How has been the historical performance of Aspira Pathlab?

Revenue Growth and Profitability Improvement

In the fiscal year ending March 2025, Aspira Pathlab reported consolidated net sales of ₹22.00 crore, marking a significant increase from ₹13.20 crore in the previous year. This growth of approximately 66.7% underscores the company’s expanding market presence and operational scale. Despite no other operating income reported in either year, the total operating income mirrored net sales, reflecting a focused revenue stream.

Cost management remained a critical factor in the company’s improved profitability. Raw material costs rose moderately from ₹2.62 crore to ₹3.70 crore, while employee expenses increased from ₹6.20 crore to ₹7.33 crore, consistent with the company’s growth trajectory. Selling and distribution expenses remained stable, and other expenses saw a rise from ₹5.57 crore to ₹7.45 crore, likely reflecting expanded operational activities.

These factors contributed to a turnaround in operating profit before depreciation and interest (PBDIT), which swung from a loss of ₹1.56 crore in March 2024 to a positive ₹3.17 crore in March 2025, excluding other income. Including other income, operating profit improved from a negative ₹1.14 crore to a positive ₹3.56 crore. This shift is further reflected in the operating profit margin, which rose sharply from -11.82% to 14.41%, signalling enhanced operational efficiency.

Profitability and Earnings Metrics

The company’s profit before tax improved markedly from a loss of ₹2.67 crore in March 2024 to a profit of ₹2.07 crore in March 2025. Correspondingly, the consolidated net profit reversed from a negative ₹2.67 crore to a positive ₹2.02 crore. Earnings per share (EPS) followed this trend, rising from a loss of ₹2.59 per share to a gain of ₹1.96 per share, reflecting the company’s successful return to profitability.

Profit after tax margin also improved significantly, moving from a negative 20.23% to a positive 9.18%, indicating better cost control and revenue realisation. The company reported no tax expenses in either year, which may be due to carried forward losses or other tax considerations.

Balance Sheet Strength and Asset Management

Aspira Pathlab’s balance sheet shows a strengthening of shareholder funds, which increased from ₹10.14 crore to ₹12.17 crore. Total reserves improved from a negative ₹5.08 crore to a less negative ₹3.06 crore, signalling gradual restoration of retained earnings. The company’s equity capital remained stable at ₹15.22 crore, with a face value of ₹10 per share.

Long-term borrowings rose slightly from ₹1.08 crore to ₹1.21 crore, while total liabilities increased from ₹14.71 crore to ₹17.46 crore, reflecting expanded operations. The net block of fixed assets decreased marginally from ₹5.33 crore to ₹4.74 crore, possibly due to depreciation outpacing capital expenditure. Non-current assets grew from ₹10.35 crore to ₹12.10 crore, supported by increases in long-term loans and advances and other non-current assets.

Current assets also improved, rising from ₹4.36 crore to ₹5.36 crore, with cash and bank balances increasing from ₹1.38 crore to ₹2.14 crore, enhancing liquidity. Net current assets rose from ₹2.28 crore to ₹2.99 crore, indicating a healthier working capital position. The book value per share increased from ₹5.07 to ₹7.03, reflecting improved net asset value per share.

Cash Flow and Operational Efficiency

Cash flow from operating activities remained steady at ₹1.00 crore for both years, despite changes in working capital that swung from a positive ₹1.00 crore to a negative ₹1.00 crore. There were no reported cash flows from investing or financing activities, indicating a stable capital structure without new borrowings or asset disposals. Closing cash and cash equivalents improved from zero to ₹1.00 crore, supporting the company’s liquidity position.

Summary of Historical Performance

Overall, Aspira Pathlab has exhibited a strong recovery in its financial health over the last fiscal year. The company’s revenue growth of nearly 67% was accompanied by a return to profitability, with operating and net profit margins turning positive after previous losses. The balance sheet shows improved shareholder equity and liquidity, while cash flow from operations remained consistent. These factors collectively indicate that Aspira Pathlab is on a path of stabilisation and growth, positioning itself better within the competitive healthcare diagnostics sector.

Investors should note the company’s improved earnings per share and book value per share, which reflect enhanced shareholder value. However, the increase in liabilities and expenses warrants continued monitoring to ensure sustainable growth. The absence of tax expenses and stable capital structure also contribute to the company’s current financial standing.

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