Revenue and Profit Growth
Over the five-year period ending March 2025, Vijaya Diagnost. has seen its net sales increase steadily from ₹376.75 crores in March 2021 to ₹681.39 crores in March 2025. This represents a compound growth trend, with a notable jump between March 2023 and March 2024, reflecting robust demand and operational expansion. Total operating income mirrored this trend, as other operating income remained nil throughout, indicating the company’s core business as the primary revenue source.
Operating profit before depreciation and interest (PBDIT) excluding other income rose from ₹165.98 crores in March 2021 to ₹273.22 crores in March 2025, maintaining a healthy operating margin around 40%. Despite a slight dip in margin from the peak in earlier years, the company sustained strong profitability levels. Profit after tax (PAT) also showed a positive trajectory, climbing from ₹85.13 crores in March 2021 to ₹143.79 crores in March 2025, with PAT margins consistently above 20%, underscoring effective cost management and tax efficiency.
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Cost Structure and Margins
The company’s expenditure profile reveals a steady increase in raw material costs and employee expenses, reflecting scaling operations and workforce expansion. Raw material costs rose from ₹57.10 crores in March 2021 to ₹84.76 crores in March 2025, while employee costs nearly doubled from ₹57.44 crores to ₹112.15 crores over the same period. Other expenses also increased significantly, indicating higher operational activities. Despite these rising costs, Vijaya Diagnost. maintained a gross profit margin close to 39%, with operating profit margins consistently around 40%, signalling efficient cost control relative to revenue growth.
Balance Sheet Strength and Asset Growth
Vijaya Diagnost.’s balance sheet has strengthened considerably, with shareholder’s funds increasing from ₹359.01 crores in March 2021 to ₹795.71 crores in March 2025. The company has successfully reduced its debt, with total debt falling to zero by March 2025 from ₹4.47 crores in March 2021, enhancing financial stability and reducing interest burden. Total assets have more than doubled from ₹535.14 crores to ₹1,273.62 crores, driven by investments in gross block and capital work in progress, which rose substantially, reflecting ongoing capacity expansion and infrastructure development.
Net block assets increased markedly from ₹141.71 crores in March 2021 to ₹587.97 crores in March 2025, indicating significant capital expenditure. Current assets also grew, supported by rising current investments and cash balances, although cash and bank balances showed some volatility, declining from ₹194.24 crores in March 2021 to ₹48.88 crores in March 2025. The company’s book value per share improved steadily, reaching ₹77.53 by March 2025, highlighting enhanced shareholder value.
Cash Flow and Financial Health
Cash flow from operating activities has shown a positive trend, increasing from ₹129 crores in March 2021 to ₹224 crores in March 2025, reflecting strong operational cash generation. Investing activities consistently involved significant outflows, aligned with capital expenditure and expansion plans. Financing activities have seen net outflows, consistent with debt repayment and possibly dividend payments or share buybacks. The net cash inflow/outflow fluctuated, with a slight negative outflow of ₹9 crores in March 2025, but overall cash management appears prudent given the company’s growth phase.
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Summary of Historical Performance
In summary, Vijaya Diagnost. has exhibited a robust historical performance characterised by consistent revenue growth, expanding profitability, and a strengthening financial position. The company’s ability to maintain healthy operating and net margins despite rising costs demonstrates operational efficiency. Its balance sheet improvements, including debt elimination and asset growth, provide a solid foundation for future expansion. Cash flow trends support ongoing investments, signalling a well-managed growth strategy. Investors may find these attributes indicative of a stable and growing enterprise within the healthcare diagnostics sector.
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