Veeda Clinical Unlisted Share
About Veeda Clinical Unlisted Share
Veeda Clinical Research Limited is one of India’s leading independent full-service Clinical Research Organizations (CROs). Established in 2004, the company has expanded its operations globally, offering end-to-end clinical research solutions. With a commitment to innovation and regulatory compliance, Veeda assists pharmaceutical companies in the drug development process, from pre-clinical research to late-phase trials. The company has established a strong foothold in the CRO market, making Veeda Clinical Unlisted Shares an attractive investment opportunity.
2. Business Divisions
Veeda operates through multiple business verticals, covering various aspects of clinical research:
- Bioavailability & Bioequivalence (BA & BE) Studies – These studies determine the pharmacokinetic properties of drugs, ensuring regulatory approval.
- Pre-Clinical & Clinical Trials – Covering Phases I, II, and III to support drug development.
- Bioanalytical Services – Advanced research capabilities to analyze drug efficacy and safety.
- Pharmacovigilance – Ensuring patient safety and regulatory compliance.
- Medical Writing – Drafting regulatory documents and scientific research papers.
The company has research facilities across Ahmedabad, Mehsana, and Bangalore, equipped with cutting-edge technology to facilitate drug development and testing.
3. Financial Highlights
The financial performance of Veeda Clinical Research Limited over the years has shown both growth and challenges. Here are five key takeaways from its financials:
- Revenue Growth: Veeda’s revenue increased from ₹196 crores in 2021 to ₹409 crores in 2023, before slightly declining to ₹388 crores in 2024.
- Profitability Decline: Despite strong revenue growth, PAT (Profit After Tax) dropped from ₹63 crores in 2021 to a negative ₹0.3 crores in 2024, indicating financial strain.
- EBITDA Fluctuations: EBITDA margins fell from 34.18% in 2021 to 13.66% in 2024, highlighting increased operational costs.
- Rising Borrowings: Borrowings surged from ₹24 crores in 2021 to ₹260 crores in 2024, suggesting higher financial leverage.
- Total Assets Growth: The company’s total assets increased from ₹285 crores in 2021 to ₹2040.2 crores in 2024, reflecting aggressive expansion and investment.
Pros
- Diverse Clientele – The company has served clients in 27 countries, including top pharmaceutical companies like Dr. Reddy’s Laboratories, Mankind Pharma, and Novugen Pharma.
- Strategic Acquisitions – The acquisitions of Heads (a European CRO specializing in oncology trials) and Bioneeds (a pre-clinical research facility) have strengthened Veeda’s global presence.
- Regulatory Approvals – Successfully completed 85 global regulatory inspections, showcasing compliance with USFDA, EMA, and other authorities.
Cons
- Declining Profitability – A sharp decline in Net Profit Margin (NPM) from 32.14% in 2021 to -0.08% in 2024 raises concerns about profitability.
- Increased Operating Costs – Employee benefit expenses and other costs have risen from ₹115 crores in 2021 to ₹297 crores in 2024, impacting EBITDA.
- Debt Levels – Borrowings increased from ₹24 crores in 2021 to ₹260 crores in 2024, indicating higher financial leverage.
