Vijaya Diagnostic Centre Limited has informed the Exchange about Investor Presentation
IIIJAYA JAGNOSTIC CEIV RE
August 9, 2022
To, Listing Department National Stock Exchange of India Limited, Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbal- 400 051 Company Code No. VIJAVA
To, The Corporate Relations Department BSE Limited, Phiroz Jeejeebhoy Towers, 25~~ Floor, DaIaI Street
Mumbai- 400 001 Company Code No. 543350
Dear Sir/Madam,
Sub: Investor Presentation.
to Regulation 30(2) of SEBI
Pursuant (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the presentation that would be used in the Investors / Analysts earnings conference call scheduled to be held on August 10, 2022 at 12.00 noon 1ST.
Please take the information on record.
Thanking you,
For VijaVa Diagnostic Centre Limited
4; ~t~td~
Anusha Kanumuru Company Secretary
Vijaya Diagnostic Centre Limited (Formerly known as Vijaya Diagnostic Centre Pvt. Ltd.), 3-6-16 & 17, Street # 1 g, Himayath Nagar, Hyderabad-29, Telangana t 040-2342 0422 to 271 ~ info@vijayadiagnostic.com CIN No. U85195TG2002PLC039075
me Pioneers iN Diagnostic Medicare...
Vijaya Diagnostic Centre Limited
Q1 FY23 Earnings Presentation
August 09, 2022
Safe Harbour
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Vijaya Diagnostic Centre Limited (the ‘Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
All Maps used in the Presentation are not to scale. All data, information and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.
2
Q1 FY23 Financial Performance
Q1 FY23 – Performance Snapshot
Operational & Financial Highlights – Q1 FY23
2.23 Mn Tests
0.75 Mn Footfalls
100 Centres (opened 5)
95% B2C Revenue
INR 1,043.6 Mn Revenue
COVID INR 32.0 Mn (3%)
11.6%
90.0%
INR 1,011.6 Mn (97%) Non-COVID
INR 398.9 Mn EBIDTA
38.2% EBIDTA Margin
INR 174.5 Mn Profit After Tax
16.7% PAT Margin
4
Management comment
Commenting on the Q1FY23 results performance, Ms. Suprita Reddy, CEO at Vijaya Diagnostic Centre Ltd. said:
“I am pleased to share that we have commenced the fiscal on a positive note. During Q1FY23, Vijaya was able to capitalize on the healthy recovery in demand from its customers for non-covid, radiology and wellness businesses. A notable month-on-month improvement across our key business parameters was witnessed during this period and we expect this trend to continue in the upcoming quarters as well.
Vijaya has achieved an important milestone of successfully establishing its 100th centre by opening five new centres during Q1FY23. The Company remains excited for its upcoming 10,000 sq.ft facility at Rajahmundry which is expected to be inaugurated soon. Additionally, we made considerable progress on our upcoming 16,000 sq.ft. Punjagutta centre which is scheduled to be launched in the coming months. We remain excited about these state-of-the-art facilities that are well equipped with advanced radiology and will offer a wide range of integrated diagnostics services to our consumers. Overall, our expansion and other growth initiatives are progressing as per plan.
Our endeavor remains on strengthening our leadership position in key markets as we move into the pre- pandemic environment. Looking ahead, we believe that our integrated diagnostics offerings, B2C business model, robust financial position, and strong brand salience in our core markets, should assist us to withstand any near-term challenges. Additionally, we are confident that these inherent strengths would go a long way in creating sustainable value for all our stakeholders.”
