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

Periods	1 Week	1 Month	3 Months	6 Months	1 Year	3 Years	All Time
Primex-40
Veeda Clinical Research Limited

Veeda Clinical Research Limited Consolidated Balance Sheet (Rs. In Millions)

Particular	31-03-2025	31-03-2024
Non- Current assets
Property, Plant and Equipment	1,894.66	1,904.09
Capital work-in-progress	256.55	329.90
Goodwill	6,551.99	6,427.13
Right of use assets	774.10	698.02
Other intangible assets	3,926.40	4,840.28
Intangible assets under development	2.12	2.12
Investments	89.14	-
Other financial assets	139.07	218.02
Deferred tax assets (net)	97.79	122.58
Income tax assets (net)	214.92	218.02
Other non-current assets	75.83	69.43
Current assets
Inventories	81.79	77.90
Investments	318.57	792.27
Trade receivables	771.28	1,209.00
Cash and cash equivalents	702.51	938.56
Bank balances other than above	38.63	389.71
Other financial assets	2,309.52	1,573.47
Income tax assets (net)	12.64	89.10
Other current assets	284.85	502.47
Total Assets	18,632.36	20,402.07
Equity
Equity Share Capital	131.55	125.99
Other Equity	8,426.01	10,473.69
Non-controlling interest	60.39	50.31
Non-current liabilities
Borrowings	3,459.86	2,399.79
Lease liabilities	824.48	744.57
Other financial liabilities	788.89	705.54
Provisions	117.12	105.98
Deferred tax liabilities (net)	490.24	675.16
Current liabilities
Borrowings	599.84	217.07
Lease liabilities	70.86	83.24
Total outstanding dues of micro and small enterprises	28.63	25.47
Total outstanding dues of creditors other than micro and small enterprises	447.37	629.35
Other financial liabilities	1,999.53	2,477.62
Other current liabilities	1,128.67	1,635.33
Provisions	31.00	29.97
Income tax liabilities (net)	27.92	23.00
Total equity and liabilities	18,632.36	20,402.07

Veeda Clinical Research Limited Consolidated Profit & Loss (Rs. In Millions)

Particulars	31-03-2025	31-03-2024
Revenue from operations	6,097.26	3,887.77
Other Income	114.13	192.13
Total income	6,211.39	4,079.90
Expenses
Cost of consumed and supplied consumed	405.36	381.99
Employee benefit expense	2,209.91	1,264.40
Finance cost	542.66	145.95
Depreciation and amortization expense	1,477.09	533.57
Clinical and analytical research expenses	967.98	739.32
Other expenses	1,263.88	982.02
Total expenses	6,866.88	4,047.31
(Loss)/Profit Before Tax	(655.49)	32.59
Current tax	187.30	97.98
Deferred tax	(176.68)	(53.62)
Adjustment of tax relating to earlier years	2.00	(8.19)
Total tax expenses	12.62	36.17
(Loss) for the year	(668.11)	(3.58)
Other Comprehensive Income
Items that will not be reclassified subsequently to profit or loss:
Re-measurements gain/(losses) on defined benefit plans	1.61	(4.68)
Income tax effect	(0.40)	1.18
Items that may be reclassified to profit or loss in subsequent periods:
Exchange difference on translation of foreign operation	83.14	11.36
Total other comprehensive income for the year (net of tax)	84.34	7.86
Total other comprehensive income/(loss)for the year	(583.76)	4.28
(Loss) for the year attributable to:
Equity holders of the parent	(678.35)	(2.21)
Non-controlling interests	(0.16)	(0.30)
Other Comprehensive Income for the year attributable to:
Equity holders of the parent	84.51	8.16
Non-controlling interest	(0.16)	(0.30)
Total comprehensive income/(loss)for the year attribution to:
Equity holders of the parent	(593.84)	5.95
Non-controlling interest	10.08	(1.67)
Earnings/(loss) per equity share (EPS)
Basic	(10.57)	(0.04)
Diluted	(10.57)	(0.04)

Veeda Clinical Research Limited Consolidated Cash Flow Statement (Rs. In Millions)