Key Details
| Share Name | Veeda Clinical Research Unlisted |
|---|---|
| Shares Price | ₹475.00 per equity share |
| Lot Size | 100 Shares |
| 52 Week High | ₹575 |
| 52 Week Low | ₹525 |
| Depository | NSDL & CDSL |
| PAN Number | AACCC3633Q |
| ISIN Number | INE01HQ01026 |
| CIN | U73100GJ2004PLC044023 |
| RTA | Link Intime India Pvt Ltd |
| Fundamentals | Value |
|---|---|
| Market Cap (in ₹ Cr.) | 2992.49 |
| P/E Ratio | N/A |
| P/B Ratio | 2.82 |
| Debt to Equity | 0.25 |
| ROE (%) | 0% |
| Book Value (₹) | 168.67 |
| EPS (₹) | -0.04 |
| Face Value (₹) | 2 |
| Total Shares | 6,29,99,846 |
Financials
| P&L Statement | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 388 | 409 | 288 |
| Cost of Material Consumed | 38 | 33 | 28 |
| Gross Margins (%) | 90.21 | 91.93 | 90.28 |
| Change in Inventory | 0 | 0 | 0 |
| Employee Benefit Expenses | 126 | 109 | 87 |
| Other Expenses | 171 | 164 | 111 |
| EBITDA | 53 | 103 | 62 |
| OPM (%) | 13.66 | 25.18 | 21.53 |
| Other Income | 19 | 8 | 39 |
| Finance Cost | 14 | 14 | 10 |
| D&A | 53 | 38 | 25 |
| EBIT | 0 | 65 | 37 |
| EBIT Margins (%) | 0 | 15.89 | 12.85 |
| PBT | 3.3 | 59 | 65 |
| PBT Margins (%) | 0.85 | 14.43 | 22.57 |
| Tax | 3.6 | 17 | 15 |
| PAT | -0.3 | 42 | 50 |
| NPM (%) | -0.08 | 10.27 | 17.36 |
| EPS (₹) | -0.04 | 8 | 9.46 |
| Financial Ratios | FY24 | FY23 | FY22 |
|---|---|---|---|
| Operating Margin | 4% | 18% | 14% |
| Net Profit Margin | 0% | 10% | 17% |
| Return on Equity (ROE) | 0% | 9% | 12% |
| Debt-Equity | 0.25 | 0.1 | 0.11 |
| Current Ratio | 1.09 | 1.63 | 2.06 |
| Dividend Payout | 0% | 0% | 0% |
| Company | Veeda Clinical Research | Indegene | Akums Drugs & Pharmaceuticals |
|---|---|---|---|
| Market Cap (₹ Crores) | 3433 | 14826 | 9186 |
| Profitability Margin (%) | 0% | 13% | 0% |
| ROCE (%) | 1% | 29% | 2% |
| ROE (%) | 0% | 27% | -4% |
| Debt-Equity Ratio | 0.25 | 0.04 | 0.19 |
| P/E Ratio | — | 38.8 | — |
| P/B Ratio | 3.22 | 6.29 | 3.19 |
| Book Value per Share (₹) | 169.05 | 98.6 | 180 |
| Assets | 2024 | 2023 | 2022 |
|---|---|---|---|
| Fixed Assets | 190 | 236 | 185 |
| CWIP | 33 | 22 | 20 |
| Investments | 80 | 55 | 88 |
| Trade Receivables | 120 | 105 | 98 |
| Inventory | 7.2 | 7 | 8 |
| Other Assets | 1610 | 310 | 278 |
| Total Assets | 2040.2 | 735 | 677 |
| Liabilities | 2024 | 2023 | 2022 |
|---|---|---|---|
| Share Capital | 13.599 | 10.5 | 10.57 |
| Face Value (FV) | 2 | 2 | 2 |
| Reserves | 1047 | 452 | 426 |
| Borrowings | 260 | 48 | 47 |
| Trade Payables | 247 | 22 | 25 |
| Other Liabilities | 473 | 202.5 | 168.43 |
| Total Liabilities | 2040.6 | 735 | 677 |
Promoters or Management
Frequently Asked Questions
For the 6 months ended 30 September, 2024- Clinical Trials contributed 43.31% to the revenue, HVS contributed 36.79%, Pre-clinical Trials contributed 19.66% of the revenue.
For the 6 months ended 30 September, 2024- 20.51% of the revenue was from Indian customers and 79.49% of revenue was from foreign customers.
Veeda Clinical Research is a Contract Research Organization(CRO). CRO is a company that provides clinical trial management services to pharmaceutical, biotech, and medical device companies. Veeda offers services such as Bioavailability studies, Bioequivalence studies, Pre-clinical trials, Clinical Trials, Bioanalytical services, Pharmacovigilance, Medical writing etc.
Veeda has provided services to clients in 27 countries, including well-known pharmaceutical firms as Granules India, Mankind Pharma, and Dr. Reddy’s Laboratories. Additionally, the business has collaborated with well-known foreign customers like Upsher-Smith Laboratories in the USA, Novugen Pharma in Malaysia, and Laboratorios Liconsa in Europe.
Branches and Research Facilities, Veeda has added a number of facilities to its infrastructure- Ahmedabad: Four facilities with sophisticated bioanalytical labs and a combined bed capacity of 532. Mehsana: One medical center. Bangalore: Through Bioneeds, purchased two pre-clinical facilities with 99 private test rooms.