5
Key Financial Highlights – Q1 FY23
(INR Mn)
Revenue from Operations
EBITDA & EBITDA Margin (%)
4,624
3,767
46.3%
41.2%
38.2%
44.1%
44.1%
2,037
1,660
1,227
1,162
1,044
569
479
399
Q1 FY22
Q4 FY22
Q1 FY23
FY21
FY22
Q1 FY22
Q4 FY22
Q1 FY23
FY21
FY22
Shift YoY (%)
-14.9%
22.7%
-29.8%
22.7%
PAT & PAT Margin (%)
26.9%
20.4%
16.7%
22.6%
23.9% 1,107
851
330
237
175
Q1 FY22
Q4 FY22
Q1 FY23
FY21
FY22
Shift YoY (%)
-47.1%
30.0%
6
Revenue Mix – Q1 FY23
(INR Mn)
Radiology vs. Pathology Breakdown
Non-COVID & COVID Allied Breakdown
Radiology
Pathology
Non Covid
Covid
68%
69%
64%
66%
32%
31%
36%
34%
Q1 FY22
Q4 FY22
Q1 FY23
FY21
67%
33%
FY22
26%
74%
15%
85%
3%
97%
Q1 FY22
Q4 FY22
Q1 FY23
Non-COVID YoY (%)
COVID YoY (%)
11.6%
-90.0%
B2C Contribution - Q1 FY23
Non Covid
Covid
B2B 5%
B2C 95%
83%
17% FY21
Non-COVID YoY (%)
COVID YoY (%)
85%
15% FY22
7.9%
25.8%
7
Q1 FY23 - Financial and Operational Discussions (Y-o-Y)
• Revenue from Operations decreased by 14.9% YoY to Rs. 1,043.6 Mn, Non-COVID Revenues grew by 11.6%
YoY
o Decline in revenue largely on account of decrease in COVID business. Q1FY23 witnessed a transition in the revenue mix profile from COVID to Non-COVID. This resulted in the Non-COVID business revenues registering a growth of 11.6% YoY and COVID revenues declining by 90.0% YoY
o Radiology business stood higher at 35.7% as against 32.1% in Q1FY22 – positively contributing to the
Company’s non-covid business
Financial Performance Q1 FY23
o Wellness share in Q1FY23 was up at 9.6% as against 4.0% in Q1FY22
Witnessed positive business momentum in Wellness segment – achieving Pre-COVID levels
• Revenue composition from B2C segment continued to stay strong at 95.0%
•
•
EBITDA stood at Rs. 398.9 Mn. EBITDA margin for the quarter was 38.2%
o Lower revenues and incremental expenses for upcoming facilities impacted margin performance
o As new facilities start contributing to performance, the Company anticipates improvement in operating
margins
PAT stood at Rs. 174.5 Mn. translating into a PAT margin of 16.7%
8
Q1 FY23 – Key Developments
Healthy month-on-month uptick in operational performance • During Q1FY23, the Company registered growth on a month-on-month basis on the
back of non-COVID, radiology and wellness businesses
• As the environment normalizes, the non-COVID offerings would continue to shift to
pre-pandemic levels
VDCL launches its 100th Centre •
The Company made encouraging progress on its network expansion plans by adding 5 new centres including 1 Hub
•
•
The state-of-the-art 10,000 sq.ft. new facility at Rajahmundry, Andhra Pradesh is expected to be inaugurated during August 2022 itself
Considerable progress was made on the upcoming 16,000 sq.ft. Punjagutta, Hyderabad centre – scheduled to be launched in the coming months
o The state-of-the-art Punjagutta facility would be the first diagnostic centre in South India to
have advanced radiology modalities like MRI 3 Tesla and Dual Source CT Scan
o Additionally,
the centre will also be well equipped with other advanced radiology
equipment’s like PET CT and Gamma Camera
• Overall, VDCL remains on track to open over 15 new centers in FY23
Non-COVID Test Volumes (# in Million)
0.73
0.76
0.68
Apr-22
May-22
Jun-22
Rajahmundry Facility
9
Key Financial Highlights
Cash flow from Operations / EBITDA (%)
Cash & Cash Equivalents (INR Mn)
89.5%
78.6%
98.7%
78.1%
77.6%
2,529
2,466
2,354
2,219
2,466
Q1FY22
Q4FY22
Q1FY23
FY21
FY22
Jun-21
Mar-22
Jun-22
Mar-21
Mar-22
Working Capital Days1
• Cash flow from Operations stood at Rs. 394 mn. as
Q1FY22
Q4FY22
Q1FY23
FY21
FY22
on June 30, 2022
-6
-9
-10
-6
-13
Note 1: Quarterly Revenue figures are annualized
• Cash and Cash Equivalents stood at Rs. 2,354 mn.
