Hansraj Singh

Date: 29th August 2023
To To
BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G,
Dalal Street Bandra Kurla Complex,
Mumbai- 400001 Bandra (E), Mumbai – 400 051
Through: BSE Listing Centre Through: NEAPS
Security Code: 543350 Symbol/Security ID: VIJAYA
Dear Sir/Madam,
Sub: Vijaya Diagnostic Centre Limited – Annual Report for the FY 2022-2023 along with the
Notice of the 21st Annual General Meeting
We hereby inform you that the Twenty-First (21st) Annual General Meeting ("AGM") of the members of
the Company will be held on Wednesday, 20th September 2023 at 03:00 P.M. IST through Video
Conferencing ("VC") / Other Audio-Visual Means ("OAVM"), in accordance with the relevant circulars
issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India (SEBI).
Pursuant to Regulation 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, we enclose herewith the Annual Report for the financial year 2022-2023 (including Notice of the
AGM to be held on 20th September 2023 and Business Responsibility and Sustainability Report).
We also wish to inform you that 21st Annual Report (including Notice of the AGM) has been sent,
through email to the members on 29th August 2023.
The Annual Report including Notice is also uploaded on the Company’s website and can be accessed at:
https://www.vijayadiagnostic.com/investors/annual-reports
Kindly take the above information on your record.
Thanking you.
Yours sincerely,
For Vijaya Diagnostic Centre Limited
HANSRAJ Digitally signed by
HANSRAJ SINGH
SINGH Date: 2023.08.29

19:58:31 +05'30'
Hansraj Singh Rajput
Company Secretary & Compliance Officer
M. No. F11438
Forward-looking
statements
Some information in this report may contain forward-looking statements which include
statements regarding Company’s expected financial position and results of operations,
business plans and prospects etc. and are generally identified by forward-looking words
At Vijaya Diagnostic, we deliver innovative,
such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar
words. Forward-looking statements are dependent on assumptions or basis underlying such
statements. We have chosen these assumptions or basis in good faith, and we believe that they
comprehensive and reliable diagnostic
are reasonable in all material respects. However, we caution that actual results, performances or
achievements could differ materially from those expressed or implied in such forward-looking
statements. We undertake no obligation to update or revise any forward-looking statement,
services, which are preferred by millions
whether as a result of new information, future events, or otherwise.
across Southern India and even other regions
of the country. We are committed to make
Scan QR code to
the patient’s medical journey faster, more
read more about us
transparent and more accurate.
We are witnessing a significant Our digital initiatives also gained
Pg. 02-38 Pg. 39-132 year-on-year increase in significant momentum during the
year. The comprehensive LIMS that
Corporate Overview Statutory Reports demand for the non-COVID we have implemented is blended
02 Delivering quality care, with an 39 Notice
business across both radiology into our system, and is being used
integrated business model and pathology segments, without hassle across all our
57 Board’s Report centres. This major milestone has
06 Strengths and strategies to
81 Management Discussion and
reinforcing the strength of our helped streamline operations and
deliver value at scale
08 Progressing across decades

Analysis Report integrated model. enhanced efficiency.
88 Report on Corporate
09 At the forefront of introducing Governance
new technologies
107 Business Responsibility and
Contents
10 Executive Chairman’s Message Sustainability Report
Guided by a well-thought-out expansion

12 CEO’s Message
16 Amplifying value with an

integrated business model
strategy, we have significantly strengthened
18 Fulfilling stakeholder
expectations
Pg. 134-256 our footprint during the financial year,
Financial Statements
20 Board of Directors successfully surpassing the target of the 15
centres for the year. Our business strategy is
22 Awards and accolades 134 Standalone Financial
Statements
24 Financial Capital
26 Manufactured Capital
195 Consolidated Financial
Statements
backed by the idea of setting up large-sized
30 Intellectual Capital hubs, supported by spokes which are of less
34 Human Capital
capex and higher margins to ensure profitable
business and better operational and financial
36 Social and Relationship Capital
38 Corporate Information
performance in the years to come.
Annual Report 2022-23 Corporate Overview Statutory Reports Financial Statements
Delivering quality care, with

an integrated business model
With an extensive focus on quality, innovation and accessibility, Vijaya What We Do Operations
Diagnostic Centre Limited has emerged as a leading player of healthcare At Vijaya Diagnostic Centre Limited We have a rich history of a four- Our operations are a dynamic blend of
excellence in Southern India. Our aim is also to expand across Eastern (VDCL), we specialise in comprehensive decade-long journey of innovation technology, expertise and robust quality
India and geographies adjacent to Andhra Pradesh and Telangana, while diagnostic solutions. With a health-first and expansion, under the visionary assurance. We provide a vast array of
approach, our 121 centres across 20 leadership of Dr S. Surendranath Reddy, diagnostic tests, conducted with speed
continuing to grow our services in the geographies where we are already cities employ 2400+ staff, including our Chairman. With offerings ranging and precision, without compromising on
present. In Eastern India, we are aiming to replicate our successful hub- India’s premier pathologists, radiologists, from diagnostic tests to corporate affordability. Our Corporate Wellness
and-spoke model with dense network. and microbiologists. We set the gold wellness solutions, we serve 50+ million Solutions serve 250+ Corporate Clients
standard in diagnostic care through our customers and 250+ corporate clients, operating in India, facilitating a healthy
NABL-certified labs, advanced medical making us India’s largest B2C focused and productive workforce. Our continuous
Our best-in-class facilities provide Our business strategy is backed by
instruments, stringent quality control and most trusted comprehensive investments in cutting-edge technology
globally benchmarked diagnostic the idea of setting up large-sized
protocols, and relentless dedication to diagnostic centre providing both enhances customer experience, setting us
services, ensuring that every individual, hubs, supported by spokes which are
training and ethical norms. pathology and radiology services. apart in the market.
regardless of location or economic of less capex and higher margins to
status, has access to precise and ensure profitable business and better
trustworthy medical care. operational and financial performance.
Mission
Our Mission is to make the patient’s medical journey

faster, more transparent and more accurate. We are
committed to deliver exceptional diagnostic solutions
to every patient and physician.
Vision
Our Vision is to provide reliable and

accurate diagnostic services to our
customers, at affordable prices, in a
customer centric manner. We strive
to provide the best service possible.
We are continually raising our own
bar through the latest technology,
continuous improvement and
recruitment of high calibre technicians
and professional.
02 03
Delivering quality care, with

an integrated business model
Geographic presence
Our guiding principles Our guiding principles
Our footprint extends across major Indian cities, making
quality healthcare accessible to a diverse population.
Quality Assurance Innovation & Growth Although we have major focus on the southern states, we
International-Grade Services
Upholding NABL-certified standards
Continuous Improvement
Embracing technological
40+ are gradually expanding our footprint to other parts of India.
Years of legacy
in diagnostic labs to ensure top-notch advancements, fostering innovation,
quality. and pursuing opportunities for
growth and expansion.
Professional Excellence
Employing India’s best-certified
professionals, emphasizing
Corporate Wellness Solutions
Customized wellness solutions
121 Telangana
Diagnostic Centres
continuous training, and ensuring catering to more than 250+
strict hiring protocols. Corporate Clients, emphasizing the Karimnagar
overall well-being of the workforce. Mancherial
Latest Technology Integration
Equipping diagnostic clinics with 20+ Nizamabad
Hanamkonda
advanced medical instruments and Cities present in
employing cutting-edge technology Community Focus Kazipet
across all platforms.
Patient-Centric Approach Warangal
2,400+
Sangareddy
Timely delivery of diagnostic findings
to support superior medical care Shamshabad
Accessibility & Affordability
outcomes. Staff Visakhapatnam
Hyderabad/
Extensive Geographic Presence Shadnagar
Trust & Reputation Secunderabad
121 centres across 20 Indian cities
to provide widespread access to
diagnostic services.
A legacy of 40 years in quality
diagnostic services, earning the trust
of 50+ million customers, making
200+ Wanaparthy
Reasonable Pricing
Radiologists, Microbiologists, Rajahmundry
Vijaya Diagnostic Centre Limited the
Pathologists Kurnool
Committed to delivering high-quality most preferred diagnostic partner.
diagnostic services at affordable rates, Andhra
making healthcare accessible to all. Nandyal Pradesh
250+
Corporate Clients
Ethics & Integrity Nellore
Unannounced Quality Checks
Conducting periodic and unexpected
visits to ensure consistent adherence
50+ Tirupathi
to quality standards. Million Customers
Ethical Compliance
20
Stringent adherence to ethical norms
across all services, maintaining trust
and integrity. Gurgaon
Kolkata
NABL/NABH Certified Labs
Haryana
West Bengal
04 05
Strengths and strategies

to deliver value at scale
Our leadership in the diagnostics sector is underpinned by our core strengths, Strategies going forward
which help us stand apart in a competitive landscape. At Vijaya Diagnostic, our strategic imperatives are guided by our core values, customer-centric philosophy, and a
relentless pursuit of quality and innovation. We are committed to our mission to enhance the lives of our communities
Our Strengths through our comprehensive and integrated diagnostic services.
Leader in High-Growth Integrated One-Stop Robust Technical Capabilities

Market Solutions Deepening Footprint in Core Geographic Expansion: Customer-Centric
Markets: Telangana & Andhra South & East India to the Core
Addressing Health Trends: Comprehensive Network: 1 flagship Innovation: Among the first in South Pradesh
Contributing to the management and centre, 28 hubs, 92 spokes, and regional India to offer PET CT scans in 2008.
cure of non-communicable diseases, labs provide full-range pathology and Our focus on Telangana and Andhra Our vision reaches beyond our core We understand the importance of
ageing population needs, and growing radiology services. Advanced Systems: LIMS, RIS, and
Pradesh is characterised by two markets, targeting growth in two being attuned to market dynamics,
health awareness. PACS enable standardized, error-
distinct dimensions: strategic directions: and our strategies are aligned
reduced operations.
accordingly:
Utilising Policies: Aligning with Expansion Through Innovation: South India Strategy:
increasing health insurance and Key Drivers:
We will continue to open additional With our effective hub-and-spoke
government healthcare schemes.
diagnostic centres through an owned model, we aim to establish a presence These include sharpening our focus
model, strategically expanding our in adjacent geographies, focusing on on chronic and lifestyle diseases,
Dominance in Core Experienced Board & High Brand Recall & Customer
network through spokes and hubs, key cities and towns where our brand corporate tie-ups, and expanding our
Geographies Management Team Loyalty
and investing in latest technologies. is well known. We believe that this service offerings.
wider reach will further expand our
Strategic Positioning: Significant Guided Leadership: Seasoned Quality Services: Our customer Consolidating Leading Position: customer base and revenue. Our Strategy:
presence in Telangana & Andhra professionals with diverse capabilities centric approach coupled with quality Leveraging our significant presence Our approach emphasizes
Pradesh, vital healthcare regions. drive vision and execution. diagnostic services results in higher and operational experience, we are East India Strategy: expanding diagnostic services with
brand recall, high share of walk- committed to enhancing laboratory We have selected Kolkata as our cutting-edge technology, offering
in customers and sticky individual capacity and adding value through primary focus area for medium to additional preventive services,
customer. continuous medical education long-term growth in East India. expanding specialty tests, growing
programmes and physician Our plan includes replicating our our corporate customer base,
engagements. successful hub-and-spoke model with and broadening chronic disease
Best-in-class infrastructure Digital Initiatives B2C business model dense network, complemented by management programmes.
additional diagnostic centres.
Optimal Environment: Our facilities Digital Ease: Utilising digital Consumer-Centricity: A considerable
and offices feature state-of-the-art technology, our mobile application 95% of our revenue comes from a B2C
infrastructure designed to meet global streamlines the patient journey, business model, reinforcing our central
standards, ensuring an optimal working allowing for a seamless experience focus on enhancing the quality of life
environment for staff and exceptional that caters to client needs with for individual patients.
service for patients. efficiency and precision.
Radiology
Diagnostic Precision: We are one of the

few entities who specialise in radiology
and are equipped with cutting-edge
machines such as MRI, CT, and Gamma
scanners, alongside tele-radiology
services, thus offering convenience and
ease of procedure to our customers.
06 07
Progressing At the forefront of

across decades introducing new technologies
1981-1985 1986-1990 1991-1995

Incorporated in First in South India to
1981 Hyderabad 2008 offer PET CT from Wipro 2012
GE Healthcare Pvt. Ltd.
Introduction of Ultrasound Introduction of Fourth T Scan development
C
and Echocardiography (1981). Generation CT Scan. (1993-1994).
Recognized as one of the
Best Imaging Centres in evelopment of facilities for
D tart offering Mammography
S
Hyderabad by The Week. Nuclear Medicine. services.
Introduction of Bone
Densitometry (1999).
Awarded Brand
of the Year in Investment by reputed
diagnostic services;
Telangana Healthcare
2018 PE investors viz, 2016
Karakoram Limited and 2006-2010 2001-2005 1996-2000
Leadership award. Kedaara Capital AIF1.
HPV DNA HC2 test in South India. awkeye Gamma Camera

H eal Time RT PCR
R
with SPECT, Cardiac CT, & 3.0 Assays & Flow
utomated TB identification &
A
Tesla MRI (2007). Cytometry.
Sensitivity in South India
Awarded Best (2011-2012). Automated Microbiology
Diagnostic Centre Culture (2003).
One of the first private
2019 in India by Times
Healthcare Achievers
2020 diagnostic service 2021
provider to be approved
Group.
for COVID RT PCR testing
by ICMR.
Listed on NSE & BSE; First in
Telangana to get Revolution 2011-2015 2016-2020 2021-2022
ACT 50 slice CT from Wipro
GE Healthcare Pvt. Ltd.
iquid Based Cytology

L Droplet Digital PCR (ddPCR) & Adv. PET CT in South India. Introduction of Philips
(Thin Prep) in Andhra DS Achieva with
SG ECHO for Cardiology & Advanced CBCT in South
U
Pradesh (AP). Ambient Experience
India (2019).
Best Healthcare Brands by The (2021).
Economic Times; Healthcare Iris iQ 200 Automated Introduction of 3D Mammography with Advanced
‘Walk in Walk out
Leadership Awards; Awarded
Pride of India Brands Award
2022 Urine Analyzer with
Microscopy Siemen’s
Technology (2019).
Dual source CT’ and
Accuson Elastography DNA fragmentation Index test in semen. BioMatrix 3T’ (2022).
– The Best of South Awards 2022
(2013-2017). Integrated modular solution for Immunoassay &
Chemistry assays (2020).
COVID testing by RT PCR in Telangana & AP (2021).
08 09
Executive Chairman’s
Message
The key role of diagnostics in healthcare
is but obvious and service providers
Efficient energy utilization,
Dr. S. Surendranath Reddy shoulder the crucial responsibility of responsible management of
accurate and reliable diagnosis. The
Executive Chairman
prevalence of chronic illnesses, lifestyle
medical waste and adoption of
related diseases and a steady increase the right technology – these are
in the elderly population have effectively
contributed to a significant rise in our conscious efforts towards
demand for quality diagnostic services. contributing to a better and a more
The past year witnessed remarkable sustainable environment.
growth both in radiology and in pathology
Dear Shareholders and a sizeable contribution to this was
from Non-Covid business, which gained
significant momentum. Added to this, we
I am honoured and were able to offer a superior customer tests and to reduce the chance of Way forward
experience and define higher standards of
proud to report excellence backed by the ability to offer
human error. Our practice of continuous
optimization of processes has made Focussed on research backed, strategic
that as always, high quality and accurate services in a

customer-centric manner, our motto of
us progressively move towards
operational excellence and to maintain
expansion, and a resolve to continually
raise the bar on the standards of quality,
the year gone by business right from the time of inception. optimum Turn-Around Time (TAT). We
have digitally automated the customer
we are committed to order our service
offerings in-line with customer needs
was characterised Leveraging strong journey from appointment booking to and in a customer-centric manner.
Leveraging on our strong brand recall,
online report access to make overall
performances
by stellar customer experience even more we plan to continue to employ the most
pleasurable and convenient. advanced technology to offer reliable
performance, Both our new and existing centres
benefitted from the upsurge in demand and error-free diagnostic services
and for optimizing operations. We
reinforcing the for Non-Covid diagnostic services,
leading to a Non-Covid revenue growth
Driving sustainable change continuously strive towards hiring skill
strength of of 19.2% year-on-year. This reaffirms

our capability to sufficiently adapt our
Acknowledging the significant impact
of our business operations on the
and talent that is best-in-class to align
our services to the ever evolving trends
our model of services offerings to dynamic trends society and the environment, we
in healthcare and the unique needs of
our customers.
in healthcare and thereby sustain are consciously working towards
comprehensive and grow the trust of customers and minimizing the ecological footprint and In closing, I would like to express my
clinicians alike. engaging in community development
diagnostic activities. Efficient energy utilization,
heartfelt gratitude to our stakeholders
and patrons, the entire team at Vijaya
Building on the trust our customers
services. have evinced on us as a brand and
responsible management of medical
waste and adoption of the right
Diagnostics, our shareholders and the
board for its unwavering support and
strengthening our resolve for customer
technology – these are our conscious guidance all throughout.
As a brand, we continue to enjoy convenience and comfort at all times,
efforts towards contributing to a better
the trust and regard of millions of we are consistently continuing to
and a more sustainable environment.
customers and satisfy their expectation make systematic investments guided
Also as part of CSR, we have taken
of high quality diagnostic services by an intelligently planned expansion
active part in projects promoting
strategy. Cautious concentration on Regards,
at affordable prices. Our exceptional education, women empowerment, easy
performance during the year reinforces introducing state-of-the-art equipment
access to quality healthcare for weaker
our commitment for innovation, and the most advanced technology Dr. S. Surendranath Reddy
sections of the society and many such
operational excellence and customer- has enabled us to enhance our service Executive Chairman
humanitarian causes.
centric service delivery. portfolio with unique and high-end
10 11
CEO’s
Message
Performance overview EBITDA this year was J 1,820 Mn with
Suprita Reddy We recorded a 14.7% year-on-year non- a margin of 39.6%, PAT was J 846 Mn,
CEO covid revenue growth, supported both
by contribution from new centres and translating to an impressive margin of
improved performance in existing centres.
Business from the wellness segment
18.4%, demonstrating our capability to
grew to 12.1% from 6.8% in comparison to ensure profitability while maintaining
the FY 22. The B2C segment continued to
stand strong at 95%.
the standards of quality and service
EBITDA this year was H 1,820 Mn with
excellence.
Dear Shareholders a margin of 39.6%, PAT was H 846 Mn,
translating to an impressive margin of
approach to expansion will continue to be the leverage on our capabilities to take
18.4%, demonstrating our capability to
The year gone ensure profitability while maintaining
driven by the hub-and-spoke business
model - setting up large-sized hubs,
on the challenges and the opportunities
that lie ahead. We intend to focus our
the standards of quality and service
by stood as excellence.
supported by smaller margin-accretive
centres to ensure sustained profitability
concentration on adopting the most
advanced technology and introducing
a testimony Digital initiatives
and better operational and financial
performance in the years to come.
futuristic equipment to enable us
offer accurate, reliable & high quality
reinforcing the In our conscious attempt for successive Today, Vijaya is one of India’s largest
diagnostic services to our customers.
strength of progression towards digitization

of service delivery and business
chains of integrated diagnostics
operating 121 full-fledged centres
Our intelligently planned initiatives
for digital transformation, opportunity
our integrated operations, we have implemented a across 20 cities in India. Our reliance study backed approach for expansion
comprehensive LIMS that completely on state-of-the-art equipment and and a dogged focus on offering an
business model blended into our system of operations advanced technology enables us to enhanced patient experience will pave
and is being used without hassle across provide reliable and accurate results the way for sustainable growth in time
and was marked by all our centres. With the fulfilment and to carry out some of the most to come. Our resolve to maintain the
the achievement of of this major milestone, we have

streamlined operations and enhanced
complex diagnostic investigations with
ease, making us a brand of choice for
affordability of our services while never
lowering the bar on the standards of
strategic goals and efficiency that much more throughout

our vast network of centres. In addition
customers and clinicians alike. Our
customer centric approach to offering
quality and adopting the most advanced
technology at all times will strengthen
major milestones to this, we have successfully developed
and launched a robust and easy-to-use
patient convenience and a holistic
patient experience at all times has
our capability of capitalizing on the
immense opportunity for growth in the
in our journey as a mobile app that provides an enhanced enabled us standout as the market diagnostic space, enabling us create
patient experience. This one-of-a- leader in the B2C business segment. lasting value to all our stakeholders.
brand of choice. kind mobile app is available for every
I would like to express my heartfelt
investigation both in radiology and
Future-focused thanks to the leadership team and to
Apart from reporting excellent numbers in pathology, making it unique in the
diagnostic space. This comprehensive all my staff for their constant support
in radiology and pathology, we also Our plan for the future is expansion
mobile app is available for both iOS & and assistance all along. I am also
recorded the highest ever non-covid to East India and consolidation of our
Android. Moreover, we have completed immensely grateful to our customers
revenue growth. Our steady pace presence as a brand in this market. To
a successful rollout of a fully functional that have evinced trust in our ability and
of expansion helped us not only this end, we have recently established a
e-commerce website. have enabled us emerge as a brand of
to increase our footprint, but more one-of-its-kind hub in Kolkata and have
repute in the diagnostic space.
importantly to improve access and a systematic follow up plan of setting up
reach to customers. Growing footprint more centres in this geography within
the next two years. Regards,
Guided by a research backed and
systematically planned expansion strategy, All our business decisions are always
we have successfully over-crossed the backed by an approach of intelligent Suprita Reddy
initial target of 15 centres in FY23. Our market study and research enabling us CEO
12 13
Ourquality,
reliability and
affordability
are underpinned by best
in class infrastructure,
technology, and one of
the finest talent pool of
technicians and doctors.
Amplifying value with an

integrated business model
Capital Type Inputs Process Output Outcomes
Introducing new technologies

Quality, Reliable & Accurate Increased 8
NABH
12
NABL
Advanced diagnostic techniques
Intellectual for routine, specialised and Diagnostics at Affordable Prices Vijaya Diagnostic National
Revenue & Footfalls
Accreditations Accreditations
Capital super-specialised tests Centre Reference Lab
Complete range of diagnostic
services under one roof Process architecture
Flagship
2400+
Centre #1 Improved 2400+ 2400+
Total Staff Employee Employees Employees
Human Satisfaction & trained and given benefits
J 785 Million
Capital #1 Community Benefits upskilled
Expenditure in
employee benefits
121 Reference Lab

Expanded 3.18 Million 10.05 Million
Strong network of Testing Capacity Patients Tests
diagnostic centres Customers
treated conducted
Manufactured Hubs
28
Capital #28
Hubs
Samples
92 Customer (Walk-in)
Spokes Home Collection B2B #16
Hospitals & Lab
H 547 Crores Enhanced H 4,592 Million H 846 Million

Net worth Revenue PAT
Profitability
J 1,378 Million 16% 25%
Financial
Capex ROE ROCE
Capital
B2C Brand Loyalty H 59 Million

Focus & Community Revenue from Home Collection
250+ Development
Social and Spokes 95%
Relationship Tie-ups with B2C revenue
Capital corporate clients
#92
Customer
Satisfaction & Reach
36,000+
Home Collections
1800+
Sample Flow
Partnetship with
Hospitals & Labs Patient Flow
16 17
Fulfilling stakeholder
expectations
At Vijaya Diagnostic, we acknowledge that our success is deeply How we engage
intertwined with the relationships we foster with our stakeholders.
By nurturing these relationships, we not only align our strategies and Stakeholders Key Concerns Modes of Outcomes & Value Connected Capitals
operations with stakeholder expectations, but also create shared value. Engagement Added
Our stakeholder engagement framework is driven by transparency,

continuous dialogue, and a commitment to addressing key concerns,
contributing to our long-term growth and sustainability.
Employees Fair wages, skill Regular interaction, Enhanced Human, Intellectual
development, workshops, training satisfaction and
Employees diversity and productivity
inclusion
Communities Customers Quality of service, One-on-one Strengthened trust, Social & Relationship,
affordable pricing interactions, mass improved services Intellectual
media, website
Customers
Financial AGMs, investor Improved Financial, Social &

performance, meetings, reports, transparency, Relationship
governance, business media investor confidence
Shareholders and
growth
Investors
Compliance with Audits, inspections, Compliance Financial,

rules, timely reports, assurance, enhanced Manufactured
reporting communication reputation
Government and
Regulators
Community CSR activities, Positive community Social & Relationship,

development, volunteering, impact, social welfare Natural, Human
education, healthcare partnerships
Communities
Government and regulators Shareholders & Investors
18 19
Board of
Directors
We are steered by a distinguished Board of Directors, whose diverse 1 3 6
expertise and wisdom have shaped our progress as South India’s

largest integrated diagnostic chain. Dr. S. Surendranath Reddy S Geeta Reddy Satyanarayana Murthy Chavali
Executive Chairman Non-Executive Director Non-Executive, Independent Director
Dr. S. Surendranath Reddy is the S Geeta Reddy is a Non-Executive Satyanarayana Murthy Chavali is an
Executive Chairman of our Company. He Director of our Company. She holds a Non-Executive– Independent Director
holds a bachelors degree in medicine bachelors degree in law from Osmania of our Company. He holds a bachelors
1 2 3 from Shri Venkatesvara University and a University. She is enrolled as an degree in technology from Indian
provisional degree of Doctor of Medicine Advocate with the Andhra Pradesh High Institute of Technology, Madras and a
in Radiology from Osmania Medical Court in 1986. post graduate diploma in management
College, Hyderabad. He has over 19 from Indian Institute of Management,
years of experience with our Company. 4 Bangalore. He previously worked as
He is a life member of the Indian a chief executive officer of Aurigene
Radiological and Imaging Association. He Discovery Technologies Limited and
Dr. D Nageshwar Reddy
M C M M M M has also received an award from Abbott has previously worked at Dr. Reddy’s
Non-Executive, Independent Director
for leadership in in-vitro diagnostics Laboratories Limited.
Dr. S. Surendranath Reddy Mr. Sunil Chandra Kondapally Mrs. Sura Geeta Reddy
and an award for the “Healthcare Dr. D Nageshwar Reddy is the Non-
Executive Chairman Executive Director Non-Executive Director
Entrepreneur of the year” in 2019 from Executive Director - Independent Director 7
Six Sigma Star Healthcare, New Delhi. of our Company. He holds a degree
from University of Madras in general Dr. Manjula Anagani
2 medicine and a D.M in gastroenterology
4 5 6 Non-Executive, Independent Director
from Postgraduate Institute of Medical
Sunil Chandra Kondapally Education and Research, Chandigarh. He Dr. Manjula Anagani is the Non-
Executive Director is currently the Chairman of Asian Institute Executive – Independent Director of our
of Gastroenterology, Hyderabad. He Company. She holds a degree in M.D
Sunil Chandra Kondapally is the received Padma Shri and Padma Bhushan Obstetrics and Gynaecology from NTR
Executive Director of our Company. Awards from Government of India. University of Health Sciences, Andhra
He has been associated with our Pradesh. She is currently working as a
M M C M M M M C M C M C M M
Company since incorporation. He 5 Clinical Doctor and HOD, Women and
Dr. Duvvur Nageshwar Reddy Mr. Shekhar Prasad Singh Mr. Satyanarayana Murthy Chavali holds a bachelors degree in science Child centre at CARE Super Speciality
Non-Executive, Independent Director Non-Executive, Independent Director Non-Executive, Independent Director in electrical engineering from Florida Hospital – Banjara Hills & Hi-tech City –
Shekhar Prasad Singh
State University.He has over 17 Hyderabad. She has received the fourth
Non-Executive, Independent Director
years of experience in the field of highest honour for a civilian in India, the
pharmaceutical industry. He founded Shekhar Prasad Singh is the Non- distinguished ‘Padma Shri’.
a pharmaceutical services company Executive Director – Independent
7
Trikona Pharmaceuticals Private Director of our Company. He is a retired
Limited in 2016 and QPS Bioserve IAS officer of 1983 batch. Previously, he
India Private Limited in 2004 and, acted as Chief Secretary to Government
which focuses on the development of of Telangana.
innovative pharmachemical products.
He has worked in operations, quality
accreditation, finance, marketing and
C Chairperson Audit Committee
network expansion departments of our
Dr. Manjula Anagani M Member Nomination and Remuneration Committee Company since its incorporation.
Non-Executive, Independent Director Corporate Social Responsibility Committee
Stakeholders Relationship Committee
Risk Management Committee
20 21
Awards and
accolades
Our efforts have been recognised by esteemed organisations and institutions, Technology and
reinforcing our presence as a leader in the diagnostics industry. International Distinctions Innovation Awards
National Recognition Regional Excellence

Indo Global Indo Arab Advanced
Award Leaders Summit & Software to Manage
for Healthcare Awards (2021): Clinical Data Award:
Excellence:
Presents
MOST
PREFERRED
WORKPLACE
Reflecting our commitment to global Recognising our contribution to For our cutting-edge Laboratory
standards in healthcare. healthcare in collaboration Information Management System
Recognizes
with international counterparts. (LIMS), fully Integrated Radiology
Vijaya Diagnostic Centre limited
As one of the ‘Most Preferred Workplace 2022’

Information Systems (RIS), and
Picture Archive and Communication
Special Achievements Systems (PACS).
Rajesh Kubhchandani
Co-Founder & CEO
Team Marksmen - India
Brought to you by
State Honours
Leading Chain Healthcare
Pride of India Brands Award (2022):
of Diagnostics & Entrepreneur of the
A monumental acknowledgment of
Imaging (2019): Year, Dr. Surendra
our standing as one of India’s revered
Reddy (2021)
brands. Best Diagnostic
Service Provider of
Best Healthcare Brands (2022):
the Year (2018):
Recognized for our relentless pursuit
of healthcare excellence.
Presented by the Indian Medical Acknowledged by The Economic
India’s Greatest Brands (2020-21): Association, Telangana state, and Times.
Honoured with the ‘Pride of Nation’ Messe India.
accolade, underlining our position as a
Recognized by the Telangana
leader in healthcare.
Government, affirming our continued
Leading Diagnostics with Excellence excellence in the state.
in Quality & Safety: A testament to our Best Diagnostic Most Trusted
superior diagnostic services across Centre of the Year and Best Quality
India. (2021): Diagnostic Services
Most Trusted Diagnostic Centre of the Year, Telangana Healthcare Leadership in India (2021)
Awards (2019): Presented by Times Healthcare Achievers.
Leading Diagnostic Chain of the Year (2022): A prestigious acknowledgment

presented by The Economic Times.
Recognised by the Indian Economic Presented by United Research
Fastest Growing Brands (Pride of the Nation, 2023): Celebrated by Marksmen Development & Research Association. Services.
Daily, highlighting our rapid expansion and influence.
22 23
Financial
Capital
Revenue from Operations EBITDA EBITDA
(H Mn) (H Mn) (%)
4,592
2,037
4,624
44.1
44.1
1,820
Our financial capital enables us to take
39.6
39.1
3,767
1,660
37.0
3,388
2,926
progressively steady strides towards
1,326
1,081
patient convenience and a holistic patient
experience. Our financial performance
has been resilient in a dynamic operating
environment. As we move ahead, our primary FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
objective is to create sustainable value for 12% - 4-Year CAGR 14% - 4-Year CAGR
our shareholders and investors.

Profit before tax Profit after Tax# Profit after Tax
(H Mn) (H Mn) (%)
J J
1,097
1,474
23.7
22.4
4,592 Mn 846 Mn
1,135
18.5
846
845
18.4
1,121
15.7
834
625
Revenue from Operations Profit After Tax
653
459
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
15% - 4-Year CAGR 17% - 4-Year CAGR
EPS – Basic ROCE* ROE#

(H) (%) (%)
10.76
23
23
23
43
22
38
8.26
8.29
33
30
16
6.13
25
4.50
FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23
*ROCE (Pre-cash): PBIT ex Other income / (Total Assets – Cash – Current Liabilities)
#With effect from 01 January 2023, the Company has changed its method of depreciation on all Property, Plant and Equipment from Written Down Value (WDV)
method to Straight Line Method (SLM), based upon the technical assessment of expected pattern of consumption of the future economic benefits embodied in the
assets. Due to the aforesaid change, the depreciation expense is lower by Rs. 90.4 Mn and PAT is higher by Rs. 67.7 Mn for the quarter ended and year ended March 31,
2023. There has been no change in the depreciation expense recognised up to the period ended December 31, 2022.
24 25
Manufactured
Capital
We have achieved encouraging operational model translated into technology to achieve excellence.
growth in our manufactured capital. tangible results. This, in turn, fuelled From absorbing global standards in
The inauguration of state-of-the-art our ambition to expand our reach and preventive care to adopting an efficient
facilities, the operational break-even innovate further. ‘hub-and-spoke’ model for specimen
Our manufactured capital represents our achieved in record time, and the collection and testing, we ensured that
Our approach to manufactured capital
facilities, centres and the technologies that integration of cutting-edge technology
formed the bedrock of our growth. Our was not limited to mere physical
our manufactured capital served as
the backbone of our quality healthcare
we deploy to provide accurate results to dedication to providing comprehensive expansion; it extended to improving the
quality of our services and harnessing
delivery system.
diagnostic services through an effective
patients. The combination of technological
advancements, infrastructure, operational
excellence and strategic pricing contributes Facilities and infrastructure
to our sustained growth. We inaugurated numerous centres across multiple locations, including more than 10,000 sq. ft. state-of-the-art facilities.
These infrastructural advancements were pivotal in widening our footprint and enhancing our capability to offer
integrated diagnostic services.
10+ million 3+ million Tirupati, Andhra Pradesh

Tests Performed Footfalls
Inaugurated a 10,000 square
feet advanced facility,
121 23 8 23
offering advanced radiology
investigations
Centres CT Machines PET CT / Gamma MRI Machines

machines
Rajahmundry, Andhra Pradesh Punjagutta, Hyderabad

Opened a 10,000 square feet state-of-the-art diagnostic hub, Commissioned a 16,000 square feet unique centre equipped
achieving operational break-even within three quarters. with advanced technologies, reaching operational break-even
in just 6 months.
26 27
Manufactured
Capital
Equipment and technology Comprehensive Diagnostic Services Corporate wellness
Our investment in top-tier equipment We offer a diverse range of 2000+ pathology tests and 550+ Radiology tests In the past financial year, we have Annual health check-up Special discounts
such as 3T MRI, CT, Gamma Camera, under one roof, providing high-quality diagnostic services. Our expansion into cemented our position as an essential
and other cutting-edge technologies various regions ensures that our advanced diagnostic services reached a broader player in corporate health and wellbeing. Our unique 360-degree programme As part of our commitment to our
bolstered our capacity to perform over consumer base. Our pricing strategy is aligned with our core value of making Serving over 400 corporates, we have goes beyond mere diagnosis, focusing corporate partners, their employees
10 million tests. These technological healthcare services accessible to all without compromising quality. become their preferred diagnostic on prognosis and prevention. Tailorable enjoy exclusive discounts on selected
assets positioned us at the forefront of partner, echoing our belief that a healthy to specific organisational needs, these investigations throughout the year.
medical diagnostics. workforce is a fundamental driver of comprehensive evaluations have proven Further, the Company also offers special
organisational success. pivotal in sustaining the health and discounts to senior citizens on both
Lab test at home wellbeing of the workforce. pathology and radiology services. This
Logistic network One of the benefits of our corporate encourages a culture of regular health
In an era where convenience and healthcare converge, waiting in queues for Specialised testing services
wellness solution is the provision of monitoring without financial burden.
We implemented an effective logistical diagnostic tests can be cumbersome and time-consuming. We understand this
a dedicated report portal. This digital
concern and bring medical diagnostics right to your doorstep. Catering to the unique requirements of With our extensive network of 121
network, utilising in-house logistics interface allows our partners to monitor,
various industries, we offer a wide array branches across 4 states and 20 cities,
teams and temperature-controlled download and analyse the health
of Drug Panel tests, Food Handlers we offer flexibility in delivering these
transport. This critical infrastructure reports of their workforce. The insights
Check-ups, and Hazardous testing. services, both on-site and off-site.
component aided in maintaining derived facilitate the creation of targeted
Whether it is compliance with FSSAI Our innovative approach includes
specimen quality and optimising the A Wide Range of Specialities Convenience for the customer health programmes.
regulations or periodic screening for periodic health interventions, where
diagnostic process.
With coverage across 21+ medical We acknowledge the importance hazardous exposure, we provide a one- the results are analysed, and action
specialities, our home sample of timely health tests. Our home stop solution. plans are formulated to drive health
Pre-employment health check-up
Technology absorption collection service ensures that sample collection service is improvements. The efficacy of these
comprehensive diagnostic care is designed to provide a convenient Our bespoke packages assist organisations programmes is tracked, showing
Our efforts towards absorbing accessible to everyone. and user-friendly experience. in assessing the fitness of their prospective measurable improvements in individual
technology translated into global hires, including vital tests such as Fasting and collective health.
quality standards in our services. The Blood Sugar, ECG and Ultrasound
integration with Laboratory Information Abdomen. By providing a detailed health
Management System (LIMS) played a profile, we ensure that every new recruit is
key role in ensuring accuracy, speed, Expert Care at Your Doorstep Quick and Easy Access to Reports fit to perform his/her duties.
and affordability.
Upon receiving a request for home Once the tests are conducted, the
sample collection, our medically reports are made available via
Network Strategy certified professionals arrive at the WhatsApp and text messages, or
location to collect the required blood they can be collected at our centre.
Our ‘hub-and-spoke’ approach
test samples, adhering to the highest The customer can download blood
contributed to centralised testing and
standards of safety and hygiene. test reports from the comfort of
procurement, reducing the overall cost
their homes.
and enhancing efficiency across our
diagnostic services.
How to book
blood test at
home
Find a Test Buy Health Home Sample Download
Checkup Collection Reports
28 29
Intellectual
Capital
Technology integration and implemented. This has enabled Quality assurance and safety
advanced solutions seamless utilisation across all centres, measures
fostering a cohesive workflow.
The integration of advanced medical Quality assurance remains a
Our intellectual capital extends beyond equipment and IT infrastructure within In order to make medical testing more cornerstone of our operational ethos.
accessible to users, we have developed
state-of-the-art equipment, encompassing a our operations has been strategically
undertaken. With the aim of enhancing and launched a robust mobile
Through rigorous processes, standard
operating procedures, and continuous
relentless pursuit of quality and excellence efficiency, accessibility, and precision, application that covers all test types
in radiology and pathology. This step
internal audits, we maintain the highest
we have implemented a series of standards of quality in laboratory and
in patient care. Strategically aligned with our technological advancements. These is instrumental in extending medical radiological services.
testing to a broader audience.
goal of delivering top-tier diagnostic services, include the stabilisation of essential
software, the launch of user-friendly Laboratory
it serves as a foundation for continuous
The rollout of a fully functional
digital platforms, and the incorporation quality assurance
e-commerce website has been
of cutting-edge radiological features.
improvement and innovation, enabling us to executed, providing convenient services
to our customers. This step represents a
Our laboratory quality assurance
become a dominant entity in the diagnostic direct response to the growing need for
system provides a process-driven
approach to ensure the accuracy
Efficient and robust IT
services industry.
online access to our services.
of testing. This approach includes
infrastructure the maintenance of documents and
To effectively manage the workflow
of radiology testing services, our application of stringent quality controls.
The integration of technology within
8 12 our operations, both in advanced

medical equipment and our Information
Technology (IT) infrastructure, serves
Radiology Information System (RIS) has
been designed, offering features such
as Maximum Intensity Projection (MIP),
Radiological
quality assurance
NABH Accreditations NABL Accreditations
specific purposes in enhancing our Multi-Planar Reconstruction (MPR)
Our radiological quality assurance
offerings. and 3D imaging. The implementation
is crafted to build trust and maintain
of these advanced features has been
With an aim to increase operational excellence in diagnostic imaging quality.
vital in ensuring efficiency and precision
efficiency, the recent stabilisation of the With an in-house radiation quality
within radiological examinations.
Laboratory Information Management assurance committee, we ensure proper
System (LIMS) software has been equipment operation and the least
amount of radiation exposure.
Privacy and security

of user data
Protecting customer information is

paramount to our operations. Our
system ensures the secure collection
and storage of demographic and
medical data, accessible only to
authorised personnel.
Commitment to Our extensive industry experience and professional knowledge fuel our mission
Sustainability and Growth to continually raise the bar for patient care. Our advanced solutions foster an
environment conducive to growth, while adhering to global quality standards in
preventive care and diagnostic testing.
30 31
Intellectual
Capital
Complete Range of Diagnostic

