BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Vijaya Diagnostic Centre Ltd.’s Q4 FY22 performance was broadly in-line with estimates as revenue grew 3.8% YoY to Rs 1.2 billion (our estimate: Rs 1.1 million) with Ebitda margin of 41.2% (our estimate: 41.8%).
Covid-19 revenue doubled QoQ to Rs 179 million led by Omicron wave; however, non-Covid revenues were impacted, which declined 3.8% QoQ.
This was largely due to the fall in radiology segment with lower footfalls at centres; however, demand started to normalise March 2022 onwards.
We remain positive on the stock mainly due to Vijaya Diagnostic’s -
business-to-consumer focus,
highest margin within the industry and
continuous focus on deeper expansion in its dominant regions.
These strengths synergise with supportive macro factors, including the likelihood of a faster shift of market to organised players.
Further expansion in east, especially Kolkata, may drive medium to long term growth. However, intense competition may affect near-term performance.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.