as on June 30, 2022
• Working Capital Days negative at -9 in Q1FY23
continues
to remain
10
Key Operational Highlights
Tests Performed (# in Million)
Footfalls (# in Million)
Tests / Footfalls (# in Million)
9.32
7.09
3.62
2.63
2.31
2.55
2.98
2.69
2.57
2.18
2.45
2.23
0.94
0.96
0.75
Q1 FY22
Q4 FY22
Q1 FY23
FY21
FY22
Q1 FY22
Q4 FY22
Q1 FY23
FY21
FY22
Q1 FY22
Q4 FY22
Q1 FY23
FY21
FY22
Revenue per Test (INR)
Revenue per Footfall (INR)
562
531
496
474
469
1,395
1,431
1,276
1,299
1,212
Q1 FY22
Q4 FY22
Q1 FY23
FY21
FY22
Q1 FY22
Q4 FY22
Q1 FY23
FY21
FY22
• Company recorded steady growth in No. of tests on YoY basis led by Non-COVID customers in Q1FY23
11
Consolidated Profit & Loss Account – Q1 FY23
(INR Mn)
Particulars
Q1 FY23
Q1 FY22
Revenue from operations
1,043.6
1,226.9
Cost of materials consumed
Employee benefits expense
Other expenses
EBITDA
EBITDA Margin (%)
Other income
Depreciation and amortization expense
EBIT
Finance costs
Profit before Tax
Tax expenses
Profit before Minority Interest
Minority Interest
Profit after Tax (PAT)
PAT Margin (%)
EPS – Basic (INR)*
130.3
194.8
319.6
398.9
38.2%
27.7
141.8
284.9
47.7
237.2
61.6
175.6
1.1
174.5
16.7%
1.7
210.8
161.5
286.0
568.6
46.3%
32.8
119.2
482.2
40.0
442.2
108.9
333.3
3.6
329.7
26.9%
3.2
Y-o-Y
-14.9%
-38.2%
20.6%
11.7%
-29.8%
-810 bps
-15.7%
18.9%
-40.9%
19.1%
-46.4%
-43.4%
-47.3%
-70.0%
-47.1%
-1,020 bps
-47.0%
Q4 FY22
1,162.0
178.8
192.0
312.7
478.6
41.2%
31.9
152.8
357.7
43.4
314.3
75.5
238.8
1.7
237.1
20.4%
2.3
Q-o-Q
-10.2%
-27.1%
1.5%
2.2%
-16.6%
-300 bps
-13.2%
-7.2%
-20.4%
9.9%
-24.5%
-18.3%
-26.5%
-37.5%
-26.4%
-370 bps
-26.4%
*Not annualized
12
Company Overview
Vijaya at a Glance
Vijaya Diagnostic Centre Limited is the largest integrated diagnostic chain in South India with 100 state-of-the-art centres spread across 17 cities
Mission
Our Mission is to make the patient’s medical journey faster, more transparent and more accurate. We are committed to deliver to every exceptional diagnostic solutions patient and physician
40+ Years of Experience
Experience in delivering Quality Diagnostic Service at affordable prices
100 Centres
State-of-the-art Facilities with Best-in-class Technology
17 Cities across India
200+ Doctors
Vision
Largest integrated player in South India
Radiologists, Pathologists & Microbiologists
Our Vision is to provide reliable and accurate diagnostic services to our customers, at affordable prices, in a customer-centric manner. We strive to provide the best service possible. We are continually raising our own bar through the latest technology, continuous improvement and recruitment of high calibre technicians and professional
~3.6 Mn Footfalls
~9.3 Mn Tests
Trusted by every Age group
Most preferred Diagnostic Centre
Footfalls & Tests for 12 months ending Mar 2022
Quality
Reliable & Accurate Diagnostics
at Affordable Prices
14
Our Journey
Vijaya Diagnostic Centre incorporated in Hyderabad
Recognized as one of the Best Imaging centres in Hyderabad by The Week
Awarded Brand of the year in diagnostic services by The CEO Magazine and Telangana Healthcare Leadership award
One of the earliest private diagnostic service providers to be approved for COVID RT-PCR testing by ICMR*
1981
2012
2018
2020
2008
2016
2019
2021
First independent diagnostic centre in South India to offer PET CT from Wipro GE Healthcare Pvt. Ltd.