Services under One Roof
Comprehensive and high quality integrated diagnostic services through our operational network
32 33
Human
Capital
Personnel and expertise Rewards and recognition Training and development
Our organisation’s strength lies in our Recognising and rewarding talent is Training and development (T&D) at
people, and this principle is manifest essential for maintaining a motivated Vijaya Diagnostic is more than skill
At Vijaya Diagnostics, our human assets across our network. The collective workforce, building a culture of enhancement. It is about empowering
represent the catalysts of our profitable and experience, expertise, and energy
of our team of 2400+ dedicated
excellence and collaboration. In
our organisation, this philosophy is
individuals to grow, innovate and
lead. We have implemented a
sustainable growth. Our teams are given an individuals, including trainees, define manifested through various recognition three-phase training programme,
our ability to innovate and deliver. Our programmes such as the Thank You encompassing knowledge, skills and
inspiring and empowering environment to thrive skilled workforce, comprising 200+ Award, Star Monthly Award, Go - WOW attitude, ensuring the deployment
and take more challenges. Our commitment to radiologists, laboratory doctors, and
physicians, embodies a diverse and
Award, GEM Quarterly Award, and Great
People Manager Award. These are not
of competent personnel. From new
joinees to experienced professionals,
their safety, continuous growth, and recognition robust commitment to excellence. merely incentives but symbols of the our training covers various facets,
Together, they are integral to our value we place on each individual’s including protocols, latest practices and
forms the core of our corporate culture. It ongoing success, reflecting our contribution to our shared goals. leadership development. Collaboration
reflects our ethos of building not just a company, corporate philosophy of quality,
innovation, and positive societal
with equipment manufacturers adds
depth and practicality to our training,
but a community that aspires to make a contribution. nurturing an ecosystem that thrives on
excellence.
significant difference in the healthcare industry.
Safety and quality assurance Rewarding talent through ESOP
2400+ 200+ Safety and quality assurance form the

core of our commitment to maintaining
the trust and confidence of both
The Employee Stock Ownership
Plan (ESOP) serves as an impactful
mechanism to align employees’
Staff Radiologists, laboratory doctors
employees and customers, setting the interests with organisational growth,
and physicians
standards that underpin every aspect of connecting employee performance to
our service delivery. We are steadfast the company’s value. For us, this is more
in our dedication to creating a safe and than a strategy to drive performance,
healthy work environment, and by retain key employees, and attract and
adhering to NABH and NABL safety reward the best talent; our ESOP plan
guidelines, we ensure a focus on quality is an acknowledgement of the technical
throughout our services. Our quality and non-technical personnel’s vital role
management system embodies these in our success story.
principles, guaranteeing an environment
and process that is safe and secure for
all, reflecting our overarching values
and pursuit of excellence.
34 35
Social and
Relationship CSR Initiatives and Impact
Our efforts towards social empowerment are driven by a dedication to improving

Capital
Engagement with
Stakeholders the lives of the underserved. To achieve our objectives, we focus on targeted
interventions in key areas with a focus on building sustainable solutions that yield
We aim to foster a sustainable long-term benefits. In collaboration with NGOs and relevant local organisations,
relationship with our stakeholders these initiatives are meticulously planned and executed to ensure that they align with
across different verticals, with the Vijaya’s core values and contribute effectively to the broader social good.
At Vijaya Diagnostic, we consistently goal of making a positive change in
K22.52 million
society.
endeavour to giving back to society in many
ways. Our objective is to meaningfully connect Total CSR expenditure
with stakeholders across various sectors,

fostering enduring relationships that result Supplier Relationship
Management Focus areas
in tangible societal improvements and foster Based on synergistic business
Education Healthcare
positive change within the community. goals, we collaborate with leading
international suppliers, including Nampally, Hyderabad Project SR Nagar, Hyderabad Project
equipment, instrument, reagent Supplied essential furniture to Supplied medical equipment to a
and film manufacturers, to innovate enhance the learning environment at a government hospital to enhance
our services and promote mutual government school. healthcare diagnostics and preventive care.
growth. Trust, inclusive growth,
quality excellence, and social Padillapalli Village, Khammam Project
responsibility form the fundamental Introduced a Digital Interactive Smart
pillars of this engagement. Board at ZP High School to foster digital
literacy.
Vocational Training
Hyderabad Project
Raghunathapuram Village, Yadadri
Implemented Skill Training under the
Project
Shareholders and Financial National Apprenticeship Promotion
Constructed a kitchen and dining hall
Performance Scheme (NAPs) to provide vital
at Mandal Parishad Primary School to
vocational skills, promoting individual
ensure proper nutrition for students.
Consistent performance and growth and regional vocational
financial solidity are crucial for Patancheruvu, Sangareddy District proficiency.
satisfying shareholder expectations. Project
Our brand equity, supported by Facilitated the construction of a school
operational competence, reflects to create new learning opportunities for
our market dominance and investor local children.
confidence.
Compliance with Government and

Regulatory Authorities
Regular dialogue and responsible

adherence to transparency,
accounting, governance, and
compliance ensure our alignment
with industry growth policies in all
markets where we operate. Kitchen & Dining Hall at primary school in Yadadri District
36 37
Annual Report 2022-23
Corporate
Information
CIN: L85195TG2002PLC039075
DETAILS OF BOARD OF SECRETARIAL AUDITORS

DIRECTORS
Balaramakrishna & Associates
Dr. Sura Surendranath Reddy Practising Company Secretaries
Executive Chairman
Mr. Sunil Chandra Kondapally INTERNAL AUDITORS

Executive Director
Laxminiwas & Co.
Mrs. Sura Geeta Reddy Chartered Accountants
Non-Executive Non-Independent
Director REGISTERED OFFICE ADDRESS
Mr. Chavali Satyanarayana Murthy No. 6-3-883/F, FPA Building, Near Topaz
Non-Executive Independent Director building,
Punjagutta, Hyderabad-500082,
Mr. Shekhar Prasad Singh
Telangana
Non-Executive Independent Director
Tel. Ph. No. 040-2342 0411/12
Dr. Duvvur Nageshwar Reddy Email – [email protected]
Non-Executive Independent Director Website – www.vijayadiagnostic.com
Dr. Manjula Anagani

Non-Executive Independent Director REGISTRAR AND SHARE
TRANSFER AGENT
KEY MANAGERIAL PERSONNEL KFin Technologies Limited
Selenium Tower B, Plot Nos. 31 & 32,
Ms. Sura Suprita Reddy
Financial District Nanakramguda,
Chief Executive Officer
Serilingampally,
Mr. Narasimha Raju KA Hyderabad – 500032, Telangana, India.
Chief Financial Officer Toll: 1800-3454-001
Email- [email protected]
Mr. Hansraj Singh Rajput Website: www.kfintech.com
Company Secretary & Compliance
Officer
STATUTORY AUDITORS
M/s. B S R & Associates LLP,
Chartered Accountants
38
Corporate Overview Statutory Reports Financial Statements
NOTICE
Notice is hereby given that the 21st Annual General Meeting 4. To appoint a Director in the place of Mrs. Sura Geeta
(AGM) of the Members of Vijaya Diagnostic Centre Limited Reddy (DIN: 01073233), who retires by rotation and
will be held on Wednesday, the 20th Day of September, 2023, being eligible offers herself for re-appointment.
at 03:00 P.M. (IST) through Video Conferencing/Other Audio
visual Means (“VC/OAVM”) facility, to transact the following To consider and if thought fit, to pass with or without
businesses: modification(s), the following resolution as an
ordinary resolution:
ORDINARY BUSINESS: “RESOLVED THAT pursuant to the provisions of Section

152 of the Companies Act, 2013, Mrs. Sura Geeta Reddy
1. To receive, consider and adopt the Audited Standalone (DIN: 01073233), who retires by rotation at this meeting
Financial Statements of the Company for the financial and being eligible offers herself for re-appointment, be
year ended March 31, 2023 and the Reports of the Board and is hereby re-appointed as a Director of the Company,
of Directors and Auditors thereon. liable to retire by rotation.”
To consider and if thought fit, to pass with or without 5. To re-appoint M/s. B S R and Co, Chartered Accountants
modification(s), the following resolution as an ordinary as statutory auditors of the Company and to fix their
resolution: remuneration.
“RESOLVED THAT the audited standalone financial To consider and if thought fit, to pass with or without
statements of the Company for the financial year ended modification(s), the following resolution as an ordinary
March 31, 2023 and the reports of the Board of Directors resolution:
and Auditors thereon laid before this meeting, be and are
hereby considered and adopted.” “RESOLVED THAT pursuant to Section 139, 142 and all
other applicable provisions, if any, of the Companies
2. To receive, consider and adopt the Audited Consolidated Act, 2013 read with the Companies (Audit and Auditors)
Financial Statements of the Company for the financial Rules, 2014, (including any statutory modification(s) or re-
year ended March 31, 2023 and the Report of Auditors enactment thereof) and pursuant to the recommendations
thereon. of the Audit Committee and Board of Directors of the
Company, M/s. B S R and Co, Chartered Accountants,
To consider and if thought fit, to pass with or without
Hyderabad, having Firm Registration No. 128510W,
modification(s), the following resolution as an ordinary
who have given their consent letter and confirmed their
resolution:
eligibility for the re-appointment pursuant to Section 141
“RESOLVED THAT the audited consolidated financial of the Companies Act, 2013, be and is hereby re-appointed
statements of the Company for the financial year ended as the Statutory Auditors of the Company, for another
March 31, 2023 and the report of Auditors thereon laid term of five (5) consecutive years, who shall hold office
before this meeting, be and are hereby considered from the conclusion of this 21st Annual General Meeting till
and adopted.” the conclusion of the 26th Annual General Meeting to be
held in the calendar year 2028, at such remuneration as
3. To declare Final Dividend of Re.1/- (100%) per equity may be mutually agreed between the Board of Directors
share of face value of Re.1/- each for the financial year of the Company and the Statutory Auditors in addition
ended March 31, 2023. to applicable taxes, reimbursement of all out-of-pocket
expenses as may be incurred in connection with the audit
To consider and if thought fit, to pass with or without of the accounts of the Company.”
modification(s), the following resolution as an
SPECIAL BUSINESS:
“RESOLVED THAT a dividend at the rate of Re.1/- (Rupee
One Only) per equity share of Re. 1/- (one rupee) each 6. To consider and ratify the remuneration of Cost auditor
fully paid-up equity share be and is hereby declared for for the financial year 2023-24.
the financial year ended March 31, 2023 and the same
To consider and if thought fit, to pass with or without
be paid as recommended by the Board of Directors of
modification(s), the following resolution as an
the Company, out of the profits of the Company for the
financial year ended March 31, 2023.”
“RESOLVED THAT pursuant to the provisions of
Section 148 and other applicable provisions, if any, of
the Companies Act, 2013 read with Companies (Audit
39
and Auditors) Rules, 2014 and the Companies (Cost “RESOLVED FURTHER THAT the Board of Directors be
Records and Audit) Rules, 2014, (including any statutory and is hereby severally authorized to take all such steps
modification(s) or re-enactment thereof, for the time being as may be necessary, proper and expedient to give effect
in force, remuneration of H30,000/- (Thirty Thousand only) to this Resolution.”
plus applicable GST & reimbursement of out of pocket
expenses, if any, as approved by the Board of Directors be “RESOLVED FURTHER THAT any Director and Company
paid to M/s. TSSV Santhosh Kumar, Cost and Management Secretary of the Company be and are hereby severally
Accountant, (Firm Registration No. 003955) appointed by authorised to issue a certified true copy of the above
the Board of Directors as Cost Auditor of the Company for resolution to various authorities, as may be required.”
the financial year 2023-24, be and is hereby ratified.” 8. To consider and revise the limit under Section 180(1)(a)
“RESOLVED FURTHER THAT the Board of Directors of the of the Companies Act, 2013, for creation of charge on
the assets of the Company, both present and future, in
Company be and are hereby severally authorized to do all
respect of its borrowings.
such acts, matters, deeds and things as may be necessary
to give effect to the above resolution.” To consider and if thought fit, to pass with or
7. To consider and revise the borrowing limit under Section without modification(s), the following resolution as a
180(1)(c) of the Companies Act, 2013. special resolution:
To consider and if thought fit, to pass with or “RESOLVED THAT in supersession of earlier resolution
without modification(s), the following resolution as a passed by the members of the Company at their
special resolution: Extraordinary General Meeting held on October 01, 2014
and pursuant to the provisions of Section 180(1)(a) and
“RESOLVED THAT in supersession of earlier resolution
other applicable provisions, if any, of the Companies Act,
passed by the members of the Company at their
2013 (“the Act”) read with rules made thereunder and all
Extraordinary General Meeting held on October 01, 2014
other applicable provisions, if any, of any other law for the
and pursuant to the provisions of Section 180(1)( ) and
other applicable provisions, if any, of the Companies Act time being in force (including any statutory modification or
2013 (“the Act”) and the Rules made thereunder and all amendment thereto or re-enactment thereof for the time
other applicable provisions, if any, of any other law for the being in force) and in terms of Memorandum & Articles of
time being in force (including any statutory modification or Association of the Company, as amended or restated, from
amendment thereto or re-enactment thereof for the time time to time and all other provisions of applicable laws,
being in force) and in terms of Memorandum & Articles consent of the members of the Company be and is hereby
of Association of the Company, as amended or restated, accorded to the Board of Directors of the Company to
from time to time, and all other provisions of applicable create charge(s), mortgage(s), hypothecation(s) or provide
laws, consent of the members of the Company be and is security in addition to the existing charge(s), mortgage(s),
hereby accorded to the Board of Directors of the Company hypothecation(s), security created by the Company on
for borrowing any sum or sums of money from time to any of its assets (movable, immovable etc.) both present
time (including external commercial borrowings from any and future, together with any or all substantial assets of
foreign source / countries as prescribed by guidelines, the Company in certain events and in such manner as the
if any, in this respect) from any one or more bankers or Board may deem fit, in favor of banks/financial institutions,
consortium of bankers and /or from any one or more other investing agencies and trustees for the holders of
persons, firms, bodies corporate, financial institutions, debentures/bonds/other instruments to secure rupee/
banks or other acceptable source whether by way of foreign currency loans and/ or the issue of debentures
advances, deposits, letter of credit, loans, debentures, and/or rupee/foreign currency convertible bonds and/
bonds or otherwise and whether unsecured or secured or foreign currency bonds and/ or bonds with share
notwithstanding that the moneys to be borrowed together warrants attached etc. (hereinafter collectively referred
with the moneys already borrowed by the Company to as “Loans”) subject however that the aggregate value
(apart from the temporary loans obtained from the of such charge(s), mortgage(s) and hypothecation(s)
Company’s Bankers in the ordinary course of business in addition to the existing charge(s), mortgage(s) and
or as permitted, from time to time, under the applicable hypothecation(s) created by the Company, on the assets
laws) will or may exceed the aggregate of paid-up share of the Company, both present and future, etc. shall not
capital, free reserves and securities premium of the exceed the aggregate of the paid-up share capital, free
Company, subject however that the total amount up to reserves and securities premium account as per the latest
which the money may be borrowed as above by the Board audited financial statements of the Company in line with
and outstanding at any point of time shall not exceed the borrowing limit of the Company or otherwise, approved
the aggregate of the paid-up share capital, free reserves or amended from time to time.”
and securities premium account as per the latest audited
financial statements of the Company as prescribed under “RESOLVED FURTHER THAT the Board of Directors be
Section 180(1)( ) of the Act or as amended from time and is hereby authorized to take all such steps as may
to time.” be necessary, proper and expedient to give effect to this
Resolution.”
40
“RESOLVED FURTHER THAT any Director and Company and encashment of leave, if any, shall be as per
Secretary of the Company be and are hereby severally the rules of the company, and be in addition to the
authorised to issue a certified true copy of the above remuneration under (A) above.
resolution to various authorities, as may be required.”
C. In addition to the remuneration under (A) above, Ms.
9. To consider and approve the appointment of Ms. Sura Suprita Reddy, during her tenure as the MD &
Sura Suprita Reddy (DIN: 00263618) as, Managing CEO of the company, shall be entitled to the following
Director and Chief Executive Officer (MD & CEO) of the perquisites, allowances, and reimbursement of
Company, not liable to retire by rotation and approve the expenses, wherever applicable:
remuneration payable to her.
i. Company maintained car with driver for the use
To consider and if thought fit, to pass with or of Company’s business.
without modification(s), the following resolution as a ii. Expenses incurred for travelling, boarding
special resolution: and lodging during business trips and
“RESOLVED THAT pursuant to the provisions of section communication expenses for telephone /
160, 161 and other applicable provisions of the Companies internet / mobile / fax at residence shall be
Act, 2013 and the rules made thereunder and pursuant reimbursed at actuals.
to any other law for the time being in force, Ms. Sura iii. Medical reimbursement expenses incurred for
Suprita Reddy (DIN: 00263618) who was appointed as self and family as per the companies’ group
additional director of the Company with effect from 01st medical insurance policy.
July 2023 and who holds office till the date of this Annual
General Meeting and whose candidature is proposed for iv. Personal Accident Insurance: As per Company’s
directorship of the Company be and is hereby appointed policy.
as director not liable to retire by rotation.”
v. Keyman Insurance.
“RESOLVED FURTHER THAT pursuant to the provisions vi. Club Fee: Fee of clubs subject to maximum of
of Section 149, 152, 196, 197, 198, and 203 of the two clubs.
Companies Act, 2013 and other applicable provisions, if
any, of the Companies Act, 2013, read with the Companies vii. Reimbursement of reasonable expenses
(Appointment and Qualification of Directors) Rules, 2014, actually and properly incurred in connection
Companies (Appointment and Remuneration of Managerial with the business of the Company.
Personnel) Rules, 2014 and Schedule V of the Companies
viii. Ms. Sura Suprita Reddy shall not, so long as
Act, 2013 (including any statutory modification(s) or re-
she functions as the MD & CEO, be entitled to
enactment thereof for the time being in force) collectively
receive any fee for attending any meeting of the
referred to as, the “Act”), the applicable provisions of
Board or Committee thereof.
Regulation 17(6) of Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) D. Annual Increment: During her tenure as MD & CEO,
Regulations, 2015, as amended from time to time, such Ms. Sura Suprita Reddy, be paid an annual increment
other provisions as may be applicable, in accordance not exceeding 12% of the salary, which shall be
with the provisions of the Articles of Association, and subject to the company’s policy, and the approval of
Nomination and Remuneration Policy of the Company, and the Nomination and Remuneration Committee and
recommendation of the Nomination and Remuneration the Board of Directors of the company.
Committee, the consent of the shareholders of the
Company be and is hereby accorded for the appointment E. General:
of Ms. Sura Suprita Reddy, as Managing Director and Chief i. The MD & CEO shall perform such duties as
Executive Officer (MD & CEO) of the Company for a term of shall from time to time be entrusted to her by the
five (5) consecutive years with effect from 01st July 2023 Chairman/Board, subject to superintendence,
and whose term of office shall not be liable to retire by guidance and control of the Chairman/Board.
rotation on such terms and conditions as mentioned below
and to pay the annual remuneration to Ms. Sura Suprita ii. The MD & CEO shall act in accordance with the
Reddy (DIN: 00263618) in the capacity of Managing Articles of Association of the Company and shall
Director and Chief Executive Officer of the Company for a abide by the provisions contained in Section 166
period from 01st July 2023 up to 30th June 2028 as set out of the Act with regard to duties of directors.
in the statement herein below:
iii. The MD & CEO shall adhere to the Company’s
A. Salary – H 2.75 Crores per annum. Code of Conduct.
iv. Notice period and other terms regarding

B. The company’s contributions to provident fund,
cessation of employment shall be governed as
superannuation or annuity fund, gratuity payable
per the rules of the company.
41
“RESOLVED FURTHER THAT the above may be treated “RESOLVED FURTHER THAT the Board of Directors,
as a written memorandum setting out the terms of Chief Financial Officer and Company Secretary of the
appointment of Ms. Sura Suprita Reddy under Section 190 Company, be and are hereby severally authorized to take
of the Act.” such necessary steps as may be required in relation to
the above and to all matters arising out of and incidental
“RESOLVED FURTHER THAT notwithstanding to the thereto and to sign and to execute deeds, applications,
above, in the event of any loss or inadequacy of profits documents and file necessary forms with the Registrar
in any financial year of the Company during the tenure of Companies and with such other regulatory authorities,
of Ms. Sura Suprita Reddy (DIN: 00263618), MD & CEO, and to do the necessary entries in the statutory records
the remuneration approved herewith shall be treated and register of Directors and Key Managerial Personnel.”
as minimum remuneration and be payable to her,
notwithstanding that the above specified remuneration “RESOLVED FURTHER THAT any Director and Company
may be in excess of the limits specified in Section 197 of the Secretary of the Company be and are hereby severally
Companies Act, 2013, and Section II of Part II of Schedule V authorised to issue a certified true copy of the above
of the Act and rules made thereunder, or any amendments resolution to various authorities, as may be required.”
thereto.”
“RESOLVED FURTHER THAT the Board of Directors of

the Company (including any Committee of Directors) be
and are hereby authorized to vary and/or revise the terms
and conditions of the appointment including remuneration
of Ms. Sura Suprita Reddy as MD & CEO of the Company By order of the Board
within the overall limits under the Act and to do all such For Vijaya Diagnostic Centre Limited
acts, deeds and things and execute all such documents,
instruments and writings as may be required and to
delegate all or any of its powers herein conferred to any
Hansraj Singh
Committee of Board of Directors to give effect to the Place: Hyderabad Company Secretary & Compliance Officer
aforesaid resolution.” Date: May 29, 2023 M. No. F11438
42
NOTES: Committee, Nomination and Remuneration Committee

and Stakeholders Relationship Committee, Auditors etc.
1. Explanatory Statement(s) setting out the material facts who are allowed to attend the AGM without restriction on
pursuant to Section 102(1) of the Companies Act 2013 account of first come first served basis.
(“Act”) in respect of special businesses set forth in the
accompanying AGM Notice is annexed hereto and forms 7. In case of joint holders, the member whose name appears
part of the Notice. as the first holder in the order of names as per the Register
of Members of the Company will be entitled to vote at the
2. The Ministry of Corporate Affairs (‘MCA’) has vide its AGM.
General Circular Nos. 14/2020, 17/2020, 20/2020,
02/2021, 21/2021, 02/2022 and 10/2022 dated April 8. Institutional/Corporate Shareholders are required
8, 2020, April 13, 2020, May 5, 2020, January 13, 2021, to send a scanned copy of their Board or governing
December 14, 2021, May 5, 2022 and December 28, 2022, body Resolution/ Authorization etc., authorizing its
respectively (collectively referred to as ‘MCA Circulars’) representative to attend the AGM through VC/OAVM on
and Securities and Exchange Board of India (‘SEBI’) vide its its behalf and to vote through e-Voting/remote e-Voting.
Circular Nos.SEBI/HO/CFD/CMD1/CIR/P/2020/79,SEBI/ The said Resolution/ Authorization shall be sent to
HO/CFD/CMD2/CIR/P/2021/11,SEBI/HO/CFD/CMD2/ Scrutinizer by email at [email protected] and
CIR/P/2022/62 and SEBI/HO/CFD/PoD-2/P/CIR/2023/4 to Kfin at [email protected] with a copy marked to
dated May 12, 2020, January 15, 2021, May 13, 2022 and [email protected].
January 5, 2023, respectively (collectively referred to as
9. All documents referred to in the accompanying Notice
‘SEBI Circulars’) permitted the holding of the AGM through
shall be open for inspection electronically by the
VC/OAVM, without physical presence of Members at a
members by writing an email to the Company Secretary to
common venue. In compliance with the provisions of the
[email protected].
Companies Act, 2013 (‘the Act’), SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (‘SEBI 10. The Register of Directors and Key Managerial Personnel
Listing Regulations’), the MCA Circulars and the SEBI and their shareholding, and the Register of Contracts
Circulars, the 21st AGM of the Company is being held or Arrangements in which the Directors are interested,
through VC/OAVM. The Registered Office of the Company maintained under the Companies Act, 2013, will be available
shall be deemed to be the venue for the AGM. electronically for inspection by the members during the
AGM. Members seeking to inspect such documents can
3. Since this AGM is being held through VC/OAVM, physical
send an email to [email protected]
attendance of Members has been dispensed with.
Accordingly, the facility for appointment of proxy by 11. Members holding shares in demat mode, who have not
Members under Section 105 of the Act will not be available registered their email addresses are requested to register
for the AGM and hence the Proxy Form, Attendance Slip their email addresses with their respective depository
and Route Map are not annexed to this Notice. However, participants.
in pursuance of Section 113 of the Act, Corporate Members
are entitled to appoint their authorised representatives to 12. The final dividend as recommended by the Board, if
attend the AGM through VC/OAVM on their behalf and to approved at the ensuing AGM, will be paid to those
vote through electronic means. members whose names appear on the list of beneficial
ownership as furnished by the Depositories on the Record
4. Participation of Members through VC/OAVM shall be Date i.e. 13th September, 2023. Members are requested
reckoned for the purpose of quorum for the AGM as per to update their bank account details with their respective
Section 103 of the Act. Depository Participants for receipt of dividend payment by
the Company.
5. The facility of VC/OAVM, casting votes by a member using
remote e-Voting system as well as venue e-voting on the Pursuant to the Finance Act, 2020, dividend income is
date of the AGM is being provided by e-voting service taxable in the hands of Members w.e.f. April 01, 2020
provider, Kfin Technologies Limited (“Kfin”). and the Company is required to deduct tax at source at
time of paying dividend to the Members at the prescribed
6. The Members can join the AGM in the VC/OAVM mode
rates on the said Record Date. For the prescribed rates
30 minutes before scheduled time of the meeting and
for various categories, the shareholders are requested to
after the scheduled time of the commencement of the
refer to the Finance Act, 2020 and amendments thereof.
Meeting by following the procedure mentioned in the
The shareholders are requested to update their PAN with
Notice. The facility of participation at the AGM through
the Depositories (in case of shares held in demat mode).
VC/OAVM will be made available for 1000 members
on first come first served basis. This will not include A Resident individual shareholder with PAN and who
large Shareholders (Shareholders holding 2% or more is not liable to pay income tax can submit a yearly
shareholding), Promoters, Institutional Investors, Directors, declaration in Form No.15G/15H, to avail the benefit of
Key Managerial Personnel, the Chairpersons of the Audit non-deduction of tax at source by email to einward.ris@
43
kfintech.com by 5 p.m. IST till 11th September, 2023. Where The Institute of Company Secretaries of India (‘Secretarial
any entity/person is entitled for exemption from TDS, TDS Standard’) are annexed hereto and forms part of the
will not be deducted/deducted at lower rates provided Notice.
such shareholder/entity provides valid self-attested
documentary evidence (e.g. relevant copy of registration, 17. For Members who have not registered their email address,
notification, order, etc. issued by the Indian tax authorities) the Annual Report, Notice of AGM and e-voting instructions
by email to [email protected] by 5 p.m. IST till cannot be serviced. In such case, member may send an
11th September, 2023. Any documents / communication e-mail request at the mail id [email protected]
on the tax determination / deduction received after along with scanned copy of the signed request letter
11th September, 2023 shall not be considered. Members are providing the email address, mobile number, self- attested
requested to note that in case their PAN is not registered, PAN copy and Client Master copy in case of electronic
the tax will be deducted at a higher rate of 20%. folio for sending the Annual report, Notice of AGM and the
e-voting instructions along with User id and password, as
In case tax on dividend is deducted at a higher rate in applicable.
the absence of receipt of the aforementioned details /
18. IEPF RELATED INFORMATION:
documents, the concerned Shareholder may still have the
option of claiming refund at the time of filing the income a) Shareholders/Members are requested to note that
tax return (provided a valid PAN is registered with the RTA dividends remaining unclaimed for a consecutive
or DP). No claim shall lie against the Company for such period of seven years from the date of transfer to the
taxes deducted. In the event of any income tax demand Company’s Unpaid Dividend Account, are liable to be
(including interest, penalty, etc.) on the Company arising transferred to the Investor Education and Protection
due to any declaration, misrepresentation, inaccurate or Fund (“IEPF”). In addition, all shares in respect of such
omission of any information provided by the shareholder, unclaimed dividends are also liable to be transferred
such shareholder would be responsible to indemnify the to the demat account of the IEPF Authority.
Company and provide the Company with all information /
documents and co-operation in any appellate proceedings. b) In view of above Shareholders/Members are
requested to claim their dividends from the Company,
13. In line with the aforesaid MCA Circulars and SEBI Circulars, within the stipulated time line as prescribed under
Notice of the AGM along with the Annual Report 2022- the Companies act 2013 (‘the Act’). In the event of
23 is being sent only through electronic mode to those transfer of shares and the unclaimed dividends to
Members whose e-mail addresses are registered with the IEPF, Members may claim the same by making an
Company/Depositories. Members may note that the Notice online application to the IEPF Authority in web Form
and Annual Report 2022-23 will also be available on the No. IEPF-5 available on www.iepf.gov.in.
Company’s website viz. https://www.vijayadiagnostic.com/
investors/annual-reports, and on the website of the Stock c) Members intending to claim their unclaimed
Exchanges i.e. BSE Limited at www.bseindia.com and NSE dividends are requested to correspond with the
at www.nseindia.com. The AGM Notice is also available on KFinTech at [email protected] or write to the
the website of Kfin at https://evoting.kfintech.com. Company at [email protected]
14. As per the provisions of the Act and SEBI Circulars, the 19. PROCEDURE FOR E-VOTING:
facility for making nomination is available for the members
in respect of the shares held by them. All the shares of the a) Pursuant to the provisions of Section 108 of the Act,
Company are held in dematerialized form. Pursuant to the read with Rule 20 of the Companies (Management
aforesaid SEBI circulars, all the existing trading and demat and Administration) Rules, 2014 (as amended) and
account holders shall update their choice of nomination Regulation 44 of SEBI (Listing Obligations & Disclosure
on or before October 01, 2023, failing which the trading Requirements) Regulations 2015 (as amended), the
accounts shall be frozen for trading and demat account Company is providing facility to its members holding
shall be frozen for debits. shares as on Cut-off date i.e., 13th September, 2023 to
exercise their right to vote by way of electronic means
15. SEBI has mandated the submission of the Permanent on all the resolutions as set forth in the accompanying
Account Number (PAN) by every participant in the AGM Notice through e-Voting service provider Kfin
securities market. Members holding shares in electronic Technologies Limited (“Kfin”).
form are therefore requested to submit their PAN to their
depository participant(s). b) The remote e-Voting period commences on Saturday,
16th September, 2023 from 9:00 a.m. and ends on
16. The relevant details of the Director(s) seeking re- Tuesday, 19th September, 2023 till 5:00 p.m. The
appointment/appointment at this AGM under item no. 4 e-voting module shall be disabled by Kfin for voting
and item no. 9 of the accompanying Notice as required thereafter. Once the shareholder casts the vote on a
under Regulation 36(3) of the SEBI Listing Regulations resolution, the shareholder shall not be allowed to
and Secretarial Standard on General Meetings issued by change it subsequently.
44
c) Members may cast their vote during the above-referred g) The Board of Directors has appointed Mr. D. Balarama
remote e-voting period. Further, the facility to e-vote at Krishna, Practicing Company Secretary (FCS: 8168,
the AGM will be provided to the Members who have not CP No. 22414) as the Scrutinizer to scrutinize the
cast their vote during remote e-voting period. remote e-voting process and voting during the AGM
in a fair and transparent manner.
d) A member may participate in the AGM even after
exercising his right to vote through remote e-voting h) The Scrutinizer shall, immediately after the
prior to the AGM but shall not be allowed to vote completion of the scrutiny of the e-voting (votes
again at the AGM. cast during the AGM and votes cast through remote
e-voting), not later than 48 hours from the conclusion
e) Any person holding shares in physical form and Non of the AGM, submit a consolidated scrutinizer report
Individual shareholders, who acquires shares of the of the total votes cast in favor and against the
Company and becomes a Member of the Company resolution(s) has/have been carried or not, to the
after dispatch of the Notice and holding shares as of chairman or any other person authorised by him
cut-off date, may obtain the login id and password in writing.
by sending a request to [email protected].
However, if he/she is already registered for remote i) The result declared along with the Scrutinizer’s
e-voting then he/she can use his/her existing User Report shall be placed on the Company’s website
ID and password for casting the vote. www.vijayadiagnostic.com and on the website
of Kfin https://evoting.kfintech.com immediately
f) In case of Individual Shareholders holding securities after the result is declared. The Company shall
in demat mode and who acquires shares of the simultaneously forward the results to NSE and BSE
Company and becomes a Member of the Company where the securities of the Company are listed.
after sending of the Notice and holding shares as of
the cut-off date may follow steps mentioned below j) Subject to the receipt of requisite number of votes,
under “Login method for remote e-Voting and joining the Resolutions shall be deemed to be passed on the
virtual meeting for Individual shareholders holding date of the Meeting i.e., 20th September, 2023
securities in demat mode.”
20. PROCESS FOR E-VOTING AND JOINING E-AGM:
The detailed process and manner for remote e-Voting and e-AGM are explained herein below:
STEP 1: Access to Depositories (NSDL / CDSL) e-Voting system in case of individual shareholders holding shares in demat
mode.
STEP 2: Access to KFintech e-Voting system in case of shareholders holding shares in physical and non-individual shareholders
in demat mode.
STEP 3: Access to join virtual meetings (e-AGM) of the Company on KFin system to participate in e-AGM and vote at the AGM.
STEP 1: Login method for remote e-Voting for Individual shareholders holding securities in demat mode:
Type of shareholders Login Method
Individual Shareholders holding 1. User already registered for IDeAS facility may follow the following procedure:
securities in demat mode with
i. Visit URL: https://eservices.nsdl.com
NSDL
ii. Click on the “Beneficial Owner” icon under “Login” under ‘IDeAS’ section.
iii. On the new page, enter User ID and Password. Post successful authentication,
click on “Access to e-Voting.
iv. Click on company name or e-Voting service provider and you will be re-directed to
e-Voting service provider website for casting the vote during the remote e-Voting
period.
v. Click on “Active E-voting Cycles” option under E-voting.
vi. You will see Company Name: “Vijaya Diagnostic Centre Limited” on the next
screen. Click on the e-Voting link available against Vijaya Diagnostic Centre Ltd.
or select e-Voting service provider “KFintech” and you will be redirected to the
e-Voting page of KFintech to cast your vote without any further authentication.
45
2. User not registered for IDeAS e-Services may follow the following procedure:
i. To register click on link: https://eservices.nsdl.com
ii. Select “Register Online for IDeAS” or click at https://eservices.nsdl.com/SecureWeb/
IdeasDirectReg.jsp
iii. Proceed to complete registration using your DP ID, Client ID, Mobile Number etc.
iv. After successful registration, please follow steps given under point 1 above, to
cast your vote.
3. Alternatively the users may directly access the e-Voting website of NSDL:
i. Open URL: https://www.evoting.nsdl.com
ii. Click on the icon “Login” which is available under ‘Shareholder/Member’ section.
iii. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit
demat account number held with NSDL), Password/OTP and a Verification Code
as shown on the screen
iv. Post successful authentication, you will be requested to select the name of the
Company and the e-Voting Service Provider name, i.e. Kfintech
v. On successful selection, you will be redirected to KFintech e-Voting page for
casting your vote during the remote e-Voting period
Individual Shareholders holding 1. Existing user who have opted for Easi /Easiest may follow the following procedure:
securities in demat mode with
i. Visit URL: https://web.cdslindia.com/myeasinew/home/login
CDSL
ii. Click on New System Myeasi
iii. Login with your registered user id and password
iv. The user will see the e-Voting Menu. The Menu will have links of e-voting service
provider i.e. Kfintech e-Voting portal.
v. You will see Company Name: “Vijaya Diagnostic Centre Limited” on the next
screen. Click on the e-Voting link available against Vijaya Diagnostic Centre Ltd.
or select e-Voting service provider “KFintech” and you will be re-directed to the
e-Voting page of KFintech to cast your vote without any further authentication.
Click on e-Voting service provider name to cast your vote.
2. User not registered for Easi/Easiest may follow the following procedure:
i.
Option to register is available at https://web.cdslindia.com/myeasinew/
Registration/EasiRegistration
ii. Proceed to complete registration using your DP IDClient ID (BO ID), etc.
iii. After successful registration, please follow steps given under point 1 above to cast
your vote
3. Alternatively, by directly accessing the e-Voting website of CDSL
i. Visit URL: www.cdslindia.com
ii. Provide your Demat Account Number and PAN No
iii. System will authenticate user by sending OTP on registered Mobile & Email as
recorded in the Demat Account
iv. After successful authentication, you will enter the e-voting module of CDSL.
Click on the e-Voting link available against Vijaya Diagnostic Centre Ltd. or select
e-Voting service provider “KFintech” and you will be redirected to the e-Voting
page of KFintech to cast your vote without any further authentication.
46
Individual Shareholders (holding i. You can also login using the login credentials of your demat account through
shares in demat mode) login your DP registered with NSDL /CDSL for e-Voting facility.
through their demat accounts/
Website of Depository Participant. ii. Once logged-in, you will be able to see e-Voting option.
Once you click on e-Voting option, you will be redirected to NSDL / CDSL
Depository site after successful authentication, wherein you can see
e-Voting feature.
iii. Click on options available against Vijaya Diagnostic Centre Ltd. or e-Voting service
provider – KFintech and you will be redirected to e-Voting page of KFintech to cast
your vote during the remote e-Voting period without any further authentication.
Important note: Members who are unable to retrieve User ID/Password are advised to use Forgot user ID and Forgot Password
option available at respective websites.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through
Depository i.e. NSDL and CDSL:
Login Type Helpdesk details
Securities held with NSDL Please contact NSDL helpdesk by sending a request at [email protected] or call at toll free
no.: 1800 1020 990 and 1800 22 44 30
Securities held with CDSL Please contact CDSL helpdesk by sending a request at [email protected] or
contact at 022 - 23058738 or 022 -23058542-43
STEP 2: Login method for e-Voting for shareholders other change your password. The new password
than Individual shareholders holding securities in demat shall comprise of minimum 8 characters with at
mode and shareholders holding securities in physical least one upper case (A- Z), one lower case (a-z),
mode: one numeric value (0-9) and a special character
(@,#,$, etc.,). The system will prompt you to
A) Members whose email IDs are registered with the
change your password and update your contact
Company/Depository Participants (s), will receive
details like mobile number, email ID etc. on first
an email from KFintech which will include details
login. You may also enter a secret question and
of E-Voting Event Number (EVEN), USER ID and
answer of your choice to retrieve your password
password. They will have to follow the following
in case you forget it. It is strongly recommended
process:
that you do not share your password with any
i. Launch internet browser by typing the URL: other person and that you take utmost care to
https:// evoting.kfintech.com keep your password confidential.
ii. Enter the login credentials (i.e. User ID and v. You need to login again with the new credentials
password). In case of physical folio, User ID
vi. On successful login, the system will prompt
will be EVEN (E-Voting Event Number) xxxx,
you to select the “EVEN” i.e. ‘Vijaya Diagnostic
followed by folio number. In case of Demat
Centre Ltd. – AGM” and click on “Submit”
account, User ID will be your DP ID and Client
ID. However, if you are already registered with vii. On the voting page, enter the number of shares
KFintech for e-voting, you can use your existing (which represents the number of votes) as
User ID and password for casting the vote. If on the Cut-off Date under “FOR/AGAINST”
required, please visit https://evoting.kfintech. or alternatively, you may partially enter any
com or contact toll-free numbers 1800309 number in “FOR” and partially “AGAINST” but the
4001 (from 9:00 a.m. to 6:00 p.m. on all working total number in “FOR/ AGAINST” taken together
days) for assistance on your existing password shall not exceed your total shareholding as
mentioned herein above. You may also choose
iii. After entering these details appropriately, click
the option ABSTAIN. If the Member does not
on “LOGIN”
indicate either “FOR” or “AGAINST” it will be
iv. You will now reach password change Menu treated as “ABSTAIN” and the shares held will
wherein you are required to mandatorily not be counted under either head.
47
viii. Members holding multiple folios/demat by KFin. Members may access the same at https://
accounts shall choose the voting process emeetings.kfintech.com by using the e-voting login
separately for each folio/ demat account. credentials provided in the email received from the
Company/ KFintech. After logging in, click on the
ix. Voting has to be done for each item of the notice
Video Conference tab and select the EVEN of the
separately. In case you do not desire to cast
Company or the company name and click on the
your vote on any specific item, it will be treated
video symbol and accept the meeting etiquettes to
as abstained.
join the meeting. Please note that the members who
x. You may then cast your vote by selecting an do not have the User ID and Password for e-Voting
appropriate option and click on “SUBMIT”. or have forgotten the User ID and Password may
retrieve the same by following the remote e-Voting
xi. A confirmation box will be displayed. Click “OK” instructions mentioned above.
to confirm else “CANCEL” to modify. Once you
have voted on the resolution (s), you will not be ii. Facility for joining AGM though VC / OAVM shall
allowed to modify your vote. During the voting open at least 30 minutes before the commencement
period, Members can login any number of times of the Meeting.
till they have voted on the Resolution(s).
iii. Members are encouraged to join the Meeting through
xii. Corporate/Institutional Members (i.e. other than Laptops/ Desktops with Google Chrome (preferred
Individuals, HUF, NRI etc.) are also required to browser), Safari, Internet Explorer, Microsoft Edge,
send scanned certified true copy (PDF Format) Mozilla Firefox 22.
of the Board Resolution/Authority Letter etc.,
iv. Members will be required to grant access to the
authorizing its representative to attend the
webcam to enable VC / OAVM. Further, Members
AGM through VC / OAVM on its behalf and to
connecting from Mobile Devices or Tablets or
cast its vote through remote e-voting, together
through Laptop, connecting via Mobile Hotspot may
with attested specimen signature(s) of the duly
experience Audio/Video loss due to fluctuation in
authorised representative(s), to the Scrutinizer
their respective network. It is therefore recommended
at email id [email protected] with
to use Stable Wi-Fi or LAN Connection to mitigate
a copy marked to [email protected].
any kind of aforesaid glitches.
The scanned image of the above-mentioned
documents should be in the naming format v. As the AGM is being conducted through VC / OAVM,
“Corporate Name_ EVEN No.” for the smooth conduct of proceedings of the AGM,
Members are encouraged to express their views/
B) Members whose email IDs are not registered
send their queries in advance mentioning their name,
with the Company/Depository Participants(s), and
demat account number/ folio number, email id,
consequently the Annual Report, Notice of AGM and
mobile number at [email protected] Questions /
e-voting instructions cannot be serviced, will have to
queries received by the Company till 16th September,
follow the following process:
2023 shall only be considered and responded during
i. Member may send an e-mail request at the the AGM.
email id [email protected] along with Instructions for e-voting during AGM:
scanned copy of the signed request letter
providing the email address, mobile number, i. The e-Voting “Thumb sign” on the left hand corner of
self-attested PAN copy and Client Master copy the video screen shall be activated upon instructions
in case of electronic folio and copy of share of the chairman during the AGM proceedings.
certificate in case of physical folio for sending Shareholders shall click on the same to take them to
the Annual report, Notice of AGM and the the “instapoll” page.
e-voting instructions.
ii. Members need to click on the “Instapoll” icon to
ii. After receiving the e-voting instructions, please reach the resolution page and follow the instructions
follow all steps above to cast your vote by to vote on the resolutions.
electronic means.
iii. Only those shareholders, who are present in the
STEP 3: Instructions for all the shareholders, including AGM and have not casted their vote through remote
Individual, other than Individual and Physical, for e-Voting and are otherwise not barred from doing
attending the AGM of the Company through VC / OAVM so, shall be eligible to vote through e-Voting system
and e-Voting during the meeting.
available during the AGM.
i. Members will be provided with a facility to attend
the AGM through VC / OAVM platform provided
48
21. OTHER INSTRUCTIONS: 2. Example for CDSL: MYEPWD<SPACE>

