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ICICI Securities Report
Vijaya Diagnostic Centre Ltd.'s Q4 FY22 performance was broadly in-line with estimates as revenue grew 3.8% YoY to Rs 1.2 billion (our estimate: Rs 1.1 million) with Ebitda margin of 41.2% (our estimate: 41.8%).
Covid-19 revenue doubled QoQ to Rs 179 million led by Omicron wave; however, non-Covid revenues were impacted, which declined 3.8% QoQ.
This was largely due to the fall in radiology segment with lower footfalls at centres; however, demand started to normalise March 2022 onwards.
We remain positive on the stock mainly due to Vijaya Diagnostic's -
business-to-consumer focus,
highest margin within the industry and
continuous focus on deeper expansion in its dominant regions.
These strengths synergise with supportive macro factors, including the likelihood of a faster shift of market to organised players.
Further expansion in east, especially Kolkata, may drive medium to long term growth. However, intense competition may affect near-term performance.
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