Investment by Karakoram Limited and Kedaara Capital Alternative Investment Fund – Kedaara Capital AIF1
Awarded Best Diagnostic Centre – India by Times Healthcare Achievers Group
Successfully listed on Indian Stock Exchanges (NSE & BSE)
First independent diagnostic centre in Telangana to get Revolution ACT 50 slice CT from Wipro GE Healthcare Pvt. Ltd
*ICMR: Indian Council of Medical Research; NSE: National Stock Exchange, BSE: Bombay Stock Exchange
15
At the Forefront of Introducing New Technologies
1981
Ultrasound & Echocardiography
1986
Nuclear Medicine facility
1993
Fourth Generation CT Scan
1994
Offer Mammography
2006
Hawkeye Gamma Camera with SPECT
2003
Automated Microbiology Culture
2000
Real Time RT-PCR Assays & Flow Cytometry
1999
Bone Densitometry
2007
Cardiac CT & 3.0 Tesla MRI
2009
HPV-DNA HC2 test in South India
2011
Automated TB identification & Sensitivity in South India
2012
Liquid Based Cytology (Thin Prep) in Andhra Pradesh (AP)
2019
3D Mammography with Advanced Technology
2019
USG-ECHO for Cardiology & Advanced CBCT in South India
2017
Droplet Digital PCR (ddPCR) & Adv. PET CT in South India
2013
iQ200 Automated Iris with Analyzer Urine Microscopy & Siemen’s Accuson Elastography
2019
DNA fragmentation Index test in semen
2020
Integrated modular solution for Immunoassay & Chemistry assays
2020
COVID testing by RT-PCR in Telangana & AP
2021
Philips DS Achieva with Ambient Experience
16
Our Pillars of Strength
1
5
2
4
One of the leading players in India’s high growth diagnostics market One of the leading players in India’s high growth diagnostics market
Integrated diagnostics provider offering one-stop solution Integrated diagnostics provider offering one-stop solution
3
High brand recall driving customer stickiness High brand recall driving customer stickiness
Robust technical capabilities and state-of-the-art technology Robust technical capabilities and state-of-the-art technology
Experienced Board and strong management team Experienced Board and strong management team
17
Indian Diagnostics Market expected to Grow at a Healthy Trajectory
Indian Diagnostics Market
Segment-wise breakup of Indian Diagnostic Market
(INR Bn)
Radiology
Pathology
980
+13% CAGR
684
472
FY17
FY20
FY23E
+13% CAGR
FY23E 275 - 285
FY20 190 - 195
South India
27% - 29%
FY20
71%-73%
Rest of India
980
43% - 44%
684
43%
+13% - 14% CAGR
+14% CAGR
56% - 57%
+12% CAGR
57%
+12% - 13% CAGR
FY20
FY23E
472
41%
59%
FY17
Source: CRISIL Report
18
One of the leading players in India’s high growth diagnostics market
Telangana and Andhra Pradesh Market Size
Vijaya’s Core Geographies
Telangana and Andhra Pradesh (44 - 46% of South India)
+14% CAGR
87
59
(INR Bn)
120 -130
FY17
FY20
FY23E
Growth Drivers:
•
•
•
•
•
Rising NCDs in the states
Increasing share of aged population
Rising health awareness
Increasing health insurance penetration
Conducive government healthcare schemes
Dominant Position in Telangana & Andhra Pradesh
Vishakhapatnam
Nizamabad
Karimnagar
Mancherial
Hanamkonda Kazipet
Warangal
Sangareddy
Shamshabad
Shadnagar
Hyderabad & Secunderabad
Kurnool
Nandyal
Nellore
NCD: Non Communicable diseases
Source: CRISIL Report
19
Integrated Diagnostic service provider with extensive network…
Customers
Samples
Customer (Walk-in) Home Collection B2B Hospitals & Labs
Vijaya Diagnostic Centre
Flagship Centre #1
Hubs #24
Spokes #75
National Reference Lab
#1
Reference Lab
#12
Sample Flow Patient Flow
Flagship Centre = Lab Sample Collection + Basic Radiology + Complete Advanced Radiology (MRI, CT Scan, SPECT & PET CT) Hubs = Lab Samples Collection + Basic Radiology + Advanced Radiology (MRI / CT Scan / SPECT) Spokes = Lab Samples Collection + Basic Radiology Basic Radiology = ECG / X-ray / USG / Mammography / BMD / TMT / 2D Echo / EEG / ENMG / Endoscopy, etc.