Particular	31-03-2025	31-03-2024
Cash Flow From Operating Activities
Profit/(loss) before tax	(655.49)	32.59
Adjustments for:
Depreciation and amortisation expense	1,477.09	533.57
Expense/(Income) arising from equity-settled share-based payment transactions	145.57	(0.08)
Expense arising from cash-settled share-based payment transactions	31.53	-
Finance costs	542.66	145.95
Net (gain)/loss on mark to market of outstanding forward contract	0.93	(0.02)
Bad debts and contract asset written off (net of provision)	20.45	4.75
Loss on fair value of call option	12.54	2.67
IPO expenses	15.35	2.76
Net interest income	(39.63)	(123.35)
Net gain on sale and restatement of mutual fund	(35.58)	(45.42)
Loss on sales and write-off of property, plant and equipment (net of gain)	13.86	34.53
Liabilities no longer required written back	(0.94)	(17.06)
Provision for doubtful debts	54.66	13.26
Cost incurred for acquisition of shares of subsidiary	11.60	17.41
Provision for slow moving and non-moving inventory	9.92	6.90
Gain on lease termination	(23.47)	(0.24)
Unrealized foreign exchange (gain)	(47.65)	(19.86)
Other receivables written off	-	0.15
Operating Profit before Working Capital Changes	1,533.40	588.33
Adjustments for:
Decrease in trade receivables	375.09	114.22
(Increase) in inventories	(13.81)	(13.72)
(Increase) / Decrease in financial assets	(825.08)	18.64
Decrease / (Increase) in other assets	43.01	(248.58)
(Decrease) / Increase in trade payables	(178.78)	294.16
(Decrease) / Increase in other financial liabilities	(6.46)	31.73
(Decrease) in other current liabilities	(506.07)	(171.00)
Increase in provisions	13.77	42.32
Cash generated from operations	435.07	656.10
Direct Taxes Paid (net of refund)	(101.87)	(67.19)
Net Cash generating from Operating Activities	333.20	588.91
Cash Flow From Investing Activities
Purchase of property, plant and equipment, intangible assets including intangible assets under development and Capital work-in-progress	(278.26)	(833.28)
Proceeds from sales of PPE	8.17	1.80
Interest received	32.71	122.75
(Investment in) / Proceeds from fixed deposits (net)	565.56	(146.81)
Investment in mutual funds	(60.00)	(399.98)
Proceeds from sale of mutual fund	569.27	200.00
Payment of contingent consideration towards acquisition of subsidiary	(2,229.76)	-
Purchase of stake of subsidiary from non- controlling interest	-	(238.50)
Cost incurred for acquisition of shares of subsidiary	(11.60)	(17.41)
(Investment) in equity shares	(89.14)	-
(Investment) in equity shares of subsidiary	-	(3,157.62)
Net Cash Flow (used in) Investing Activities	(1,493.05)	(4,469.05)
Cash Flow From Financing Activities
Proceeds from long-term borrowing	1,493.38	2,267.22
Repayment of long-term borrowing	(102.51)	(152.38)
Proceeds from short-term borrowing (net)	(7.22)	11.68
Finance cost paid	(336.07)	(128.29)
Payment of IPO expense (net)	(48.94)	(6.92)
Share issue expenses for fresh issue of shares	-	(62.16)
Payment of principal portion of lease liability	(84.55)	(96.86)
Proceeds from issue of shares (including securities premium and exercising of ESOPs)	-	2,164.21
Net Cash From Financing Activities	914.09	3,996.50
Net (Decrease)/increase in Cash and Cash Equivalents	(245.76)	116.36
Effect of exchange differences on translation of foreign currency cash and cash equivalent	9.71	0.17
Opening balance of cash and cash equivalents	938.56	368.71
Additions on account of acquisition of subsidiaries	-	453.32
Closing balance of cash and cash equivalents	702.51	938.56

Summary of the Cash Flow Statement for the years 2025 and 2024:

Operating Activities
The company’s operating cash flows decreased in FY25, generating ₹333.20 million compared to ₹588.91 million in FY24. While the operating profit before working capital changes rose sharply to ₹1,533.40 million (from ₹588.33 million) due to higher depreciation, finance costs, and share-based payment expenses, significant working capital movements reduced the final inflow. In particular, there was a large outflow from financial assets (₹825.08 million) and a decline in other current liabilities (₹506.07 million). These offset gains from lower trade receivables (₹375.09 million reduction) and modest increases in provisions. The higher tax outflow (₹101.87 million vs ₹67.19 million) also reduced net operating cash.