XXXX 1402345612345678
i. Speaker Registration: The Members who wish to
speak during the AGM may register themselves as 3. Example for Physical: MYEPWD <SPACE>
speakers for the AGM to express their views. They XXXX1234567890
can visit https://emeetings.kfintech.com and login
through the user id and password provided in the b) If e-mail address or mobile number of the
mail received from KFintech. On successful login, member is registered against Folio No./DP ID
select ‘Speaker Registration’ for registration which Client ID, then on the home page of https://
will be opened from Saturday, 16th September, 2023, evoting.kfintech.com/, the member may click
9:00 a.m. IST to Monday, 18th September, 2023, 5:00 “Forgot Password” and enter Folio No. or DP ID
p.m. IST. Members shall be provided a ‘queue number’ Client ID and PAN to generate a password.
before the meeting. The Company reserves the right
c) Members who may require any technical
to restrict the number of questions and number of
assistance or support before or during the AGM
speakers, as appropriate for smooth conduct of the
are requested to contact KFintech at toll free
AGM.
number 1-800-309-4001 or write to them at
ii. Post your Question: The Members who wish to post [email protected].
their questions prior to the meeting can do the same 22. GENERAL INSTRUCTIONS:
by visiting https://emeetings.kfintech.com. Please
login through the user id and password provided a) The Company has appointed Mr. Balaramakrishna
in the email received from KFintech. On successful Desina, Practising Company Secretary, Hyderabad
login, select ‘Post Your Question’ option which will be (FCS No. 8168, CP. No. 22414) to act as Scrutinizer to
opened from Saturday, 16th September, 2023, 9:00 scrutinize the remote e-Voting process and voting
a.m. IST to Monday, 18th September, 2023, 5:00 p.m. during the AGM in a fair and transparent manner. The
IST. Scrutinizer will submit their report to the Chairman
after the completion of scrutiny, and the result of
iii. In case of any query and/or grievance, in respect of the voting will be announced by the Chairman or
voting by electronic means, Members may refer to any Director of the Company duly authorized, on
the Help & Frequently Asked Questions (FAQs) and or before 22nd September, 2023 and will also be
E-voting user manual available at the download displayed on the website of the Company (www.
section of https://evoting.kfintech.com (KFintech vijayadiagnostic.com), besides being communicated
Website) or contact Mr. Raghunath Veedha on (040) to the Stock Exchanges, Depositories and Registrar
67161606 or call KFintech’s toll free No. 1-800-309- and Share Transfer Agent.
4001 for any further clarifications.
b) All communications relating to equity shares / AGM
iv. The Members whose names appear in the Register are to be addressed to the Company’s RTA at KFin
of Members/list of Beneficial Owners as on Technologies Limited, Selenium Tower-B, Plot No. 31
13th September, 2023, being the cut-off date, are & 32, Financial District, Gachibowli, Nanakramguda,
entitled to vote on the Resolutions set forth in this Serilingampally, Hyderabad-500032, Telangana
Notice. A person who is not a Member, as on the State, India, Toll free Number 1800 309 4001, e-Mail id:
cut-off date should treat this Notice for information [email protected], website: www.kfintech.com
purposes only. Once the Member casts the vote on
a resolution, the Member shall not be allowed to c) As an ongoing endeavor to enhance Investor
change it subsequently. experience and leverage new technology, our KFin
have been continuously developing new applications.
In case a person has become a Member of the Here is a list of applications that has been developed
Company after dispatch of AGM Notice but on or for our investors.
before the cutoff date for E-voting, he/she may
obtain the User ID and Password in the manner as Investor Support Centre: A webpage accessible
mentioned below: via any browser enabled system. Investors can use
a host of services like Post a Query, raise a service
a) If the mobile number of the member is registered request, Track the status of their DEMAT and REMAT
against Folio No./ DP ID Client ID, the member request, Dividend status, Interest and Redemption
may send SMS: MYEPWD <space> E-Voting status, Upload exemption forms (TDS), Download all
Event Number + Folio No. or DP ID Client ID to ISR and other related forms.
9212993399
URL:https://ris.kfintech.com/clientservices/isc/
1. Example for NSDL: MYEPWD <SPACE> default.aspx
XXXX IN12345612345678
49
eSign Facility: Common and simplified norms for to ensure that shareholders have the requisite
processing investor’s service requests by RTAs information regarding their folios.
and norms for furnishing PAN, KYC details and
Nomination requires that eSign option be provided URL:https://ris.kfintech.com/clientservices/isc/
to Investors for raising service requests. KFIN is the kycqry.aspx
only RTA which has enabled the option and can be
KPRISM: A mobile application as well as a webpage
accessed via the link below.
which allows users to access Folio details, Interest
URL:https://ris.kfintech.com/clientservices/isr/isr1. and Dividend status, FAQs, ISR Forms and full suite
aspx?mode=f3Y5zP9DDNI%3d of other investor services.
KYC Status: Shareholders can access the KYC URL: https://kprism.kfintech.com/signin.aspx

status of their folio. The webpage has been created
50
EXPLANATORY STATEMENT
PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013 AND ADDITIONAL INFORMATION AS REQUIRED UNDER THE
SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS,
2015 AND CIRCULARS ISSUED THEREUNDER
The following Explanatory Statement sets out all material facts M/s. B S R and Co, have confirmed that they have subjected
relating to Item No’s. 5 to 9 mentioned in the accompanying themselves to the peer review process of the Institute of
Notice and should be taken as forming part of the Notice. Chartered Accountants of India (ICAI) and hold a valid certificate
issued by the Peer Review Board of the ICAI.
Item No. 5: The proposed remuneration to be paid to Auditors for the

financial year 2023-24 is in the range of H 50 – 55 lakhs towards
This explanatory statement is provided in terms of Regulation
the statutory audit and H 6 – 7 lakhs per quarter towards limited
36(5) of the Listing Regulations, however, the same is strictly
review engagements plus reimbursements of out of pocket
not required as per Section 102 of the Companies Act, 2013.
expenses. The remuneration for the subsequent years(s) of their
In accordance with the provisions of Section 139 of the term shall be fixed by the Board of Directors of the Company
Companies Act, 2013 read with the Companies (Audit and based on the recommendation of the Audit Committee.
Auditors) Rules, 2014, the Shareholders of the Company at their
None of the Directors and/or Key Managerial Personnel’s of
16th Annual General Meeting (‘AGM’) held on September 27, 2018,
the Company and their relatives are concerned or interested,
had appointed BSR & Associates LLP, Chartered Accountants
financially or otherwise, in the resolution set out at item no. 5
(Firm Registration No. 116231W/W-100024), as the Statutory
of this AGM Notice.
Auditors of the Company for a term of five (5) years i.e. to hold
office from the conclusion of 16th AGM to the conclusion of 21st The Board, on the recommendations of the Audit Committee,
AGM of the Company. recommends the resolution set forth in Item No. 5 for the
approval of members by way of an Ordinary Resolution.
BSR & Associates LLP, Chartered Accountants, would be
completing their term of five (5) years as the Statutory Auditors This explanatory statement may be regarded as a disclosure
at the conclusion of this AGM and as per applicable provisions under the SEBI (Listing Obligations and Disclosure
of the Companies Act, 2013 are eligible for re-appointment for a Requirements) Regulations, 2015.
further term of five (5) years.
In view of the above, the Board of Directors of the Company Item No. 6:
at their meeting held on May 29, 2023, pursuant to the
recommendation of Audit Committee, have approved the re- As per the provisions of Section 148 of the Act and relevant
appointment of M/s. B S R and Co, Chartered Accountants (Firm Rules made thereunder, Company is required to get the
Registration No. 128510W) as Statutory Auditors for a term of cost accounting records audited by a Cost & Management
five (5) years, until the conclusion of 26th AGM to be held in the Accountant. Accordingly the Board of Directors of the Company,
calendar year 2028. on recommendation of the Audit Committee, has approved the
appointment of the Cost Auditors namely M/s. Santhosh &
B S R and Co (‘the firm’) was constituted on 01st September 2007 Associates, (Firm Registration No.003955), Cost Accountants,
as a partnership firm having firm registration no. as 128510W. to conduct the audit of the cost records of the Company for the
The registered office of the firm is at 14th Floor, Central B Wing financial year ending March 31, 2024, at a remuneration of H
and North C Wing, Nesco IT Park 4, Nesco Centre, Western 30,000/- (Rupees Thirty Thousand only) plus applicable taxes
Express Highway, Goregaon (East), Mumbai- 400063. B S and out-of-pocket expenses incurred in connection with the
R and Co is a member entity of B S R & Affiliates, a network Cost Audit.
registered with the Institute of Chartered Accountants of India.
B S R and Co is registered in Mumbai, Gurgaon, Bangalore and Pursuant to Rule 14 of the Companies (Audit and Accounts)
Hyderabad. rules, 2014, the members of the Company have to ratify the
remuneration payable to Cost Auditor, as approved by the Board
In accordance with the provisions of Section 139, 141 and other of Directors. Accordingly the member’s approval, to ratify the
applicable provisions, if any of the Companies Act, 2013 read with remuneration as approved or fixed by the Board for FY 2023-24,
the Companies (Audit and Auditors) Rules, 2014 and the SEBI is sought at item no. 6 of the accompanying notice.
(Listing Obligations and Disclosure Requirements) Regulations,
2015, M/s. B S R and Co, Chartered Accountants, have provided None of the Directors and/or Key Managerial Personnel’s of
their consent and eligibility certificate to that effect that, their the Company and their relatives are concerned or interested,
re-appointment, if made, would be in compliance with the financially or otherwise, in the resolution set out at item no. 6
applicable laws. of this AGM Notice.
51
The Board recommends the Ordinary Resolutions as set out at As per Section 161 of the Act, Ms. Sura Suprita Reddy would
item no. 6 of the Notice for approval of the Members. hold office up to the conclusion of this annual general meeting.
As per the provisions of Regulation 17(1C) of SEBI (LODR)
Regulations, 2015, as amended, a listed entity should obtain
Item No. 7 & 8:
the approval of shareholders for appointment of a person on
On the recommendation of Board of Directors, the members of the Board of Directors within three months from the date of
the Company at their Extra-Ordinary General Meeting held on appointment.
October 01, 2014 had approved the following limits by way of
Accordingly, the Nomination & Remuneration Committee, at
special resolutions:
their meeting held on May 29, 2023, considered the matter and
Borrowing powers of the Company and creation of security in recommended the Board to seek the approval of Shareholders
favor of the lenders respectively, over and above the aggregate at this Annual General Meeting for appointment of Ms. Sura
of paid up share capital, free reserves (that is to say, reserve Suprita Reddy as Managing Director & Chief Executive Officer
not set apart for any specific purpose) and securities premium effective from July 01, 2023 in accordance with the provisions
of the Company in terms of Section 180(1)( ) and 180(1)(a) of the of Articles of Association, Nomination and Remuneration Policy
Act, provided that the total amount of such borrowings/charge of the Company and the Act.
& mortgage together with the amounts already borrowed/
The Board of Directors at their meeting held on May 29,
charge & mortgage created and outstanding at any point of time
2023, accepted the recommendation of the Nomination &
shall not be in excess of H 200 Crores (Rupees Two Hundred
Remuneration Committee and passed resolutions appointing
Crores Only).
Ms. Sura Suprita Reddy (DIN: 00263618) as Additional Director
Taking into consideration the growth in the business operations, in the category of Managing Director & Chief Executive Officer
foreseeable future plans and the existing credit facilities for a period of five years from July 01, 2023 subject to the
availed by the Company if any, it would be in the interest of the shareholders’ approval.
Company to enhance the borrowing limits for the Board and
Ms. Sura Suprita Reddy is related to Dr. Sura Surendranath
authorise the Board of Directors to borrow monies and creation
Reddy, Mrs. Sura Geeta Reddy and Mr. Sunil Chandra
of security in favor of the lenders in terms of Section 180(1)( )
Kondapally, directors of the company.
and 180(1)(a), such that the total amount up to which the money
may be borrowed and creation of security/mortgage on assets The Company has received notice in writing pursuant to Section
as above by the Board and outstanding at any point of time 160 of the Companies Act, 2013, from a member proposing the
shall not exceed the aggregate of the paid-up share capital, appointment of Ms. Sura Suprita Reddy for the office of Director
free reserves and securities premium account as per the latest of the company. She is not disqualified from being appointed
audited financial statements of the Company. as Director in terms of Section 164 of the Act. Ms. Sura Suprita
Reddy satisfies all the conditions set out in Part-I of Schedule V
The approval sought before the members for the aforesaid
of the Act as also conditions set out under Section 196(3) of the
limits to authorise the Board of Directors to exercise the powers
Act for being eligible for her appointment.
as per Section 180(1)(a) and 180(1)( ) of the Act shall also ensure
that the debt equity ratio is always maintained and it does not Brief resume of Ms. Sura Suprita Reddy, nature of her expertise
cross 1:1. In this way, the company will always maintain the in specific functional areas, names of companies in which she
optimum balance of debt and equity and be well within the holds directorships and memberships / chairmanships of Board
acceptable industry standards. Committees and shareholding etc. as stipulated under the
Listing Regulations and incremental details as per Secretarial
None of the Directors and/or Key Managerial Personnel’s of
Standards-2, are given in Annexure to the notice.
the Company and their relatives are concerned or interested,
financially or otherwise, in the resolutions set out at item no. 7 Pursuant to provisions of sections 152, 160, 162 and all other
& 8 of this AGM Notice. applicable provisions of the Companies Act, 2013, the resolution
No. 9 is now being placed before the members in the 21st AGM
The Board recommends the Special Resolutions as set out at
for their approval by way of a Special Resolution.
item no. 7 & 8 of the Notice for approval of the Members.
Except, Ms. Sura Suprita Reddy, being the appointee, Dr.
Item No. 9: Sura Surendranath Reddy, Executive Chairman, Mrs. Sura
Geeta Reddy, Non-Executive Director and Mr. Sunil Chandra
The Board of Directors, on the recommendation of the Kondapally, Executive Director, none of the other directors, Key
Nomination & Remuneration Committee, had approved the Managerial Personnel’s of the Company or their relatives, are
appointment of Ms. Sura Suprita Reddy (DIN: 00263618) as an concerned or interested, financially or otherwise, in the passing
Additional Director in the category of Managing Director & Chief of the Resolutions set out at Item No. 9 of the Notice.
Executive Officer effective from July 01, 2023.
The Board recommends the Special Resolutions as set out at
item no. 9 of the Notice for approval of the Members.
52
STATEMENT OF INFORMATION PURSUANT TO SCHEDULE V, PART- II OF

THE COMPANIES ACT, 2013
I. General information:
1. Nature of Industry: Healthcare Service Provider
2. Date of commencement of commercial production: The Company was incorporated on June 05, 2002 and started its business
operations in the same year.
3. In case of new companies, expected date of commencement of activities as per project approved by financial institutions
appearing in the prospectus: Not Applicable
4. Financial performance based on given indicators:
Financial Performance 2022-23 2021-22 2020-21
Turnover (H in lakhs) 44,957.93 45,087.93 36,731.59

Net Profit/loss as per profit and loss 8,323.39 10,810.47 8,282.15
account (H in lakhs)
Amount of dividend paid (excluding TDS/ 911.06 Nil Nil
dividend tax) (H in lakhs)
Rate of Dividend Declared 100% Nil Nil
5. Foreign investments or collaborations, if any: For details in relation to foreign investment in the Company, refer to the
shareholding pattern of the Company available on the website of the Company & that of the Stock Exchanges on which the
Shares of the Company are listed.
II. Information about the appointee: from Osmania University, she was able to use her skills
to help the company grow. Because of her, in less than
1. Background details: 2 decades, the company was able to earn revenue of
over INR 4500 million from INR 70 million. Her business
Ms. Sura Suprita Reddy is the CEO of our Company.
acumen and deep understanding of the industry has
She has been associated with our Company since its
helped the company remain competitive and offer the
incorporation. Since then, she has been heading the overall
latest technology in diagnostics at an affordable price.
strategy, clinical excellence, operations, and expansion of
the company. Ms. Reddy also believes in helping the needy and spares
adequate time in her busy schedule for the welfare of
2. Past Remuneration: H 2.75 crores per annum received as
the society. Her contribution towards education and
the CEO of the company.
healthcare in rural area were remarkable.
3. Recognition or Awards: She has been awarded the
5. Remuneration proposed: As stated in the resolution at
‘Women Leadership Award in Healthcare’ by ABP in 2019.
item no. 9. There is no change in the remuneration being
4. Job profile and his suitability: Ms. Sura Suprita Reddy proposed as the MD & CEO of the company.
is the Chief Executive Officer of Vijaya Diagnostic Centre
6. Comparative remuneration profile with respect to
Limited. She has been associated with the Company since
industry, size of the company, profile of the position and
inception. Since then, she has been heading the overall
person (in case of expatriates the relevant details would
strategy, clinical excellence, operations, and expansion of
be with respect to the country of his origin): Taking into
the company in its home markets and beyond. With return
consideration of the size of the Company, the profile of Ms.
metrics and best in class profitability, Ms. Reddy has been
Sura Suprita Reddy and the responsibilities shouldered on
driving its growth giving the centre the lead in the market.
her, the aforesaid remuneration package is commensurate
Ms. Reddy is known for her entrepreneurial skills and with the remuneration package paid to managerial position
conscientiousness. She took a keen interest in the in other companies.
business at a very early age. After studying commerce
53
7. Pecuniary relationship directly or indirectly with the 3. Expected increase in productivity and profits in
company, or relation with the managerial personnel, measurable terms: It is difficult to forecast the productivity
if any: Ms. Sura Suprita Reddy, is holding 91,76,933 and profitability in measurable terms. However, the
equity shares of the Company and is a part of Promoter & Company expects that productivity and profitability
Promoter Group of the company. Ms. Sura Suprita Reddy may improve and would be comparable with the
is the daughter of Dr. Sura Surendranath Reddy, Executive industry average.
Chairman and Ms. Sura Geeta Reddy, Director, of the
company. Further, Ms. Sura Suprita Reddy is also the
IV. Disclosures:
sister of Mr. Sunil Chandra Kondapally, Executive Director,
of the company. All elements of remuneration package of the Directors
have been given in the Report on Corporate Governance
Except as stated above, Ms. Sura Suprita Reddy, does
under the head Remuneration paid to Directors for the
not have any other pecuniary relationship directly or
Financial Year 2022-2023.
indirectly with the company, directors or relation with the
managerial personnel.
III. Other Information: By order of the Board

1. Reasons of loss or inadequate profits: Not applicable
2. Steps taken or proposed to be taken for improvement: Hansraj Singh

Not applicable Place: Hyderabad Company Secretary & Compliance Officer
Date: May 29, 2023 M. No. F11438
54
ANNEXURE TO NOTICE
The details of the Director seeking re-appointment at the ensuing AGM as required under Secretarial Standard on General Meetings
issued by The Institute of Company Secretaries of India (‘Secretarial Standard’) is provided hereunder:
Name of Director Mrs. Sura Geeta Reddy Ms. Sura Suprita Reddy
Director Identification Number 01073233 00263618

Date of Birth & Age (As on March 31, January 24, 1959 November 17, 1981
2023) 64 years 41 Years
Date of first Appointment 21-11-2019 01-07-2023
Qualification She holds a bachelor’s degree in law She holds a bachelor’s degree in
from Osmania University. commerce from Osmania University.
Category/Designation Non-Executive Director Managing Director & Chief Executive
Officer
Terms & Conditions of Re-Appointment Being re-appointed as a Director liable Not liable to retire by rotation and other
along with Remuneration sought to be to retire by rotation and all other terms terms and conditions as covered in the
paid of her appointment as Non-Executive above resolution.
Director shall remain same.
Remuneration paid for FY 2022-23 Nil H 2,75,00,000/- per annum (In the
capacity of CEO of the company)
Relationship with other Directors, Mrs. S. Geeta Reddy is related to Dr. Ms. Sura Suprita Reddy is related to Dr.
Manager and other Key Managerial Surendranath Reddy , Mr. Sunil Chandra Sura Surendranath Reddy, Mrs. Sura
Personnel of the Company. Kondapally and Ms. Sura Suprita Reddy Geeta Reddy and Mr. Sunil Chandra
Kondapally
Brief Resume and expertise in She holds a bachelor’s degree in law Ms. Sura Suprita Reddy has been
specific functional area from Osmania University. She is enrolled associated with the Company since
as an Advocate with the Andhra Pradesh its inception. Since then, she has been
High Court in 1986. She is on the board heading the overall strategy, clinical
of directors of various companies such excellence, operations, and expansion
as, Namrata Diagnostic Centre Private of the company in its home markets and
Limited, Vijaya Hospitals Private Limited beyond. With return metrics and best in
and Doctors lab Medical Services Private class profitability, Ms. Reddy has been
Limited. driving its growth giving the centre the
lead in the market.
Ms. Reddy is known for her entrepreneurial
skills and conscientiousness. She took
a keen interest in the business at a very
early age. After studying commerce from
Osmania University, she was able to use
her skills to help the company grow.
Because of her, in less than 2 decades,
the company was able to earn revenue
of over INR 4500 million from INR 70
million. Her business acumen and deep
understanding of the business has helped
the company remain competitive and
offer the latest technology in diagnostics
at an affordable price.
Ms. Reddy also believes in helping the
needy and spares adequate time in
her busy schedule for the welfare of
the society. Her contribution towards
education and healthcare in rural area
were remarkable.
She has been awarded the ‘Women
Leadership Award in Healthcare’ by ABP
in 2019.
55
Name of Director Mrs. Sura Geeta Reddy Ms. Sura Suprita Reddy
Directorships held in other Companies She holds Directorship in three (3) private She holds Directorship in two (2) private
as on March 31, 2023 limited companies i.e. Namrata Diagnostic limited companies i.e. Kshetra Agritech
Centre Private Limited, Doctorslab Private Limited & Vijaya Hospitals Private
Medical Services Private Limited & Vijaya Limited
Hospitals Private Limited
Chairman / Member of the Committee of Nomination & Remuneration Committee Risk Management Committee - Member
the Board of Directors of the Company - Member
Corporate Social Responsibility
Committee - Member
No. of Board Meetings attended during She has attended Five (5) Board Meetings She has attended Three (3) Board
the financial year during the financial year 2022-23. Meetings during the financial year 2022-
23.
Chairman/Member of the Committee Nil Nil

of the Board of Directors in other
Companies as on March 31, 2023
No. of Equity Shares of Re.1/- held in the 40,58,638 Equity Shares of Re.1/- each. 91,76,933 Equity Shares of Re.1/- each.
Company as on 31.03.2023
Names of Listed Entities from which the Nil Nil

director has resigned during last three
years
56
BOARD’S REPORT
Dear Shareholders,
Your Directors have pleasure in presenting the Twenty First (21st) Annual Report on the business and operations of Vijaya Diagnostic
Centre Limited (‘the Company’ or ‘VDCL’) and the Audited Financial Statements for the financial year ended March 31, 2023.
FINANCIAL SUMMARY
The financial performance of the Company for the year ended March 31, 2023, is summarized below:
(H in Lakhs)
Standalone Consolidated
Particulars
2022-23 2021-22 2022-23 2021-22
Revenue from Operations 44,957.93 45,087.93 45,922.27 46,236.99

Earnings Before Depreciation, Interest, Tax and 17,897.01 19,985.58 18,202.73 20,369.01
Exceptional Items
Finance Cost 2,087.61 1,625.56 2,094.79 1,645.03
Depreciation 6,139.43 5,213.65 6,172.01 5,268.61
Profit before Tax 11,127.30 14,438.08 11,351.00 14,738.43
Provision for Tax 2,803.91 3,627.61 2,830.30 3,671.67
Profit after Tax 8,323.39 10,810.47 8,520.70 11,066.76
Other Comprehensive Income 19.39 19.10 20.16 20.66
Total Comprehensive Income for the Period 8,342.78 10,829.57 8,540.86 11,087.42
Basic EPS 8.16 10.60 8.29 10.76
Diluted EPS 8.12 10.54 8.26 10.69
FINANCIAL PERFORMANCE H 8,520.70 Lakhs as against H 11,066.76 Lakhs in the previous

year. The diluted earnings per share stood at H 8.26 compared
The standalone and consolidated financial statements of the to H 10.69 in previous year.
Company for the financial year ended March 31, 2023, have been
prepared in accordance with the applicable Indian Accounting
Standards (Ind-AS) and the provisions of Companies Act, 2013. CONSOLIDATED FINANCIAL STATEMENTS
Standalone Performance The Standalone and Consolidated Financial Statements of

the Company for Financial year 2022-23 are prepared in
During the year under review, your Company generated revenue accordance with the applicable provisions of Companies Act
of H 44,957.93 Lakhs as compared to H 45,087.93 Lakhs in the 2013 (“Companies Act”), Indian Accounting Standards (“Ind-AS”)
previous year registering a decline of 0.29%. EBITDA for the year and SEBI (Listing Obligations and Disclosure Requirements)
declined by 10.45% to H17,897.01 lakhs against H 19,985.58 lakhs Regulations, 2015 (“SEBI Listing Regulations”). The consolidated
in the previous year. The Profit before the Tax for the year is at financial statements have been prepared based on the audited
H 11,127.30 lakhs as against H 14,438.08 Lakhs in the previous financial statements of the Company and its subsidiaries as
year. The Net Profit after tax is H 8,323.39 Lakhs as against approved by their respective Board of Directors.
H 10,810.47 Lakhs in the previous year. The diluted earnings per
share stood at H 8.12 compared to H 10.54 in previous year.
DIVIDEND
Consolidated Performance
The Board of Directors of your Company has recommended
During the year under review, your Company generated final dividend for the Financial Year 2022-23 @100%, i.e. Re.1/-
consolidated revenue of H45,922.27 Lakhs as compared to per equity share of face value of Re. 1/- each, as final dividend for
H 46,236.99 Lakhs in the previous year registering a decline of the Financial Year 2022-23, for approval by the shareholders at
0.68%. EBITDA for the year declined by 10.64% to H 18,202.73 the ensuing Annual General Meeting (“AGM”) of the Company.
lakhs against H 20,369.01 lakhs in the previous year. The
Profit before Tax for the year is at H 11,351.00 lakhs as against As per Regulation 43A of the Securities and Exchange Board
H 14,738.43 Lakhs in the previous year. The Net Profit after tax is of India (Listing Obligations and Disclosure Requirements)
57
Regulations, 2015 (‘SEBI Listing Regulations’), the Company has There was no material change in the nature of the business
adopted a Dividend Distribution Policy which is available on the carried on by the subsidiaries during the year under review.
website of the Company at https://images.vijayadiagnostic.com/
investor/corporategovernance/DIVIDEND-DISTRIBUTION- As per the provisions of Section 129 of the Companies Act, 2013
POLICY.pdf read with the Companies (Accounts) Rules, 2014, a separate
statement containing the salient features of the financial
The dividend declared by the Company for the financial year statements of the Subsidiary Companies is prepared in Form
ended March 31, 2023 is in compliance with the Dividend AOC-1 and is annexed herewith as Annexure – I.
Distribution Policy of the Company.
Your Company does not have any Associate Company or Joint
Venture as on March 31, 2023. None of the Companies have
TRANSFER TO GENERAL RESERVES become or ceased to become subsidiary, associate and joint
ventures during the year under review.
During the year under review, H 75.52 Lakhs have been
transferred to the General Reserves of the Company. The Company has placed separately, the audited accounts of
its subsidiaries on its website at https://www.vijayadiagnostic.
SUBSIDIARY COMPANIES com/investors/financials-subsidiaries in compliance with the
provisions of Section 136 of the Companies Act, 2013. Audited
Your Company has the following five (5) subsidiaries (including financial statements of the Company’s subsidiaries will be
step down subsidiaries) as on March 31, 2023. provided to the Members, on request.
1. Medinova Diagnostic Services Limited The Company has formulated a policy for determining material
2. Doctorslab Medical Services Private Limited subsidiaries. The said policy is also available on the website of
the Company at https://images.vijayadiagnostic.com/investor/
3. Namrata Diagnostic Centre Private Limited
corporategovernance/MATERIAL-SUBSIDIARY-POLICY.pdf
4. VDC Diagnostics (Karnataka) LLP
5. Medinova Millennium MRI Services, LLP
CHANGES IN SHARE CAPITAL OF THE COMPANY

Your Company’s Equity Share Capital position as at the beginning of the Financial Year 2022-23 (i.e., as on April 1, 2022) and as at the
end of the said Financial Year (i.e., as on March 31, 2023) was as follows:
Authorised Share Capital Issued, Subscribed & Paid-up Share Capital

Category of Share Face Face
Capital No. of Shares Value Per Total Amount (H) No. of Shares Value Per Total Amount (H)
Share (H) Share (H)
As on April 1, 2022:
Equity Share 12,05,00,000 1/- 12,05,00,000/- 10,19,65,926 1/- 10,19,65,926/-
Total 12,05,00,000 12,05,00,000/- 10,19,65,926 10,19,65,926/-
Changes during the year under review:
*Allotment of equity shares under Employee Stock Option plan 2018 (ESOP 2018):
June 06, 2022 64,832 1/- 64,832/-
July 25, 2022 13,989 1/- 13,989/-
September 17, 2022 19,049 1/- 19,049/-
November 07, 2022 5,466 1/- 5,466/-
February 13, 2023 1,913 1/- 1,913/-
Total no. of equity shares allotted under ESOP 2018 1,05,249 1,05,249/-
As on March 31, 2023:
Equity Share 12,05,00,000 1/- 12,05,00,000/- 10,20,71,175 1/- 10,20,71,175/-
Total 12,05,00,000 12,05,00,000/- 10,20,71,175 10,20,71,175/-
*During the Financial Year 2022-23, your Company has allotted 1,05,249 (One Lakh Five Thousand Two Hundred and Forty Nine only) Equity Shares of Face Value of
Re.1/- (Rupees One only) each under the VDCL Employees Stock Option Plan, 2018 (“ESOP 2018”), pursuant to exercise of options by Eligible Employees under ESOP 2018.
58
The aforementioned 1,05,249 (One Lakh Five Thousand Two Directors on the Board of the Company have been debarred or
Hundred and Forty Nine only) Equity Shares rank pari passu disqualified from being appointed or continuing as Directors of
with the existing Equity Shares of the Company and have the Company, by SEBI, MCA or any such statutory authorities, is
been listed for trading on the National Stock Exchange of India annexed to the Corporate Governance report which is forming
Limited (NSE) and BSE Limited (BSE). part of the Annual Report.
Apart from the above, your company has not issued equity Apart from the above, there have been no changes in the
shares with differential rights as to dividend, voting or otherwise. Directors.
KEY MANAGERIAL PERSONNEL

DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under review, Ms. Anusha Kanumuru had
DIRECTORS resigned as Company Secretary & Compliance Officer of the
Company effective from December 03, 2022 and Mr. Hansraj
As on March 31, 2023, our Board consists of two (2) Executive
Singh was appointed as Compliance Officer the Company from
Directors, one (1) Non Executive Non Independent Director and
December 22, 2022 by way of circular resolution of the Board
four (4) Independent Directors. The constitution of the Board of
and appointed as Company Secretary of the Company with
the Company is in accordance with Section 149 of the Companies
effect from February 13, 2023 by the approval of the Board of
Act 2013 and Regulation 17 of the SEBI Listing Regulations.
Directors at their meeting.
Further the Board of Directors of the Company has based on
In accordance with the provisions of Sections 2(51), 203 of
the recommendation of the Nomination and Remuneration
the Companies Act, 2013 read with Companies (Appointment
Committee approved the appointment of Ms. Sura Suprita
and Remuneration of Managerial Personnel) Rules, 2014, the
Reddy (DIN: 00263618) as Managing Director & Chief Executive
following were the Key Managerial Personnel of the Company
Officer (“MD & CEO”), not liable to retire by rotation, for a term of
as on March 31, 2023:
five (5) years i.e. from July 01, 2023 to June 30, 2028, which is
subject to the approval of the shareholders at the ensuing AGM.
1. Dr. Sura Surendranath Reddy - Executive Chairman
In the opinion of the Board, all the Independent Directors of 2. Mr. Sunil Chandra Kondapally - Executive Director
the Company possesses requisite expertise, integrity and 3. Ms. Sura Suprita Reddy - Chief Executive Officer
experience including proficiency. Further all the Independent
4. Mr. Narasimha Raju KA - Chief Financial Officer
Directors have confirmed that their respective names have been
5. Mr. Hansraj Singh - Company Secretary & Compliance Officer
included in the Independent Director’s Database as required
under Section 150 of the Companies Act, 2013.
DECLARATION BY INDEPENDENT DIRECTORS
In accordance with the provisions of Section 152 and other
applicable provisions, if any, of the Companies Act, 2013 and the The Company has received declarations from all its Independent
Articles of Association of the Company, Mrs. Sura Geeta Reddy, Directors, confirming that they meet the criteria of independence
will retire by rotation at the ensuing AGM and being eligible as prescribed under Section 149(6) of the Act along with Rules
offered herself for re-appointment. The Board recommends the framed thereunder and Regulation 16(1)(b) of the SEBI Listing
same to the shareholders for their approval. Regulations. In terms of Regulation 25(8) of the SEBI Listing
Regulations, the Independent Directors have also confirmed
In compliance with Regulation 36(3) of the SEBI Listing
that they are not aware of any circumstance or situation, which
Regulations and the applicable provision of the Companies
exist or may be reasonably anticipated, that could impair or
Act, 2013, brief resume and other details of all the directors
impact their ability to discharge their duties. In the opinion
proposed to be appointed / re-appointed are attached along
of the Board, Independent directors fulfill the conditions as
with the Notice of the ensuing Annual General Meeting.
specified in Companies Act and SEBI Listing Regulations and
During the year under review, the non-executive directors of the are independent from the management.
Company had no pecuniary relationship or transactions with the
Company, other than the commission, and reimbursement of FAMILIARIZATION PROGRAMME
expenses, if any, incurred by them for the purpose of attending
meetings of the Board / Committee of the Company. The Company has put in place a system to familiarize its
Independent Directors. During the year under review the
On the basis of the written representations received from the Independent Directors were familiarized with the Company, its
directors, none of the above directors are disqualified under business and the senior management.
Section 164 (2) of the Companies Act, 2013, and are also not
debarred by SEBI or any other statutory authority for holding Periodic presentations were made at the Board meetings
office of a Director. As required by Listing Regulations, a apprising the Board Members about the finer aspects of the
certificate from Company Secretary in practice, that none of the Company’s businesses, the challenges posed and an overview
of future business plans, including:
59
· Macro-economic view of the industry in which the The details of all the Committees along with their charters,
Company operates. composition and meetings held during the year, are provided
in the “Report on Corporate Governance”, which forms part
· Budgets, operations and performance of the business of this Annual Report. During the year under review, all the
and relevant regulatory/legal updates in the statutes recommendations of the Audit committee were accepted by
applicable to the Company. the Board.
· Business model of the Company, risks and

opportunities for the businesses and the growth STATUTORY AUDITORS
levels for them; and
The shareholders at their 16th Annual General Meeting (AGM),
approved the appointment of B S R & Associates LLP, (Firm
· Strategic future outlook and the way forward.
Registration No.116231W/W-100024) as the Statutory Auditors
of the Company, for a term of five (5) years to hold the office
MEETINGS OF BOARD OF DIRECTORS from the conclusion of the 16th AGM until the conclusion of the
21st AGM of the Company on such remuneration as may be
The Meetings of the Board of Directors are prescheduled
determined by the Board of Directors.
and intimated to all the Directors in advance, in order to help
them plan their schedule. However, in case of special and M/s. B S R and Co, Chartered Accountants (ICAI Firm No.
urgent business needs, approval is taken either by convening 128510W), a networking firm of B S R & Associates LLP, based
meetings at a shorter notice with consent of all the Directors on the recommendation of the Audit Committee and the Board
or by passing a Resolution through Circulation, as permitted of Directors at their meetings held on May 29, 2023, will be
by law. Video conferencing facilities are provided to enable re-appointed as the Statutory Auditors by the Company in the
active participation by Directors who are unable to attend the ensuing 21st AGM to be held for the Financial Year 2022-23 for a
meetings in person. period of five (5) years, as per the provisions of the Companies
Act, 2013. They have indicated their willingness to continue
There were five (5) Meetings of the Board of Directors held
as the Statutory Auditors of the Company for the next term,
during the Financial Year 2022-23. The details of Board Meetings
and hence their reappointment is being recommended to the
and the attendance of the Directors thereat are provided in the
Members of the Company, for a further period of five (5) years,
Corporate Governance Report, which forms a part of the Annual
from the conclusion of 21st AGM until the conclusion of 26th AGM
Report. The provisions of Act and the SEBI Listing Regulations
of the Company to be held in the Calendar year 2028 on such
were adhered to, while considering the time gap between any
remuneration as may be agreed by the Board, in addition to the
two meetings.
applicable taxes, reimbursement of out-of-pocket expenses as
may be incurred in connection with the audit of the accounts of
COMMITTEES OF THE BOARD the Company.
The Board Committees are set up by the Board and are The Notes on financial statements referred to in the Auditor’s
governed by its terms of reference which exhibit the scope, Report are self-explanatory and do not call for any further
composition, tenure, functioning and reporting parameters. comments. The Auditor’s Report does not contain any
The Board Committees play a crucial role in the governance qualification, reservation, adverse remark, or disclaimer.
structure of the Company and they deal with specific areas
No fraud has been reported by the Auditors under Section
of concern for the Company that needs a closer review. The
143(12) of the Companies Act, 2013 requiring disclosure in the
Committees operate under the direct supervision of the Board
Board’s Report.
and Chairpersons of the respective Committees report to the
Board about the deliberations and decisions taken by the
Committees. The recommendations of the Committees are COST RECORDS AND COST AUDITORS
submitted to the Board for approval.
M/s. Santhosh & Associates, Cost Accountants, Hyderabad
The Board of Directors of your Company has formed various (Firm Registration No.: 003955) was appointed by the Board
Committees, as per the provisions of the Companies Act, 2013 of Directors at its Meeting held on May 26, 2022, as the “Cost
and SEBI Listing Regulations. The various committees of the Auditors” of the Company for the Financial Year 2022-23,
Board are as provided hereunder: for all the applicable products, pursuant to the provisions of
Section 148 of the Companies Act, 2013 and the Companies
1. Audit Committee
(Cost Records and Audit) Rules, 2014. The Shareholders of the
2. Stakeholders Relationship Committee Company, at their 20th AGM held on September 28, 2022, had
3. Nomination and Remuneration Committee ratified the remuneration payable to the Cost Auditors in terms
4. Corporate Social Responsibility Committee of Rule 14 of the Companies (Audit & Auditors) Rules, 2014.
5. Risk Management Committee
60
The Company has prepared and maintained cost accounts and INTERNAL FINANCIAL CONTROLS AND THEIR
records for the Financial Year 2022-23, as per sub-section (1) ADEQUACY
of Section 148 of the Companies Act, 2013 and the Companies
(Cost Records and Audit) Rules, 2014. Your Company has in place an adequate internal financial
controls commensurate with the size, scale and complexity of
The Cost Auditor has submitted the Cost Audit Report for the its operations. The Company has policies and procedures in
financial year 2022-2023 to the Board of Directors and the place for ensuring proper and efficient conduct of its business,
Board of Directors considered and examined the said report. The safeguarding of its assets, the prevention and detection of frauds
Cost audit report does not contain any qualification, reservation,
the accuracy and completeness of the accounting records and
adverse remark, or disclaimer.
the timely preparation of reliable financial information.
M/s. Santhosh & Associates, Cost Accountants, Hyderabad has
The internal control is supplemented by an extensive
been re-appointed by the Board of Directors, at its Meeting held
programme of internal, external audits and periodic review by
on May 29, 2023, as the “Cost Auditors” of the Company for the
the Management. This system is designed to adequately ensure
Financial Year 2023-24, for all the applicable products, pursuant
to the provisions of Section 148 of the Companies Act, 2013 that financial and other records are reliable for preparing
and the Companies (Cost Records and Audit) Rules, 2014. The financial statements and other data and for maintaining
Shareholders are requested to ratify the remuneration payable accountability of assets.
to the Cost Auditors at their ensuing 21st AGM, in terms of Rule
The Statutory Auditors and the Internal Auditors are, inter alia,
14 of the Companies (Audit & Auditors) Rules, 2014. There is no
invited to attend the Audit Committee Meetings and present
change in the remuneration payable to the cost auditor for the
their observations on adequacy of Internal Financial Controls
FY 2023-2024.
and the steps required to bridge gaps, if any. Accordingly, the
Audit Committee makes observations and recommendations to
SECRETARIAL AUDITOR AND SECRETARIAL the Board of Directors of your Company.
AUDIT REPORT
The Board of Directors of your Company, at its Meeting held on LOANS, GUARANTEES OR INVESTMENTS
August 9, 2022, had appointed Mr. D Balaramakrishna, Practicing
Company Secretary (C.P. No. 22414), as the “Secretarial Auditor” As required to be reported pursuant to the provisions of
of the Company, to conduct the Secretarial Audit for the Section 186 and Section 134(3)(g) of the Companies Act,
Financial Year 2022-23, pursuant to the provisions of Section 2013, the particulars of loans, guarantees and investments
204 of the Companies Act, 2013 and Rule 9 of the Companies by your Company under the aforesaid provisions during the
(Appointment & Remuneration of Managerial Personnel) Financial Year 2022-23, have been provided in the notes to the
Rules, 2014. Financial Statement.
The Secretarial Audit Report submitted by Mr. D.

Balaramakrishna, for the Financial Year 2022-23 is annexed as PARTICULARS OF CONTRACTS OR
Annexure – II to this Board’s Report. ARRANGEMENTS WITH RELATED PARTIES
The Secretarial Auditor’s Report is self-explanatory and does During the year under review, all contracts/arrangements/
not contain any qualification, reservation, adverse remark, or transactions entered into by the Company with related parties
disclaimer. were in ordinary course of business and on an arm’s length
basis. There were no material related party transactions by
Pursuant to Regulation 24A of SEBI Listing Regulations, the
Company has also obtained Annual Secretarial Compliance the Company during the year under review. Accordingly, the
report for the financial year 2022-23 from Mr. D. Balaramakrishna, disclosure of Related Party Transactions as required under
Practicing Company Secretary and submitted the same to the Section 134(3)(h) of the Act in Form AOC-2 is not applicable. The
Stock Exchanges where the shares of the Company are listed. details of transactions with related parties are provided in the
notes to the Financial Statement.
The Annual Secretarial Compliance report as submitted to the
stock exchanges does not contain any qualification, reservation, Systems are in place for obtaining prior omnibus approval of
adverse remark, or disclaimer. the Audit Committee on an annual basis for transaction with
related parties which are of a foreseeable and repetitive nature.
The transactions entered into pursuant to the omnibus approval
INTERNAL AUDITOR
so granted and a statement giving details of all transactions
Your Company has robust internal audit team for carrying out with related parties are placed before the Audit Committee for
the internal audit. Further, pursuant to the provisions of Section their review on a periodic basis.
138 of the Companies Act, 2013 and the Companies (Accounts)
Rules, 2014, M/s. Laxminiwas & Co, Chartered Accountants, are In compliance with the requirements of the Companies Act,
the internal auditors of the company. The Internal Auditors 2013 and SEBI Listing Regulations, the Board has formulated
attend the respective Audit Committee Meetings, where internal and adopted a Related Party Transactions Policy (“RPT Policy”)
audit reports are discussed. for the purpose of identification, approval, monitoring and
61
reporting of related party transactions. The RPT Policy as PUBLIC DEPOSITS

approved by the Board is available on the Company’s website at
h t t p s : // i m a g e s . v i j a y a d i a g n o s t i c . c o m / i n v e s t o r / During the year under review, your Company has neither
corporategovernance/Related-Party-Transaction-Policy.pdf accepted nor renewed any deposit within the meaning of
Section 73 and 76 of the Companies Act, read with Companies
(Acceptance of Deposits) Rules, 2014.
CHANGE IN NATURE OF BUSINESS
There was no change in the nature of business carried on by RISK MANAGEMENT
the Company during the year under review.
Your Company through its Risk management policy periodically
assesses the risk elements, mitigates the different kinds of
MATERIAL CHANGES AND COMMITMENTS risks which the Company faces in its day-to-day operations
AFFECTING THE FINANCIAL POSITION OF THE and incorporates such risk mitigation plans in its business
COMPANY operational plans. As on date of this report, your Company does
not foresee any critical risk, which threatens its existence.
There are no material changes and commitments affecting the
financial position of the Company which occurred between Further, information on the risk management process of
the end of the financial year to which the financial statements the Company is contained in the Management Discussion &
relate and the date of this Report. Analysis Report which forms part of the Annual Report.
However, with effect from January 01, 2023, the Company

has changed its method of depreciation on all Property, Plant COMPLIANCE WITH SECRETARIAL STANDARDS
and Equipment from Written Down Value (“WDV”) method
to Straight Line Method (“SLM”), based upon the technical The Company has complied with the applicable Secretarial
assessment of expected pattern of consumption of the future Standards issued by the Institute of Company Secretaries
economic benefits embodied in the assets. Consequently, the of India.
depreciation on such assets has been charged as per WDV
method from April 01, 2022 to December 31, 2022. However, CONSERVATION OF ENERGY, TECHNOLOGY
with effect from January 01, 2023, the carrying value of the ABSORPTION AND FOREIGN EXCHANGE
assets as on December 31, 2022 has been depreciated as per EARNINGS AND OUTGO
SLM over the remaining useful lives of the assets.
The information in respect of matters pertaining to conservation
of energy, technology absorption and foreign exchange earnings
ANNUAL EVALUATION OF BOARD’S PERFORMANCE
and outgo, as required under Section 134(3)(m) of the Companies
The Board of Directors of your Company has carried out an Act, 2013 and Rule 8(3) of the Companies (Accounts) Rules, 2014 is
Annual Performance Evaluation of its own, the Directors given in the Annexure – III to this Directors’ Report.
individually as well as the evaluation of the working of its
Committees. The performance evaluation of the Board as ANNUAL RETURN
a whole, the Chairman of the Board and Non-Independent
Directors was carried out by the Independent Directors. The Annual Return for financial year 2022-23 is available on the
website of the Company at https://www.vijayadiagnostic.com/
A structured questionnaire was prepared after taking into investors/annual-return
consideration various aspects of the Board’s functioning,
composition of the Board and its Committees, culture, execution
and performance of specific duties, obligations and governance. SIGNIFICANT AND MATERIAL ORDERS
The confidential questionnaire was responded to by the
During the year under review no significant or material orders
Directors and vital feedback was received from them on how
were passed by the Regulators or Courts or Tribunals which
the Board currently operates and ways and means to enhance
impact the going concern status and Company’s operations
its effectiveness.
in future.
The Board of Directors has expressed its satisfaction with the
entire evaluation process.
PARTICULARS OF EMPLOYEES
Further Independent directors had separately met to
The disclosures pertaining to remuneration and other details as
evaluate the performance of Non Independent Directors,
required under Section 197(12) of the Companies Act, 2013 read
Board as a whole, Chairperson and to assess the quality,
with Rule 5 of the Companies (Appointment and Remuneration
quantity and timeliness of flow of information between
of Managerial Personnel) Rules, 2014, are provided in the
the Company management and the Board.
prescribed format and annexed herewith as Annexure- IV.
62
The statement containing particulars of employees as required amendment, with effect from the financial year 2022-23,
under Section 197(12) of the Act read with Rule 5(2) and 5(3) of reporting of BRSR is made mandatory for the top 1000 listed
the Companies (Appointment and Remuneration of Managerial companies (by market capitalization).
Personnel) Rules, 2014, forms part of this Annual Report. In
terms of the provisions of the first proviso to Section 136 (1) of The BRSR of the Company for financial year 2022-23 as
the Companies Act, 2013, the Annual Report is being sent to required under SEBI Listing Regulations is presented as a
Shareholders, excluding the aforementioned information. Any separate section and forms part of this Annual Report.
shareholder interested in obtaining a copy of such statement
may write to the Company Secretary of the Company at CORPORATE SOCIAL RESPONSIBILITY
[email protected]
In accordance with the provisions of Section 135 of the Companies
Act, 2013 read with CSR Rules, the Company has constituted the
CORPORATE GOVERNANCE Corporate Social Responsibility (CSR) Committee. The details of
In accordance with Regulation 34 of the Securities and CSR Committee are detailed in the Corporate Governance Report,
Exchange Board of India (Listing Obligations and Disclosure which forms part of this Annual Report.
Requirements) Regulations, 2015 (“SEBI Listing Regulations”),
The Board, on the recommendation of the CSR Committee,
a detailed report on Corporate Governance is included in the
adopted a CSR Policy. The aid CSR Policy is available on the
Annual Report.
website of the Company at https://images.vijayadiagnostic.
Mr. D. Balaramakrishna, Practicing Company Secretary, com/website/CSR-POLICY.pdf
who is also the “Secretarial Auditor” of your Company, has
The Annual Report on Corporate Social Responsibility as per
certified your Company’s compliance with the requirements of
Rule 8 of the Companies (Corporate Social Responsibility
Corporate Governance in terms of Regulation 34 of the SEBI
Policy) Rules, 2014 is annexed herewith as Annexure-V to
Listing Regulations and their Compliance Certificate is annexed
this Report.
to the Report on Corporate Governance.
DISCLOSURE AS PER THE SEXUAL HARASSMENT

MANAGEMENT DISCUSSION AND ANALYSIS
OF WOMEN AT WORKPLACE (PREVENTION,
The Management Discussion and Analysis Report for the PROHIBITION AND REDRESSAL) ACT, 2013
Financial Year 2022-23, as prescribed under Regulation 34(2) of
The Company has always believed in providing a safe and
the Securities and Exchange Board of India (Listing Obligations
harassment free workplace for every individual working
and Disclosure Requirements) Regulations, 2015, forms part of
in Company’s premises through various interventions and
the Annual Report.
practices. The Company always endeavours to create and
provide an environment that is free from discrimination and
BUSINESS RESPONSIBILITY AND SUSTAINABILITY harassment including sexual harassment.
REPORT
The Board of Directors of your Company has constituted
Securities Exchange Board of India (SEBI) had introduced new Internal Complaints Committees (“ICC”) at Head/Corporate
requirements for sustainability reporting by listed entities. Office as well as Centre/Branch levels, pursuant to the
The new reporting called the Business Responsibility and provisions of the Sexual Harassment of Women at Workplace
Sustainability Report (‘BRSR’) has replaced the existing (Prevention, Prohibition and Redressal) Act, 2013 and the Rules
Business Responsibility Report. In terms of the aforesaid framed thereunder.
The Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The ICC at the Head Office level comprised
of the following Members as on March 31, 2023:
Sl. No. Name of the Committee Members Designation Category
1. Ms. Nandini Koindala Manager-Lab services (Biochemistry) Chairperson

2. Dr. Geeta R Jahagirdar AGM-Lab Services (Pathology) Member
3. Ms. Vijaya Sree Mathe DGM-Quality Assurance Member
4. Dr. Bikash Kumar Chaudhury Director-Lab Services Member
5. Mr. Damodher Reddy Manager-HR Operations Member
6. Mr. Hansraj Singh Rajput Company Secretary & Compliance Officer Member
7. Ms. Renu Kapoor External Advisor Member-Social Worker
63
The Company has adopted a policy against sexual harassment The details in respect of ESOPs as required under Companies
in line with the provisions of Sexual Harassment of Women at Act, 2013 and ESOP Regulations are annexed herewith as
Workplace (Prevention, Prohibition and Redressal) Act, 2013 Annexure-VI and available on the website of the company at
and the Rules framed thereunder. The Company has constituted https://www.vijayadiagnostic.com/investors/disclosure-of-events
Internal Complaints Committee for redressal of complaints
on sexual harassment. During the year, the Company had not Further the certificate from the Secretarial Auditors of the
received any complaints on sexual harassment. Company certifying that the Company’s Stock Option Plan is
being implemented in accordance with the ESOP Regulations
and the resolution passed by the Members, is placed on the
NOMINATION AND REMUNERATION POLICY Company’s Website at https://www.vijayadiagnostic.com/
investors/disclosure-of-events
In compliance with the provisions of Companies Act, 2013 and
SEBI Listing Regulations, the Board had framed a Nomination
and Remuneration Policy for selection and appointment of DIRECTORS’ RESPONSIBILITY STATEMENT
Directors, Key Managerial Personnel, senior management and
their remuneration. The Company affirms that the remuneration Pursuant to the requirement under Section 134(5) of the
paid is as per Nomination and Remuneration Policy of the Companies Act, with respect to Directors’ Responsibility
Company. The said Policy is available on the website of the Statement, the Directors, to the best of their knowledge and
Company at https://images.vijayadiagnostic.com/investor/ ability, hereby confirm that:
corporategovernance/NOMINATION-REMUNERATION-
a) In the preparation of the annual accounts, the applicable
POLICY.pdf
accounting standards had been followed along with
Further, neither the Managing Director nor the Whole-time proper explanation relating to material departures;
Directors of the Company receive any remuneration or
b) Directors have selected such accounting policies and
commission from any of its subsidiaries.
applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give
WHISTLE BLOWER / VIGIL MECHANISM a true and fair view of the state of affairs of the Company
as at March 31, 2023 and of the profit and loss of the
The Company has established a Vigil Mechanism, which Company for the year ended on that date;
includes a Whistle Blower Policy, for its Directors and
Employees, to provide a framework to facilitate responsible and c) Directors have taken proper and sufficient care for
secure reporting of concerns of unethical behaviour, actual or the maintenance of adequate accounting records in
suspected fraud or violation of the Company’s Code of Conduct accordance with the provisions of this Act for safeguarding
& Ethics. All employees shall be protected from any adverse the assets of the Company and for preventing and
action for reporting any unacceptable or improper practice and/ detecting fraud and other irregularities;
or any unethical practice, fraud, or violation of any law, rule
d) The annual accounts have been prepared on a going
or regulation.
concern basis;
This Policy is also applicable to your Company’s Directors
e) The Company had laid down internal financial controls
and employees and it is available on the website of your
to be followed by the Company and that such internal
Company at https://images.vijayadiagnostic.com/investor/
financial controls are adequate and were operating
corporategovernance/WHISTLE-BLOWER-POLICY.pdf
effectively; and
EMPLOYEE STOCK OPTION PLAN f) Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws
VDCL Employee Stock Option Plan 2018 (“ESOP Plan”) has and that such systems were adequate and operating
been formulated and approved by the Board of Directors effectively.
and Shareholders of the Company on May 3, 2018 and
subsequently amended on March 25, 2021 and August 16, 2021
to be in line with the SEBI (Share Based Employee Benefits
DISCLOSURE RELATED TO INSOLVENCY AND
and Sweat Equity) Regulations, 2021 (“ESOP Regulations”). The BANKRUPTCY
said ESOP Plan have also been ratified subsequently by the
During the year under review, neither any application was
shareholders through postal ballot post listing of shares, on
made, nor is any proceeding pending under the Insolvency and
January 11, 2022 in terms of ESOP Regulations. The Nomination
Bankruptcy Code, 2016 against the Company.
and Remuneration Committee of the Board of Directors of the
Company, inter alia, administers and monitors the ESOP Plan
of the Company. During the year under review, no new ESOPs
were granted to any employees of the Company.
64
GREEN INITIATIVES directors also gratefully acknowledge all stakeholders of the

Company viz. members, customers, dealers, vendors, financial
In commitment to keep in line with the Green Initiatives and institutions, banks and other business partners for the excellent
going beyond it, electronic copy of the Notice of the 21st Annual support received from them during the year.
General Meeting of the Company including the Annual Report
for the FY 2022-23 are being sent to all Members whose e-mail Your directors place on record their sincere appreciation to all
addresses are registered with the Company / Depository employees of the Company for their unstinted commitment and
Participant(s). continued contribution to the Company.
ACKNOWLEDGEMENT By order of the Board

Your directors thank various departments of Central and State
Government, Organizations and Agencies for the continued help
and co-operation extended by them to your Company. Your Dr. Sura Surendranath Reddy
Place: Hyderabad Executive Chairman
Date: May 29, 2023 DIN: 00108599
65
Annexure - I
FORM AOC – 1
[Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of the Companies (Accounts) Rules, 2014]
Statement containing salient features of the financial statements of subsidiaries as on March 31, 2023
(H in lakhs)
Subsidiary Company Step down Subsidiary Company / LLP
Doctorslab Namrata
Medinova VDC Medinova
Particulars Medical Diagnostic
Diagnostic Diagnostics Millennium
Services Centre
Services (Karnataka) MRI
Private Private
Limited LLP Services LLP
Limited Limited
Reporting period for the subsidiary concerned, 31-03-2023 31-03-2023 31-03-2023 31-03-2023 31-03-2023
if different from the holding company’s
reporting period
Reporting currency and Exchange rate as on Not Not Not Not Not
the last date of the relevant Financial year in Applicable Applicable Applicable Applicable Applicable
the case of foreign subsidiaries
Share capital / Contribution 995.68 1.00 1950.00 1.00 230.27
Other Equity (1278.77) 124.37 (1,514.37) (126.16) (163.94)
Total Assets 633.33 128.43 436.22 0.66 113.38
Total Liabilities 916.42 3.06 0.59 125.83 47.05
Investments 296.82 1.00 - - -
Turnover 775.83 - - - 226.47
Profit before Taxation 87.07 11.38 22.53 (0.22) 102.95
Provision for Taxation 24.07 2.90 - - (0.57)
Profit after taxation 63.00 8.48 22.53 (0.22) 103.53
Proposed Dividend - - - - -
Extent of Shareholding (%) 62.14% 100% 100% 100% 62.14%
1. Names of subsidiaries which are yet to commence operations – Nil
2. Names of subsidiaries which have been liquidated or sold during the year – Nil
By order of the Board

Dr. Sura Surendranath Reddy

Date: May 29, 2023 DIN: 00108599
66
Annexure - II
FORM NO. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31St MARCH 2023
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To, 1.5.1. The Securities and Exchange Board of India

The Members, (Substantial Acquisition of Shares and Takeovers)
Vijaya Diagnostic Centre Limited Regulations, 2011;
CIN: L85195TG2002PLC039075
Hyderabad. 1.5.2. The Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015;
I have conducted the secretarial audit of the compliance of
applicable statutory provisions and the adherence to good 1.5.3. The Securities and Exchange Board of India (Issue of
corporate practices by Vijaya Diagnostic Centre Limited Capital and Disclosure Requirements) Regulations,
(hereinafter called “the Company”). 2018
Secretarial Audit was conducted in a manner that provided 1.5.4. The Securities and Exchange Board of India (Share
me a reasonable basis for evaluating the corporate conducts/ Based Employee Benefits and Sweat Equity)
statutory compliances and expressing my opinion thereon. Regulations, 2021;
Based on my verification of the Company’s books, papers, minute 1.5.5. The Securities and Exchange Board of India
books, forms and returns filed and other records maintained by (Issue and Listing of Non-Convertible Securities)
the company and also the information provided by the Company, Regulations, 2021; [NOT APPLIACBLE AS THERE
its officers, agents and authorized representatives during the WAS NO NON-CONVERTIBLE SECURITIES LISTED
conduct of secretarial audit, I hereby report that in my opinion, ON THE STOCK EXCHANGE]
the company has, during the audit period covering the financial
1.5.6. The Securities and Exchange Board of India
year ended on 31st March 2023, complied with the statutory
(Registrars to an Issue and Share Transfer Agents)
provisions listed hereunder and also that the Company has
Regulations, 1993 regarding the Companies Act and
proper Board-processes and compliance-mechanism in place
dealing with client;
to the extent, in the manner and subject to the reporting made
hereinafter: 1.5.7. The Securities and Exchange Board of India
(Delisting of Equity Shares) Regulations, 2021;[NOT
1. I have examined the books, papers, minute books, forms
APPLICABLE AS THERE WAS NO DELISTING OF
and returns filed and other records maintained by the
EQUITY SHARES DURING THE YEAR]and
Company for the financial year ended on 31st March 2023,
according to the provisions of: 1.5.8. The Securities and Exchange Board of India (Buyback
of Securities) Regulations, 2018;[NOT APPLICABLE
1.1. The Companies Act, 2013 (the Act) and the rules
AS THERE WAS NO BUYBACK OF SECURITIES BY
made there under;
THE COMPANY DURING THE YEAR]
1.2. The Securities Contracts (Regulation) Act, 1956
2. I have also examined compliance with the applicable
(‘SCRA’) and the rules made there under;
clauses of the following:
1.3. The Depositories Act, 1996 and the Regulations and
2.1. Secretarial Standards issued by The Institute of
Bye-laws framed there under;
Company Secretaries of India.
1.4. Foreign Exchange Management Act, 1999 and
2.2. SEBI (Listing Obligations and Disclosure
the rules and regulations made there under to the
Requirements) Regulations, 2015.
extent of Foreign Direct Investment, Overseas Direct
Investment and External Commercial Borrowings; 3. The Company is engaged in the Business of Medical
diagnostic services. Accordingly, the following Industry
1.5. The following Regulations and Guidelines prescribed
Specific Acts are applicable to the Company, in view of the
under the Securities and Exchange Board of India
Management and as per the Guidance Note issued by the
Act, 1992 (‘SEBI Act’): -
ICSI. Based on the explanation given, there are adequate
67
system and process in the company to monitor and 4. I further report that:
ensure the compliance of following sector specific law,
rule, regulation and guidelines: 4.01. The Board of Directors of the Company is duly
constituted with proper balance of Executive
3.01. Pre-Conception and Pre-Natal Diagnostic Directors, Non-Executive Directors and Independent
Techniques Act, 1994 read with the relevant rules and Directors. The changes in the composition of the
amendments. Board of Directors that took place during the period
under review were carried out in compliance with the
3.02. The Clinical Establishments (Registration and provisions of the Act.
Regulations) Act, 2010.
4.02. Adequate notice is given to all directors to schedule
3.03. The Clinical Establishments (Central Government) the Board Meetings, agenda and detailed notes on
Rules, 2012 (“CECG Rules”). agenda were sent at least seven days in advance,
and a system exists for seeking and obtaining further
3.04. Telangana Allopathic Private Medical Care
information and clarifications on the agenda items
Establishments (Registration and Regulation) Act,
before the meeting and for meaningful participation
2002and rules there under, as applicable.
at the meeting.
3.05. Andhra Pradesh Allopathic Private Medical Care
4.03. Majority decision is carried through while the
Establishments (Registration and Regulation) Act,
dissenting members’ views, if any, are captured and
2002 and rules there under, as applicable.
recorded as part of the minutes.
3.06. Indian Atomic Energy Act 1962 & Atomic Energy
4.04. There are adequate systems and processes in
(Radiation Protection) Rules 2004.
the company commensurate with the size and
3.07. Atomic Energy (Safe Disposal of Radioactive Wastes) operations of the company to monitor and ensure
Rules, 1987 (“Radioactive Waste Rules”). compliance with applicable laws, rules, regulations
and guidelines.
3.08. Radiation Surveillance Procedures for Medical
Application of Radiation, 1989 (“Surveillance 5. I further report that during the audit period there were
Procedures”). following specific events / actions having a major bearing
on the company’s affairs in pursuance of the above
3.09. Safety Code for Medical Diagnostic X-Ray Equipment referred laws, rules, regulations, guidelines, standards:
and Installations, 2001 (the “X-Ray Safety Code”).
5.01. The Company has allotted 64,832 shares on 06th
3.10. Atomic Energy Regulatory Board- Safety Code on June, 2022, against the options exercised under
Safe Transport of Radioactive Material AERB/NRF- VDCL Employee Stock Option Plan 2018.
TS/SC- 1, 2015 (“Transport Code”).
3.11. Atomic Energy Regulatory Board - Safety code on July, 2022, against the options exercised under VDCL
Nuclear Medicine Facilities dated November 4, 2010 Employee Stock Option Plan 2018.
(“Nuclear Medicine Code”).
3.12. Radiation Surveillance Procedure for Medical September, 2022, against the options exercised
Applications of Radiation, 1989 (“RSPM Notification”). under VDCL Employee Stock Option Plan 2018.
3.13. The Environment Protection Act, 1986 (the 5.04. The Company has allotted 5,466 shares on 07th
“Environment Protection Act”) and The Environment November, 2022, against the options exercised under
(Protection) Rules, 1986(the “Environment VDCL Employee Stock Option Plan 2018.
Protection Rules”).
5.05. The company has shifted its registered office
3.14. Bio-Medical Waste Management Rules, 2016 from “3-6-16 & 17, Street No. 19, Himayat Nagar,
(“BMW Rules”). Hyderabad, Telangana – 500029” to “6-3-883/F,
FPA Building, Near Topaz Building, Punjagutta,
3.15. National Accreditation Board for Testing and
Hyderabad, Telangana – 500082” with effect from
Calibration Laboratories (“NABL”).
10th November, 2022.
3.16. Guidelines for Exchange of Human Biological
5.06. Ms. Anusha Kanumuru has resigned from the position
Material for Biomedical Research Purposes, 1997
of Company Secretary and Compliance Officer of the
(“HBM Guidelines”).
Company w.e.f. 03rd December, 2022.
3.17. Consumer Protection Act, 2019 (“COPRA, 2019”).
68
5.07. Mr. Hansraj Singh Rajput, a qualified Company 5.08. The Company has allotted 1,913 shares on 13th
Secretary has been appointed as the Compliance February, 2023, against the options exercised under
Officer of the Company w.e.f. 22nd December, 2022 VDCL Employee Stock Option Plan 2018.
and as the Company Secretary of the Company w.e.f.
13th February, 2023.
UDIN: F008168E000408986
Balaramakrishna Desina
Company Secretary in Practice
M. No.: FCS 8168
Date: 29.05.2023 C.P No.: 22414
Place: Hyderabad. Peer Reviewed UIN. 12019TL1988700
69
Note: This letter is to be read with our letter of even date, which is annexed, and form an integral part of this report.
ANNEXURE
To,
The Members,
Vijaya Diagnostic Centre Limited,
CIN: L85195TG2002PLC039075
Hyderabad.
Subject: My Report of even date is to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of the management of the Company. My responsibility is to express an
opinion on these secretarial records based on my audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness
of the contents of the secretarial records. The verification was done to ensure that correct facts are reflected in secretarial
records. I believe that the processes and practices followed, provide a reasonable basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, I have obtained the Management representation about the compliance of laws, rules and regulations and
happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of
the Management. My examination was limited to the verification of procedures.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the Company.
UDIN: F008168E000408986
M. No.: FCS 8168
Date: 29.05.2023 C.P No.: 22414
Place: Hyderabad. Peer Reviewed UIN. 12019TL1988700
70
Annexure –III
The details regarding Energy Conservation, Technology Absorption, Foreign Exchange Earnings and Outgo as required by
section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are given as below.
A) CONSERVATION OF ENERGY other cutting edge radiology equipment such as

‘PET CT’ and ‘Gamma Camera’.
i. Steps taken for conservation of energy
• The company has also successfully built and
The Company evaluates the possibilities and
launched a robust, easy-to-use mobile app that
various alternatives to reduce energy consumption
is available for all test types in radiology and
and use of low energy consuming LED lightings is
pathology for its customers.
being encouraged. The Company recognizes the
importance of energy conservation in decreasing • The Company has, at all its major centres, latest
the adverse effects of global warming and and advanced equipment technology such
climate change. as CT, MRI, nuclear medicine, PET and fusion
imaging. Have installed 128 Slice CT Scan, 32
Further the Company carries on its activities such as
Slice CT Scan, DR System, 5CS MRI equipment
using electric vehicles, optimization of paper usage
and Epiq Elite Color Doppler System, Digital
and shifting towards digitization of information etc.,
mammography etc.
in an environmental friendly and energy efficient
manner. ii.
Benefits derived like product improvement,
cost reduction, product development or import
ii.
The steps taken by the company for utilizing substitution
alternate sources of energy
Less exposure of radiation to the patients, better
Company being in service sector, didn’t made any
quality images, efficiency, better and accurate
significant steps towards utilizing alternative sources
services to customers etc.
of energy.
iii. In case of imported technology (imported during
iii.
The capital investment on energy conservation the last three years reckoned from the beginning of
equipment’s the financial year)
No significant capital investments were made The company has not imported any technology
on energy conservation equipment during the during the last three years.
year. However, the company primarily focuses
on procuring high-end equipment for the quality iv.
The expenditure incurred on Research and
Development
reporting, which results in consuming low energy.
Nil
B) TECHNOLOGY ABSORPTION
i. Efforts made towards technology absorption C) FOREIGN EXCHANGE EARNINGS AND OUTGO
• We provide global quality standards in Activities relating to exports, initiatives taken to increase
preventive care and diagnostic testing services exports, development of new export market for products
with speed & accuracy at affordable prices with and services and export plans:
a quick turnaround time throughout our centres. (in H)
• The company has successfully inaugurated Sl. No. Description FY 2022-23 FY 2021-22
advanced and fully equipped facility in Tirupati,
Andhra Pradesh, which is of more than 1 Earnings - -
10,000 sq. ft. and also we have inaugurated 2 Outgo 19,02,814 3,72,17,164
another 10,000 sq. ft. state-of-the-art facility
in Rajahmundry during the year under review.
Both these hubs are equipped to offer a wide
range of integrated diagnostic services in the
state of Andhra Pradesh.
• The company has also successfully For Vijaya Diagnostic Centre Limited
commenced its operations at Punjagutta,
Hyderabad, Telangana, which is spread across a
mammoth size of 16,000 sq. ft. This Hub Centre Dr. Sura Surendranath Reddy
is one-of-a-kind in the whole of South India and Place: Hyderabad Executive Chairman
Date: May 29, 2023 DIN: 00108599
has advanced technologies like ‘walk-in / walk-
out Dual source CT’ and ‘BioMatrix 3T’, besides
71
Annexure –IV
DISCLOSURES REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013

READ WITH RULE 5(1) OF COMPANIES (APPOINTMENT AND REMUNERATION OF
MANAGERIAL PERSONNEL) RULES, 2014
1. The percentage increase in the median remuneration of employees during the Financial Year:
Median remuneration of employees of the Company as at the end of the year under review was H 2,63,676/- and increased by
7.68% over the previous year.
2. The ratio of the remuneration of each Director to the median remuneration of employees for the
Financial Year 2022-23; and the percentage increase in remuneration of each Director, Chief Financial
Officer, Chief Executive Officer, Company Secretary or Manager, during the Financial Year 2022-23:
Percentage increase/ Ratio to

Sl. Name of the Director(s)/ (decrease) in remuneration median
Designation
No. KMP(s) in the financial Year remuneration
2022-23 (%) (in times)
1. Dr. Surendranath Reddy Promoter & Executive Chairman Nil 75.85

2. Mrs. Sura Geeta Reddy Non-Executive Director Nil Nil
3. Mr. Sunil Chandra Kondapally Executive Director Nil 37.93
4. Dr. D. Nageshwar Reddy Independent Director Nil 4.55
5. Mr. C. Satyanarayana Murthy Independent Director Nil 4.55
6. Mr. Shekhar Prasad Singh Independent Director Nil 4.55
7. Dr. Manjula Anagani Independent Director Nil 4.55
8. Ms. S. Suprita Reddy Chief Executive Officer Nil NA
9. Mr. Narasimha Raju KA Chief Financial Officer 10% NA
10. Ms. Anusha Kanumuru* Company Secretary 15% NA
11. Mr. Hansraj Singh* Company Secretary NA NA
*Ms. Anusha Kanumuru resigned and relieved w.e.f. December 03, 2022 and Mr. Hansraj Singh was appointed w.e.f. February 13, 2023.
72
3. The number of permanent employees on rolls of the Company as on March 31, 2023: 1996
4. Average percentile increase already made in salaries of employees other than the managerial
personnel in the last financial year and its comparison with the percentile increase in the managerial
remuneration and justification thereof and point out if there are any exceptional circumstances for
increase in the managerial remuneration.
The average percentage increase in the salaries paid to employees other than the managerial personnel in the last financial
year is 9.8%. Further, there was no increase in the salary of Managerial Personnel during the FY 2022-23.
Annual increments to employees is based on their individual performance, potential and contribution to the Company while
remuneration to managerial personnel is based on the relevant approvals of the Nomination and Remuneration committee,
Board and Shareholders considering the market competitiveness, industry standards and their contribution to the growth of the
Company. The increase in the managerial remuneration is also primarily governed by their terms of appointment, company’s
policy and as per the remuneration policy of the company.
5. Affirmation that the remuneration is as per the Remuneration Policy of the Company.
The Company affirms that the remuneration paid is as per the Remuneration Policy of the Company.


