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ICICI Securities Report
Vijaya Diagnostic Centre Ltd. is one of the largest integrated diagnostic chains in southern India and is primarily based in Andhra Pradesh and Telangana. Other factors that differentiate Vijaya Diagnostic from other diagnostic chains are:
~92% of business is its business-to-consumer (provides stickiness) and
it offers a comprehensive basket of diagnostic services in both pathology and radiology.
Owing to its B2C focus and higher radiology contribution, Vijaya Diagnostic commands the highest margin (~44% in FY21) within the industry. The company's focus on deeper expansion in its dominant regions, along with supportive macro factors and expectation of a faster shift of market to organised players will help it to maintain its growth momentum.
Further expansion in East, especially in Kolkata, may drive medium to long term growth.
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