Veeda Clinical | Balance Sheet for FY 2023-24

Veeda Clinical Research Limited (Veeda Clinical) Return Comparision with Primex 40 Index

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Veeda Clinical Research Limited

Veeda Clinical Balance Sheet (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Non-current assets
Property, plant and equipment	1,904.07	1,616.83
Capital work-in-progress	329.90	188.95
Goodwill	6,427.13	1,080.58
Right of use assets	698.02	520.82
Other intangible assets	4,840.28	220.37
Intangible assets under development	2.12	39.75
Other financial assets	218.02	425.85
Income tax assets	218.02	236.28
Deferred tax assets	122.58	-
Other non current assets	69.43	80.31
Current assets
Inventories	77.90	71.08
Investments	792.27	546.87
Trade receivables	1,209.00	1,051.24
Cash and cash equivalents	938.56	368.71
Bank balance other than cash and cash equivalents	389.71	240.00
Other financial assets	1,573.46	453.03
Income tax assets	89.10	-
Other current assets	502.50	206.99
Total assets	20,402.07	7,347.66
Equity
Equity share capital	125.99	105.78
Other equity	10,473.70	4,465.82
Non controlling interest	50.31	57.73
Non-current liabilities
Borrowings	2,399.78	259.13
Lease liabilities	744.57	544.57
Other financial liabilities	705.54	0.50
Provisions	105.98	66.98
Deferred tax liabilities	675.16	37.17
Current liabilities
Borrowings	217.07	226.62
Lease liabilities	83.24	101.06
Trade payables	654.82	221.70
Other financial liabilities	2,477.62	233.60
Other current liabilities	1,635.32	997.19
Provisions	39.97	22.13
Income tax liabilities	13.00	7.68
Total equity and liabilities	20,402.07	7,347.66

Veeda Clinical Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Revenue from operations	3,887.77	4,095.78
Other income	192.13	106.32
Total income	4,079.90	4,202.10
Expenses
Cost of materials consumed	381.99	329.87
Employee benefit expense	1264.4	1091.82
Finance costs	145.95	138.82
Depreciation and amortisation expense	533.57	380.25
Clinical and analytical research expenses	739.32	939.25
Other expenses	982.08	700.62
Total expenses	4,047.31	3,580.63
Profit before share of profit/(Loss) of a joint venture & Tax	32.59	621.47
Share of profit/(loss) from joint venture (net of tax)	-	-26.67
Profit before tax	32.59	594.80
Current tax	97.98	192.79
Deferred tax	-53.62	-19.29
Adjustment of tax relating to earlier years	-8.19	-2.93
Profit (loss) for the year	-3.68	424.23
Other comprehensive income
Items that will not be reclassified to profit or loss in subsequent years:
Remeasurement gains/losses on defined benefit plans	-4.68	-2.48
Income tax effect	1.18	0.62
Items that will not reclassified to profit or loss in subsequent years:
Exchange differences of forein operations	11.36	-
Total other comprehensive income	7.86	1.86
Total comprehensive income for the year (net of tax)	4.28	422.37
Profit/(Loss) for the year attributable to:
Equity holders of the parent	-2.21	401.15
Non-controlling Interest	-1.37	23.08
Other comprehensive income for the year attributable to:
Equity holders of the parent	8.16	-2.08
Non-controlling Interest	-0.3	0.22
Total Comprehensive income for the year attributable to:
Equity holders of the parent	5.95	399.07
Non-controlling Interest	-1.67	23.3
Earnings per share
Basic	-0.04
Diluted	-0.04