Date: May 29, 2023 DIN: 00108599
73
Annexure -V
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES

FOR THE FINANCIAL YEAR 2022-23
1. Brief outline on CSR Policy of the Company:

The CSR initiatives of the Company are either undertaken as projects or programs or activities and in line with the CSR Policy.
During the year ended March 31, 2023, the Company discharged its CSR obligations through projects and activities. In alignment
with the vision of the Company, the Company, through its CSR initiatives is committed to continue to enhance value creation in
the society and in the community in which it operates, through its services, conduct and initiatives, so as to promote sustained
growth for the society and community, in fulfillment of its role as a socially responsible corporate. The CSR Policy of the
Company is hosted at the website of the Company.
2. Composition of CSR Committee:
Number of Number of meetings

Sl. meetings of CSR of CSR Committee
Name of Director Designation / Nature of Directorship
No. Committee held attended during
during the year the year
1. Mr. Shekhar Prasad Singh Non-Executive Independent 1 1

(Chairperson) Director
2. Dr. D. Nageshwar Reddy Non-Executive Independent 1 1
Director
3. Mrs. Sura Geeta Reddy Non-Executive Non-Independent 1 1
Director
4. Mr. K. Sunil Chandra Executive Director 1 --
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved
by the board are disclosed on the website of the company:
CSR Committee: https://images.vijayadiagnostic.com/investor/corporategovernance/Constitution-of-Board-Committee-
Members.pdf
CSR Policy: https://images.vijayadiagnostic.com/website/CSR-POLICY.pdf
CSR Activity: https://images.vijayadiagnostic.com/website/CSR-Activities-FY23.pdf
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule
(3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable
(attach the report):
Impact assessment report was not applicable for the year under review for the CSR projects undertaken by the Company.
74
5.
(H in lakhs)
(a) Average net profit of the company as per sub-section (5) of section 135 11,257.12
(b) Two percent of average net profit of the company as per sub-section (5) of section 135 225.14
(c) Surplus arising out of the CSR Projects or programmes or activities of the previous financial years Nil
(d) Amount required to be set-off for the financial year, if any. Nil
(e) Total CSR obligation for the financial year [(b) + (c) - (d)]. 225.14
6.
(a) CSR amount spent or unspent for the financial year:
(H in lakhs)
Total Amount transferred to Unspent Amount transferred to any fund specified under
Total Amount Spent CSR Account as per section 135(6). Schedule VII as per second proviso to section 135(5).
for the Financial Year Date of
Amount Date of Transfer Name of the Fund Amount
Transfer
225.14 lakhs Nil
(b) Details of CSR amount spent against ongoing projects for the financial year: Not Applicable
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
Item from
Location of the project Amount Mode of
the list of Local Mode of
spent for implementation-
Sl. Name of the activities in area implementation
the Through
No. project schedule (Yes / -Direct
project implementing
VII to the No). (Yes/No)
State District (in H) agency
Act.
1. Purchase & supply Promoting Yes Telangana Hyderabad 19,312/- Yes Not applicable
of furniture for education
a Govt. School
at Nampally,
Hyderabad
2. Purchase & Promoting Yes Telangana Khammam 1,41,600/- Yes Not applicable
supply of Digital education
interactive smart
board (Senses
Intelligent 65”
panel- Windows
10 professional) to
ZP High School,
Padillapalli village,
Khammam district
3. Construction Promoting Yes Telangana Yadadri 25,00,000/- Yes Not applicable
of kitchen and education
dining hall for
students at Mandal
Parishad Primary
School (MPPS),
a Govt. School at
Raghunathapuram
Village, Yadadri
District
75
Item from
Location of the project Amount Mode of
the list of Local Mode of
spent for implementation-
Sl. Name of the activities in area implementation
the Through
No. project schedule (Yes / -Direct
project implementing
VII to the No). (Yes/No)
State District (in H) agency
Act.
4. Construction Promoting Yes Telangana Sangareddy 11,73,545/- Yes Not applicable

of school at education
Patancheruvu,
Sangareddy
District
5. Supply of CTG Promoting Yes Telangana Hyderabad 55,000/- Yes Not applicable
Machine for Govt. health
Hospital, SR Nagar, care
Hyderabad including
preventive
health care
6. Skill Training Promoting Yes Telangana Hyderabad 1,86,24,783/- Yes Not applicable
– To Trainees Vocational
under National skills
Apprenticeship
Promotion Scheme
(NAPs)
(d) Amount spent in Administrative Overheads: Nil
(e) Amount spent on Impact Assessment, if applicable: Nil
(f) Total amount spent for the financial year [ a + b + c]: H 225.14 lakhs
(g) Excess amount for set-off if any:
(H in lakhs)
Sl.
Particulars Amount
No.
i. Two percent of average net profit of the company as per section 135(5) 225.14
ii. Total amount spent for the financial year 225.14
iii. Excess amount spent for the financial year [(ii) – (i)] Nil
iv. Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any Nil
v. Amount available for set off in succeeding financial years [(iii) – (iv)] Nil
76
7.
(a) Details of Unspent CSR amount for the preceding three financial years:
(H in lakhs)
Amount transferred to any fund
Amount Amount Amount
specified under Schedule VII as per
Preceding transferred to spent in the remaining to
Sl. section 135(6), if any
Financial Unspent CSR reporting be spent in
No.
Year Account under Financial Name of Date of succeeding
section 135(6) Year Amount financial years
the fund transfer
Not applicable
(b) Details of CSR amount spent in the financial year for on-going projects of the preceding financial year(s):
(H in lakhs)
Sl. Project Name Financial Year Project Amount Cumulative Status of the
No. ID of the in which the duration spent on the amount spent at Project –
Project project was project in the end of Completed /
commenced the reporting on-going
reporting Financial Year
Financial
Year
Not applicable
8. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created
or acquired through CSR spent in the financial year:
Not applicable
9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per
section 135(5):
Not applicable
Dr. Sura Surendranath Reddy Mr. Shekhar Prasad Singh Ms. Sura Suprita Reddy
Executive Chairman Chairman of CSR Committee Chief Executive Officer
77
Annexure –VI
EMPLOYEE STOCK OPTION PLAN

Disclosure pursuant to Regulation 14 of Securities and Exchange Board of India
(Share Based Employee Benefits) Regulations, 2014 as on March 31, 2023
The Company views Employee Stock Options as instruments that would enable the Employees to share the value they would create
and contribute to the Company in the years to come.
The ESOP Plan 2018 and Schemes framed thereunder is in compliance with the provisions of the Companies Act, 2013 and
the Securities and Exchange Board of India (Share Based Employee Benefit and Sweat Equity) Regulations, 2021 (“SEBI ESOP
Regulations”).
A. Relevant disclosures in terms of the accounting standards prescribed by the Central Government in terms of section 133 of the
Companies Act, 2013 (18 of 2013) including the ‘Guidance note on accounting for employee share-based payments’ issued in
that regard from time to time.
The disclosures are provided in the Note No. 29 to the Standalone Financial Statements of the Company for the year ended
March 31, 2023.
B. Diluted EPS on issue of shares pursuant to all the schemes covered under the regulations shall be disclosed in accordance
with ‘Accounting Standard 20 - Earnings Per Share’ issued by Central Government or any other relevant accounting standards
as issued from time to time: H 8.12
C. Details related to ESOS:
1) A description of each ESOS that existed at any time during the year, including the general terms and conditions of each ESOS,
including
Particulars Year ended March 31, 2023
Date of shareholders’ approval Institution/Amendment Date Date of EGM

03-05-2018 03-05-20218
25-03-2021 25-03-2021
16-08-2021 16-08-2021
11-01-2022* 11-01-2022*
*Ratification of Pre-IPO ESOP Plan pursuant to Reg. 12 of SEBI ESOP Regulations vide Postal Ballot.
Total number of options 16,25,000

approved under ESOS
Vesting Requirements The time and performance based options under Scheme 1 become eligible on an annual
basis at 30%, 30%, 20% and 20% over a period of four years and vesting starts from
second year.
The time and performance based options under Scheme 2 become eligible on an annual
basis at 25%, 25%, 25% and 25% over a period of four years and vesting starts from third
year.
The time based options under Scheme 3 become eligible on an annual basis at 25%,
25%, 25% and 25% over a period of four years and vesting starts from third year.
The time based options under Scheme 4 become eligible on annual basis at 100% and
vest on second year from the grant date.
The time based options under Scheme 5 become eligible and vest on an annual basis at
25%, 25%, and 50% over a period of three years.
The time based options under Scheme 6 become eligible on an annual basis at 0%, 25%,
50% and 25% over a period of four years and the performance based options under the
Scheme become eligible on an annual basis at 25%, 25%, 25% and 25% over a period of
four years.
Exercise price or pricing The Exercise Price is the fair value of the equity share as on the date of the grant or as
formula decided by the Nomination and remuneration committee.
78
Particulars Year ended March 31, 2023
Maximum term of options Four (4) years

granted
Source of shares (primary, Primary
secondary or combination)
Variation in terms of options There was no variation in terms of options outstanding during 2022-2023.
2) Method used to account for ESOS – Fair value
3) Where the company opts for expensing of the options using the intrinsic value of the options, the difference between the
employee compensation cost so computed and the employee compensation cost that shall have been recognized if it had used
the fair value of the options shall be disclosed. The impact of this difference on profits and on EPS of the company shall also
be disclosed - Not applicable.
4) Option movement during the year (For each ESOS):
Particulars Details
Number of options outstanding at the beginning of the period 7,59,956

Number of options granted during the year 0
Number of options forfeited/lapsed during the year 47,194
Number of options vested during the year 3,01,694
Number of options exercised during the year 1,05,249
Number of shares arising as a result of exercise of options 1,05,249
Money realized by exercise of options (INR), if scheme is implemented directly by the company. H 1,16,95,268.88
Loan repaid by the Trust during the year from exercise price received Not Applicable
Number of options outstanding at the end of the year 6,07,513
Number of options exercisable at the end of the year 3,01,694
5) Weighted-average exercise prices and weighted-average fair values of options shall be disclosed separately for options whose
exercise price either equals or exceeds or is less than the market price of the stock.
Number of options Number of options Exercise Price Fair Value at grant

Grant Grant Date
granted Outstanding (In H) date (In H)
1st Grant 10-May-18 4,63,750 - 220.00 220.10

2nd Grant 31-Oct-18 9,000 - 233.90 233.90
3rd Grant 1-Apr-19 75,780 - 236.90 236.90
4th Grant* 25-Mar-21 8,66,853 6,07,513 111.12 111.12
*The options are post subdivision of equity shares and after impact of bonus issue
6) Employee wise details (name of employee, designation, number of options granted during the year, exercise price) of options
granted to –
Senior managerial personnel as defined under Regulation 16(d) of the Securities and Exchange Board of India Nil
(Listing Obligations and Disclosure Requirements) Regulations, 2015
any other employee who receives a grant in any one year of option amounting to 5% or more of option granted Nil
during that year
identified employees who were granted option, during any one year, equal to or exceeding 1% of the issued Nil
capital (excluding outstanding warrants and conversions) of the company at the time of grant
79
7) A description of the method and significant assumptions used during the year to estimate the fair value of options including the
following information:
The weighted-average values of share price, exercise price, expected volatility,

expected option life, expected dividends, the risk-free interest rate and any other
The disclosures are provided in
inputs to the model:
the Note No. 29 to the Standalone
The method used and the assumptions made to incorporate the effects of expected Financial Statements of the
early exercise: Company for the year ended March
31, 2023.
How expected volatility was determined, including an explanation of the extent to
which expected volatility was based on historical volatility:
Whether and how any other features of the options granted were incorporated into
the measurement of fair value, such as a market condition:
Disclosures in respect of grants made in three years prior to IPO under each ESOS
All the disclosures provided above pertains to the options granted in the three years prior to the IPO


Date: May 29, 2023 DIN: 00108599
80
MANAGEMENT DISCUSSION AND ANALYSIS

Global economy where growth (also fourth quarter over fourth quarter) is
expected to drop to 0.7% and –0.4%, respectively, this year
On the surface, the global economy appears to be recovering before reaching 1.8% and 2.0% in 2024.
gradually from the adverse impact of the pandemic and
[Source- IMF World Economic Outlook, April 2023]
the Russia-Ukraine conflict. Following the reopening of its
economy, China is witnessing a strong resurgence. Supply- Outlook
chain constraints are easing and the war's repercussions on
energy and food markets are receding. Simultaneously, central Central banks across the world are endeavouring to strike
banks' synchronised tightening of monetary policy is expected a balance between aspirational growth and inflationary
to curb stubborn inflation. According to the IMF, global growth pressures. Despite multiple rate hikes and other safeguards to
will peak at 2.8% this year before gradually climbing to 3.0% tighten liquidity, inflation remains a core concern. With most
in 2024. Global inflation will decline, but considerably slower of the major economies sliding into recessionary lows, Asia is
than anticipated, from 8.7% in 2022 to 7.0% this year and 4.9% positioned as the primary engine for growth during 2022.
in 2024.
The emerging markets and developing economies (EMDEs)

have demonstrated remarkable resilience amid global With proper regulation of the monetary policies, seizing of the
economic turmoil, clocking a growth rate (fourth quarter over geopolitical conflicts, mitigation of supply-chain disruptions
fourth quarter) of 4.5% this year. The slowdown is concentrated and efficient management of the lingering impact of COVID, the
in advanced economies, especially the euro area and the UK, health of the economy is set to improve.
Economic growth (%)
5.4
5.2
5.0
4.7
4.5
4.2
4.0
3.9
3.4
3.0
3.0
2.8
2.7
1.4
1.3
Global Advanced Emerging Market and China Low-Income

economy economies Developing Economies Developing Countries
2022 2023 2024

[Source- IMF World Economic Outlook, April 2023]
Indian economy The Union Budget for 2023 provides a positive outlook for the
Consumer Products and Retail sector1 . Consumer spending has
picked up post-COVID, leading to an increase in imports which
Despite an uncertain global economic outlook, India has
is expected to reach USD 70 billion by the end of FY23. Greater
experienced macroeconomic and financial stability. The country
focus on financial inclusion, measures to boost rural demand,
has recorded an uptrend in its growth momentum by clocking
the 'Make in India' initiative and start-ups are expected to spur
a growth of 7.2% in FY23 (Source- the National Statistical
employment opportunities, increase disposable incomes and
Organisation). This indicates a sound macroeconomic policy
fuel consumer demand.
environment as well as the economy's inherent resilience,
which shielded it against global shocks. India has been one
of the world's fastest-growing major economies, contributing
more than 12% to global growth on average during the last five April 2023 GST revenue collection
years (Source- the Reserve Bank of India).
reaches record high of Rs 1.87
lakh crore.
1
https://www.ey.com/en_in/alerts-hub/2023/02/budget-2023-consumer-products-and-retail-sector
81
GDP growth (%) Market share of India’s healthcare industry
9%
8.7%
7.2%
20%
6.5%
3.7%
61%
10%
FY20 FY21 FY22 FY23 FY24
Hospitals Diagnostic centres
Domestic pharmaceuticals Medical devices

-6.6%
(Source- the Reserve Bank of India) (Source- CRISIL Research)
Outlook India’s growing demand for an innovated healthcare
Strong credit growth, stable financial markets and the When compared to other sectors, the healthcare sector in
Government's focus on infrastructure and capex are likely to India has been lagging primarily due to a lack of innovation.
pitch in substantial investments. Notwithstanding the grim The pandemic has revealed the significance of remote medical
global outlook, the fact that the Government of India and services, backed by digitisation and automation. As a densely
RBI have been able to safeguard the Indian economy from populated nation, India needs technologically advanced, high-
an impending global recession underscores India’s strong quality medical services available at affordable price points
economic fundamentals. India shows signs of recovery and across the country.
pent-up credit demand over the last two years offers hope for
new growth opportunities in the domestic market. The fundamental growth drivers of India's healthcare market
include rapid urbanisation, an ageing population and increasing
incidences of chronic diseases. The healthcare sector,
Industry overview comprising hospitals, diagnostic centres, pharmaceutical
companies and health insurance organisations, is growing at a
India’s healthcare sector
swift pace owing to a higher number of health complications
The healthcare delivery market in India is posed to record strong affecting people of all age groups.
growth in the medium term. According to CRISIL Research, the
Successful vaccination drive
industry is projected to surpass pre-Covid levels in FY22 and
achieve a compound annual growth rate (CAGR) of 10-12% Following the COVID vaccine rollout, the healthcare industry
between FY22 and FY27. This growth can be attributed to long- wholly participated and partnered with the Government for its
term structural factors, robust fundamentals and improving successful execution. One of the notable accomplishments in
affordability. The expansion of the Ayushman Bharat scheme the history of Indian healthcare has been the administration of
for the sector is also expected to drive growth. Additionally, the more than 2 billion vaccine doses to the country's citizens.2
resurgence of high-revenue medical tourism may lead to positive
prospects due to the relaxation of international travel restrictions.
https://timesofindia.indiatimes.com/blogs/voices/indian-healthcare-2022-looking-ahead-to-2023/
2
82
Improved life expectancy and shifting demographic profiles programme in FY 2022-23. The enhanced funding aims
to support the sustained implementation and expansion
With the steady increase in life expectancy, the demographic of AB-PMJAY, thereby ensuring improved access to
composition of the nation is undergoing a significant healthcare services for the beneficiaries of the scheme.
transformation. According to the 2011 data, approximately 8%
of the Indian populace consisted of individuals aged 60 years or • An allocation of INR 33 crore has been made for the
older, and it is projected to rise to 12.5% by 2026. Unfortunately, development of nursing services in the current fiscal year.
there is a lack of comprehensive documentation regarding This marks a substantial increase of 67% compared to the
the healthcare requirements of the elderly population. budget allocation of INR 20 crore in FY23. The augmented
Nonetheless, it is widely acknowledged that this age group funding is especially intended to fortify and enhance the
is more susceptible to health-related concerns due to their nursing sector in alignment with the establishment of 157
heightened vulnerability. new nursing colleges across the country. The aim is to
strengthen the nursing workforce and enhance the quality
Government policies and initiatives of nursing education and services.
• The National Tele Mental Health Programme has been
India’s healthcare sector is poised allocated INR 134 crore with the objective of ensuring
universal access to high-quality mental healthcare services.
for robust growth with advanced This allocation aims to support the implementation of 24x7
pharma, improved health-tech, tele-counselling services, enabling individuals across

the nation to avail mental health support remotely. The
medical tourism and government- vision behind this initiative is to bridge the gap in mental
aided infrastructure initiatives. healthcare accessibility and provide timely assistance to

those in need, thereby promoting mental well-being on a
In the Union Budget for the fiscal year 2023-24, the Ministry of broader scale.
Health and Family Welfare received an allocation of INR 89,155 • Announced the plan to allow select facilities under the
crore. This amount marks a growth of approximately 3.4%when Indian Council of Medical Research (ICMR) to be used for
compared to the allocation of INR 86,200 crore in the previous research by medical college faculty members and private
fiscal year, 2022-23. The increase in allocation is primarily sector R&D teams, in order to encourage collaborative
aimed at bolstering expenditure to further develop and maintain research and innovation.
a robust healthcare infrastructure. Additionally, the allocation
intends to enhance the readiness of the healthcare system • The allocation for Family Welfare Schemes witnessed a
to effectively address the nation’s escalating healthcare 6.7% spike, rising from INR 484 crore in FY22 to INR 517
requirements. crore in FY23.
• The National Health Mission (NHM) has received an

allocation of INR 29,085 crore for the centrally sponsored India’s diagnostic sector
component in the FY24. This amount represents a reduction
One of India’s fastest growing service categories is diagnostics.
of 21% in comparison to the allocation of INR 37,000 crore
The sector is witnessing an increasing demand as early detection
in the previous FY23. As for the Central Sector component
of diseases can help save lives. The diagnostic segment bears
of NHM, an amount of INR 341 crore has been allocated
high responsibility towards people and the rising number of
specifically for the National Digital Health Mission.
chronic diseases and lifestyle-related diseases, along with
• As a part of budget allocation department of Health a high geriatric population of the country are leading to an
Research, Rs. 2,360 Crs was allocated to the Indian Council increasing demand in this segment.
of Medical Research (ICMR) for the encouragement of
As of FY 2022, Indian diagnostic lab market registered a revenue
collaborative research and innovation.
of USD 14796.21 million and it is further predicted to grow at
• Announced a mission to eliminate sickle cell anaemia by a CAGR of 11.65% from 2023 to 2027, to reach USD 25667.21
2047, entailing universal screening of 7 Crs people, aged million by 2027.3 Moreover, diagnostic industry in India has a
between 0-40 years in affected tribal areas. growth projection of about 14%, reaching USD 20 billion by
2026 from USD 10 billion in 2021.
• In line with the objective of achieving universal health
coverage, the Ayushman Bharat-Pradhan Mantri Jan Diagnostic industry can be broadly bifurcated into two sub-
Arogya Yojana (AB-PMJAY) has been allocated INR 7,200 segments, pathology and radiology. Pathology which accounts
crore in FY24. This allocation is a 12% increase from the for 57% of the diagnostic market in India, is a scientific process
previous year, where INR 6,412 crore was allocated for the which involves removal of body fluids, organs and tissues, for
3
https://www.techsciresearch.com/report/india-diagnostic-labs-market/7649.html#:~:text=India%20diagnostic%20labs%20market%20stood,is%20susceptible%20
to%20various%20diseases.
83
the diagnosis of diseases through examination. Radiology is diagnostic services, particularly in rural areas, where there is a
the process of diagnosis, which uses radiations such as X-ray, lack of adequate healthcare facilities.
MRI, CT scan, ultrasonography and many more. The segment
of radiology constitutes 43% of the market in the domestic Opportunities
diagnostic sector. 4
The diagnostic market has a huge scope of becoming a
Segment-wise breakup of Indian diagnostic market profitable business with plethora of growth opportunities.
With advancements in technology and increased demand for
personalised treatment, there is a growing need for innovative
Pathology Radiology diagnostic solutions that can accurately and efficiently detect
diseases.
980
As the diagnostic market continues to evolve, companies that
can adapt to changing trends and provide valuable solutions
43% -44%
will be well-positioned to capitalise on these opportunities. Due
to the increased reliance of medical experts and professionals
684
on the diagnostics segment to validate, accurately diagnose

+13% -14% the illnesses, and provide the necessary treatment protocols,
CAGR as well as the shift in consumer psyche and preference who
43%
472
+14% are now extra cautious about their health and well-being, have
CAGR also helped the diagnostic industry solidify its position as a key
component of the healthcare segment.
41%
Threats
56%-57%
+12% -13%
+12%
57%
CAGR Intense Competition and Impact on Pricing: With new

59%
CAGR competitors entering the diagnostic market, such as health tech

companies, large conglomerates, and start-ups, there has been
FY17 FY20 FY23E a significant level of disruption in both the B2C and B2B market
(Source- CRISIL Research)
segments. These competitors tried to increase their revenue
share in the diagnostic industry by using ‘price’ as a crucial
differentiator.
Rising demand for diagnostic chains and wellness testing
packages Decline in Covid-19-related Tests: After the third wave of the
Covid-19 pandemic, diagnostic companies are experiencing a
Although stand-alone centres and hospital-based centres make decline in demand for Covid-19 tests – one of the top-selling
up 83% of the total market share, there is promising growth of tests that drove up their revenues during the last two fiscal
national and regional diagnostic chains as patients demand years.
high-quality services and are willing to pay for them. Moreover,
with the technological advancements, diagnostic centres need Rising trend towards self-monitoring and diagnosis: The
best-in-class medical equipment and devices for conducting development of self-monitoring tools, including glucometers,
tests, which require higher amounts of investment. This is often oximeters and other such medical devices, creates the
difficult for the stand-alone centres. possibility of lowering the frequency of regularly needed tests.
Most of the leading diagnostic chains are offering wellness Venturing into new geographies: India being a diverse country
packages in their test catalogues, offering multiple related tests in terms of its demography, disease profile and healthcare
at a discounted rate. This helps identify any disease at an early system creates a challenge for the large diagnostic players to
stage before it becomes chronic. establish their footprint across the country. Local players have
a strong market presence due to their familiarity with market
Rising trend of AI integration in medical imaging dynamics.
There is wider acceptance for point-of-care (POC) diagnostic Huge capital investment: With ongoing advancements in
tools that combine AI, data analytics and other smart features to technology, medical devices and analysers are prone to
provide quicker and more accurate diagnostic results. Improved upgrade and change. To stay relevant in the diagnostic market,
accessibility to these tools also suggests that preventive companies need to incur huge capital investments and high
screening is preferred. POC devices can prove to be the game maintenance costs.
changers for early detection of chronic disorders such as
(Source:https://bwhealthcareworld.businessworld.in/article/Diagnostic-
diabetes, heart diseases and cancer. One of the crucial points, Industry-Getting-Ready-To-Overcome-Challenges-To-Outshine-In-The-Indian-
is that the smart digital solutions often act as the first line of Healthcare-Space/29-01-2022-419157/)
https://www.fortuneindia.com/enterprise/indian-diagnostics-market-set-to-double-to-20-billion-by-fy26/108938
4
84
Outlook
With a strategic regulation to provide standardised quality of

service at affordable price for the majority of Indian citizens,
40+ 20
the diagnostic market in India is expected to witness steady
growth. This will create opportunities for local players and new
businesses planning to enter the market. Additionally, greater
focus on preventive healthcare and rising prevalence of chronic Years of experience Cities across India
diseases will further drive the demand for diagnostic services
in the country.
Company overview
Vijaya Diagnostic Centre, one of the largest integrated diagnostic
~3.2Mn 200+
chain in South India, has a legacy spanning over four decades.
The Company’s objective is to provide fast and transparent,
pathology and radiology services to its patients at an affordable
Footfalls Radiologists,
price range. The Company has a broad network, spread across
pathologists and
20 cities in India with over 121 centres. These centres are
microbiologists
equipped with cutting-edge equipment and are operated by
skilled technologists, radiologists, pathologists, microbiologists,
and doctors. It has onboarded over 200 doctors in the field of
radiology, pathology and microbiology. With more than 3.2
million footfalls, Vijaya Diagnostic Centre has conducted 10.1
million+ tests during the FY 2022-23.
In addition to walk-in testing, the Company has always placed

a strong emphasis on point-of-contact testing and home
collection services. It has also expanded its test catalogue
to include speciality tests, disease-specific profiles, and
121 ~10.1Mn
Centres Tests
personalised packages. By meeting their needs, the Company
also aims to expand its corporate clientele. The development of
new wellness and chronic disease management initiatives is yet
another focus area of the Company.
Performance review
Operational Highlights
• The Company’s B2C revenue accounts for 95% of the total revenue.
• The Company has recorded a footfall of 3.2 million.
• The Company has conducted a total of 10.1 million tests.
Financial Performance
(D in Lakhs)
Particulars
2022-23 2021-22 2022-23 2021-22
Revenue from Operations 44,957.93 45,087.93 45,922.27 46,236.99

Earnings Before Depreciation, Interest, Tax and 17,897.01 19,985.58 18,202.73 20,369.01
Exceptional Items
Finance Cost 2,087.61 1,625.56 2,094.79 1,645.03
Depreciation 6,139.43 5,213.65 6,172.01 5,268.61
Profit before Tax 11,127.30 14,438.08 11,351.00 14,738.43
Provision for Tax 2,803.91 3,627.61 2,830.30 3,671.67
Profit after Tax 8,323.39 10,810.47 8,520.70 11,066.76
85
(D in Lakhs)
Particulars
2022-23 2021-22 2022-23 2021-22
Other Comprehensive Income 19.39 19.10 20.16 20.66

Total Comprehensive Income for the Period 8,342.78 10,829.57 8,540.86 11,087.42
Basic EPS (H) 8.16 10.60 8.29 10.76
Diluted EPS (H) 8.12 10.54 8.26 10.69
Key Financial Ratios
Ratios FY 2022-23 FY 2021-22
Debtors Turnover (in times) 2.67 2.86

Inventory Turnover (in times) 18.62 20.66
Interest Coverage Ratio (in times) Nil Nil
Current Ratio (in times) 4.17 4.08
Debt Equity Ratio (in times) Nil Nil
Operating Profit Margin (in %) 40 44
Net Profit Margin (in %) 19 24
Return on Net Worth (in %) 15.54 23.43
Notes: Penetration Risk- Due to several government regulations and

huge concentration of local diagnostic centres across various
1. Return on Net Worth – There is a decrease in return on net regions, it is challenging to penetrate in new geographies.
worth in the current year on account of decrease in profit
for the year. Mitigation-The Company is striving hard to foray into areas
which are underserved through a well-integrated hub-and-spoke
model, especially in Eastern India.
Human Resource
Technological Risk - The Company operates in a highly
Personnel at Vijaya Diagnostic Centre are exposed to advanced
technology-driven market. Technological advancements in
and high-end laboratory and diagnostic centres which enable
the field may result in a decline in demand for the Company’s
them to work with cutting-edge technology. To attract and retain
products and services.
the employees the Company also grants ESOP as rewards which
help foster a high-performance culture. The Company also has a Mitigation - To mitigate this risk, the Company focuses on offering
grievance cell to understand employee concerns and to ensure tests, which are more accurate and economical, as compared
fair and transparent communication. The Company offers regular to those available in the market. Additionally, the Company
training and development programmes to its people, led by top leverages its thorough analysis to help the patient and the doctor
level and expert consultant for enhancing their skills. As of March comprehend the criteria in a detailed and more transparent
31, 2023, the total no. of staff are over 2400. manner.
Regulatory Risk- There is a constant threat of changing market

scenario and government policies related to the country’s
economy as well as the healthcare sector in particular.
2400+
Mitigation- To stay abreast of the recent developments or changes
in regulations, the Company monitors government policies
regularly and takes necessary actions whenever required.
Staff
Competition Risk- With healthcare industry being among the
Risks and concerns fastest growing sectors in India, and a low barrier for entry,
many large to medium level players are entering the market,
Pricing Risk-The Company is subject to government restrictions creating intense competition.
in terms of price ceilings on the services provided. This may
adversely impact its revenue and profitability. Mitigation-The Company has established a strong footprint
across South India along with building a robust brand recall. It
Mitigation-The Company broadly focuses on providing the best has become a go-to brand for a majority of its clients by providing
quality diagnostic services by leveraging high-end technology to advanced radiological and pathological services, gaining an edge
become the first choice of patients. over its competitors.
86
Human resource risk- With consistent technological The scope and coverage of audits include:
advancements, the personnel need to constantly update their
skills and knowledge to keep up with the changing demands • Reviewing and reporting of key process risks
of the job market. This poses a risk as the Company needs to
• Adhering to operating guidelines and statutory compliances
ensure that its workforce remains competent and adaptable to
new technologies. • Recommending improvements for monitoring and
enhancing efficiency of operations
Mitigation-The Company grants ESOP to its employees along with
providing regular training and development programme which • Ensuring reliability of financial and operational information
helps them gather requisite skills to excel in their respective roles.
The Audit Committee periodically monitors and reviews
Outlook the significant internal audit observations. It also reviews
compliance with accounting standards, risk management and
Despite the macroeconomic headwinds, the Company is
control systems.
hopeful about realising its strategic objectives for the year. The
management remains optimistic about its growth potential and
is closely monitoring market trends and making adjustments Cautionary statement
to its operations to mitigate any potential risks. The Company’s
informed strategy of digital transformation, market research Statements in this report on Management Discussion and
backed approach for new market expansion and concentration Analysis, describing the Company’s objectives, projections,
on enhancement of its existing network of centres will ensure estimates, expectations or predictions may be ‘forward-
sustainable year-on-year growth. It plans on adopting the looking statements’ within the meaning of applicable laws
highest standards of quality and to deliver a holistic customer and regulations. Such statements represent the intention of
experience while employing the advanced technology. the Management and the efforts being put into place by them
to achieve certain goals. These assertions are predicated
Through optimum workforce management, strategic moves to on a number of assumptions and future activities. Since the
address intense-competition and foraying into underserved Company's operations are impacted by several internal and
locations in Tier II and Tier III cities, the Company is making external factors outside of its control, actual results could
sincere efforts to achieve robust growth. significantly differ from those stated or inferred. Any forward-
looking statement published here only speaks as of the date it
was made and only reflects the Company's current intentions,
Internal control systems and their adequacy beliefs, or assumptions. The Company disclaims any obligation
The Company has an efficient internal control system in place. to update or modify any forward-looking statements, whether
The policies and procedures, covering financial and operating as a result of new data, unexpected developments, or other
functions, are also documented. The system controls are factors. Readers are urged to use their best judgement when
designed to provide reasonable assurance for maintaining determining the risks connected to the Company.
proper accounting records. This reinforces reliability of financial
reporting, monitoring of operations, protection of assets from
unauthorized use or losses and compliance of regulations.
87
CORPORATE GOVERNANCE REPORT

