Vijaya Diagnostic
Anush Faigley
Vijaya Diagnostics Centre limited is a leading diagnostic medicare services provider in Southern India and offers comprehensive services that include nuclear medicine, radiology, laboratory, health check-ups and medical services. The company provides its services across 13 cities through its 81 diagnostic centers and 11 reference laboratories.[1]
Largest Diagnostic Chain in Southern India [1]
Vijaya Diagnostic Center Ltd. (VDCL) is the largest integrated diagnostic chain in South India, by revenue and also one of the fastest-growing diagnostic chains by revenue for FY23.
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In financial year 2024, the operating revenue of Vijaya Diagnostic Centre exceeded well over five billion Indian rupees. Vijaya Diagnostic Centre is one of the leading diagnostics companies, offering diagnostic services at affordable prices across 20 cities in India.
Edelweiss Financial Services Ltd, ICICI Securities Limited and Kotak Mahindra Capital Company Limited are the book running lead managers of the Vijaya Diagnostic IPO, while Kfin Technologies Limited is the registrar for the issue.
Established in 1981, Vijaya Diagnostic Centre is one of the fastest-growing diagnostic chains in Southern India. The company offers a one-stop solution for pathology and radiology testing services. The company offers around 740 routine tests, 870 specialized pathology tests, 220 basic tests, and 320 advanced radiology tests. The company also offers a broad spectrum of customized health and wellness packages to its customers.
Company's operational network consists of 80 diagnostic centers and 11 reference laboratories spread across 13 cities and towns in the states of Telangana, Andhra Pradesh, National Capital Region, and Kolkata. 96.2% of the revenue comes from Hyderabad, the rest of Telangana, and the Andhra Pradesh region. During the year ended March 31, 2021, the company conducted approximately 6.20 Mn pathology tests and 0.89 Mn radiology tests for approximately 2.63 Mn customers.
As of March 31, 2021, all Vijaya Diagnostic Centre laboratories hold National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditations, and three diagnostic centers hold Patient Safety & Quality of Care (NABH) accreditations.
[Dilip Davda] This is a majorly south centric diagnostic service provider. The issue is fully priced based on its super performance so far. The segment is getting crowded post-pandemic and thus creating high competition going forward. The recent IPO of south based Krsnaa Diagnostic performed miserably post a listing. This is a pure secondary offer. Considering all these parameters, risk seekers/cash surplus investors may consider an investment with a long term perspective. Read detail review...
Zerodha customers can apply online in Vijaya Diagnostic IPO using UPI as a payment gateway. Zerodha customers can apply in Vijaya Diagnostic IPO by login into Zerodha Console (back office) and submitting an IPO application form.
The finalization of Basis of Allotment for Vijaya Diagnostic IPO will be done on Wednesday, September 8, 2021, and the allotted shares will be credited to your demat account by Monday, September 13, 2021. Check the Vijaya Diagnostic IPO allotment status.
Early attempts to expand in East: Vijaya acquired a 65% stake in a listed Kolkata based loss making diagnostic chain called Medinova in 2014 for Rs 4crs (balance 35% is still held by public shareholders). Since acquisition, Vijaya has been able to turn around the company as reflect in the table below:
a. Low technology orientation: Vijaya has not been at the forefront of adopting latest technologies in way of doing business which are becoming powerful tools to ensure scalability, offer customer convenience and generate efficiencies. For example, Vijaya has been relatively late in launching a mobile app or website to book home collections. As consumers increasingly seek the convenience of home collection, which is accessed through mobile apps or website, it leaves space for a new player to enter and capture some of their pathology business market share.
Since then it has been derated and Vijaya went below IPO price .
Now it seems to be making a comeback with Marcellus Capital taking a position and Saurabh Mukherjee with his usual ebullience rating the company a regional leader
Sir, subject to my memory, when the IPO of Dr. Path Lab came, they were mainly in north India. Further, they expanded in other regions by buying out the local player and took under their umbrella. I hope that Vijaya may increase in the neighboring states as the brand has gained sufficient reliance. The most prominent threat seems the operation of diagnostic business by multi speciality hospitals as the patient cannot go outsides fot diagnostic procedures.
Also, they have very sophisticated equipments which may gain further attention.
How the face value and market cap are relatable? In my humble opinion, the customers have very strong reliance on Vijaya. Not aware fully about Krsnaa diagnostic. I hope this sector will move from unorganized to organised in long run.Even, Dr. Pathlabs became a multi bagger from its ipo days.
And they said that diagnostic chains gains market share of standlone laboratories.
( And they have very high quality infrastructure and customer relation)
How they grew at only at industry average despite expansion through new centres.
Commenting on the performance Suprita Reddy, MD & CEO said, I'm happy to share that this quarter too maintained our strong business performance, showcasing exceptional year-over-year revenue growth of 28.3%, of which an impressive 18.5% was achieved organically. This quarter also marked a notable milestone with the wellness contributing 14% of the revenue.
We have made significant strides toward integrating PH Pune with the parent company. With effect from April 1st, 2024, we have successfully moved all of PH's essential ERP and other IT systems to the parent company's applications. Furthermore, it gives me great pleasure to announce that we have co-branded PH as Vijaya PH.
Vijaya Diagnostic Centre Limited founded in 1981 by Dr. S. Surendranath Reddy was incorporated as Vijaya Diagnostic Centre Private Limited on 05 June 2002 as a Private Limited Company, which got subsequently, converted to a Public Limited Company and name of the Company was changed to Vijaya Diagnostic Centre Limited on 26 March 2021. The Company is the largest integrated diagnostic chain in South India, providing comprehensive, innovative and best-in-class diagnostic services, in a reliable, affordable and customer-centric manner. The Company is engaged in providing comprehensive range of diagnostic services spanning pathological investigations,basic and high-end radiology,nuclear medicine and related healthcare services. It has a chain of over 95 diagnostic centres spread across 15 cities that offer Laboratory Services, Radiology & Imaging Services, Cardiology Services, Neurology Services & Gastroenterology Services. Apart from these, it serves customers throughout Telangana and Andhra Pradesh with pathology and radiology services. During the FY2020,14,13,071, 0.001% Series A Compulsorily Convertible Preference Shares have been converted into 1 fully paid-up Equity Share of Rs. 10/- each and 3005, 001% Series B Compulsory Convertible Preference Shares have been converted into 3,005 fully paid up Equity Shares of Rs.10/- each.During the year 2020-21,after getting the approval of shareholders at the EGM held on 22 March 2021,the company sub-divided the face value of equity share from Rs 10 to Re 1.On 27 May 2021,the company has issued 5,66,47,736 bonus equity shares of face value Re. 1 each to its shareholders in the ratio of 5:4.The company came out with an Rs 1895.04-crore public issue during the month of September 2021, comprised 35688064 equity shares of Re 1 each at a price of Rs 531 per share.The allotted shares were listed on the BSE Ltd and National Stock Exchange of India Ltd(NSE) on 14 September 2021.
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