Investing Activities
Investing activities show a net outflow of ₹1,493.05 million in FY25, though this was lower than the massive ₹4,469.05 million outflow in FY24. The main drain came from a ₹2,229.76 million contingent consideration payment for an earlier subsidiary acquisition. This was partially offset by inflows from redemption of mutual funds (₹569.27 million), release of fixed deposits (₹565.56 million), and lower capital expenditure compared to the prior year (₹278.26 million vs ₹833.28 million). Unlike FY24, there were no large equity investments in subsidiaries, which explains why cash outflow reduced year-on-year.

Financing Activities
Financing inflows were strong at ₹914.09 million in FY25, but much lower than the ₹3,996.50 million in FY24. The company raised long-term borrowings of ₹1,493.38 million, which funded acquisitions and operations, but outflows included finance cost payments (₹336.07 million), lease liability repayments (₹84.55 million), and IPO-related expenses. Importantly, there was no equity infusion in FY25, unlike FY24 when the company raised over ₹2,164.21 million from fresh issue of shares and ESOP exercises. This explains the year-on-year drop in financing cash inflows.

Net Cash Position
Overall, Veeda reported a net decrease of ₹245.76 million in cash and cash equivalents during FY25, reversing the positive movement of ₹116.36 million in FY24. After accounting for foreign exchange translation gains (₹9.71 million), the closing cash balance stood at ₹702.51 million, lower than the ₹938.56 million at the end of FY24

Veeda Clinical Research Limited Standalone Financial Ratios

Particular	31-03-2025	31-03-2024
Current Ratio (in times)	2.72	3.46
Debt Equity Ratio (in times)	0.06	0.06
Debt Service Coverage Ratio (in times)	4.67	3.58
Return on Equity Ratio	(0.01)	0.00
Inventory Turnover Ratio (in times)	3.97	3.83
Trade Receivable Turnover Ratio (in times)	4.43	4.10
Trade Payable Turnover Ratio (in times)	1.45	1.22
Net Capital Turnover Ratio (in times)	1.42	1.47
Net Profit Ratio (in %)	-4%	1%
Return on capital Employed	-1%	1%
Return on Investment	0.93%	4.26%

Summary of the financial ratio for the years 2025 and 2024:

Current Ratio (Liquidity)

FY25: 2.72 | FY24: 3.46
This shows how easily the company can pay short-term liabilities with short-term assets. The ratio has fallen, but it’s still above 2, meaning the company has more than enough liquidity.

Debt-Equity Ratio

FY25: 0.06 | FY24: 0.06
This is extremely low, meaning the company is almost debt-free and is not relying much on borrowings to run operations. Very safe financial position.

Debt Service Coverage Ratio (DSCR)

FY25: 4.67 | FY24: 3.58
This tells how comfortably the company can pay interest and loan repayments from operating profit. A ratio above 1 is good, and here it is very high, showing debt obligations are easily covered.

Return on Equity (ROE)

FY25: -0.01 | FY24: 0.00
This is almost zero (slightly negative), which means shareholders did not earn meaningful returns from their invested capital.

Inventory Turnover Ratio

FY25: 3.97 | FY24: 3.83
This measures how quickly stock is sold and replaced. A small improvement means inventory is moving a little faster than last year.

Trade Receivable Turnover Ratio

FY25: 4.43 | FY24: 4.10
This shows how quickly the company collects money from customers. A higher number means faster collections, which is a good sign for cash flow.

Trade Payable Turnover Ratio

FY25: 1.45 | FY24: 1.22
This indicates how quickly the company pays suppliers. The increase means it is paying vendors faster than last year, which may improve relationships but reduces free cash holding time.

Net Capital Turnover Ratio

FY25: 1.42 | FY24: 1.47
This shows how efficiently working capital is used to generate sales. It has fallen slightly, meaning efficiency dipped a bit compared to last year.

Net Profit Ratio

FY25: -4% | FY24: 1%
This reflects profit margins. The negative value in FY25 means the company made a net loss compared to a small profit last year.

Return on Capital Employed (ROCE)

FY25: -1% | FY24: 1%
this shows returns generated from both debt and equity capital. A negative ratio means capital employed did not generate returns but instead caused a small loss.

Return on Investment (ROI)

FY25: 0.93% | FY24: 4.26%
This shows returns from investments. It dropped significantly, meaning investments generated much lower returns this year compared to last year.

Veeda Clinical Annual Report, Balance Sheet & Revenue