Vaidya Sane Ayurved Laboratories Limited (Madhavbaug)
Vaidya Sane Ayurved is a unique medical service institution that strives to treat chronic ailments like cardiac disease, diabetes, hypertension, and obesity with the distinctive outlook of amalgamating technology with the traditional healing of Ayurveda Vaidya Sane Ayurved uses a clinic-based health care delivery model along with telemedicine to ensure easy accessibility to patients. The clinics don’t require heavy capital expenditure thus the model can be easily scaled thereby increasing penetration. They also launched research-based disease-specific diet kits in the year 2016 for aiding our healthcare programs
FINANCIAL PERFORMANCE:
On the financial performance front, for the last three fiscals, VSAL has posted turnover/net profits (loss) of Rs. 62.57 cr. / Rs. 0.50 cr. (FY19), Rs. 75.30 cr. / Rs. - (0.56) cr. (FY20) and Rs. 52.28 cr. / Rs. 1.55 cr. (FY21). For the first half of FY22 ended on September 30, 2021, it has earned a net profit of Rs. 1.35 cr. on a turnover of Rs. 31.57 cr. The sudden boost in bottom lines for the last 18 months appears to be window dressing before the IPO to get higher valuations. Despite the highest top line, it suffered a setback for FY20 and in the following fiscals, on a lower top line it notched up higher profits which is raising eyebrows. What is more, for H1 of FY22 it against posted superb performance which appears to be the window dressing to fetch higher valuation.
For the last three fiscals, VSAL has posted an average EPS of Rs. 0.96 and an average RoNW of 6.60%. The issue is priced at a P/BV of 4.58 based on its NAV of Rs. 15.95 as of March 31, 2021, but has not given any such data as of September 30, 2021, and at a P/BV of 2.24 based on its post-IPO NAV of Rs. 32.59.
If we annualize its FY22 performance with super profits and attribute it to fully diluted post IPO equity, then the asking price is at a P/E of 28.29 and on the basis of the last three years' average EPS, the P/E stands at 76.04. Thus the issue is priced exorbitantly
| Finalization of Allotment | 18-02-2022 |
| Initiation of RefundsInitiation of Refunds | 21-02-2022 |
| The credit of Shares In Demat | 22-02-2022 |
| Date of Listing | 23-02-2022 |
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