20
…offering One-Stop Solutions for Pathology & Radiology
Complete Range of Diagnostic Services under One Roof Comprehensive and high quality integrated diagnostic services through our operational network
21
High brand recall driving customer stickiness
Customer Centric Approach
Quality Diagnostic Services
B2C Revenue
90%
93%
92%
94%
Higher brand recall
High share of walk-in customers
Sticky individual customer
(INR)
FY19
FY20
FY21
FY22
Operational Metrics
“One of the Best Healthcare Brands 2021” by The Economic Times in 2021
“For excellence in Quality and Accuracy” under the category Leading Diagnostics company with Excellence in Quality and Safety at the Diagnostics Leadership Summit in 2021
1,228
1,214
1,431
1,276
454
475
631
562
FY19
FY20
FY21
FY22
Revenue per footfall
EBITDA per footfall
22
Robust Technical Capabilities with State-of-the-art IT Infrastructure
18
CT Machines
20
MRI Machines
5
5
PET CT / Gamma machines
200+
Radiologists, Lab Doctors & Physicians
11
NABH Accreditations
NABL Accreditations
Key Suppliers
• Long standing relationship with medical technology vendors
• At the forefront of introducing new tests by
adopting the latest medical
technologies
• Among the first diagnostic service provider in South India to offer PET-CT scan
in 2008
Advanced Software to Manage Clinical Data
Advance Laboratory Information Management System (LIMS)
Fully Integrated Radiology Information Systems (RIS) and Picture Archive and Communication Systems (PACS)
Front end IT infrastructure enabling…
Standardization across our operations
incidence
Reduce errors due Human Intervention
to
of Low
Monitor Operations
Technical
Closely track key performance metrics and maintain the Turn- Around Time (TAT)
Provide Uniform Experience to booking from customers appointments accessing to reports online
23
Experienced Board of Directors
Dr. S Surendranath Reddy - Executive Chairman Founder of Vijaya with 40+ years of experience in building Vijaya as South
India’s largest integrated diagnostic chain
Holds Bachelor’s degree in Medicine and Provisional degree of Doctor of
Medicine in Radiology
Dr. D Nageshwar Reddy - Non-executive, Independent Director
Chairman of Asian Institute of Gastroenterology (AIG), Hyderabad Awarded Padma Shri and Padma Bhushan by Government of India D.M in Gastroenterology from PGIMER Chandigarh
S Geeta Reddy - Non-Executive Director
Enrolled as advocate with Andhra Pradesh High Court in 1986
Holds a Bachelor’s degree in Law from Osmania University
Shekhar Prasad Singh - Non-executive, Independent Director
Ex-Chief Secretary to Government of Telangana
Retired IAS officer of 1983 batch
Satyanaryana Murthy Chavali - Non-executive, Independent Director
Ex-CEO of Aurigene Discovery Technologies Ltd.
Holds BTech from IIT, Madras and MBA from IIM, Bangalore
Sunil Chandra Kondapally - Executive Director
Been with Vijaya since 2002 and 17+ years of experience in healthcare
Holds Bachelor’s degree in Electrical Engineering from Florida State
Dr. Manjula Anagani - Non-executive, Independent Director
University
Clinical Director and Head of Department of centre of women and childcare at
Care hospitals
Awarded Padma Shri by Government of India MD in Obstetrics and Gynecology from N.T.R. University of Health Sciences
24
Strong Management Team
Dr. S. Surendranath Reddy
Mr. Sunil Chandra Kondapally
Ms. Suprita Reddy
Mr. Narasimha Raju K.A
Ms. Anusha Kanumuru
Executive Chairman
Executive Director
Chief Executive Officer
Chief Financial Officer
Company Secretary & Compliance Officer
40+ years of experience in building Vijaya as South India’s integrated diagnostic largest chain
Holds Bachelor’s degree in Medicine Provisional and degree of Doctor of Medicine in Radiology
He is a life member of the and
Radiological
Indian Imaging Association.
