m	283	390	38.0%
Profit after tax	Rs m	852	1,196	40.4%
Gross profit margin	%	39.6	39.4
Effective tax rate	%	24.9	24.6
Net profit margin	%	18.6	21.8

For Investors: Our Big Prediction

VIJAYA DIAGNOSTIC Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 729 million as compared to Rs 662 million in FY23, thereby witnessing an increase of 10.1%.
• Current assets fell 23% and stood at Rs 2 billion, while fixed assets rose 35% and stood at Rs 8 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 10 billion as against Rs 8 billion during FY23, thereby witnessing a growth of 16%.

VIJAYA DIAGNOSTIC Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	5,428	6,560	20.9
Current Liabilities	Rs m	662	729	10.1
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	8,452	9,798	15.9
Current assets	Rs m	2,757	2,113	-23.3
Fixed Assets	Rs m	5,695	7,685	34.9
Total Assets	Rs m	8,452	9,798	15.9

VIJAYA DIAGNOSTIC Cash Flow Statement Analysis

• VIJAYA DIAGNOSTIC's cash flow from operating activities (CFO) during FY24 stood at Rs 2 billion, an improvement of 11.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -1 billion, an improvement of 29.9% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -446 million on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -19 million from the Rs 131 million net cash flows seen during FY23.

VIJAYA DIAGNOSTIC Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	1,646	1,833	11.4%
Cash Flow from Investing Activities	Rs m	-1,096	-1,423	-
Cash Flow from Financing Activities	Rs m	-419	-446	-
Net Cash Flow	Rs m	131	-19	-

Current Valuations for VIJAYA DIAGNOSTIC

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 11.7, an improvement from the EPS of Rs 8.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 826.5, stands at 68.0 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 12.9 times, while the price to sales ratio stands at 15.4 times.
• The company's price to cash flow (P/CF) ratio stood at 31.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	45.0	53.5
TTM Earnings per share	Rs	8.3	11.7
Diluted earnings per share	Rs	8.3	11.7
Price to Cash Flow	x	27.3	31.0
TTM P/E ratio	x	47.1	68.0
Price / Book Value ratio	x	7.7	8.3
Market Cap	Rs m	41,821	54,673
Dividends per share (Unadj.)	Rs	1.0	1.0

Ratio Analysis for VIJAYA DIAGNOSTIC

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 2.9x during FY24, from 4.2x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 7.6x during FY24, from 6.4x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 18.2% during FY24, from 15.7% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 27.8% during FY24, from 24.8% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 14.7% during FY24, from 12.6% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	4.2	2.9
Debtors’ Days	Days	75	108
Interest coverage	x	6.4	7.6
Debt to equity ratio	x	0.0	0.0
Return on assets	%	12.6	14.7
Return on equity	%	15.7	18.2
Return on capital employed	%	24.8	27.8

To see how VIJAYA DIAGNOSTIC has performed over the last 5 years, please visit here.

VIJAYA DIAGNOSTIC Share Price Performance

Over the last one year, VIJAYA DIAGNOSTIC share price has moved up from Rs 471.4 to Rs 826.5, registering a gain of Rs 355.2 or around 75.3%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 41,228.3 (up 0.1%). Over the last one year it has moved up from 27,801.3 to 41,228.3, a gain of 13,427 points (up 48.3%).

Overall, the S&P BSE SENSEX is up 22.9% over the year.

(To know more, check out historical annual results for VIJAYA DIAGNOSTIC and quarterly results for VIJAYA DIAGNOSTIC)