Medinova Diagnostic Services Limited (BSE: 526301) has announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024. The company also disclosed key leadership changes, including appointing a new Chief Financial Officer (CFO) and Internal Auditor.
Financial Performance Overview
Standalone Financial Results (₹ in Lakhs)
Particulars
Q3 FY25 (Dec 2024)
Q2 FY25 (Sep 2024)
Q3 FY24 (Dec 2023)
9M FY25
9M FY24
FY24 (Audited)
Revenue from Operations
174.58
197.70
182.32
557.79
586.52
778.12
Other Income
4.76
2.16
4.32
8.91
10.23
25.78
Total Income
179.34
199.86
186.64
566.70
596.75
803.90
Profit Before Tax (PBT)
24.16
34.34
16.08
80.35
62.25
101.67
Net Profit (PAT)
24.77
19.72
11.67
61.13
45.81
75.27
Earnings Per Share (₹)
0.20
0.25
0.12
0.61
0.46
0.75
The Q3 revenue from operations stood at ₹174.58 lakh, showing a decline from ₹197.70 lakh in Q2 FY25.
Net profit for the quarter was ₹24.77 lakh, marking a YoY increase from ₹11.67 lakh in Q3 FY24.
The company’s expenses declined, particularly in material costs and other operational costs.
Consolidated Financial Results (₹ in Lakhs)
Particulars
Q3 FY25 (Dec 2024)
Q2 FY25 (Sep 2024)
Q3 FY24 (Dec 2023)
9M FY25
9M FY24
FY24 (Audited)
Revenue from Operations
256.08
225.09
238.82
730.22
767.32
1,016.52
Other Income
2.89
2.55
3.08
7.11
6.67
19.82
Total Income
227.98
258.63
241.90
737.33
773.99
1,036.34
Profit Before Tax (PBT)
66.38
51.91
45.09
173.74
157.61
227.89
Net Profit (PAT)
49.76
38.14
40.28
130.14
139.99
199.89
Earnings Per Share (₹)
0.38
0.50
0.40
1.31
1.40
2.00
The consolidated revenue saw a slight YoY decline from ₹238.82 lakh in Q3 FY24 to ₹256.08 lakh in Q3 FY25.
Net profit stood at ₹49.76 lakh, up from ₹40.28 lakh in Q3 FY24.
Earnings per share increased to ₹0.38 compared to ₹0.40 YoY.
Key Corporate Developments
Executive Appointments
The company has strengthened its leadership team with the following appointments:
Ms. Muttana Venkata Ramana – Appointed as Internal Auditor, effective January 30, 2025.
Chartered Accountant with 5+ years of experience in financial statement preparation, internal audits, and related party transactions.
Mr. Satish Bollineni – Appointed as Chief Financial Officer (CFO), effective January 30, 2025.
Chartered Accountant with over a decade of experience in financial planning, IND AS implementation, taxation, mergers & acquisitions, and investor relations.
Previously associated with Infosys Limited, KPMG (BSR & Associates), and Sai Life Sciences Limited.
Proposed Amalgamation with Vijaya Diagnostic Centre
The Board has approved the Scheme of Amalgamation, under which Medinova Diagnostic Services Limited will merge with Vijaya Diagnostic Centre Limited.
The company has received a "no adverse observations" letter from BSE and SEBI on December 5, 2024.
The merger is subject to shareholder, creditor, and NCLT approvals.
Auditor's Review
M. Anandam & Co., Chartered Accountants conducted a limited review of the financial results.
No material misstatements were identified in both the standalone and consolidated financial statements.
Market & Strategic Outlook
The company continues to focus on operational efficiencies and cost management.
The proposed merger with Vijaya Diagnostic Centre is expected to create synergies in service offerings and financial strength.
Investor sentiment is expected to remain positive given growth in net profits and upcoming business consolidation.
Conclusion
Despite a minor decline in revenue, profitability remains strong, with the company posting higher net earnings YoY. The merger with Vijaya Diagnostic Centre is expected to drive future growth, and the new leadership team aims to strengthen financial and operational performance.