The Corporate Governance Report of Vijaya Diagnostic The Company will continue to strive to be a wealth creator
Centre Limited (‘the Company’/ ‘VDCL’) has been prepared in to meet stakeholder’s expectations. In the achievement
compliance to the requirements of Regulations 17 to 27, read of its goals, the Company utilizes its resources with
with Schedule V and Clauses (b) to (i) and (t) of Regulation accountability and professionalism to meet the needs
46(2) of the Securities and Exchange Board of India (Listing of customers and deliver on their expectations; meet
Obligations and Disclosure Requirements) Regulations, 2015, the commitments with vendors, partners, employees,
as amended (‘SEBI Listing Regulations/Listing Regulations’), as governments and the community.
applicable, with regard to corporate governance.
2. BOARD OF DIRECTORS:
1.
COMPANY’S PHILOSOPHY ON CODE OF
i. Your Company has an optimum combination of Executive
GOVERNANCE:
and Non-Executive Directors including a Woman Director.
Corporate Governance reflects the efficient conduct of As at the end of March 31, 2023, the Board of Directors of
affairs of the Company in a transparent manner, which the Company comprised of 7 (Seven) Directors out of which
helps in maximizing the stakeholder’s value. At VDCL, 2 (Two) are Executive Directors, 1 (One) Non-Executive Non-
we strive to conduct our business and strengthen our Independent Director and 4 (four) Non-Executive Independent
relationships in a manner that is dignified, distinctive and Directors, including 1 (One) Woman Independent Director. The
responsible. We adhere to ethical standards to ensure composition of the Board is in conformity with Regulation 17
integrity, transparency, independence and accountability of Listing Regulations read with Section 149 and 152 of the
in dealing with all stakeholders. Companies Act 2013 (“the act”). The Composition of the Board
as of March 31, 2023, is given below:
Category of Directors Name of Directors No. of Directors %
Executive Directors 1. Dr. S. Surendranath Reddy (Chairman) 2 28.60%

2. Mr. Sunil Chandra Kondapally
Non-Independent 1. Mrs. S. Geeta Reddy 1 14.30%
Non-Executive Directors
Independent Directors 1. Mr. C. Satyanarayana Murthy 4 57.10%
2. Mr. Shekhar Prasad Singh
3. Dr. D. Nageshwar Reddy
4. Dr. Manjula Anagani
ii. Board Meetings: meetings was within the limit prescribed under Section
173(1) of the Act and Regulation 17(2) of the SEBI Listing
The Board meets at regular intervals to discuss and Regulations.
decide on various business matters, business policies
and strategies of the Company. The Board/Committee iii.
Details of the attendance of Directors and other
Meetings are timely scheduled and informed to all Directorship/Committee positions, etc.:
Directors well in advance to facilitate them to plan their
(a) The names and categories of the Directors on the Board,
schedule and to ensure meaningful participation in
their attendance at the Board meetings held during the
the meetings.
year and at the last Annual General meeting (“AGM”)
During the financial year 2022-23, Five (5) meetings of the held through Video-Conferencing/Other Audio-Visual
Board were held. The said meetings were held on May Means and the number of Directorships and Committee
05, 2022, May 26, 2022, August 09, 2022, November 10, Chairmanships/Memberships held by them in other public
2022 and February 13, 2023. The gap between two Board limited companies as on March 31, 2023 are given below:
88
Date of Board Meetings Attendance at the

Name of Directors last AGM held on
05-05-2022 26-05-2022 09-08-2022 10-11-2022 13-02-2023 September 28, 2022
Dr. S. Surendranath Reddy Yes Yes Yes Yes Yes Yes

(DIN: 00108599)
Mr. Sunil Chandra No No Yes Yes Yes Yes
Kondapally
(DIN: 01409332)
Mrs. S. Geeta Reddy Yes Yes Yes Yes Yes Yes
(DIN: 01073233)
Mr. C. Satyanarayana Yes Yes Yes Yes Yes No
Murthy
(DIN: 00142138)
Mr. Shekhar Prasad Singh Yes Yes Yes Yes Yes Yes
(DIN: 00969209)
Dr. D. Nageshwar Reddy Yes Yes Yes No No No
(DIN: 00324725)
Dr. Manjula Anagani Yes Yes Yes No No No
(DIN: 03501757)
(b) The composition and category of Directors, the number of Directorships and Committee Chairpersonships / Memberships
held by them and Directorships held by them in other listed entities as on March 31, 2023:
Number Of Committee Directorship in other listed No. of

Directorships Positions held in other Companies* (category of shares of
in other Public Public Companies# Directorships) Re.1/-
Name of Directors Companies^ (excluding VDCL) as on March 31, 2023 each held
(excluding
Name of Category of in the
VDCL) Member Chairman
Listed Entity Directorship Company@
Dr. S. Surendranath Reddy 1 2 – Medinova Non-Executive 3,37,22,899

Diagnostic Director
Services
Limited
Mr. Sunil Chandra Kondapally 1 – – Medinova Managing 91,06,933
Diagnostic Director
Services
Limited
Mrs. S. Geeta Reddy – – – – – 40,58,638
Mr. C. Satyanarayana Murthy 2 3 2 Gland Non-Executive –
Pharma Independent
Limited
Balaji Amines Non-Executive
Limited Independent
Mr. Shekhar Prasad Singh – – – – – –
Dr. D. Nageshwar Reddy – – – – – –
Dr. Manjula Anagani – – – – – –
^For the purpose of reckoning Directorship /Committees position on which a Director serve, all public limited companies, whether listed or not, have been included
and all other companies including private limited companies, foreign companies, high value Debt listed entities and companies under Section 8 of the Companies
Act, 2013 or Section 25 of the Companies Act, 1956, have been excluded.
#Only Audit Committee and Stakeholders’ Relationship Committee are considered for reckoning committee positions as per Regulation 26(1)(b) of the SEBI Listing
Regulations.
*Regulation 17A of the Listing Regulations provides for the inclusion of only equity listed entities reckoning the directorship in the listed entity.
@Company has not issued any convertible instruments.
89
iv. Disclosure of relationships between directors inter-se: The details of the familiarization programmes imparted
to Independent Directors is hosted on the website of the
None of the Director(s) is related to each other except Mr. Company and can be accessed through the following
Sunil Chandra Kondapally, Dr. S. Surendranath Reddy and web link at https://www.vijayadiagnostic.com/investors/
Mrs. S. Geeta Reddy. Dr. S. Surendranath Reddy and Mrs. S governance-policies
Geeta Reddy are husband and wife and Mr. Sunil Chandra
Kondapally is the son of Dr. S. Surendranath Reddy and vi. Skills/expertise/competencies identified by the Board
Mrs. S. Geeta Reddy. of Directors:
v. Familiarisation program for Independent Directors: At VDCL, we strongly believe that it is the collective
effectiveness of the Board that influences the Company’s
The Company has put in place a system to familiarize performance and therefore members of the Board should
its Independent Directors with the Company’s business have a balance of skills, experience and diversity. Given
model, their roles, rights & responsibilities in the Company, the Company’s size, scale and nature of business, the
nature of the industry in which the Company operates, Board has identified skills/ expertise/ competencies in
business dynamics and amendment(s) in any law/ the area of leadership/ operations, strategic planning,
rules/regulations as relevant to the Company and/or to industry experience, technical, research and development,
Independent Directors, etc. innovation, global business, finance, legal, corporate
governance and risk management etc. as those necessary
for its members.
The Board has identified the following core skills/expertise/competencies as required in the context of its business(es) and
sector(s) for it to function effectively and those actually available with the Board.
Mr.
Dr. S Mr. Sunil Mrs. S. Mr. C. Dr. D. Dr.
Shekhar
Core Skill/Expertise Surendranath Chandra Geeta Satyanarayana Nageshwar Manjula
Prasad
Reddy Kondapally Reddy Murthy Reddy Anagani
Singh
Exposure and       
understanding of
corporate governance,
systems and control
Proven business       
capability, people
of integrity and
reputation
Experience in       
healthcare industry
handling senior level
responsibility
Background in finance,       -
risk management and
control
Business Development       -
understanding the
dynamics of the legal
and regulatory aspects
90
vii. Independent Directors: (b) reviewed the performance of the Chairman of the
Company
The Independent Directors of the Company have been
appointed in terms of the requirements of the Act, the (c) assessed the quality, quantity and timeliness of
Listing Regulations and the Governance Guidelines flow of information between the Management of
for Board Effectiveness adopted by the Company. the Company and the Board of Directors that is
Formal letters of appointment have been issued to the necessary for the Board of Directors to effectively
Independent Directors and the terms and conditions and reasonably perform their duties
of their appointment are disclosed on the Company’s
website at the web link: https://www.vijayadiagnostic. The Independent Directors expressed their satisfaction to
com/investors/terms-appointment the desired level on the governance of the Board.
The Company has received declaration from the

3. COMMITTEES OF THE BOARD OF DIRECTORS:
Independent Directors confirming that they meet the
criteria of independence as prescribed under Section The Board of Directors of your Company has formed
149(6) of the Act read with Regulation 16(1)(b) of the Listing various Committees, as per the provisions of the Companies
Regulations. In terms of Regulation 25(8) of the Listing Act, 2013 and SEBI Listing Regulations. The various
Regulations, the Independent Directors have confirmed committees of the Board are as provided hereunder:
that they are not aware of any circumstances or situations
which exist or may be reasonably anticipated that could A. Audit Committee
impair or impact their ability to discharge their duties.
B. Nomination and Remuneration Committee
The Board is of the opinion that the Independent
Directors fulfil the conditions specified in the Act and C. Stakeholders Relationship Committee
the Listing Regulations and that they are independent of D. Risk Management Committee
the management. No Independent Director had resigned
during the Financial Year 2022-23. E. Corporate Social Responsibility Committee
A separate meeting of Independent Directors of the A. AUDIT COMMITTEE:

Company without the presence of the Executive Directors
& Management Representatives was held on February The Audit Committee of the Company has been duly
13, 2023 as required under Schedule IV to the Act (Code constituted by the Board in compliance with the
for Independent Directors) and Regulation 25(3) of the requirements of Section 177 of the Act and Regulation 18
Listing Regulations. At the said meeting, the Independent of the SEBI Listing Regulations. As on March 31, 2023, the
Directors: Committee comprised of 3 (Three) Independent Directors
as its members. The Chairperson of the Committee is an
(a) reviewed the performance of Non-Independent Independent Director.
Directors and the Board of Directors as a whole,
During the year ended March 31, 2023, the Committee met 5 (Five) times on May 05, 2022, May 26, 2022, August 09, 2022,
November 10, 2022 and February 13, 2023. The composition and attendance of the members in the meetings are as follows:
No. of Committee meeting during the year

Name of Member Designation Category
Held Attended
Mr. C. Satyanarayana Murthy Chairperson Independent Director 5 5

Mr. Shekhar Prasad Singh Member Independent Director 5 5
Dr. D. Nageshwar Reddy Member Independent Director 5 2
The Company Secretary acts as the Secretary of the It reports to the Board of Directors about its findings &
Committee. Head of Finance & Accounts Department, recommendations pertaining to above matters.
Statutory Auditors and Internal Auditors were invited
to attend the meetings of the Audit Committee. The The brief terms of reference of Audit Committee are as under:
Committee deals with the various aspects of financial
• Oversight of our Company’s financial reporting
statements including quarterly, half yearly and annual
process and the disclosure of its financial information
financial results, adequacy of internal controls & internal
to ensure that the financial statement is correct,
audit functions, compliance with accounting standards
sufficient and credible;
and Company’s financial & risk management policies, etc.
91
• Recommendation for appointment, replacement, • Valuation of undertakings or assets of the Company,

reappointment, remuneration and terms of appointment of wherever it is necessary;
auditors of our Company;
• Evaluation of internal financial controls and risk
• Approval of payment to statutory auditors for any other management systems;
services rendered by the statutory auditors;
• Reviewing, with the management, performance of
• Reviewing, with the management, the annual financial statutory and internal auditors, adequacy of the internal
statements and auditor’s report thereon before submission control systems;
to the board for approval, with particular reference to:
• Reviewing the adequacy of internal audit function, if any,
(a) Matters required to be included in the director’s including the structure of the internal audit department,
responsibility statement to be included in the Board’s staffing and seniority of the official heading the
report, in terms of the Companies Act, 2013; department, reporting structure coverage and frequency
of internal audit;
(b) Changes, if any, in accounting policies and practices
and reasons for the same; • Discussion with internal auditors of any significant findings
and follow up there on;
(c) Major accounting entries involving estimates based
on the exercise of judgment by management; • Reviewing the findings of any internal investigations by
the internal auditors into matters where there is suspected
(d) Significant adjustments made in the financial fraud or irregularity or a failure of internal control systems
statements arising out of audit findings; of a material nature and reporting the matter to the Board;
(e) Compliance with listing and other legal requirements • Discussion with statutory auditors, internal auditors,
relating to financial statements; secretarial auditors and cost auditors before the audit
commences, about the nature and scope of audit as well
(f) Disclosure of any related party transactions; and
as post-audit discussion to ascertain any area of concern;
(g) Qualifications and modified opinion(s) in the draft
• To formulate, review and make recommendations to the
audit report.
Board to amend the Audit Committee charter from time
• Reviewing, with the management, the quarterly financial to time;
statements before submission to the board for approval;
• To look into the reasons for substantial defaults in
• Examination of the financial statement and auditor’s report the payment to the depositors, debenture holders,
thereon; shareholders (in case of non-payment of declared
dividends) and creditors;
• Monitoring the end use of funds raised through public
offers and related matters; • To review the functioning of the whistle blower mechanism;
• Reviewing, with the management, the statement of uses/ • Approval of appointment of Chief Financial Officer after
application of funds raised through an issue (public issue, assessing the qualifications, experience and background,
rights issue, preferential issue, etc.), the statement of funds etc. of the candidate;
utilized for purposes other than those stated in the issue
• Carrying out any other function as may be required
document/ prospectus/notice and making appropriate
/ mandated as per the provisions of the Companies
recommendations to the Board to take up steps in this
Act, 2013, Listing Agreements and/or any other
matter;
applicable laws;
• Reviewing and monitoring the auditor’s independence and
• Reviewing the utilization of loan and/or advances from
performance, and effectiveness of audit process;
investment by the holding company in the subsidiary
• Approval or any subsequent modification of transactions exceeding H100 crore or 10% of the asset size of the
of the Company with related parties; subsidiary, whichever is lower including existing loans /
advances / investments;
• Scrutiny of inter-corporate loans and investments;
• Considering and commenting on rationale, cost benefits
and impact of schemes involving merger, demerger,
amalgamation etc., on the Company and its shareholders.
92
B. NOMINATION AND REMUNERATION COMMITTEE:
The Nomination and Remuneration Committee has been duly constituted as per Regulation 19 of the SEBI Listing Regulations
and Section 178 of the Companies Act, 2013.
During the year ended March 31, 2023, the Committee met 2 (Two) times on May 26, 2022 and February 13, 2023. The
composition and attendance of the members of the Committee are as follows:
No. of Committee meeting

Name of Member Designation Category during the year
Held Attended
Mr. C. Satyanarayana Murthy Chairperson Independent Director 2 2

Mr. Shekhar Prasad Singh Member Independent Director 2 2
Mrs. S. Geeta Reddy Member Non-Executive Non Independent Director 2 2
The brief terms of reference of Nomination and • Extending or continuing the term of appointment of
Remuneration Committee are as under: the independent director, on the basis of the report of
performance evaluation of independent directors;
• Formulating the criteria for determining qualifications,
positive attributes and independence of a director • Recommending to the board, all remuneration, in
and recommend to the board of directors a policy whatever form, payable to senior management;
relating to, the remuneration of the directors, key
managerial personnel and other employees; • Administering, monitoring and formulating detailed
terms and conditions of the ESOP Plan 2018 and
The Nomination and Remuneration Committee, while ESOP Schemes 2018 including any amendments
formulating the above policy, should ensure that: — made thereto, and any other employee stock option
plan that the Company adopts in the future;
(a) the level and composition of remuneration be
reasonable and sufficient to attract, retain and • Carrying out any other function as is mandated
motivate directors of the quality required to run by the Board from time to time and / or enforced/
our Company successfully; mandated by any statutory notification, amendment
or modification, as may be applicable;
(b) relationship of remuneration to performance
is clear and meets appropriate performance • Performing such other functions as may be
benchmarks; and necessary or appropriate for the performance of its
duties as prescribed under applicable laws;
(c) remuneration to directors, key managerial
personnel and senior management involves • Framing suitable policies, procedures and systems to
a balance between fixed and incentive pay ensure that there is no violation of securities laws, as
reflecting short and long-term performance amended from time to time, including:
objectives appropriate to the working of the
Company and its goals; (a) the Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations,
• Formulating criteria for evaluation of performance of 2015, as amended; and
independent directors and the Board of Directors;
(b) the Securities and Exchange Board of India
• Devising a policy on diversity of board of directors; (Prohibition of Fraudulent and Unfair Trade
Practices relating to the Securities Market)
• Identifying persons who are qualified to become Regulations, 2003, as amended, by the Company
directors and who may be appointed in senior and its employees, as applicable
management in accordance with the criteria laid
down, and recommend to the Board of directors their
appointment and removal;
93
Performance evaluation criteria: Knowledge and Skill, Leadership, Strategy Formulation,

Strategy Execution, Financial Planning/performance,
Pursuant to the provisions of the Companies Act and the Relationships with the Board, External Relations, Human
SEBI Listing Regulations, the Board has carried out the resources Management/Relations, Product/Service
annual performance evaluation of the Directors including knowledge, Personal Attributes.
Independent Directors, Board as a whole, Chairperson and
Committees of the Board. The Individual Directors response to the questionnaire on
the performance of the Board, Committee(s), Directors and
Questionnaire(s) for the purpose of evaluation have been Chairman, were analysed. The Directors were satisfied
framed on various parameters for each of the categories. with the evaluation process and have expressed their
These include quantitative questions along with an option satisfaction with the evaluation process.
to provide feedback for overall performance. Evaluation
has been carried out by way of assigning the relevant Further Independent directors had separately met to
rating in the range of 1-5 in the questionnaire(s). evaluate the performance of Non-Independent Directors,
Board as a whole, Chairperson and to assess the quality,
Evaluation of Board’s performance was based on criteria quantity and timeliness of flow of information between the
such as Board Composition & Quality, Board Meetings Company management and the Board.
and Procedures, Board Development, Board Strategy
and Risk Management, Board and Management Relations C. STAKEHOLDERS’ RELATIONSHIP COMMITTEE:
and Stakeholder value and responsibility. Evaluation of
The Stakeholders’ Relationship Committee has been
Committees was based on criteria such as Function and
constituted by the Board in compliance with the
Duties, Management Relations, Committee Meetings and
requirements of Section 178 (5) of the Act and Regulation
Procedures. Evaluation of Directors including Independent
20 of the Listing Regulations. Dr. D. Nageshwar Reddy,
Directors was based on criteria such as Participation at
Independent Director is the Chairman of this Committee.
Board/ Committee Meetings, Managing Relationship,
During the year ended March 31, 2023, the Committee met once on February 13, 2023. The composition and attendance of the
members of the Committee are as follows:

Held Attended
Dr. D. Nageshwar Reddy Chairperson Independent Director 1 0

Mr. C. Satyanarayana Murthy Member Independent Director 1 1
Mr. Sunil Chandra Kondapally Member Executive Director 1 1
The brief terms of reference of Stakeholders’ Relationship • Giving effect to all transfer/transmission of shares
Committee are as under: and debentures, dematerialisation of shares and re-
materialisation of shares, split and issue of duplicate/
• To resolve the grievances of the security holders consolidated share certificates, compliance with all
of the Company including complaints related to the requirements related to shares, debentures and
transfer/transmission of shares, non-receipt of other securities from time to time;
annual report, non-receipt of declared dividends,
issue of new/duplicate certificates, general meetings • To review of the various measures and initiatives
etc. and assisting with quarterly reporting of such taken by the Company for reducing the quantum of
complaints; unclaimed dividends and ensuring timely receipt of
dividend warrants/annual reports/statutory notices
• To review of measures taken for effective exercise of by the shareholders of the Company; and
voting rights by shareholders;
• Carrying out such other functions as may be
• To review of adherence to the service standards specified by the Board from time to time or specified/
adopted by the Company in respect of various provided under the Companies Act or the SEBI Listing
services being rendered by the Registrar & Share Regulations or by any other regulatory authority.
Transfer Agent;
94
Name and designation of Compliance Officer: Investor Complaints:
Mr. Hansraj Singh, Company Secretary and Compliance During the financial year ended March 31, 2023, the
Officer Company has received and resolved 2 complaints from
investors. Number of complaints not resolved to the
Contact No.: +91 40 23420411 satisfaction of shareholders is nil and there were no
pending complaints at the year end.
Email ID for investor grievances: [email protected]
D. RISK MANAGEMENT COMMITTEE:
The Risk Management Committee of the Company is constituted in line with the provisions of Regulation 21 of the SEBI Listing
Regulations. As on March 31, 2023, the Risk Management Committee comprised of 1 (One) Independent Director, 1 (One)
Executive Director and 1 (One) senior level employee.
During the year ended March 31, 2023, the Committee met 2 (Two) times on September 03, 2022 and March 02, 2023. The
composition and attendance of the members of the Committee are as follows:

Held Attended
Mr. Sunil Chandra Kondapally Chairperson Executive Director 2 2

Ms. S. Suprita Reddy Member Senior level employee (CEO) 2 2
The brief terms of reference of Risk Management Committee • To monitor and oversee implementation of the
are as under: risk management policy, including evaluating the
adequacy of risk management systems;
• To formulate a detailed risk management policy this
shall include: • To periodically review the risk management policy,
at least once in two years, including by considering
(a) A framework for identification of internal the changing industry dynamics and evolving
and external risks specifically faced by the complexity;
listed entity, in particular including financial,
operational, sectoral, sustainability (particularly, • To keep the board of directors informed about
ESG related risks), information, cyber security the nature and content of its discussions,
risks or any other risk as may be determined by recommendations and actions to be taken;
the Committee.
• The appointment, removal and terms of remuneration
(b) Measures for risk mitigation including systems of the Chief Risk Officer (if any) shall be subject to
and processes for internal control of identified review by the Risk Management Committee;
risks.
The Risk Management Committee shall coordinate its
(c) Business continuity plan activities with other committees, in instances where there
is any overlap with activities of such committees, as per
• To ensure that appropriate methodology, processes the framework laid down by the board of directors.
and systems are in place to monitor and evaluate
risks associated with the business of the Company;
95
E. CORPORTAE SOCIAL RESPONSIBILITY COMMITTEE:
The Corporate Social Responsibility (CSR) Committee has been constituted by the Board in compliance with the requirements
of Section 135 of the Act.
During the year ended March 31, 2023, the Committee met once on May 26, 2022. The composition and attendance of the
members of the Committee are as follows:
No. of Committee meeting

Name of Member Designation Category during the year
Held Attended
Mr. Shekhar Prasad Singh Chairperson Independent Director 1 1

Ms. S. Geeta Reddy Member Non-Executive Non-Independent Director 1 1
Mr. Sunil Chandra Kondapally Member Executive Director 1 0
The brief terms of reference of Corporate Social The detailed CSR Policy is available on the website of the
Responsibility Committee are as under: Company and can be accessed through the following web link:
https://images.vijayadiagnostic.com/website/CSR-POLICY.pdf
• Formulation of a corporate social responsibility
policy to the Board, indicating the activities to be
undertaken by the Company in areas or subject 4. REMUNERATION OF DIRECTORS:
specified in the Companies Act, 2013. The activities
(a) Disclosures with respect to remuneration:
should be within the list of permitted activities
specified in the Companies Act, 2013 and the rules The details of remuneration paid to Directors for the
there under; Financial Year ended March 31, 2023 is given below:
• Recommending the amount of expenditure to be Executive Directors:

incurred, amount to be at least 2% of the average
net profit of the Company in the three immediately
Name of the Directors Remuneration (in J)
preceding financial years or where the Company has
not completed the period of three financial years Dr. S. Surendranath Reddy 2,00,00,000/-
since its incorporation, during such immediately Mr. Sunil Chandra Kondapally 1,00,00,000/-
preceding financial years;
Non-Executive Independent Directors:
• Instituting a transparent monitoring mechanism for
implementation of the corporate social responsibility Consolidated
projects or programs or activities undertaken by Name of the Directors Remuneration by way
the Company; of Commission (in J)
• Monitoring the corporate social responsibility policy Mr. C. Satyanarayana Murthy 12,00,000/-
from time to time and issuing necessary directions Mr. Shekhar Prasad Singh 12,00,000/-
as required for proper implementation and timely Dr. D. Nageshwar Reddy 12,00,000/-
completion of corporate social responsibility Dr. Manjula Anagani 12,00,000/-
programmes;
• The details of fixed component and performance
• Identifying corporate social responsibility policy linked incentives, along with the performance criteria:
partners and corporate social responsibility The shareholders of the Company have approved
policy programmes; the payment of fixed remuneration to Executive
Directors. There have been no performance linked
• Identifying and appointing the corporate social
incentive payable to them.
responsibility team of the Company including
corporate social responsibility manager, wherever • Service contracts, notice period, severance fees:
required; and Company doesn’t have any service contracts with
any of the Directors. There is no separate provision
• Performing such other duties and functions as the
for payment of severance fee to Directors. The notice
Board may require the corporate social responsibility
period for their employments will be governed by the
committee to undertake to promote the corporate
rules of the company.
social responsibility activities of the Company.
96
• Stock option details, if any and whether issued at a (c) Criteria for making payments to Non-Executive Directors:
discount as well as the period over which accrued
Non-Executive Independent Directors of the Company
and over which exercisable: None of the Directors
are being paid consolidated remuneration by way of
have been allotted any stock options under the ESOP
Commission at the rate of 0.5% of consolidated net profits
Plan of the Company.
of the Company subject to maximum of H12,00,000/-
(b) During the year under review, there was no pecuniary p.a. Currently Company have one Non- Executive Non-
relationship or transaction between the Company and Independent Director and no amount is being paid to the
any of its Non-Executive Independent Directors apart said Director.
from payment of consolidated remuneration by way
The Nomination and Remuneration Policy of the Company,
of commission. Mrs. Sura Geeta Reddy, Non-Executive
inter alia, disclosing detailed criteria of making payments
Non-Independent Director of the Company has given
to Non-Executive Directors of the Company is placed on
certain premise(s) on lease to the Company, for operating
Company’s website under the web link: https://images.
diagnostic centres in earlier years. The Company has paid
vijayadiagnostic.com/investor/corporategovernance/
her lease rentals for the aforesaid leased premises at
NOMINATION-REMUNERATION-POLICY.pdf
regular intervals. The details of the same are provided in
notes to financial statements.
5. GENERAL BODY MEETINGS:

(a) Details of the last three Annual General Meetings are as under:
Particulars F.Y. 2019-20 F.Y. 2020-21 F.Y. 2021-22
Date September 28, 2020 August 04, 2021 September 28, 2022
Time 03:30 p.m. 03:30 p.m. 03:00 p.m.
Venue Corporate office, 6-3- Corporate office, 6-3- Held through Video
883/F, FPA Building, Near 883/F, FPA Building, Near Conferencing (VC)/ Other
Topaz Building, Punjagutta, Topaz Building, Punjagutta, Audio-Visual Means (OAVM).
Hyderabad-500082, Hyderabad-500082,
Telangana, India. Telangana, India.
Special Resolutions Nil Nil Extension of loan to Medinova

Diagnostic Services Limited,
Subsidiary Company
(b) Postal Ballot: Regulations. The financial results are displayed on BSE and
NSE websites. The Financial Results are also published in
During the Financial Year 2022-23, pursuant to the ‘Financial Express’ (English) and ‘Nava Telangana’ (Telugu)
provisions of Section 110 and other applicable provisions, newspapers and posted on the Company’s website at www.
if any, of the Companies Act read together with Rule 20 vijayadiagnostic.com. In terms of the Listing Regulations,
& 22 of the Companies (Management and Administration) the Company has a designated email ID for dealing with
Rules, 2014 (“Rules”) and Listing Regulations, no special Investors’ complaints viz., [email protected]
resolutions were passed by the company through
postal ballot. The results along with presentations made by the Company
to Analysts/Investors are also intimated to the Stock
Currently, there are no forseen businesses that may be Exchanges and hosted on the website of the Company
transacted through Postal Ballot. Special resolutions, if viz. https://www.vijayadiagnostic.com/investors/financial-
any, required to be passed in future through Postal ballot results
would be decided at the relevant time and would be
accordingly communicated to the shareholders. The Company organizes quarterly investor earnings call(s)
to discuss the financial results and investor queries were
answered by the Senior Management of the Company
6. MEANS OF COMMUNICATION:
during such call. The audio recording and transcripts
The quarterly, half yearly and annual financial results of of the said earnings calls were disclosed to the Stock
the Company are uploaded on NSE Electronic Application Exchanges and hosted on our website viz. https://www.
Processing System (NEAPS) and BSE Listing Centre vijayadiagnostic.com/investors/financial-results All the
in accordance with the requirements of SEBI Listing official news releases will be displayed at website of the
Company.
97
7. GENERAL SHAREHOLDER INFORMATION: • Annual General Meeting for the year March 31, 2024:
on or before September 30, 2024
(a) Annual General Meeting (AGM):
(c) he Dividend, if declared at the AGM, will be paid on or
T
Day & Date:Wednesday, 20th September, 2023
before 30 (thirty) days from the date of the AGM.
Time: 03:00 P.M. (IST) (d) tock Exchanges where company’s share are listed and
S
Venue: through Video Conferencing (VC)/ Other Audio- Scrip code:
Visual Means (OAVM) National Stock Exchange of India Limited – Exchange
(b) Financial Year (01st April 2023 to 31st March, 2024) Plaza, C-1, Block G, Bandra-Kurla Complex, Bandra (East),
Mumbai - 400 051, Trading Symbol – VIJAYA
• First Quarterly Results : on or before August 14, 2023
BSE Limited - Phiroze Jeejeebhoy Towers, Dalal Street,
• Second Quarterly Results: on or before November Mumbai - 400 001 Scrip Code: 543350
14, 2023
The Company has paid the Annual Listing fees for the
• Third Quarterly Results: on or before February 14, 2024 financial year 2023-24 to each of the Stock exchanges,
• Audited Yearly Results for the year ending March 31, where the equity shares of the Company are listed.
2024: on or before May 30, 2024
(e) Market price of the Company’s equity shares (closing share price) in comparison to BSE SENSEX and NSE NIFTY during
each month in the FY 2022-23:
BSE Limited:
SENSEX VIJAYA
Month
High Low High Low
Apr-22 60,845.10 56,009.07 475.75 415.00

May-22 57,184.21 52,632.48 474.50 359.15
Jun-22 56,432.65 50,921.22 384.75 292.00
Jul-22 57,619.27 52,094.25 360.85 301.00
Aug-22 60,411.20 57,367.47 406.30 330.00
Sep-22 60,676.12 56,147.23 476.70 343.00
Oct-22 60,786.70 56,683.40 493.45 418.15
Nov-22 63,303.01 60,425.47 507.95 432.55
Dec-22 63,583.07 59,754.10 527.45 423.80
Jan-23 61,343.96 58,699.20 437.15 385.50
Feb-23 61,682.25 58,795.97 448.00 351.15
Mar-23 60,498.48 57,084.91 462.00 375.45
SENSEX CLOSE Vs. VIJAYA CLOSE PRICE
66,000.00 600
64,000.00 500
62,000.00
400
60,000.00
300
58,000.00
200
56,000.00
54,000.00 100
52,000.00 0
22 23
2
2
23
22
2
2
2
n-
22
3
-2
22
g-
-2
r-2
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Ja
p-
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Au
ay
ar
Oc
Ap
Ju
No
Fe
De
Se
Ju
M
M
Sensex Close Price Vijaya Close Price
98
National Stock Exchange of India Limited:
NIFTY VIJAYA
Month
High Low High Low
Apr-22 18,114.65 16,824.70 477.90 395.90

May-22 17,132.85 15,735.75 475.25 358.20
Jun-22 16,793.85 15,183.40 384.45 295.00
Jul-22 17,172.80 15,511.05 361.00 302.00
Aug-22 17,992.20 17,154.80 399.90 344.95
Sep-22 18,096.15 16,747.70 475.00 342.85
Oct-22 18,022.80 16,855.55 493.90 418.30
Nov-22 18,816.05 17,959.20 508.45 434.05
Dec-22 18,887.60 17,774.25 528.00 424.00
Jan-23 18,251.95 17,405.55 439.00 385.10
Feb-23 18,134.75 17,255.20 448.70 351.35
Mar-23 17,799.95 16,828.35 461.00 375.10
NIFTY CLOSE Vs. VIJAYA CLOSE PRICE
19,500.00 600
19,000.00
500
18,500.00
400
18,000.00
17,500.00 300
17,000.00
200
16,500.00
100
16,000.00
15,500.00 0
22 23
2
2
3
22
2
2
2
n-
22
3
-2
22
g-
-2
-2
r-2
t-2
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-2
ly
v-
ne
Ja
p-
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Au
b
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Oc
Ap
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Se
Ju
M
M
NIFTY Close Price Vijaya Close Price
(f) Suspension of shares of the Company from trading:

(h)
Share Transfer System, Dematerialisation of shares
and liquidity:
The shares of the Company are not suspended from
trading during the financial year under review. The equity shares of the Company are compulsorily traded
(g) Registrar and Share Transfer Agent: in dematerialised form. In terms of Regulation 40(1) of
Listing Regulations, as amended from time to time, request
KFin Technologies Limited for effecting transfer of securities shall be processed only
if the shares are in dematerialised form in depository.
Selenium Tower B, Plot Nos. 31 & 32, Financial District Further transmission or transposition of securities held
Nanakramguda, Serilingampally, Hyderabad – 500032, in physical or dematerialised form shall be effected only
Telangana, India. Toll: 1800-3454-001 in dematerialised form. As on date of this report, all the
shares of the Company have been dematerialised form
E-mail:[email protected]
and no shares are held in physical form. The equity shares
Website:https://www.kfintech.com/ of the Company are actively traded at NSE & BSE.
99
(i) Distribution of shareholding:
Distribution of shareholding as on March 31, 2023 is as given below:
Sl. No. Category (Amount) Cases % of Cases Total Shares Amount % of Amount
1. 1-5000 76,851 99.77 51,42,221 51,42,221 5.04

2. 5001- 10000 71 0.09 5,06,660 5,06,660 0.50
3. 10001- 20000 28 0.04 3,85,916 3,85,916 0.38
4. 20001- 30000 6 0.01 1,56,795 1,56,795 0.15
5. 30001- 40000 6 0.01 2,05,213 2,05,213 0.20
6. 40001- 50000 4 0.01 1,82,968 1,82,968 0.18
7. 50001- 100000 14 0.02 10,13,961 10,13,961 0.99
8. 100001 & Above 48 0.06 9,44,77,441 9,44,77,441 92.56
(j) Categories of Shareholders as on March 31, 2023:
Sl. No. Descriptions No. of Cases Total Shares % Equity
1. Promoter Individuals 1 3,37,22,899 33.04

2. Promoter Group 12 2,24,26,053 21.97
3. Mutual Funds 10 1,35,41,045 13.27
4. Alternative Investment Fund 1 6,45,574 0.63
5. NBFC 1 5,600 0.01
6. Foreign Portfolio - Corp 70 2,58,03,713 25.28
7. Resident Individuals 74,172 52,21,237 5.12
8. Employees 27 17,632 0.02
9. Non Resident Indian Non Repatriable 345 1,18,388 0.12
10. Non Resident Indians 555 1,22,127 0.12
11. Bodies Corporates 120 3,09,492 0.30
12. HUF 1,173 1,09,093 0.11
13. Trusts 1 2 0.00
14. Clearing Members 44 28,320 0.03
Total 76,532 10,20,71,175 100.00
(k)
Outstanding GDR/ADR/warrants or any convertible (n) Address for correspondence:
instruments, conversion date and likely impact on
equity: Registered Office:
The Company has not issued any GDR/ADR and there are 6-3-883/F, FPA Building, Near Topaz building, Punjagutta,
no outstanding warrants or any convertible Instruments. Hyderabad 500082, Telangana. (changed w.e.f. November
10, 2022)
(l)
Commodity price risk or foreign risk and hedging
activities: (o) Credit Ratings:
The Company does not have commodity price risk nor The Company hasn’t issued any debt instruments and
does the Company engage in hedging activities. didn’t require obtaining any credit ratings for such debt
instruments.
(m) Plant Locations:
The Company does not have any manufacturing or 8. Other Disclosures:

processing plants. The Company is into providing
diagnostic service and has diagnostic centres at various (a)
Disclosures on materially significant related party
transactions that may have potential conflict with the
locations in the states of Telangana, Andhra Pradesh,
interests of the company
West Bengal and NCR.
All related Party Transactions that were entered into
during the year under review, were in the ordinary course
of business and on at Arm’s Length basis. During the year
100
under review, Company didn’t not enter into any materially (g)
Proceeds of preferential issues and qualified
significant related party transactions that may have institutional placement
potential conflict with the interests of the Company.
The Company has not raised any fund through public,
(b) Details of non-compliance by the company, penalties, rights, Preferential Allotment or Qualified Institutions
strictures imposed on the company by stock exchange(s) Placement, during the financial year under review.
or the board or any statutory authority, on any matter
related to capital markets, during the last three years (h) Certificate from a Company Secretary in Practice
No penalties / fines were imposed on the Company by A certificate from Mr. D. Balarama Krishna, Company
the Stock Exchanges or SEBI or any Statutory Authority Secretary in Practice have been obtained certifying that
on any matter related to Capital Markets during last none of the directors on the Board of the Company have
three years. been debarred or disqualified from being appointed or
continuing as directors of the Company by Securities and
(c) Disclosure of vigil mechanism/ whistle blower policy Exchange Board of India/Ministry of Corporate Affairs or
and access to the Audit committee
any such statutory authority and the same is annexed
The Company has adopted a Whistle Blower Policy and herewith as Annexure A to this Report.
has established the necessary vigil mechanism as defined (i) Recommendations of the Committees
under Regulation 22 of the SEBI Listing Regulations
to provide a formal mechanism to the Directors and There were no instances during the financial year
employees to report their concerns about unethical under review, wherein the Board had not accepted any
behaviour, actual or suspected fraud or violation of the recommendations made by any Committee of the Board.
Company’s Code of Ethics. Company affirm that no
(j) Statutory Auditor Fee
personnel has been denied access to the Audit committee.
(d)
Details of compliance with mandatory requirements The total fee paid by the Company, on a consolidated basis,
on Corporate Governance under the SEBI (Listing to the statutory auditor and all entities in the network firm
Obligations and Disclosure Requirements) Regulations, / network entity of which Statutory Auditor is a part, for all
2015 the services during the Financial Year 2022-23 is H 87.32
lakhs.
The Company has complied with the mandatory
requirements on Corporate Governance under the SEBI (k) Disclosure in relation to Sexual Harassment of Women
Listing Regulations and in process of implementing the at workplace (Prevention, Prohibition and Redressal)
non-mandatory requirements. Act, 2013
(e) Policy for determining material subsidiaries

