Vijaya Diagnostic Q1 Review - Healthy Recovery In Non-Covid Business: ICICI Securities

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 Q1 FY23 performance was broadly in line with our estimates with revenue declining 14.9% YoY to Rs 1.0 billion (our estimate: Rs 1.0 billion) on a high Covid base. Ebitda margin contracted 810 bps YoY and 300 bps QoQ to 38.2% (our estimate: 41%) due to higher expenses linked with new centres. Non-Covid revenues witnessed healthy YoY growth at 11.7% led by recovery in footfalls. Covid revenue slumped 90% YoY to Rs 32 million. We remain positive on the stock mainly due to Vijaya Diagnostic's business-to-consumer focus (95% of revenue in Q1 FY23), highest margin within the industry and continued 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 mediumto long-term growth. However, intense competition may affect near-term performance..Click on the attachment to read the full report:.DISCLAIMERThis 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.

Vijaya Diagnostic Q1 Review - Healthy Recovery In Non-Covid Business: ICICI Securities

Vijaya Diagnostic Centre Q1 Review - Healthy Recovery In Non-Covid Business: ICICI Securities

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