SUMMARY
- CitiusTech’s revenue grew by 1% to Rs 3,536 crore in FY24 from Rs 3,498 crore in FY23.
- Total expenses grew by 3.31% to Rs 2,968 crore in FY24 from Rs 2,873 crore in FY23.
- Its PAT increased 6X to Rs 350.28 crore in FY24 from Rs 55.5 crore in FY23.
Healthtech and consulting platform CitiusTech’s revenue grew by 1% to Rs 3,536 crore in FY24 from Rs 3,498 crore in FY23, as per its consolidated financial reports accessed from the Registrar of Companies.
Mumbai-based CitiusTech provides healthcare technology services and solutions such as consulting, engineering, manufacturing, and software solutions for major hospitals and healthcare organizations. Its primary revenue stream includes software development, implementation, and support services, which accounted for 98.8% of its operating income, which saw a 2.49% increase to Rs 3,495 crore in FY24. There was a decline of 53% in revenue from software license sales to Rs 38 crore.
Additionally, CitiusTech earned Rs 15.7 crore from non-operating activities, bringing its total revenue to Rs 3,551 crore in FY24.
The cost of employee benefits remained the highest expense category, making up 75% of the total expenses. This expense rose by 4.2% to Rs 2,226 crore in FY24 from Rs 2,137 crore in FY23. The cost of depreciation also increased by 6.2% to Rs 136 crore, while the charges for consultancy services fell by 7.53% to Rs 299 crore. CitiusTech’s total expenses grew by 3.31% to Rs 2,968 crore in FY24 from Rs 2,873 crore in FY23.
CitiusTech reached an achievement as its profit after tax (PAT) increased 6X to Rs 350.28 crore in FY24 from Rs 55.5 crore in FY23.
Its ROCE and EBITDA margin were 37.67% and 20%, respectively. On a per-unit basis, the company spent Rs 0.84 to generate a rupee in the year under review. The company reported Rs 458 crore in cash and bank balances and current assets of Rs 1232 crore in FY24.
Notably, Baring Private Equity acquired CitiusTech for $955 million in 2022, following its decision to file for an initial public offering (IPO) in the US, which suggests the company may have at least a couple more years to grow before Baring Private Equity seeks to exit through an IPO.
