Vijaya Diagnostic Center – Beats Estimates; Volume Recovery Drives Q3: ICICI Securities

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Vijaya Diagnostic Center Ltd.’s Q3 FY22 performance exceeded our expectation, mainly due to better-than-expected Covid-19 revenues and margins.

Revenues grew 10.9% YoY to Rs 1.1 billion (our estimate: Rs 855 million), driven mainly by a strong recovery in non-Covid volumes.

Revenue from Covid tests fell 20.4% QoQ to Rs 86 million (our estimate: Rs 28 million) with a drop in the number of cases and realization, while non-Covid revenue grew 19.5% YoY to Rs 1.0 billion (our estimate: Rs 855 million) due to a strong recovery in volumes.

Vijaya Diagnostic’s Ebitda margin shrunk 330 bps YoY to 43.2%, though it was more than our estimate of 41.8%. Adjusted profit after tax grew 2.3% to Rs 253 million, in line with the operational performance.

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