Revenue and Profit Growth Trajectory
Indegene’s net sales have shown a robust upward trajectory, increasing from ₹1,664.61 crores in March 2022 to ₹2,839.30 crores by March 2025. This represents a compound annual growth rate (CAGR) of approximately 27.5%, reflecting strong demand and effective business expansion strategies. Total operating income mirrors this trend, as other operating income remained nil throughout the period.
Operating profit before depreciation and interest (PBDIT excluding other income) rose steadily from ₹286.92 crores in 2022 to ₹534.30 crores in 2025, indicating improved operational efficiency. When factoring in other income, operating profit (PBDIT) increased from ₹312.81 crores to ₹641.50 crores over the same period. This growth was accompanied by a healthy gross profit margin expansion from 15.62% to 21.82%, signalling better cost management and pricing power.
Profit before tax surged from ₹226.50 crores in 2022 to ₹539.30 crores in 2025, while profit after tax nearly doubled from ₹162.82 crores to ₹406.70 crores. The net profit margin improved from 9.78% to 14.32%, underscoring the company’s ability to convert sales into earnings more effectively. Earnings per share (EPS) also reflected this positive trend, rising from ₹7.47 to ₹16.98 during the period.
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Cost Structure and Expenditure Analysis
Employee costs, a significant component of Indegene’s expenditure, rose from ₹1,014.34 crores in 2022 to ₹1,815.20 crores in 2025, reflecting workforce expansion aligned with business growth. Other expenses also increased but at a more moderate pace, from ₹363.35 crores to ₹489.80 crores. Total expenditure excluding depreciation grew in line with revenues, maintaining a stable operating profit margin around 18-19% in recent years.
Interest expenses fluctuated, peaking at ₹49.40 crores in 2024 before declining to ₹22.00 crores in 2025, indicating a reduction in debt servicing costs. Notably, the company eliminated long-term borrowings by 2025, which had stood at over ₹333 crores in 2024, strengthening its financial position.
Balance Sheet Strength and Asset Quality
Indegene’s shareholder funds more than tripled from ₹763.90 crores in 2022 to ₹2,615.60 crores in 2025, supported by rising reserves and equity capital. The book value per share improved significantly from ₹34.55 to ₹109.17, reflecting enhanced net asset value per share. Total liabilities increased but were largely offset by growth in assets, with total assets rising from ₹1,284.31 crores to ₹3,236.10 crores.
On the asset side, net block (fixed assets) expanded substantially, indicating capital investments, while current assets more than doubled to ₹2,530 crores, driven by higher current investments and sundry debtors. The company’s cash and bank balances showed volatility but ended the period at a healthy ₹374.60 crores.
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Cash Flow and Financial Flexibility
Cash flow from operating activities showed a positive trend, increasing from ₹297 crores in 2022 to ₹441 crores in 2025, demonstrating strong cash generation capability. However, cash flow from investing activities remained negative throughout, reflecting ongoing capital expenditure and investments. Financing activities varied, with a notable inflow of ₹287 crores in 2025, likely related to debt repayment and equity infusion.
Net cash inflow was positive in 2025 at ₹52 crores, following a period of volatility in prior years. The company’s prudent management of working capital and reduction in debt levels have enhanced its liquidity and financial flexibility.
Summary of Historical Performance
Overall, Indegene has exhibited strong historical performance characterised by consistent revenue growth, expanding profit margins, and improving return metrics. The company has successfully managed its cost base while investing in growth and maintaining a solid balance sheet. Reduction in debt and robust cash flow generation further underpin its financial health, positioning Indegene favourably for future expansion in the healthcare services sector.
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