With Vijaya since incorporation and experienced in operations, finance, quality accreditation, marketing network expansion departments
and
17+ Years of experience in healthcare industry & founded Trikona Pharmaceuticals Pvt. Ltd. (2016) and QPS Bioserve India Pvt. Ltd. (2004)
Holds bachelor’s degree in from
engineering electrical Florida State University
operations
With Vijaya since 2003 and heads overall strategy, clinical and excellence, expansion of the company Awarded Women Leadership Award in Healthcare by ABP in 2019
Holds bachelors degree in from Osmania
commerce University
Associated with Vijaya from June 2017 to Nov 2020 and rejoined in March 2021
14+ years of experience in reporting, financial and
audit, regulatory accounting advisory
compliance
Previously worked with SR Baltliboi & Co., NSL Renewable Power Pvt. Ltd. etc
Holds bachelor’s degree of commerce from Osmania University and member of the Institute Chartered of Accountants of India
12 + years of experience in handling works relating to public issue(s), private placement(s), merger(s), foreign investment, listing formalities with the Stock Exchanges, Company Law, FEMA and Stock Exchange Compliances including regulatory approvals Associate member of ICSI and holds in Commerce and Corporate Affairs with
Previously
Bachelor's
worked
degree
Aurobindo Realty, IVRCL Ltd etc
25
Awards & Accolades
One of the Best Healthcare Brands 2021
Indo Global Award for Healthcare Excellence
Company of the Year - Healthcare
Leading Diagnostic Chain of the Year
India’s Greatest Leaders 2020-21 Ms. Suprita Reddy - CEO
2021 Presented by The Economic Times
2021 Presented by Indian Economic Development & Research Association
2021 Presented by TV9 Network and SAP
2021 Presented by Diagnostic Leadership Summit
2021 Presented by United Research Services
India’s Greatest Brands 2020-21 Pride of Nation
Leading Diagnostics with Excellence in Quality & Safety
Most Trusted and Best Quality Diagnostic services in India
Healthcare Entrepreneur of the Year – Dr. Surendra Reddy
Fastest Growing Brands (Pride of the Nation)
2021 Presented by United Research Services
2021 Presented by Diagnostic Leadership Summit
2020 Presented by Times Healthcare Achievers
2019 Presented by Six Sigma Healthcare
2019 Presented by United Research Services
Best Diagnostic Centre of the Year
Leading Chain of Diagnostics & Imaging
Best Diagnostic Service Provider of the Year
Most Trusted Diagnostic Centre of the Year
Telangana Healthcare Leadership Awards
2019 Presented by Times Healthcare Achievers
2019 Presented by Indian Medical Association, Telangana state and Messe India
2019 Presented by Six Sigma Healthcare
2019 Presented by Indo-Arab Leaders Summit & Awards
2018 Presented by Telangana Government
26
Shareholding Pattern as of 30th June 2022
Others
FII’s
28.0%
12.8%
4.2%
DIIs
As on 30th June 2022 DII’s: Mutual Funds, AIF’s and QIB’s Others: Retail, Bodies Corporate and others
Promoter & Promoter group
55.0%
Marquee Institutional Investors
Fidelity Group
Wasatch Advisors
Axis Mutual Fund
Aberdeen Standard Investments
Nippon Life India Asset Management
Aditya Birla Sun Life Asset Management
Abu Dhabi Investment Authority DSP Mutual Fund
27
Strategy Going Forward
Deepen Footprint in our Core Markets - Telangana & Andhra Pradesh
Nizamabad
Sangareddy
Shamshabad Shadnagar
Kurnool
Nandyal
Mancherial
Karimnagar
Hanamkonda Kazipet Warangal
Leveraging Existing Presence
Given under-penetration of diagnostic market, we will continue to focus on
Opening additional diagnostic centres through owned & franchisee model
Expanding network through setting up spokes and hubs in existing catchment areas
Adding reference laboratories in our existing core geographies