Number of complaints filed during the financial 0
The Company does not have any material un-listed Indian year
Subsidiary as defined under Regulation 24 of the SEBI Number of complaints disposed of during the 0
Listing Regulations. financial year
Number of complaints pending as on end of the 0
The Company has formulated a policy for determining financial year
material subsidiaries in terms of the Listing Regulations.
This Policy has been hosted on the website of the Company (l) Disclosure of Loans and advances in the nature of loans
at the web link: https://images.vijayadiagnostic.com/ to firms/companies in which directors are interested.
investor/corporategovernance/MATERIAL-SUBSIDIARY-
As on March 31, 2023, Company has given a loan of H 5.75
POLICY.pdf
crore to Medinova Diagnostic Services Limited, Subsidiary
(f) Policy on dealing with related party transactions Company, in which directors are deemed to be interested.
In compliance with the requirements of the Companies Act

and SEBI Listing Regulations, the Board has formulated 9.
Adoption of discretionary requirements
and adopted a Related Party Transactions Policy (“RPT specified in Part E of Schedule II of Listing
Policy”) for the purpose of identification, approval, Regulations
monitoring and reporting of related party transactions.
Internal auditors submit their report directly to
The RPT Policy as approved by the Board is available on
Audit Committee.
the Company’s website at: https://images.vijayadiagnostic.
com/investor/corporategovernance/Related-Party- There were no qualifications in the Standalone and the
Transaction-Policy.pdf Consolidated Financial Statements of the Company for the
financial year ended March 31, 2023.
101
10. The Company has complied with the requirement of hosted on the website of the Company. All Board Members
corporate governance report as specified in sub paras (2) and Senior Management Executives have affirmed
to (10) of clause C of Schedule V of SEBI Listing Regulations. compliance with the Code of Conduct for the Financial
Year 2022-23.
11.
The Company is in compliance with the applicable
corporate governance requirements specified in An annual declaration signed by the Chief Executive
Regulations 17 to 27 and clause (b) to (i) of Regulation Officer of the Company affirming compliance to the Code
46(2) of SEBI Listing Regulations as on date of this report. by the Board of Directors and the Senior Management is
annexed to this Report as Annexure - B.
12.
Disclosures with respect to unclaimed
Suspense Account: 14. Certificate on Corporate Governance:
As required by Schedule V of the SEBI Listing Regulations,
i. Aggregate number of shareholders and 0 the Certificate on Corporate Governance issued by
the outstanding shares in the suspense Practicing Company Secretary is annexed to the Board’s
account lying at the beginning of the year report as Annexure C.
ii. Number of shareholders who approached 0
listed entity for transfer of shares from
suspense account during the year
15. CEO/CFO Certification:
iii. Number of shareholders to whom shares 0 The Chief Executive Officer & Chief Financial Officer (CEO
were transferred from suspense account & CFO) of the Company have certified to the Board with
during the year regard to the compliance made by them in terms of
iv. Aggregate number of shareholders and 0 Regulation 17(8) read with Part B of schedule II of SEBI
the outstanding shares in the suspense Listing Regulations and the said certificate is annexed to
account lying at the end of the year this Report as Annexure-D.
v. That the voting rights on these shares shall 0
remain frozen till the rightful owner of such
shares claims the shares By order of the Board
13. Code of Conduct:
The Board of Directors has laid down a ‘Code of Conduct’
(the Code) for all the Board members and the senior Date: May 29, 2023 DIN: 00108599
management personnel of the Company and this Code is
102
Annexure A
CERTIFICATE PURSUANT TO THE PROVISIONS OF REGULATION 34(3) READ WITH

SCHEDULE V PARA C CLAUSE (10)(I) OF THE SEBI (LISTING OBLIGATIONS
AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
To
The Members of
Vijaya Diagnostic Centre Limited
CIN: L85195TG2002PLC039075
Hyderabad.
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Vijaya Diagnostic Centre
Limited having CIN: L85195TG2002PLC039075 and having registered office at No. 6-3-883/F, FPA Building, Near Topaz building,
Punjagutta, Hyderabad, Telangana – 500082 (hereinafter referred to as ‘the Company’), produced before me by the Company for the
purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In my opinion and to the best of my information and according to the verifications (including Directors Identification Number (DIN)
status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me by the Company & its officers,
I hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on 31st
March, 2023 have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and
Exchange Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.
Sr. No. Name of the Director DIN *Date of appointment as Director in the Company
01. Dr. Sura Surendranath Reddy 00108599 05/06/2002

02. Mr. Satyanarayana Murthy Chavali 00142138 26/05/2021
03. Dr. Nageshwar Reddy Duvvur 00324725 26/05/2021
04. Mr. Shekhar Prasad Singh 00969209 26/05/2021
05. Ms. Sura Geeta Reddy 01073233 21/11/2019
06. Mr. Sunil Kondapally Chandra 01409332 05/06/2002
07. Dr. Manjula Anagani 03501757 22/08/2021
*The date of appointment is as per MCA portal.
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of the
Company. My responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to
the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of
the Company.
UDIN: F008168E000409131
M. No.: FCS 8168
Date: 29.05.2023 C.P No.: 22414
Place: Hyderabad Peer Reviewed UIN. 12019TL1988700
103
Annexure B
DECLARATION
I, S. Suprita Reddy, Chief Executive Officer of the company, hereby declare that as provided under the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board Members and the senior management personnel have confirmed compliance
with the Code of Conduct and Ethics for the year ended March 31, 2023.
Place: Hyderabad S Suprita Reddy

Date: May 29, 2023 Chief Executive Officer
104
Annexure C
CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE

Under Regulation 34(3) - Schedule V - (E) of SEBI (LODR) Regulations, 2015
To
The Members of
CIN: L85195TG2002PLC039075
Hyderabad.
I have examined the compliance of the conditions of Corporate Governance by Vijaya Diagnostic Centre Limited (‘the Company’) for
the year ended on March 31, 2023, as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub- regulation (2) of Regulation 46
and para-C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (“SEBI Listing Regulations”).
The compliance of the conditions of Corporate Governance is the responsibility of the management of the Company. My examination
was limited to the review of procedures and implementation thereof, as adopted by the Company for ensuring compliance with
conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In my opinion and to the best of my information and according to the explanations given to me, I certify that the Company has
complied with the conditions of Corporate Governance as stipulated in the SEBI Listing Regulations for the financial year ended on
March 31, 2023.
I further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the company.
UDIN: F008168E000409131
M. No.: FCS 8168
Date: 29.05.2023 C.P No.: 22414
Place: Hyderabad Peer Reviewed UIN. 12019TL1988700
105
Annexure D
COMPLIANCE CERTIFICATE
To
The Board of Directors
We hereby certify that:
A. We have reviewed audited financial statements (Standalone and Consolidated) of the Company, for the financial year ended
March 31, 2023 and that to the best of our knowledge and belief:
1) These statements do not contain any materially untrue statement or omit any material fact or contain statements that
might be misleading.
2) These statements together present a true and fair view of the listed entity’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
B. To the best of our knowledge and belief, there are no transactions entered into by the Company during the financial year ended
March 31, 2023 which are fraudulent, illegal or violative of the Company’s code of conduct.
C. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated
the effectiveness of internal control systems of the Company pertaining to financial reporting and we have disclosed to the
auditors and the audit committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware
and the steps they have taken or propose to take to rectify these deficiencies.
D. We have indicated to the auditors and the Audit committee, wherever applicable;
1) There haven’t been any significant changes in internal control over financial reporting during the financial year ended
March 31, 2023.
2) There haven’t been any significant changes in accounting policies during the financial year ended March 31, 2023, except
for the change in the accounting estimate as mentioned below and that the same have been disclosed in the notes to the
annual financial statements, wherever applicable.
“With effect from 01 January 2023, the Company has changed its method of depreciation on all Property, Plant and
Equipment from Written Down Value (“WDV”) method to Straight Line Method (“SLM”), based upon the technical
assessment of expected pattern of consumption of the future economic benefits embodied in the assets. Consequently,
the depreciation on such assets has been charged as per WDV method from 01 April 2022 to 31 December 2022. However,
with effect from 01 January 2023, the carrying value of the assets as on 31 December 2022 has been depreciated as per
SLM over the remaining useful lives of the assets.”
3) There haven’t been any Instances of significant fraud of which they have become aware and the involvement therein,
if any, of the management or an employee having a significant role in the listed entity’s internal control system over
financial reporting.
S Suprita Reddy Narasimha Raju KA

Chief Executive Officer Chief Financial Officer
Place: Hyderabad
Date: May 29, 2023
106
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT

SECTION A: GENERAL DISCLOSURES
1) DETAILS OF THE LISTED ENTITY:
Sl.
Particulars Response
No.
1. Corporate identity Number (CIN) of the Entity L85195TG2002PLC039075

2. Name of the Entity Vijaya Diagnostic Centre Limited
3. Year of incorporation 2002
4. Registered & Corporate office address 6-3-883/F, Ground Floor, FPA Building,
Near Topaz Building, Punjagutta, Hyderabad 500082, Telangana.
5. E-mail [email protected]
6. Telephone 040 – 2342 0411/12
7. Website www.vijayadiagnostic.com
8. Financial year for which reporting is being done FY 2022-23
9. Name of the Stock Exchange(s) where shares are 1. National Stock Exchange of India Limited (NSE) and
listed 2. BSE Limited (BSE)
10. Paid-up Capital H 10,20,71,175 divided into 10,20,71,175 Equity shares of H 1/- each
11. Name and contact details (telephone, email address) Mr. Hansraj Singh
of the person who may be contacted in case of any Company Secretary & Compliance Officer
queries on the BRSR report Telephone No. 040 – 2342 0411
Email Id: [email protected]
12. Reporting boundary - Are the disclosures under Standalone basis
this report made on a standalone basis (i.e. only for
the entity) or on a consolidated basis (i.e. for the
entity and all the entities which form a part of its
consolidated financial statements, taken together)
2) PRODUCTS/SERVICES
13. Details of business activities (accounting for 90% of the turnover):
Sl. % of Turnover
Description of Main Activity Description of Business Activity
No. of the entity
1. Other Human Health Activities Activities of Independent 100

Diagnostics/Pathological
Laboratories
14. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
Sl. % of total
Product/Service NIC Code
No. Turnover contributed
1. Comprehensive diagnostic services, spanning 869 100

pathological investigations, basic and high-end
radiology/imaging services including, nuclear
medicine.
107
3) OPERATIONS
15. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of plants Number of offices/Labs Total
National Not applicable as the Company provides 121* 121

International Diagnostic Services in the area of Pathology Nil Nil
and Radiology.
*Includes one (1) Centre operated by Subsidiary Company.
16. Markets served by the entity:

a) Number of locations:
Location Number
National (No. of States) Telangana, Andhra Pradesh, West Bengal, and NCR
International (No. of Countries) As of now, the Company doesn’t serve in any of the International
Locations
b) Contribution of exports:
What is the contribution of exports as a Nil

percentage of the total turnover of the entity?
c) Type of Customers:
A brief on types of customer The Company provides services to customers including

individual patients, hospitals, corporate clients, and other
healthcare providers
4) EMPLOYEES
17. Details at the end of the year of Financial year:
a) Employees and workers (including differently abled):
Sl. Particulars Total (A) Male Female

No. No. (B) % (B / A) No. (C) % (C / A)
Employees
1. Permanent (D) 1996 1183 59% 813 41%
2. Other than Permanent (E)* 648 231 36% 417 64%
3. Total employees (D + E) 2644 1414 53% 1230 47%
Workers
4. Permanent (F) -- -- -- -- --
5. Other than Permanent (G) -- -- -- -- --
6. Total workers (F + G) -- -- -- -- --
*Includes Trainees and Consultant Doctors
b) Differently abled Employees and workers:
Sl. Particulars Total (A) Male Female

No. No. (B) % (B / A) No. ( C ) % (C / A)
Differently Abled Employees
1. Permanent (D) 1 1 100 -- --
2. Other than Permanent (E) -- -- -- -- --
3. Total employees (D + E) 1 1 100 -- --
Differently Abled Workers
4. Permanent (F) -- -- -- -- --
5. Other than Permanent (G) -- -- -- -- --
6. Total workers (F + G) -- -- -- -- --
108
18. Participation/Inclusion/Representation of women:
Category Total (A) No. and percentage of Females

No. (B) % (B / A)
Board of Directors 7 2 29
Key Management Personnel* 5 1 20
*Includes: 2 Whole-time Director, Chief Executive Officer, Company Secretary, and Chief Financial Officer
19. Turnover rate for permanent employees and workers:
(Disclose trends for the past 3 years)
Category FY 2022-23 FY 2021-22 FY 2020-21

(Turnover rate (Turnover rate in (Turnover rate in the year
in current FY) previous FY) prior to the previous FY)
Male Female Total Male Female Total Male Female Total
Permanent Employees 34.56% 23.67% 30.87% 30.05% 25.76% 33.25% 34.32% 22.34% 31.34%
Permanent Workers -- -- -- -- -- -- -- -- --
5) HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES (INCLUDING JOINT VENTURES)
20. Names of holding/subsidiary/associate companies/joint ventures:
Sl. Name of the holding/subsidiary/associate Indicate whether % of shares held Does the entity indicated
No. companies/joint ventures (A) holding/ by the listed in column A, participate in
Subsidiary/ entity the Business Responsibility
Associate/ Joint initiatives of the listed
Venture entity? (Yes/No)
1. Medinova Diagnostic Services Limited Subsidiary 62.14 No
2. Doctorslab Medical Services Private Limited Subsidiary 100 No
3. VDC Diagnostic (Karnataka) LLP Subsidiary 100 No
4. Namrata Diagnostic Centre Private Limited Subsidiary 100 No
5. Medinova Millennium MRI Services LLP Subsidiary 62.14 No
6) CORPORATE SOCIAL RESPONSIBILITY (CSR) DETAILS
21. Sl. Requirement Response

No.
1. Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) Yes
4. Turnover (H in Million) 4,495.79
5. Net worth (H in Million) 5,450.88
7) TRANSPARENCY AND DISCLOSURES COMPLIANCES
22. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business
Conduct:
Stakeholder group Grievance Redressal FY 2022-23 FY 2021-22

from whom complaint Mechanism in Place Current Financial Year Previous Financial Year
is received (Yes/No) (If Yes, then Number of Number of Remarks Number of Number of Remarks
provide web-link for complaints complaints complaints complaints
grievance redress filed during pending filed during pending
policy) the year resolution at the year resolution at
close of the year close of the
year
Communities Yes There were not any complaints/grievances received from any specific community.
https://images.
vijayadiagnosticcom/
investor/
corporategovernance/
WHISTLE-BLOWER-
POLICY.pdf
109
Stakeholder group Grievance Redressal FY 2022-23 FY 2021-22

from whom complaint Mechanism in Place Current Financial Year Previous Financial Year
is received (Yes/No) (If Yes, then Number of Number of Remarks Number of Number of Remarks
provide web-link for complaints complaints complaints complaints
grievance redress filed during pending filed during pending
policy) the year resolution at the year resolution at
close of the year close of the
year
Investors (other than Yes There were no complaints that were received.
shareholders) https://www.
vijayadiagnostic.com/
investors/contact-
details
Shareholders Yes 2 Nil Nil 1 Nil Nil
https://www.
vijayadiagnostic.com/
investors/contact-
details
Employees and Yes Nil Nil Nil Nil Nil Nil
workers https://images.
vijayadiagnostic.
com/investor/
WHISTLE-BLOWER-
POLICY.pdf
Customers Yes 5,854 54 All the 4,259 32 All the
The company has a unresolved unresolved
dedicated complaints complaints
helpline number as on March as on March
(040- 31, 2023 31, 2022
2100 0000 / 040- have been have been
6910 0100) and email subsequently subsequently
id resolved resolved
info@vijayadiagnostic.
com which address
and
resolves all customer
Grievances. In
addition, the Company
responds to customer
concerns that it
receives through its
official social media
handles.
Value Chain Partners Yes There were no complaints/grievances received from the value chain partners except
https://images. some outstanding dues related clarifications, which were properly addressed and
vijayadiagnostic. resolved.
com/investor/
WHISTLE-BLOWER-
POLICY.pdf
Other (please specify) -- -- -- -- -- -- --
110
23. Overview of the entity’s material responsible business conduct issues:
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social
matters that present a risk or an opportunity to your business, rationale for identifying the same, and approach to adapt or
mitigate the risk along with its financial implications, as per the following format:
Sl. Material issue Indicate Rationale for identifying In case of risk, approach Financial implications of
No. identified whether the risk/opportunity to adapt or mitigate the risk or opportunity
risk or (Indicate positive or
opportunity negative implications)
(R/O)
1. Workplace Risk/ Risk: The organization Risk - Lost Time, resulting
Safety Opportunity Insufficient implementation has implemented a from workplace accidents
of proper safety measures comprehensive safety or injuries, can lead to
can result in work-related manual that outlines additional challenges for
safety incidents, leading guidelines applicable to all a laboratory, including
to adverse consequences labs within the company. the need to pay overtime
such as increased Regular health check-ups to compensate for work
absenteeism and a higher are conducted, particularly completion.
Lost Time Rate (LTR) for individuals in technical
or sample handling roles,
Opportunity:
to proactively monitor
By prioritizing workplace their well-being.
safety, the Company
can optimise employee - Necessary safety
performance and achieve equipment are provided to
staff, including items such
higher levels of productivity
as eye wash stations,
gloves, lab coats, goggles,
fire sprinklers, and fire
extinguishers.
- Periodic fire drills are
conducted to ensure
that employees are
familiar with evacuation
procedures and
understand their roles in
emergency situations.
- Adheres to the BMW
(Biomedical Waste
management rules
established by the Central
Pollution Control Board
(CPCB) guidelines.
- Rigorous disinfection
protocols are
implemented within the
laboratories, ensuring
a clean and hygienic
working environment.
111
(R/O)
2. Occupational Risk Sample collection from The Company has taken Negative
hazard affecting infectious disease patients initiatives to ensure the The company may face
health of well-being of its staff the challenge of revenue
employees members. Periodic loss, as well as difficulties
vaccination is conducted in filling positions due to
according to the guidelines. a shortage of available
Medical insurance is manpower, which can
provided to mitigate health negatively impact the
and financial risks for staff quality of clinical care
members. The company provided to patients and
offers financial support to increase recruitment
the relatives of staff who costs.
have lost their lives while
treating patients. The
company also deploys
rotating staff involved
in sample collection. All
the collection outlets
follow safety norms as
prescribed by the ICMR
and MoHFW.
3. Risk Risk/ Risk: The Company engages Positive
Management Opportunity Businesses face the risk with key stakeholders The Company can
of experiencing adverse in the risk management establish a more resilient
effects across multiple process to ensure that and sustainable approach
operational areas if they all relevant parties are to growth by proactively
lack robust controls within aware of potential risks linking material topics with
their risk management and invested in developing risk mitigation strategies.
system. strategies to mitigate them. This approach is grounded
Opportunity: By involving stakeholders in a deep understanding
Integrating risk in this process, the of the risks and
management into a Company fosters a opportunities associated
Company’s overall culture of risk awareness with the Company’s
strategy offers several and accountability, operations, allowing them
opportunities for ultimately leading to more to effectively manage
businesses. It helps successful outcomes in risks and capitalise
protect against potential risk management. on opportunities. By
disruptions and ensures adopting this approach,
that the Company is the Company can improve
better positioned to their overall performance
respond and adapt to a and position themselves
rapidly changing business for long-term success.
landscape. This approach
offers businesses the
opportunity to enhance
their resilience, ensuring
continued success in the
face of challenges.
112
(R/O)
4. Waste Risk Generation of Biomedical Disposal is done through If not disposed of properly,
Management Waste due to nature of a Government authorized it could lead to the spread
business partner and the waste is of diseases and affect the
segregated into different social license to operate.
color bags with barcodes.
It is weighed before
being handed over to an
authorized vendor. All
safety norms are followed
from generation until
handover to Authority.
The Company provides diagnostics services wherein sustainability issues pertaining to the environment are negligible.
Being conscious of environmental concerns, we are always committed to reducing the impact on the environment while we
deliver our services to customers, without compromising on the quality of our deliverables. As part of such measures, we
do buy advanced radiology and/or laboratory equipment, which emits lesser radiation & co2 and reduces the exposure of
patient to the radiation while undergoing medical diagnostic procedures.
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SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the
NGRBC Principles and Core Elements.
Sl. Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

No.
Policy and management processes
1. a) Whether your entity’s policy/policies cover each principle Yes Yes Yes Yes Yes Yes Yes Yes Yes
and its core elements of the NGRBCs. (Yes/No)
b) Has the policy been approved by the Board? (Yes/No) Yes Yes Yes Yes Yes Yes Yes Yes Yes
c) Web Link of the Policies, if available https://www.vijayadiagnostic.com/investors/governance-
policies
2. Whether the entity has translated the policy into procedures. Yes
(Yes / No)
3. Do the enlisted policies extend to your value chain partners? No
(Yes/No)
4. Name of the national and international codes /certifications/ The Company has put in place a comprehensive set of
labels / standards (e.g. Forest Stewardship Council, Fairtrade, norms and standards to guarantee compliance with
Rainforest Alliance, Trustea) standards (e.g. SA 8000, OHSAS, best practices in environmental, social, and corporate
ISO, BIS) adopted by your entity and mapped to each principle. governance. These include Ministry of Environment and
Forest guidelines, which set out clear criteria for reducing
environmental impact and promoting sustainability. The
Company has implemented quality healthcare guidelines
issued by NABH, which promote patient safety and quality
of care. The Company has also adopted environment
and social standards issued by the International Finance
Corporation (IFC), which provide a framework for managing
environmental and social risks associated with business
operations. The NVG guidelines issued by the Ministry of
Corporate Affairs, GOI, ensure that the Company adheres
to good corporate governance practices and promotes
transparency and accountability. It also follows Section
135 of the Companies Act, 2013. The Company adheres to
the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, which require listed companies to
disclose information on various aspects of their business,
including corporate governance and sustainability
practices. The Company’s commitment to these guidelines
and standards demonstrates its dedication to responsible
and sustainable business practices.
5. Specific commitments, goals and targets set by the entity with The Company is determined to follow the path envisioned
defined timelines, if any. under the 9 principles laid down in the National Voluntary
Guidelines on Social, Environmental & Economic
Responsibilities of Business issued by the Ministry of
Corporate Affairs.
6. Performance of the entity against the specific commitments, The Company continuously monitors its performance
goals and targets along-with reasons in case the same are not against the said indicators periodically, take corrective
met action as needed and institutionalise preventive steps to
strengthen its performance on the said parameter.
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Sl. Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

No.
Governance, leadership and oversight

7. Statement by director responsible for the business Given the industry in which the Company operates, the
responsibility report, highlighting ESG related challenges, ESG paradigm assumes higher importance; the Company
targets and achievements has consistently been helming multiple initiatives to
thrive within and yet be fully responsible for its immediate
(listed entity has flexibility regarding the placement of this
environment.
disclosure)
Commitment to sustainability is at the heart of every
corporate endeavour and initiative towards growth,
prudently nurturing its human quotient, building social
capital, while being responsible towards consumption of
resources. Over the years, the Company has enhanced the
salience to ESG best practices and has made meaningful
and noticeable strides forward in several spheres.
Core teams have been entrusted with ensuring the
sustainability of approach across key corporate functions;
in instances addressing key issues like proper disposal and
treatment of bio-medical waste, replacing plastic bags with
biodegradable bags, water conservation through water
saving reducers, integrating e-billing to curb usage of paper,
solar panel usage and rainwater harvesting among others.
The Company remains mindful of its moral responsibilities
as a corporate citizen and acts in an ethical manner. Being
an undisputed leader in the branded diagnostics space, the
Company has a long history of transparency in governance
practices, and it keenly reviews this to make a positive
impact on society and its stakeholders.
At Vijaya Diagnostic Centre Limited, our ethos of providing
affordable diagnostic tests with easy accessibility endures,
with best-in-class service offerings and accurate diagnoses.
While doing so, we will continue our focus of scaling our
ESG performance parameters with global best practices.
8. Details of the highest authority responsible for implementation Board of Directors
and oversight of the Business Responsibility policy(ies).
9. Does the entity have a specified Committee of the Board/ Director The CSR Committee of the Board is responsible for taking
responsible for decision making on sustainability related issues? decisions on sustainability related issues.
(Yes / No). If yes, provide details
10. Details of Review of NGRBCs by the Company:
Indicate whether review was undertaken

Frequency (Annually/ Half yearly/
by Director / Committee of the Board /
Subject for Review Quarterly / Any other – please specify)
Any other Committee
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above Policies wherever stated have been approved by the Board / Committees of Board / Senior
policies and follow up action Management of the Company. Policies are reviewed at periodic intervals in all aspects including
statutory requirements depending on the frequency stated in respective policies or on a need
basis whichever is earlier and necessary updates are made to the policies.
Compliance with statutory The Company has necessary procedures in place to ensure the compliance with all relevant
requirements of relevance regulations.
to the principles, and,
rectification of any non-
compliances
115
11. Independent assessment/ evaluation of the working of its policies by an external agency:
P1 P2 P3 P4 P5 P6 P7 P8 P9
Has the entity carried out independent assessment/ evaluation No, however all policies and processes are subject to
of the working of its policies by an external agency? (Yes/No). If audits / reviews done internally in the Company from time
yes, provide name of the agency. to time.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider the Principles material to its - - - - - - - - -
business (Yes/No)
The entity is not at a stage where it is in a position to formulate - - - - - - - - -
and implement the policies on specified principles (Yes/No)
The entity does not have the financial or/human and technical - - - - - - - - -
resources available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No) - - - - - - - - -
Any other reason (please specify) - - - - - - - - -
116
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with key
processes and decisions. The information sought is categorized as “Essential” and “Leadership”. While the essential indicators are
expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be voluntarily disclosed
by entities which aspire to progress to a higher level in their quest to be socially, environmentally and ethically responsible.
PRINCIPLE 1: BUSINESSES SHOULD CONDUCT AND GOVERN THEMSELVES WITH INTEGRITY, AND IN A MANNER THAT IS
ETHICAL, TRANSPARENT AND ACCOUNTABLE
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:
Segment Total number of training and Topics / principles covered % age of persons in respective
awareness programmes held under the training and category covered by the
its impact awareness programmes
Board of Directors Please refer Note (1) below

Key Managerial Personnel
Employees other than BOD
Please refer Note (2) below
and KMPs
Workers
Note:
1. During FY2023, various updates were made at the Board and Committee meetings. Independent Directors in their capacity
as members of various Committees of the Board were informed on developments relating to diverse topics such as
regulatory, economic and operating environmental changes, new business initiatives, Corporate Governance, Information
Technology and various risk indicators. Strategic presentations were made to the Directors, regularly on Company strategy,
performance and growth plans. These presentations covered the entire range of business activities including macro-
economic and market review, equity performance, earnings outlook, operational efficiencies, service and product offerings,
update on sales performance, digitisation initiatives, customer engagement strategies, risk management framework, fraud
prevention, cyber security, CSR initiatives, business sustenance and employee practices.
Further, updates on performance review, strategy and key regulatory developments are presented at the quarterly
board meetings and annual Board strategy meeting. Independent Directors who are members of various Committees are
presented with the necessary information to enable them to review and grant approvals as per the terms of reference of
the respective Committees.
The Board and Audit Committee is updated on key compliance, risk and audit observations, impact arising out of the issues
along with management action plans.
Considering all of the above, approximately fourteen (14) hours have been spent during FY2023 by the Board of Directors
on various familiarisation programmes during Board/Committee meetings including four one-on-one/group sessions.
2. The Company’s DNA articulates ‘Compliance with Conscience’ as a key threshold behaviour. Every employee of the Company
is expected to work with ‘Compliance with Conscience’ in their work and their interactions with customers and stakeholders.
The Company has zero tolerance towards any violation or misconduct on grounds on non-compliance. Our employee
value proposition – PLEDGE also emphasises on creating an environment which protects against any kind of biases and
facilitates professionalism in all engagements. The Company has a Code of Conduct (Code) which defines the professional
and ethical standards that employees and Directors need to adhere to in compliance with all applicable statutory laws,
regulations and internal policies. The Code is published on the Company’s website, https://www.vijayadiagnostic.com/
investors/code-conduct and Intranet. Employees forming part of the senior management including Whole-time Directors
are required to annually confirm that they have read and understood the Code. All new employees are also required to
confirm that they have read and understood the Code at the time of their induction. In addition, the Company has instituted
several policies to ensure adherence to existing statutory laws and regulations such as The Whistle Blower (WB) policy,
The Prevention of Sexual Harassment (POSH) at the Workplace policy, Framework for managing Conflict of Interest etc. The
Company regularly conducts awareness campaigns to familiarise employees with the various policies to ensure adherence
to the highest standards of ethical behaviour. Regular communications via Intranet, SMS campaigns, mails, etc. are sent to
sensitise employees around governance and ethical practices.
117
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by
directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in the following format:
(Note: the Company shall make disclosures based on materiality as specified in Regulation 30 of SEBI (Listing Obligations and
Disclosure Obligations) Regulations, 2015 and as disclosed on the Company’s website):
MONETARY
Particulars NGRBC Name of the regulatory/ Amount Brief of the Has an appeal
Principle enforcement agencies/ (In INR) Case been preferred?
judicial institutions (Yes/No)
Penalty/ Fine
Settlement Nil
Compounding fee
NON-MONETARY
Particulars NGRBC Name of the regulatory/ Brief of the Has an appeal
Principle enforcement agencies/ Case been preferred?
judicial institutions (Yes/No)
Imprisonment
Nil
Punishment
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-
monetary action has been appealed:
Case Details Name of the regulatory/ enforcement agencies/ judicial institutions

Nil
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web-
link to the policy.
The Company places a strong emphasis on conducting business in a transparent and ethical manner. To ensure compliance with
ethical standards, the Company strictly follows all relevant laws, treaties, and regulations that prohibit bribery and other corrupt
activities. The Whistle blower and Code of Conduct Policies, which address ethics, bribery, and corruption, apply to all Vijaya Group,
subsidiaries, and entities. The same can be accessed at: https://www.vijayadiagnostic.com/investors/governance-policies
The Company complies with all applicable statutory obligations and fully supports the law of the land. It has internal policies
and procedures in place for ensuring compliance in letter and spirit.
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement agency
for the charges of bribery/ corruption:
Case Details FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year)
Directors Nil Nil
KMPs Nil Nil
Employees Nil Nil
Workers Nil Nil
6. Details of complaints with regard to conflict of interest:
FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year)

Case Details Number Remarks Number Remarks
Number of complaints received in relation
to issues of Conflict of Interest of the Nil -- Nil --
Directors
Number of complaints received in relation
Nil -- Nil --
to issues of Conflict of Interest of the KMPs
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators/
law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest: Nil.
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PRINCIPLE 2: BUSINESSES SHOULD PROVIDE GOODS AND SERVICES IN A MANNER THAT IS SUSTAINABLE AND SAFE
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and
social impacts of product and processes to total R&D and capex investments made by the entity, respectively:
2022-23 2021-22 Details of improvements in environmental and social

impacts
Current Financial Previous Financial Year
Year
R&D Nil Nil The Company incurred no expenditure on Research and
Development during the period under review.
Capex 54.87% 24.49% The company's major capex investment is towards
buying of the advanced radiology and/or laboratory
(Investment in
equipments, which emits lesser radiation & co2 and
high-technology
reduces the exposure of patient to the radiation
radiology
while undergoing medical diagnostic procedures. The
equipments)
company also purchased some E-bikes for its usage on
experimental basis.
2. Sustainable sourcing:
(a) Does the entity have procedures in place for sustainable sourcing? (Yes/No)
(b) If yes, what percentage of inputs were sourced sustainably?
The Company works towards sustainable sourcing and ensure that its social and environmental performance extends to
its supply chain by sharing its expectations with the vendors from time to time. The Company also promotes localization of
business by giving preferences to local vendors.
The Company is committed to do business with environmentally responsible vendors with an objective to minimize the adverse
effects on the community, the environment and natural resources while safeguarding health and safety of the public.
The Company is currently evaluating projects/designing a program for implementation in FY24 which will emphasize Company’s
initiatives towards sustainable sourcing.
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life, for (a)
Plastics (including packaging) (b) E-waste ( c ) Hazardous waste and (d) other waste.
The Company is a provider of Diagnostic Services and hence reusing, recycling of wastes is not applicable to the industry in
which it operates. However, as a responsible corporate citizen, the Company has entered into agreements with authorized
vendors for disposal of bio-medical wastes generated during sample collection and testing of samples and for RO water
recycling.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the waste
collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not,
provide steps taken to address the same:
The Extended Producer Responsibility is not applicable since the Company does not qualify to be a Producer under the Plastic
Waste Management Rules, 2016.
119
PRINCIPLE 3: BUSINESSES SHOULD RESPECT AND PROMOTE THE WELL-BEING OF ALL EMPLOYEES, INCLUDING THOSE IN
THEIR VALUE CHAINS
1. a) Details of measures for the well-being of employees:
Category % of employees covered by

Health Insurance* Accident insurance Maternity benefits Paternity Benefits Day Care facilities
Total (A) Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F / A)
Permanent employees
Male 1183 1183 100% Nil Nil Nil Nil 1183 100% Nil Nil
Female 813 813 100% Nil Nil 813 100% Nil Nil Nil Nil
Total 1996 1996 100% Nil Nil 813 40.73% 1183 59.27% Nil Nil
Other than Permanent Employees**
Male Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Female Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
Total Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
*includes ESI coverage for applicable staff
**Includes trainees and consultant doctors, who are given benefits as per the company's policy.
b) Details of measures for the well-being of workers:
Category % of employees covered by

Health insurance Accident insurance Maternity benefits Paternity Benefits Day Care facilities
Total (A) Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F / A)
Permanent workers
Male
Female Not Applicable
Total
Other than Permanent workers
Male
Total
2. Details of retirement benefits, for Current FY and Previous Financial Year:
Category FY 2022-23 FY 2021-22

(Current Financial Year) (Previous Financial Year)
No. of No. of Deducted and No. of No. of Deducted and
employees workers deposited employees workers deposited
covered as covered as with the covered as covered as with the
a % of total a % of total authority a % of total a % of total authority
employees workers (Y/N/N.A.) employees workers (Y/N/N.A.)
PF 100% NA Y 100% NA Y
Gratuity 100% NA N.A. 100% NA N.A.
ESI 47% NA Y 48% NA Y
Others – please specify NA NA NA NA NA NA
3. Accessibility of workplaces:
Are the premises / offices of the entity accessible to We are committed to build an accessible inclusive workplace
differently abled employees and workers, as per the and welcome the skills and talent of differently abled people.
requirements of the Rights of Persons with Disabilities Over the year, we have identified appropriate roles to on-board
Act, 2016? If not, whether any steps are being taken by the more differently abled team members through our inclusive
entity in this regard. hiring practices. We are working progressively to increase their
participation in the organization.
120
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-
link to the policy:
Yes, the Company is committed to maintaining a policy of non-discrimination and enforcing a strong stance against any
behaviours that contravene its ethics and Code of Conduct. These standards are clearly outlined in the Business Responsibility
Policy, demonstrating the Company's dedication to promoting a culture of fairness, respect and accountability. The same can be
accessed at: https://images.vijayadiagnostic.com/investor/corporategovernance/Business-Responsibility-Policy.pdf
5. Return to work and Retention rates of permanent employees and workers that took parental leave:
Permanent employees Permanent workers

Gender Return to work rate Retention rate Return to work Retention rate
rate
Male 100% 94.60%
Female 82.32% 79.56% Not Applicable
Total 91.34% 90.45%
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If
yes, give details of the mechanism in brief:
Yes/No (If Yes, then give details of the mechanism in brief)

Permanent Workers
Not Applicable
Other than Permanent Workers
Permanent Employees The Company has a culture where employees can freely raise and discuss issues
Other than Permanent Employees concerning themselves with their Superiors, Business Leaders or Human Resource (HR)
Managers. The Company has created several channels through which employees can
discuss, have an engagement and seek clarification on their issues. The employees can
provide their feedback or complaints to their respective HR managers or register the
same on [email protected]
For grievances pertaining to sexual harassment, employees may also write to
[email protected]
Any cases falling under the purview of the Whistle Blower Policy or Senior Management
Escalations are handled as per the Whistle Blower Policy, which enables employees
to freely communicate their concerns on illegal or unethical practices by writing to
[email protected]
The Company has a Grievance Redressal policy, which address all kinds of issues an employee may face while at work. The
grievance may include:
 Wage Payments
 Working Conditions
 Medical Facilities
 Recoveries of Dues
 Leave
 Seniority
 Transfers
 Promotions
 Any other similar issues relating to the employees’ working conditions
Employees need to report to all/any grievance in the prescribed format to the grievance Redressal committee at the email id:
[email protected] for the grievance Redressal process to get activated.
121
7. Membership of employees and worker in association(s) or Unions recognised by the entity:
Category FY 2022-23 FY 2021-22

Total No. of employees / % Total No. of employees / %
employees workers in respective (B/A) employees workers in respective (D/C)
/ workers in category, who are / workers in category, who are
respective part of association(s) respective part of association(s)
category (A) or Union (B) category (C) or Union (D)
Total Permanent 1996 0 0% 1859 0 0%

