| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 288 | 409 | 388 | 610 |
| Cost of Material Consumed | 28 | 33 | 38 | 41 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Gross Margins | 90.28 | 91.93 | 90.21 | 93.28 |
| Employee Benefit Expenses | 87 | 109 | 126 | 221 |
| Other Expenses | 111 | 164 | 171 | 223 |
| EBITDA | 62 | 103 | 53 | 125 |
| OPM | 21.53 | 25.18 | 13.66 | 20.49 |
| Other Income | 39 | 8 | 19 | 11 |
| Finance Cost | 10 | 14 | 14 | 54 |
| D&A | 25 | 38 | 53 | 148 |
| EBIT | 37 | 65 | 0 | -23 |
| EBIT Margins | 12.85 | 15.89 | 0 | -3.77 |
| PBT | 65 | 59 | 3.3 | -66 |
| PBT Margins | 22.57 | 14.43 | 0.85 | -10.82 |
| Tax | 15 | 17 | 3.6 | 1 |
| PAT | 50 | 42 | -0.3 | -67 |
| NPM | 17.36 | 10.27 | -0.08 | -10.98 |
| EPS | 9.46 | 8 | -0.04 | -10.19 |
| Financial Ratios | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 21.53 | 25.18 | 13.66 | 20.49 |
| Net Profit Margin | 17.36 | 10.27 | -0.08 | -10.98 |
| Earning Per Share (Diluted) | 9.46 | 8 | -0.04 | -10.19 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 185 | 236 | 190 | 582 |
| CWIP | 20 | 22 | 33 | 25 |
| Investments | 88 | 55 | 80 | 41 |
| Trade Receivables | 98 | 105 | 120 | 77 |
| Inventory | 8 | 7 | 7.2 | 8 |
| Other Assets | 278 | 310 | 1610 | 1130 |
| Total Assets | 677 | 735 | 2040.2 | 1863 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 10.57 | 10.5 | 13.599 | 13.155 |
| FV | 2 | 2 | 2 | 2 |
| Reserves | 426 | 452 | 1047 | 849 |
| Borrowings | 37 | 48 | 260 | 406 |
| Trade Payables | 25 | 22 | 247 | 47.5 |
| Other Liabilities | 168.43 | 202.5 | 473 | 547.34 |
| Total Liabilities | 677 | 735 | 2040.6 | 1863 |
| Cash-Flow Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 65 | 62 | 3.2 | -66 |
| OPBWC | 70 | 118 | 58 | 153 |
| Change in Receivables | -42 | -8.7 | 11 | 37.5 |
| Change in Inventories | -2 | -1.3 | -1.3 | -1.3 |
| Change in Payables | 8 | -1.8 | 29 | -17.8 |
| Other Changes | 19 | 18.8 | -32 | -127.9 |
| Working Capital Change | -17 | 7 | 6.7 | -109.5 |
| Cash Generated From Operations | 53 | 125 | 64.7 | 43.5 |
| Tax | -17 | -19 | -6.7 | -10 |
| Cash Flow From Operations | 36 | 106 | 58 | 33.5 |
| Purchase of PPE | 29 | -76 | -83 | -28 |
| Sale of PPE | 0.5 | 0 | 0 | 0.8 |
| Cash Flow From Investment | -154 | -126 | -446 | -149.3 |
| Borrowing | -28 | -13 | 211 | 138 |
| Dividend | -12 | 0 | 0 | 0 |
| Equity | 230 | 0 | 216 | 0 |
| Others From Financing | -27 | 12 | -28 | -46.6 |
| Cash Flow from Financing | 163 | -1 | 399 | 91.4 |
| Net Cash Generated | 45 | -21 | 11 | -24.4 |
| Cash at the Start | 15 | 60 | 81 | 94 |
| Cash at the End | 60 | 39 | 92 | 69.6 |
Veeda Clinical Research Limited is one of India’s leading independent Contract Research Organizations (CROs), specializing in providing high-quality clinical research services to global pharmaceutical, biotechnology, and medical device companies. Established with a vision to support drug development through scientific excellence and operational transparency, Veeda has built a strong reputation for its expertise in early-phase clinical trials, bioavailability/bioequivalence (BA/BE) studies, and Phase I–III clinical research. Its state-of-the-art facilities, advanced laboratory infrastructure, and adherence to global regulatory standards—including USFDA, EMA, MHRA, and WHO—position the company as a trusted partner for organizations seeking reliable and compliant research solutions.
Operationally, Veeda Clinical Research focuses on delivering end-to-end clinical trial services, ranging from study design and regulatory submissions to data management, biostatistics, and medical writing. The company’s robust quality management system and highly trained scientific teams ensure accuracy, safety, and ethical integrity across all research activities. Over the years, Veeda has expanded its capabilities to include specialized services such as clinical data analytics, pharmacokinetics, and pharmacovigilance, further strengthening its competitive edge. With multiple world-class research units and a strong footprint across India, the company continues to enhance its capacity to conduct complex trials efficiently and at scale.
For investors considering Veeda Clinical Research Limited Unlisted Shares, the company represents a compelling opportunity within the rapidly growing global CRO market. The increasing outsourcing of clinical trials, rising demand for generic and biosimilar drug development, and India’s position as a cost-effective research hub create favorable conditions for Veeda’s continued expansion. The company’s proven regulatory track record, diversified service offerings, and strategic collaborations with global pharma companies contribute to sustained revenue growth and long-term stability. Investing in Veeda’s unlisted shares allows investors to participate in the growth of India’s clinical research ecosystem, backed by a company known for scientific excellence, operational reliability, and strong industry credibility.
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