Hyderabad & Secunderabad
Vishakhapatnam
Nellore
Given our significant presence and operational experience in Telangana and Andhra Pradesh, we intend to deepen our penetration and increase customer base by
Consolidate Leading Position
Enhancing laboratory capacity and test menu by adding latest technologies
Offering value added services
Physician engagements (by conducting continuous medical education programs)
29
Expand in Adjacent Geographies & East India
Network (FY22)
South India Strategy
Expand in concentric circles given our
hub and spoke model
Establish presence in adjacent
geographies
Identified key cities and towns which are
underserved and our brand is well- regarded
Wider geographic reach will expand our
customer base leading to better profitability by leveraging our infrastructure
75
23
Hyderabad
Rest of Telangana and AP
2
Others
East India Strategy
Expand presence in East India given
growing demand
Replicate our successful hub and spokes
model in East India
Established a hub in Kolkata and plan is to
set up additional diagnostic centres around it
Hence, Kolkata to be our focus area for
medium to long term growth
AP: Andhra Pradesh
30
Continued Focus on Providing Customer Centric Services and Offerings
Preventive and Wellness Testing to Boost Demand for Diagnostics
FY20E
Industry Size
FY23P
CAGR: ~20%
101-108
61-68
Rest of the market 90%
Wellness & Preventive 9% - 10%
Wellness & Preventive 11%
Rest of the market 89%
FY20
FY23
Key Drivers
Our Strategy
Increasing chronic and lifestyle diseases
Increase diagnostic services by offering additional preventive and wellness services through adoption of
new cutting-edge diagnostic testing technology
Corporate tie-ups
Increasing disposable income
Increasing service offerings
Providing home collection services and point-of-contact testing to complement walk-in
Expand specialty tests, disease specific profiles and provide customized packages
Grow our corporate customer base by catering to their needs
Expansion of chronic disease management and wellness programs
Source: CRISIL Report
31
Financial & Operational Highlights
Robust Operational Metrics
Diagnostic Centre (Nos)
Footfalls (Mn)
Tests Performed (Mn)
73
80
61
95
2.38
2.79
2.63
3.62
6.99
7.91
7.09
9.32
FY19
FY20
FY21
FY22
FY19
FY20
FY21
FY22
FY19
FY20
FY21
FY22
Test per Footfall (Nos)
Revenue per Test (INR)
Revenue per Footfall (INR)
Impact of COVID-19
2.93
2.83
2.69
2.57
419
428
531
496
1,228
1,214
1,431
1,276
FY19
FY20
FY21
FY22
FY19
FY20
FY21
FY22
FY19
FY20
FY21
FY22
33
Consistent Financial Performance
(INR Mn)
Revenue
CAGR:16%
3,388
3,767
2,926
4,624
EBIDTA
PAT
CAGR:24%
2,037
1,660
1,326
1,081
CAGR:34%
845
1,097
625
459
FY19
FY20
FY21
FY22
FY19
FY20
FY21
FY22
FY19
FY20
FY21
FY22
EBIDTA Margin (%)
710 bps
44.1%
44.1%
39.1%
37.0%
PAT Margin (%)
800 bps
22.4%
23.7%
18.5%
15.7%
FY19
FY20
FY21
FY22
FY19
FY20
FY21
FY22
34
Sustainable Cash Generation & Increasing Return Ratios
Cash & Cash Equivalents
CFO / EBIDTA (%)
(INR Mn)
1,729
1,215
2,277
2,467
84%
80%
78%
77%
FY19
FY20
FY21
FY22
FY19
FY20
FY21
FY22
RoCE Pre-Cash (%)
RoE (%)
30%
33%
43%
38%
22%
23%
23%
23%
FY19
FY20
FY21
FY22
FY19
FY20
FY21
FY22
ROCE (Pre-cash): PBIT ex Other income / (Total Assets – Cash – Current Liabilities)
CFO = Cash flow from Operations
35
Annexure
Consolidated Profit & Loss Account
(INR Mn)
Particulars
Revenue from operations
Cost of materials consumed
Employee benefits expense
Other expenses
EBITDA
EBITDA %
Other income
Depreciation and amortization expense
EBIT
Finance costs
Profit before Tax
Tax expenses
Profit after Tax before Minority Interest
Minority Interest
Profit after Tax
PAT %
EPS – Basic (INR)
FY22
4,624
715
707
1,165
2,037
44.1%
128
527
1,638
165
1,474
367
1,107
10