Veeda Clinical Consolidated Cash Flow Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Cash flow from Operating Activities
Profit before tax	32.59	594.80
Adjustment to reconcile profit before tax to net cash flows
Share of loss from joint venture	-	26.67
Depreciation and amortization expenses	533.57	380.24
Employee stock optio cost	-0.08	4.8
Finance cost	145.95	138.72
Net (gain)/loss on mark to market of outstanding forward contract	-0.2	9.36
Bad debts written off	4.75	-
Loss/(gain) on fair value of call option	2.67	-1.41
IPO Expenses	2.76	10.03
Net Interest income	-123.35	-18.26
Net gain on sale and restatement of mutual fund	-45.42	-40.13
Loss on sale of property, plant & Equipment	18.45	0.48
Liabilities no longer required written back	-17.06	-10.49
Provisions for doubtful debts	13.26	22.92
Cost incurred for acquisition of subsidiaries	17.41	-
Provisions for slow moving and non moving inventory	6.9	26.48
Property, plant & equipment written off	16.08	14.45
Gain on lease termination	-0.24	-7.48
Unrealized foreign exchange gain/(loss)	-19.86	4.72
Current asset written off	-	18.99
Other receivables written off	0.15	0.89
Operating profit before working capital changes:	588.91	1170.78
Working capital changes:
Decrease/(Increase) in trade receivables	114.22	-87.74
(Increase) in inventories	-13.7	-13.05
Decrease in financial assets	18.61	15.15
(Increase) in other assets	-248.58	-99.11
(Decrease)/Increase in trade payables	294.16	-18.53
Increase in other financial liabilities	31.75	59.23
(Decrease)/Increase in other current liabilities	-171	218.45
Increase in Provisions	42.32	3.75
Cash generated from Operations	656.19	1248.91
Direct taxes paid	-67.19	192.21
Net cash flows from (used in) operating activities	588.91	1056.7
Cash flows from investing activities
Purchase of property, plant, equipment & intangible assets including tangible assets under development & WIP	-833.3	-759.01
Proceeds from sales of property, plant and equipment	1.8	0.7
Interest received	122.75	16.17
Investment in fixed deposits	-146.81	323.26
Investment in mutual funds	399.98	38
Proceeds from sale of mutual funds	200	415.24
Loan given to subsidiary	-	-12
Balance of share application money pending allotment and utilization	-	-213
Purchase of stake of subsidiary from non controlling interest	-238.5	-350
Cost incurred for acquisition of subsidiaries	-17.41	-
Investment in equity shares of subsidiaries	-3,157.62	-
Net cash flows from (used in) investing activities	-4,469.07	-1263.36
Cash flows from used in financing activities
Proceeds from long term borrowings	2114.84	-
Repayments of long term borrowings	-	-126.81
Proceeds from short term borrowings	11.68	105.25
Finance cost paid	-128.29	-103.68
Payment of IPO expense	-6.92	-8.71
Proceeds from share application money pending allotment	-	213
Share issue expenses for fresh issue of shares	-62.16	-13.02
Payment of principal portion of lease liability	-96.86	-27.72
Proceeds from issue of shares	2161.21	-
Net cash flows from (used in) financing activities	3996.5	-12
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes	116.35	-218.15
Effect of exchange rate changes on cash and cash equivalents	0.17	-9.03
Cash and cash equivalents at the beginning of the year	368.71	595.89
Additions on account of acquisition of subsidiaries	453.32	-
Cash and cash equivalents cash flow statement at end of period	938.56	368.71

Here is a summary of the Cash Flow Statement for the years 2023 and 2024:

Operating Activities:

Profit Before Tax:

2024: Rs. 32.59 million, 2023: Rs. 594.80 million

The significant decline in profit before tax (PBT) in 2024 compared to 2023 indicates a notable reduction in profitability. This could be due to various adjustments and non-operational items impacting the net result.

Adjustments to Reconcile Profit Before Tax to Net Cash Flows:

Depreciation and Amortization Expenses increased to Rs. 533.57 million in 2024 from Rs. 380.24 million in 2023. This indicates higher asset usage, contributing to non-cash expenses.

Finance Costs were Rs. 145.95 million in 2024, slightly higher than the previous year 's Rs. 138.72 million, signaling a consistent interest burden.

Net Interest Income of Rs. -123.35 million (2024) vs Rs. -18.26 million (2023) shows a higher net gain from interest-earning activities in 2024.

Bad Debts Written Off: Rs. 4.75 million in 2024, with none in 2023, which means the company had to adjust for uncollectible accounts receivable.

Gain on Sale of Property, Plant & Equipment: Rs. 18.45 million (2024), compared to Rs. 0.48 million in 2023, suggesting more asset disposals during the year.

Working Capital Changes:

Decrease in Trade Receivables: Rs. 114.22 million in 2024 compared to a negative Rs. 87.74 million in 2023, reflecting an improvement in collections of receivables.

Increase in Inventories: Rs. -13.7 million (2024) compared to Rs. -13.05 million (2023), which shows a slight increase in inventory levels, possibly for expected sales.

