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ICICI Securities Report
Vijaya Diagnostic Centre Ltd.'s Q4 FY23 performance was driven by a steady 22.4% YoY growth in non-Covid business, while Covid business' contribution fell to 1% (15% in Q4 FY22).
Overheads of new centres impacted Ebitda margin to a small extent though, at 40.6% in Q4, it continues to be better than that of most of listed peers. Strong business-to-consumer franchise (95% of revenue in Q4 FY23) and a dominant presence in radiology has helped Vijaya Diagnostic command better margins.
Traction in new centres at Tirupati and Rajamundhry, coupled with further expansion in the east (especially Kolkata), may drive medium- to long-term growth.
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