1,097
23.7%
10.76
FY21
3,767
571
574
962
1,660
44.1%
118
505
1,274
152
1,121
270
851
6
845
22.4%
8.28
FY20
3,388
439
624
999
1,326
39.1%
154
492
988
154
834
209
625
0
625
18.5%
6.13
FY19
2,926
405
539
901
1,081
37.0%
104
396
789
135
653
190
463
4
459
15.7%
4.50
37
Consolidated Balance Sheet
(INR Mn)
Assets
Mar-22 Mar-21 Mar-20 Mar-19
EQUITY AND LIABILITIES
Mar-22 Mar-21 Mar-20 Mar-19
NON-CURRENT ASSETS Property, plant and equipment Capital work-in-progress Goodwill Other intangible assets Right of use asset Intangible assets under development Financial assets - Investments - Other financial assets Deferred tax assets Income tax assets Other assets
CURRENT ASSETS Inventories Financial assets - Investments - Trade receivables - Cash and cash equivalents - Bank balances other than Cash and cash equivalents - Loans - Other financial assets Other current assets
4,436 1,966 341 53 14 1,672 1
0 75 89 2 223
3,022 1,358 82 53 6 1,260 12
0 122 61 6 61
2,959 1,398 93 53 10 1,254 4
0 55 16 9 67
2,689 1,437 27 69 7 1,079 -
0 43 12 8 7
2,699 43
2,388 26
1,865 28
1,374 22
542 98 110
276 64 67
1,813
1,876
0 51 41
0 52 27
547 80 556
626
1 5 22
688 91 96
430
4 26 17
EQUITY
Equity share capital
Instruments entirely equity in nature
Other equity
4,695
102
-
3,592
2,741
2,069
45
-
45
-
45
24
4,593
3,547
2,696
2,000
NON-CURRENT LIABILITIES
1,778
1,377
1,494
1,422
Financial liabilities
- Borrowings
- Lease liabilities
- Other financial liabilities
Provisions
Other liabilities
CURRENT LIABILITIES
Financial liabilities
- Borrowings
- Lease liabilities
- Trade payables
- Other financial liabilities
Income tax liabilities
Provisions
Other liabilities
0
33
1,703
1,265
221
1,196
315
1,034
0
74
1
2
77
1
9
67
1
19
53
1
661
440
589
572
6
126
216
248
9
21
35
12
101
222
61
16
7
20
13
88
217
224
15
11
21
20
73
218
204
15
11
31
TOTAL ASSETS
7,135
5,409
4,824
4,063
TOTAL EQUITY AND LIABILITIES
7,135
5,409
4,824
4,063
38
Consolidated Cash Flow Statement
(INR Mn)
Particulars Cash Flow from Operating Activities Profit before Tax Adjustment for Non-Operating Items Operating Profit before Working Capital Changes Changes in Working Capital Cash Generated from Operations Less: Direct Taxes paid Net Cash from Operating Activities Purchase and construction of property, plant and building (net) Investments (net) Others Cash Flow from Investing Activities Cash Flow from Financing Activities Net increase/ (decrease) in Cash & Cash equivalent Cash & Cash Equivalents at the beginning of the period Cash & Cash equivalents at the end of the period
Cash and Cash Equivalents
Particulars
Investments*
Cash and cash equivalents
Bank balances other than Cash and cash equivalents
Total
Mar-22
Mar-21
Mar-20
Mar-19
1,474 572 2,046 -67 1,975 -399 1,580 -1,223 -127 120 -1,226 -306 44 67 110
1,121 534 1,655 -46 1,609 -312 1,297 -312 -1,033 47 -1,298 -488 -489 556 67
834 492 1,326 -32 1,294 -233 1,061 -375 11 57 -306 -295 460 96 556
653 431 1,084 8 1,092 -187 905 -591 -314 6 -898 -72 -65 161 96
Mar-22
Mar-21
Mar-20
Mar-19
543
110
1,813
2,467
335
67
1,876
2,277
547
556
626
1,729
688
96
430
1,215
*Current investments + investments with maturity more than 12 months (part of other non-current financial assets)
39
THANK YOU
Company
Investor Relations Advisors
Vijaya Diagnostic Centre Limited (VDCL)
Citigate Dewe Rogerson (CDR India)
Mr. Siva Rama Raju – Head of Strategy +91 90597 00749 / +91 99485 95555
sivaramaraju.v@vijayadiagnostic.in ir@vijayadiagnostic.in
www.vijayadiagnostic.com
Mr. Anoop Poojari / Mr. Devrishi Singh
Tel: +91 98330 90434 / +91 98205 30918
anoop@cdr-india.com devrishi@cdr-india.com
#6-3-883/F, Ground Floor, FPAI Building, Punjagutta, Officers Colony, Near Topaz Building, Hyderabad-500082, Telangana, India.