Increase in Other Assets: Rs. -248.58 million in 2024 vs Rs. -99.11 million in 2023, indicating a significant rise in investments or expenses related to non-current assets.

Decrease in Trade Payables: Rs. 294.16 million in 2024, a positive sign as it means the company is settling its liabilities more efficiently.

Increase in Provisions: Rs. 42.32 million in 2024 reflects an increase in provisions, which could indicate more conservative accounting for potential liabilities.

Cash Generated from Operations:

Rs. 656.19 million in 2024, a significant decrease from Rs. 1,248.91 million in 2023, suggesting a lower cash flow from operating activities due to various adjustments and increased working capital needs.

Direct Taxes Paid:

Rs. -67.19 million in 2024, showing a reduction in tax payments compared to Rs. 192.21 million in 2023, reflecting potential tax benefits or adjustments.

Net Cash Flows from Operating Activities:

Rs. 588.91 million in 2024, significantly lower than Rs. 1,056.7 million in 2023, mainly due to the drop in operating profit and working capital changes.

Investing Activities:

Purchase of Property, Plant, Equipment & Intangible Assets:

Rs. -833.3 million in 2024 vs Rs. -759.01 million in 2023, indicating continued investment in assets.

Proceeds from Sale of Property, Plant & Equipment:

Rs. 1.8 million in 2024 compared to Rs. 0.7 million in 2023, showing minor gains from asset disposals.

Investment in Mutual Funds:

Rs. 399.98 million in 2024, a significant increase compared to Rs. 38 million in 2023, reflecting a strategy to invest in marketable securities.

Proceeds from Sale of Mutual Funds:

Rs. 200 million in 2024, a decline from Rs. 415.24 million in 2023, indicating fewer disposals of investments in mutual funds.

Loan Given to Subsidiary:

Rs. 0 million in 2024 (compared to Rs. -12 million in 2023), indicating no new loans to subsidiaries in 2024.

Acquisition of Subsidiaries:

Rs. -17.41 million in 2024, as the company invested in acquiring additional stake in its subsidiaries.

Net Cash Flows from Investing Activities:

Rs. -4,469.07 million in 2024, a significant outflow compared to Rs. -1,263.36 million in 2023, primarily due to higher investments in subsidiaries, mutual funds, and fixed assets.

Financing Activities:

Proceeds from Long-term Borrowings:

Rs. 2,114.84 million in 2024, indicating new borrowing to fund operations or investments.

Repayments of Long-term Borrowings:

Rs. 0 in 2024, as the company did not repay any long-term debt during the year.

Proceeds from Short-term Borrowings:

Rs. 11.68 million in 2024, showing a small increase in short-term financing.

Finance Cost Paid:

Rs. -128.29 million in 2024, reflecting the payment of interest expenses.

Proceeds from Issue of Shares:

Rs. 2,161.21 million in 2024, showing a successful issuance of shares, possibly to raise capital for expansion or debt reduction.

Net Cash Flows from Financing Activities:

Rs. 3,996.5 million in 2024, a substantial inflow compared to the outflow of Rs. -12 million in 2023, due to new borrowings and equity issues.

Net Increase/Decrease in Cash and Cash Equivalents:

Before Effect of Exchange Rate Changes: Rs. 116.35 million in 2024 vs Rs. -218.15 million in 2023, indicating a positive cash inflow after financing activities.

Effect of Exchange Rate Changes: A small gain of Rs. 0.17 million in 2024 vs Rs. -9.03 million in 2023, reflecting minimal foreign exchange impact on cash balances.

Cash and Cash Equivalents at the End of the Period: Rs. 938.56 million in 2024, a significant increase from Rs. 368.71 million in 2023, largely due to the proceeds from the issuance of shares and borrowing activities.

Veeda Clinical Annual Report, Balance Sheet & Revenue

Veeda Clinical Research Limited (Veeda Clinical) Return Comparision with Primex 40 Index

Veeda Clinical Balance Sheet (Rs in Millions)

Veeda Clinical Profit & Loss Statement (Rs in Millions)

Veeda Clinical Consolidated Cash Flow Statement (Rs in Millions)

Veeda Clinical Annual Report

Veeda Clinical Financials 2023-24

Veeda Clinical Financials 2022-23

Corporate Actions

Notice of 20th AGM on 13 Dec, 2024

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