Employees
Male 1183 0 0% 1144 0 0%
Female 813 0 0% 715 0 0%
Total Permanent
Workers
Not Applicable
Male
Female
8. Details of training given to employees and workers:
FY 2022-23 FY 2021-22
Category
On Skill On Health and On Skill
On Health and safety
Total Upgradations Total safety measures Upgradations
(A) Number % Number % (D) Number % Number %
(B) (B/A) (C) (C/A) (E) (E/D) (F) (F/D)
Employees
Male 1183 1183 100% 1183 100% 1144 1144 100% 1144 100%
Female 813 813 100% 813 100% 715 715 100% 715 100%
Total 1996 1996 100% 1996 100% 1859 1859 100% 1859 100%
Workers
Male
Total
9. Details of performance and career development reviews of employees and worker:
FY 2022-23 FY 2021-22
Category
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)
Employees
Male 1183 1183 100% 1144 1144 100%
Female 813 813 100% 715 715 100%
Total 1996 1996 100% 1859 1859 100%
Workers
Male
Total
10. Health and safety management system:
Sl. No. Particulars Response

a) Whether an occupational health and safety Yes. The safety manual has guidelines that are applicable to all
management system has been implemented by units/centres.
the entity? (Yes/ No). If yes, the coverage such
system?
122
Sl. No. Particulars Response

b) What are the processes used to identify work- Appropriate policies/guidelines have been formulated to
related hazards and assess risks on a routine and address various types of hazards and related risk assessment
non-routine basis by the entity? & mitigation.
• All work related hazards are identified basis the
recommended guidelines.
• Their associated risk assessment procedures are part of the

Safety manual
• Regular audits are conducted by the Quality dept. to monitor

the compliance.
c) Whether you have processes for workers to • The Lab safety program prescribes the procedures to be
report the work related hazards and to remove followed by the users in the event of any adverse safety
themselves from such risks. (Y/N) incident.
• Safety incident reporting tool has been developed that

records each of such incident / occurrence at the work units.
d) Do the employees/ worker of the entity have • Mediclaim coverage is extended to all employees other
access to non-occupational medical and than those under the ambit of the ESIC act.
healthcare services? (Yes/ No)
• Those under ESI ambit get all applicable medical benefits
under ESIC.
• Additionally, all employees are eligible for discounted

diagnostic investigations.
11. Details of safety related incidents, in the following format:
Safety Incident/Number Category FY 2022-23 FY 2021-22

Lost Time Injury Frequency Rate (LTIFR) Employees -- --
(per one million-person hours worked) Workers -- --
Total recordable work-related injuries Employees -- --
Workers -- --
No. of fatalities Employees -- --
Workers -- --
High consequence work-related injury or Employees -- --
ill-health (excluding fatalities) Workers -- --
12. Describe the measures taken by the entity to ensure a safe and healthy work place:
General guidelines have been formulated pertaining to personal protection, safety equipment, emergency procedures, fires,
chemical hygiene, electrical safety, waste disposal, laboratory equipment’s.
• Safety gears are provided to staff - e.g. Eye Wash, Gloves, Lab Coat, and Goggles.
• Fire Sprinklers and Fire extinguishers are installed at the work place.
• Fire drills are conducted on periodic basis and there are designated safety supervisors.
• Disinfection protocols are implemented in labs.
• Ergonomic lab furniture is provided to all staff.
• Health check-ups are conducted and Immunization for all those in technical / sample handling roles.
123
13. Number of Complaints on the following made by employees and workers:
FY (2022-23) FY (2021-22)
Current Financial Year Previous Financial Year
Filed during Pending resolution Remarks Filed during Pending resolution Remarks
the year at the end of year the year at the end of year
Working Conditions Nil Nil -- Nil Nil --

Health & Safety Nil Nil -- Nil Nil --
14. Assessments for the year:
Particulars % of your plants and offices that were assessed (by entity or statutory authorities or third
parties)
Health and safety practices 1. Periodic internal audits are conducted by the Quality team of health and safety practices
Working Conditions 2. Before all the new labs are made operational, the project and lab operations teams
conduct a safety audit of the setups. There are safety trainings conducted regularly.
3. Fire drills are undertaken to make all employees aware of the safety requirements and
what needs to be done in case of non-compliance.
4. Accrediting bodies like NABL, NABH, ISO audit our various labs and evaluate the health
& safety practices / policies and the overall working conditions every year.
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks
/ concerns arising from assessments of health & safety practices and working conditions:
• The Lab safety manual serves as a guiding document for all safety related issues.
• In case of any safety incident, specific corrective protocols are defined which are being followed
• Training of all staff is being done on a periodic basis.
• Risk management guide has been defined for all labs.
PRINCIPLE 4: BUSINESSES SHOULD RESPECT THE INTERESTS OF AND BE RESPONSIVE TO ALL ITS STAKEHOLDERS
1. Describe the processes for identifying key stakeholder groups of the entity:
Our approach towards responsible and sustainable business practices involves regular engagement with internal and external
stakeholders. This practice helps the Company measure its performance based on the value it brings to its stakeholders and to
prioritize key sustainability issues in terms of relevance to its business and stakeholders.
Such stakeholder engagement helps not only in identifying opportunities but also in assessing emerging risks which may
increase in magnitude at a later stage in future.
The Company’s process to identify key stakeholders stems from:

• Its Mission and Vision Statement/policy.
• Key Decision Makers.
• Individual stakeholders’ and their power and influence on the decision-making process.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group:
Stakeholder Group Whether Channels of communication Frequency of Purpose and scope of

identified as (Email, SMS, Newspaper, engagement engagement including key
Vulnerable & Pamphlets, Advertisement, (Annually/ Half topics and concerns raised
Marginalized Community Meetings, yearly/ Quarterly during such engagement
Group (Yes/ Notice Board, Website), / others – please
No) Other specify)
Employees No Emails Monthly / Weekly Regular Company updates /
Training Needs
124
Stakeholder Group Whether Channels of communication Frequency of Purpose and scope of

identified as (Email, SMS, Newspaper, engagement engagement including key
Vulnerable & Pamphlets, Advertisement, (Annually/ Half topics and concerns raised
Marginalized Community Meetings, yearly/ Quarterly during such engagement
Group (Yes/ Notice Board, Website), / others – please
No) Other specify)
Customers No SMS, Newspaper, Pamphlets, Annual/Half Yearly/ Promotion Schemes / New Tests
Website/Helpline Desk Quarterly/Monthly etc
Investors &
Shareholders No Newspapers / Website/ Annual/Half Yearly/ Financial Results / other
Meetings Quarterly Corporate Announcements
Govt./ Regulatory No Emails / Community Quarterly / Half Representations / Perspective on
Authorities Meetings Yearly change in regulations / upcoming
laws
Communities No Community Meetings Annual/Half Yearly Developmental / Educational
/ Quarterly needs as part of the Company’s
CSR obligation
Vendors No Digital Meetings / In person Quarterly with Regular business updates,
meetings Strategic vendors & Performance feedback, Updation
with other vendors about change in regulation
once in a year / pertaining to supplies/services
need basis
PRINCIPLE 5: BUSINESSES SHOULD RESPECT AND PROMOTE HUMAN RIGHTS
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following
format:
FY 2022-23 FY 2021-22
Category
Total No. of employees / % Total No. of employees / %
(A) workers covered (B) (B / A) (C) workers covered (D) (D / C)
Employees
Permanent 1996 1996 100% 1859 1859 100%
Other than permanent 648 648 100% 652 652 100%
Total Employees 2644 2644 100% 2511 2511 100%
Workers
Permanent
Other than permanent Not Applicable
Total Workers
2. Details of minimum wages paid to employees and workers, in the following format:
Category FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year)

Equal to More than Equal to More than
Total Minimum Wage Minimum Wage Total Minimum Wage Minimum Wage
(B) (B/A) (C) (C/A) (E) (E/D) (F) (F/D)
Employees
Permanent 1996 553 28% 1443 72% 1859 150 8% 1709 92%
Male 1183 256 22% 927 78% 1144 78 7% 1066 93%
Female 813 297 37% 516 63% 715 72 10% 643 90%
Other than The Company engages trainees and consultants who are governed by their respective contracts
Permanent
Male -- -- -- -- -- -- -- -- -- --
Female -- -- -- -- -- -- -- -- -- --
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Category FY 2022-23 (Current Financial Year) FY 2021-22 (Previous Financial Year)

Equal to More than Equal to More than
Total Minimum Wage Minimum Wage Total Minimum Wage Minimum Wage
(B) (B/A) (C) (C/A) (E) (E/D) (F) (F/D)
Workers
Permanent
Male
Female
Other than Not Applicable
Permanent
Male
Female
3. Details of remuneration/salary/wages, in the following format:
Male Female
Number Median *remuneration/ Number Median *remuneration/
salary/ wages of respective salary/ wages of respective
category (in J) category (in J)
Board of Directors (BoD) 5 12,00,000 2 6,00,000

Key Managerial Personnel** 4 85,75,000 1 2,75,00,000
Employees other than BoD and KMP 1181 3,02,508 813 2,28,000
Workers -- -- -- --
*Remuneration means and includes the Cost to the Company (CTC).
**Comprising Chairman, Whole-time Director, Chief Executive Officer, Chief Financial Officer and Company Secretary.
4. Do you have a focal point (Individual/Committee) responsible for addressing human rights impacts or issues caused or
contributed to by the business? (Yes/No):
Yes, the Company is committed to honesty, fairness, and transparency, and it strives to maintain the highest standards of ethical
behaviour and practise. It actively encourages professionalism and ethical behaviour among its employees and has put in place
strong measures to foster and support this culture. To guarantee a safe and ethical working environment for all, the Company's
management takes quick action to investigate and address the issue in accordance with its policy.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues:
The Company is firmly committed to internationally accepted human rights principles and standards. To ensure compliance
with this commitment, the Company has established rigorous procedures and processes to prevent any human rights violations
across all its operations. Additionally, the Company has implemented a whistle-blower policy to encourage and facilitate the
reporting grievances or complaints by its employees. The Company ensures that all received grievances are thoroughly
investigated and appropriate measures are taken to address the issue or complaint.
6. Number of Complaints on the following made by employees and workers:
FY 2022-23 FY 2021-22
Sexual Harassment Nil Nil -- 2 1 The pending

resolution for the
complaint was
subsequently closed.
Discrimination at Nil Nil -- Nil Nil --
workplace
126
FY 2022-23 FY 2021-22
Child Labour Nil Nil -- Nil Nil --

Forced Labour/ Nil Nil -- Nil Nil --
Involuntary Labour
Wages Nil Nil -- Nil Nil --
Other human rights Nil Nil -- Nil Nil --
related issues
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases:
The Company has implemented a Code of Conduct, gender-neutral prevention of sexual harassment, and BRR policies to
encourage and facilitate the reporting of any grievances or complaints by its employees. In case of any human right issue the
Company's management will take strict action to investigate and address the issue in accordance with its policy, to ensure a safe
and ethical working environment for all.
All our policies ensure that employees who raise concerns/violations are protected from any form of retaliation or threat to
employment. The Company is committed to protect employees upholding the principles by notifying violations from any form
of retaliation or adverse action due to their disclosure.
8. Do human rights requirements form part of your business agreements and contracts? (Yes/No):
Yes, the requisite clauses are part of all relevant business agreements/contracts.
9. Assessments for the year:
Particulars % of your plants and offices that were assessed (by entity or statutory authorities or third
parties)
Child labour No case reported for the period. The Company’s systems have inbuilt checks to validate any
hiring of employee who is less than 14 years of age. The system will give an alert to the team.
Forced/involuntary labour No case reported for the period. Any such incidence raised shall be addressed by the
redressal mechanism.
Sexual harassment All cases of POSH are handled by the respective committees and the reports are submitted to
the management. The annual report has the details on the cases received and their closures.
Discrimination at workplace No case reported for the period. Any such incidence raised shall be addressed by the
redressal mechanism.
Wages No case reported for the period. Additionally, compliance to minimum wage requirement is
audited by the Statutory and the Internal auditors.
Others – please specify -
10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments
at Question 9 above:
Not Applicable, since there were no cases which were received for principle mentioned under Question 9 above.
127
PRINCIPLE 6: BUSINESSES SHOULD RESPECT AND MAKE EFFORTS TO PROTECT AND RESTORE THE ENVIRONMENT
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
FY 2022-23 FY 2021-22
Parameter
Total electricity consumption (A) (in Giga Joules) 38,840 35,363
Total Fuel consumption (B) (in Giga Joules) 2,519 2,057
Energy consumption through other sources ( ) Nil Nil
Total energy consumption (A+B+C) 41,359 37,420
Energy intensity per rupee of turnover (Total energy consumption/ 0.0000092 0.0000083
turnover in rupees)
Energy intensity (optional) – the relevant metric may be selected by Nil Nil
the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency. No
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and
Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been
achieved. In case targets have not been achieved, provide the remedial action taken, if any: No
3. Provide details of the following disclosures related to water, in the following format:
FY 2022-23 FY 2021-22
Parameter
Water withdrawal by source (in kilolitres)
(i) Surface water Nil Nil
(ii) Groundwater Nil Nil
(iii) Third party water 2,121 1,929
(iv) Seawater / desalinated water Nil Nil
(v) Others Nil Nil
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 2,121 1,929
Total volume of water consumption (in kilolitres)* 2,121 1,929
Water intensity per rupee of turnover (Water consumed / turnover) 0.00000047 0.00000043
Water intensity (optional) – the relevant metric may be selected by Nil Nil
the entity
*Total volume of water withdrawal and water consumption has been assumed the same.
4.
Has the Company implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation. – Nil
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
FY 2022-23 FY 2021-22
Parameter Please specify unit
NOx -- -- --
SOx -- -- --
Particulate matter (PM) -- -- --
Persistent organic pollutants (POP) -- -- --
Volatile organic compounds (VOC) -- -- --
Hazardous air pollutants (HAP) -- -- --
Others – please specify -- -- --
Note: Being in the service industry, the Company’s only source of air emissions is the use of diesel generators at its centres and
office units. All of these generators are regularly maintained and operate within permissible emission limits.
128
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:
The Company is not into manufacturing and therefore the possibility of releasing GHG emissions into the atmosphere is
negligible/not applicable.
FY 2022-23 FY 2021-22
Parameter Please specify unit
Total Scope 1 emissions Metric tonnes of -- --

(Break-up of the GHG into CO2, CH4, N2O, HFCs, CO2 equivalent
PFCs, SF6, NF3, if available)
Total Scope 2 emissions (Break-up of the GHG Metric tonnes of -- --
into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if CO2 equivalent
available)
Total Scope 1 and Scope 2 emissions per rupee -- -- --
of turnover
Total Scope 1 and Scope 2 emission intensity -- -- --
(optional) – the relevant metric may be selected
by the entity
7. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details: No
8. Provide details related to waste management by the entity, in the following format:
FY 2022-23 FY 2021-22
Parameter
Total Waste generated (in metric tonnes)
Plastic waste (A) -- --
(Plastic Waste is included in the Bio Medical Waste)
E-waste (B) -- --
Bio-medical waste ( ) 101.56 86.32
Construction and demolition waste (D) -- --
Battery waste (E) -- --
Radioactive waste (F) -- --
Other Hazardous waste. Please Specify (G) -- --
Other Non-hazardous waste generated (H). Please specify, if any. -- --
(Break-up by composition i.e. by materials relevant to the sector)
Total 101.56 86.32
(A+ B + C + D + E + F + G + H)
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations
(in metric tonnes)
Category of waste
(i) Recycled - -
(ii) Re-used - -
(iii) Other recovery operations - -
Total - -
Bio Medical generated by the Company in the course of its operations cannot be recovered through recycling or reusing by
the Company
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration - -
(ii) Landfilling - -
(iii) Other disposal operations – i.e., handing over of bio medical waste 101.56 86.32
to authorised service provider for further processing
Total 101.56 86.32
129
9. riefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your
B
company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to
manage such wastes:
The Company follows the CPCB BMW rules of 2016 policy for the disposal of Biomedical waste (BMW). PCB authorised
collectors are employed for segregation and disposal. Under the provisions and guidelines issued by MoEF, the Company has
adopted an e-waste policy that covers all electronic and electrical goods. The e-waste and waste oil are disposed of through
authorised vendors. General waste, which includes papers, cardboard boxes, day-to-day plastic waste, tins, and general scrap,
is disposed of on a need basis. Additionally periodic visits by the Company officials are made to ensure that the vendor is
following all due compliances.
We have also implemented strong measures for digitising processes to reduce the need for paper. Further minimising the usage
of paper across offices is an on-going activity.
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries,
biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals /
clearances are required, please specify details in the following format:
Sl. Location of operations/offices Type of operations Whether the conditions of environmental approval /
No. clearance are being complied with? (Y/N) If no, the reasons
thereof and corrective action taken, if any.
-- -- --
The Company has no operations around ecologically sensitive areas.
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current
financial year:
The Company has not undertaken any EIA project during the year.
Name and brief EIA Date Whether conducted by Results Relevant web
details of project Notification independent external communicated in link
No. agency public domain
(Yes / No) (Yes / No)
-- -- --
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention
and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, and Environment protection act and rules thereunder
(Y/N). If not, provide details of all such non-compliances, in the following format:
Based on the nature of its business, the Company complies with applicable environmental norms.
PRINCIPLE 7: BUSINESSES, WHEN ENGAGING IN INFLUENCING PUBLIC AND REGULATORY POLICY, SHOULD DO SO IN A
MANNER THAT IS RESPONSIBLE AND TRANSPARENT
1. a) Number of affiliations with trade and industry chambers/associations: The Company was a member of one (1) trade and
industry chambers/ associations during FY2023.
b) List the top 10 trade and industry chambers/ associations (determined based on the total members of such body) the entity
is a member of/ affiliated to:
Sl. Name of the trade and industry chambers/ Reach of trade and industry chambers/ associations
No. associations (State/National)
1. Confederation of Indian Industry (‘CII’) National
130
2. Provide details of corrective action taken or underway on any issues related to anticompetitive conduct by the entity, based
on adverse orders from regulatory authorities:
Name of authority Brief of the case Corrective action taken
The Company has not engaged in any anti-competitive conduct.
PRINCIPLE 8: BUSINESSES SHOULD PROMOTE INCLUSIVE GROWTH AND EQUITABLE DEVELOPMENT
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current
financial year:
Name and brief SIA Date of Whether conducted by Results Relevant

details of project Notification notification independent external communicated in web link
No. agency public domain
(Yes / No) (Yes / No)
Not Applicable as there were no projects that required SIA to be undertaken under Law.
2. Provide information on project(s) for which on-going Rehabilitation and Resettlement (R&R) is being undertaken by your
entity, in the following format:
S. No. Name of Project State District No. of Project Affected % of PAFs covered Amounts paid
for which R&R is Families (PAFs) by R&R to PAFs in the FY
on-going (In INR)
Not Applicable as there were no projects that required Rehabilitation and Resettlement (R&R)
3. Describe the mechanisms to receive and redress grievances of the community:
The Company strives to create and maintain an inclusive environment where all stakeholders feel heard and respected. The
Company has a whistle blower channel to receive and redress grievances of the community.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 2022-23 FY 2021-22
Category
Directly sourced from MSMEs/ small producers 4.40% 6.40%

Sourced directly from within the district and neighbouring districts Nil Nil
PRINCIPLE 9: BUSINESSES SHOULD ENGAGE WITH AND PROVIDE VALUE TO THEIR CONSUMERS IN A RESPONSIBLE
MANNER
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback:
We receive client queries and complaints through 2 channels i.e. Call / Email. Calls are handled at our Customer Care Department
and emails are in-house. The First Call Resolution (FCR) is provided wherever possible and in case the call / email is not FCR,
the request is been raised and tagged internally to ensure close tracking of complaints and queries. If the client is not satisfied
with the resolution provided then the complaint is thereafter discussed with the concerned internal stakeholders for effective
closure to the satisfaction of the consumer. The average span of closure is within 48 hours.
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information about:
Category As a percentage to total turnover
Environmental and social parameters relevant to the product

Safe and responsible usage Not applicable to our products and services
Recycling and/or safe disposal
131
3. Number of consumer complaints in respect of the following:
FY 2022-23 FY 2021-22
Category
Received Pending resolution Remarks Received Pending resolution Remarks
during the year at end of year during the year at end of year
Data privacy - - - - - -
Advertising - - - - - -
Cyber-security - - - - - -
Delivery of essential Please refer to Q-23 of Section A for complaints/queries received for delivery/non-delivery of
services essential services.
Restrictive Trade - - - - - -
Practices
Unfair Trade Practices - - - - - -
Other - - - - - -
4. Details of instances of product recalls on account of safety issues:
Particulars Number Reasons for recall
Voluntary recalls - Not Applicable

Forced recalls - Not Applicable
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a
web-link of the policy:
Yes, the Company is committed to respecting the privacy of every person who shares information or data with the Company.
The web link for the privacy policy can be accessed on Company’s website at https://www.vijayadiagnostic.com/privacy-policy
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential
services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken
by regulatory authorities on safety of products / services:
There weren’t any material issues arising relating to advertising, delivery of essential services; cyber security and data privacy
of customers which required corrective action to be taken. Also there was no penalty imposed / action taken by any regulatory
authority during the period under review.
132
Financial
Statements
INDEPENDENT AUDITORS’ REPORT

To the Members of
Report on the Audit of the Standalone Financial Basis for Opinion

Statements
We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under Section 143(10) of the Act.
Opinion Our responsibilities under those SAs are further described in
the Auditor’s Responsibilities for the Audit of the Standalone
We have audited the standalone financial statements of Vijaya
Financial Statements section of our report. We are independent
Diagnostic Centre Limited (the “Company”) which comprise
of the Company in accordance with the Code of Ethics issued
the standalone balance sheet as at 31 March 2023, and the
by the Institute of Chartered Accountants of India together with
standalone statement of profit and loss (including other
the ethical requirements that are relevant to our audit of the
comprehensive income), standalone statement of changes in
standalone financial statements under the provisions of the
equity and standalone statement of cash flows for the year
Act and the Rules thereunder, and we have fulfilled our other
then ended, and notes to the standalone financial statements,
ethical responsibilities in accordance with these requirements
including a summary of significant accounting policies and
and the Code of Ethics. We believe that the audit evidence we
other explanatory information.
have obtained is sufficient and appropriate to provide a basis for
In our opinion and to the best of our information and according our opinion on the standalone financial statements.
to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Key Audit Matters
Companies Act, 2013 (“Act”) in the manner so required and
give a true and fair view in conformity with the accounting Key audit matters are those matters that, in our professional
principles generally accepted in India, of the state of affairs judgment, were of most significance in our audit of the standalone
of the Company as at 31 March 2023, and its profit and other financial statements of the current period. These matters were
comprehensive income, changes in equity and its cash flows addressed in the context of our audit of the standalone financial
for the year ended on that date. statements as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.
Revenue Recognition
Refer note 3A of the summary of significant accounting policies and note 14 to the standalone financial statements
The key audit matter How the matter was addressed in our audit
Revenue from diagnostics services is recognised at In view of the significance of the matter we applied the following audit
a point in time when the tests are conducted and procedures in this area, among others to obtain sufficient and appropriate
samples are processed. audit evidence:
The Company’s revenue relates to sales through 1. We obtained an understanding of the systems, processes and
large number of diagnostic centres with high controls implemented by the Company. We evaluated the design and
volume of sales that are made primarily on cash implementation and the operating effectiveness of key internal financial
and carry basis which increases the risk of revenue controls with respect to revenue recognition including those related to
being recognised inappropriately and which the reconciliation of sales to cash / credit card receipts.
highlights the criticality of sound internal processes 2. We tested the reconciliation of revenue generated through cash / credit
of summarising and recording sales revenue to card and the amount deposited into the bank statements.
mitigate error and fraud risk.
3. We performed substantive testing on samples selected using
There is also risk of unapproved sales price being statistical sampling of revenue transactions recorded during the year
charged to patients, on account of high volume of by testing the underlying documents to assess whether criteria for
transactions which may result into misstatement in revenue recognitions are met. Further, we verified the accuracy of the
revenue recognition. sales price by comparing the rates with the approved price list and
In view of the above, we identified revenue discount policy.
recognition as a key audit matter.
134
4. We tested the periodic reconciliation of revenue as per the billing

system to the revenue recorded as per the accounting records. Further,
we tested the reconciliation of revenue recognised with statutory filings
(Goods and Services Tax returns)
5. We tested sample journal entries affecting revenue recognised during
the year selected based on specified risk-based criteria, to identify
unusual items.
6. We carried out analytical procedures on revenue recognised during the
year to identify unusual variances.
7. We assessed the adequacy of disclosures in respect of revenue in the
standalone financial statements.
Property, plant and equipment (‘PPE’)

Refer note 3D of the summary of significant accounting policies and note 4(a) to the standalone financial statements
During the year ended 31 March 2023, the Company In view of the significance of the matter, we applied the following audit
has made significant capital expenditure. The procedures in this area:
Company has incurred Rs. 13,509.79 lakhs towards 1. We obtained an understanding of the systems, processes and controls
additions of PPE, including expanding its operations implemented by the Company
by opening new centres.
2. We evaluated the design, implementation and the operating
This has been determined as a key audit matter due to: effectiveness of key internal financial controls in relation to PPE
• the significance of the capital expenditure during process.
the year; and 3. We performed substantive testing on a sample basis wherein, we:
• judgement involved in determining the eligibility a. inspected the approvals for the costs incurred;
of costs for capitalisation as per the criteria set
out in Ind AS 16 Property, Plant and Equipment. b. checked direct and indirect costs capitalised with underlying
documents to assess the nature of costs;
c. analysed the nature of the costs incurred meets the criteria for
capitalisation in accordance with the relevant standard;
d. evaluated other costs debited to statement of profit and loss eligible
for capitalisation;
e. assessed the costs capitalised are classified in accordance with the
relevant Indian Accounting Standards;
4. Evaluated the adequacy of disclosures made in the standalone financial
statements.
135
Change in method of depreciation

Refer note 3D(ii) of the summary of significant accounting policies and note 4(a)(i) to the standalone financial statements
Effective from 01 January 2023, the Company has In view of the significance of the matter, we applied the following audit
revised the method of depreciation of property, plant procedures in this area:
and equipment assets from Written Down Value 1. Checked the technical assessment performed by the Company and
(WDV) method to Straight Line Method (SLM). Such analysed:
change is based upon the technical assessment
performed by the Company to reflect the future a. past trends of technological obsolescence of property, plant and
economic benefits arising from these assets. equipment
The Company has accounted for the change in b. capacity and tests performed by such assets.
method of depreciation prospectively with effect 2. Challenged the Company’s assessment underlying the change in
from 01 January 2023. The carrying value of expected pattern of consumption of the future economic benefits
Property, plant and equipment as at 31 December arising from property, plant and equipment.
2022 will be depreciated over the remaining useful
3. Inquired about the Company’s discussions with the vendors of the
life of each such asset.
property, plant and equipment in this regard.
4. Compared the method of depreciation applied by the Company with
We identified the change in the method of other companies in the same industry;
depreciation of property, plant and equipment as a
5. Examined the accounting treatment and underlying computation in
key audit matter because the assessment process
accordance with the relevant guidance under the Indian Accounting
involves significant estimates by the Company. It is
Standards.
based on the Company’s expectation of the pattern
of consumption of the future economic benefits 6. Verified the correctness of the computation of depreciation expense for
arising from these assets. the period post change in the method of depreciation.
7. Evaluated the disclosures made in the standalone financial statements
in relation to such change in method of depreciation in accordance with
the relevant Indian Accounting Standards.
Other Information Management’s and Board of Directors’

Responsibilities for the Standalone Financial
The Company’s Management and Board of Directors are
Statements
responsible for the other information. The other information
comprises the information included in the annual report, but The Company’s Management and Board of Directors are
does not include the financial statements and auditor’s report responsible for the matters stated in Section 134(5) of the Act
thereon. The annual report is expected to be made available to with respect to the preparation of these standalone financial
us after the date of this auditor’s report. statements that give a true and fair view of the state of affairs,
profit and other comprehensive income, changes in equity and
Our opinion on the standalone financial statements does not
cash flows of the Company in accordance with the accounting
cover the other information and we will not express any form of
principles generally accepted in India, including the Indian
assurance conclusion thereon.
Accounting Standards (Ind AS) specified under Section 133 of the
In connection with our audit of the standalone financial Act. This responsibility also includes maintenance of adequate
statements, our responsibility is to read the other information accounting records in accordance with the provisions of the Act
identified above when it becomes available and, in doing for safeguarding of the assets of the Company and for preventing
so, consider whether the other information is materially and detecting frauds and other irregularities; selection
inconsistent with the standalone financial statements or our and application of appropriate accounting policies; making
knowledge obtained in the audit, or otherwise appears to be judgments and estimates that are reasonable and prudent; and
materially misstated. design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring
When we read the annual report, if we conclude that there is a the accuracy and completeness of the accounting records,
material misstatement therein, we are required to communicate relevant to the preparation and presentation of the standalone
the matter to those charged with governance and take actions financial statements that give a true and fair view and are free
as applicable under the applicable laws and regulations. from material misstatement, whether due to fraud or error.
136
In preparing the standalone financial statements, the ability to continue as a going concern. If we conclude that
Management and Board of Directors are responsible for a material uncertainty exists, we are required to draw
assessing the Company’s ability to continue as a going concern, attention in our auditor’s report to the related disclosures in
disclosing, as applicable, matters related to going concern and the standalone financial statements or, if such disclosures
using the going concern basis of accounting unless the Board are inadequate, to modify our opinion. Our conclusions
of Directors either intends to liquidate the Company or to cease are based on the audit evidence obtained up to the date of
operations, or has no realistic alternative but to do so. our auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going
The Board of Directors is also responsible for overseeing the concern.
Company’s financial reporting process.
• Evaluate the overall presentation, structure and content
Auditor’s Responsibilities for the Audit of the Standalone of the standalone financial statements, including the
Financial Statements disclosures, and whether the standalone financial
statements represent the underlying transactions and
Our objectives are to obtain reasonable assurance about
events in a manner that achieves fair presentation.
whether the standalone financial statements as a whole are free
from material misstatement, whether due to fraud or error, and We communicate with those charged with governance
to issue an auditor’s report that includes our opinion. Reasonable regarding, among other matters, the planned scope and
assurance is a high level of assurance, but is not a guarantee timing of the audit and significant audit findings, including any
that an audit conducted in accordance with SAs will always significant deficiencies in internal control that we identify during
detect a material misstatement when it exists. Misstatements our audit.
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be We also provide those charged with governance with a
expected to influence the economic decisions of users taken on statement that we have complied with relevant ethical
the basis of these standalone financial statements. requirements regarding independence, and to communicate
with them all relationships and other matters that may
As part of an audit in accordance with SAs, we exercise reasonably be thought to bear on our independence, and where
professional judgment and maintain professional skepticism applicable, related safeguards.
throughout the audit. We also:
From the matters communicated with those charged with
• Identify and assess the risks of material misstatement of governance, we determine those matters that were of most
the standalone financial statements, whether due to fraud significance in the audit of the standalone financial statements
or error, design and perform audit procedures responsive of the current period and are therefore the key audit matters.
to those risks, and obtain audit evidence that is sufficient We describe these matters in our auditor’s report unless law or
and appropriate to provide a basis for our opinion. The regulation precludes public disclosure about the matter or when,
risk of not detecting a material misstatement resulting in extremely rare circumstances, we determine that a matter
from fraud is higher than for one resulting from error, as should not be communicated in our report because the adverse
fraud may involve collusion, forgery, intentional omissions, consequences of doing so would reasonably be expected to
misrepresentations, or the override of internal control. outweigh the public interest benefits of such communication.
• Obtain an understanding of internal control relevant to
the audit in order to design audit procedures that are Report on Other Legal and Regulatory
appropriate in the circumstances. Under Section 143(3)(i) of Requirements
the Act, we are also responsible for expressing our opinion
on whether the company has adequate internal financial 1. As required by the Companies (Auditor’s Report) Order,
controls with reference to financial statements in place and 2020 (“the Order”) issued by the Central Government
the operating effectiveness of such controls. of India in terms of Section 143(11) of the Act, we give in
the “Annexure A” a statement on the matters specified in
• Evaluate the appropriateness of accounting policies used paragraphs 3 and 4 of the Order, to the extent applicable.
and the reasonableness of accounting estimates and
related disclosures made by the Management and Board 2 A. As required by Section 143(3) of the Act, we report that:
of Directors.
a. We have sought and obtained all the information and
• Conclude on the appropriateness of the Management explanations which to the best of our knowledge and
and Board of Directors use of the going concern basis belief were necessary for the purposes of our audit.
of accounting in preparation of standalone financial
b. In our opinion, proper books of account as required
statements and, based on the audit evidence obtained,
by law have been kept by the Company so far as it
whether a material uncertainty exists related to events or
appears from our examination of those books.
conditions that may cast significant doubt on the Company’s
137
c. The standalone balance sheet, the standalone the Company from any person(s) or entity(ies),
statement of profit and loss (including other including foreign entities (“Funding Parties”), with
comprehensive income), the standalone statement of the understanding, whether recorded in writing
changes in equity and the standalone statement of or otherwise, that the Company shall directly
cash flows dealt with by this Report are in agreement or indirectly, lend or invest in other persons or
with the books of account. entities identified in any manner whatsoever by
or on behalf of the Funding Parties (“Ultimate
d. In our opinion, the aforesaid standalone financial Beneficiaries”) or provide any guarantee, security
statements comply with the Ind AS specified under or the like on behalf of the Ultimate Beneficiaries.
Section 133 of the Act.
(iii) Based on the audit procedures performed
e. On the basis of the written representations received that have been considered reasonable and
from the directors as on 01 April 2023 taken on record appropriate in the circumstances, nothing has
by the Board of Directors, none of the directors is come to our notice that has caused us to believe
disqualified as on 31 March 2023 from being appointed that the representations under sub-clause (i) and
as a director in terms of Section 164(2) of the Act. (ii) of Rule 11(e), as provided under (i) and (ii) above,
contain any material misstatement.
f. With respect to the adequacy of the internal financial
controls with reference to financial statements of the e. The final dividend paid by the Company during the
Company and the operating effectiveness of such year, in respect of the same declared for the previous
controls, refer to our separate Report in “Annexure B”. year, is in accordance with Section 123 of the Act to the
extent it applies to payment of dividend.
B. With respect to the other matters to be included in
the Auditor’s Report in accordance with Rule 11 of the As stated in Note 37 to the standalone financial
Companies (Audit and Auditors) Rules, 2014, in our opinion statements, the Board of Directors of the Company
and to the best of our information and according to the have proposed final dividend for the year which is
explanations given to us: subject to the approval of the members at the ensuing
Annual General Meeting. The dividend declared is in
a. The Company has disclosed the impact of pending
accordance with Section 123 of the Act to the extent it
litigations as at 31 March 2023 on its financial position
applies to declaration of dividend.
in its standalone financial statements - Refer Note 22
to the standalone financial statements. f. As proviso to rule 3(1) of the Companies (Accounts)
Rules, 2014 is applicable for the Company only with
b. The Company did not have any long-term contracts
effect from 1 April 2023, reporting under Rule 11(g) of
including derivative contracts for which there were
the Companies (Audit and Auditors) Rules, 2014 is not
any material foreseeable losses.
applicable.
c. There were no amounts which were required to be
C. With respect to the matter to be included in the Auditor’s
transferred to the Investor Education and Protection
Report under Section 197(16) of the Act:
Fund by the Company.
In our opinion and according to the information and
d (i) The management has represented that, to the best
explanations given to us, the remuneration paid by the
of its knowledge and belief, as disclosed in the
Company to its directors during the current year is in
Note 34 to the standalone financial statements, no
accordance with the provisions of Section 197 of the Act.
funds have been advanced or loaned or invested
The remuneration paid to any director is not in excess
(either from borrowed funds or share premium
of the limit laid down under Section 197 of the Act. The
or any other sources or kind of funds) by the
Ministry of Corporate Affairs has not prescribed other
Company to or in any other person(s) or entity(ies),
details under Section 197(16) of the Act which are required
including foreign entities (“Intermediaries”), with
to be commented upon by us.
the understanding, whether recorded in writing or
otherwise, that the Intermediary shall directly or
indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on For B S R & Associates LLP
behalf of the Company (“Ultimate Beneficiaries”) Chartered Accountants
or provide any guarantee, security or the like on Firm’s Registration No.:116231W/W-100024
behalf of the Ultimate Beneficiaries.
(ii) The management has represented that, to the Amit Kumar Bajaj
best of its knowledge and belief, as disclosed Partner
in the Note 34 to the standalone financial Place: Hyderabad Membership No.: 218685
statements, no funds have been received by Date: 29 May 2023 ICAI UDIN:23218685BGXHIR5462
138
ANNEXURE A
to the Independent Auditor’s Report on the Standalone Financial Statements of Vijaya Diagnostic Centre Limited for the year
ended 31 March 2023
(Referred to in paragraph 1 under ‘Report on Other records that were more than 10% in the aggregate of
Legal and Regulatory Requirements’ section of each class of inventory.
our report of even date) (b) According to the information and explanations given
to us and on the basis of our examination of the
(i) (a) (A) The Company has maintained proper records records of the Company, the Company has not been
showing full particulars, including quantitative sanctioned any working capital limits in excess of five
details and situation of Property, Plant and crore rupees in aggregate from banks and financial
Equipment. institutions on the basis of security of current assets at
any point of time of the year. Accordingly, clause 3(ii)(b)
(B) The Company has maintained proper records
of the Order is not applicable to the Company.
showing full particulars of intangible assets.
(iii) According to the information and explanations given to us
(i) (b) According to the information and explanations given to
and on the basis of our examination of the records of the
us and on the basis of our examination of the records of
Company, the Company has not provided any guarantee or
the Company, the Company has a regular programme
security or granted any loans or advances in the nature of
of physical verification of its Property, Plant and
loans, secured or unsecured, to companies, firms or limited
Equipment by which all property, plant and equipment
liability partnership or any other parties during the year.
are verified in a phased manner over a period of three
The Company has not made any investments in companies,
years. In accordance with this programme, certain
firms, limited liability partnership. The Company has made
property, plant and equipment were verified during
investments in any other parties during the year.
the year. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of (a) Based on the audit procedures carried on by us and
the Company and the nature of its assets. No material as per the information and explanations given to us
discrepancies were noticed on such verification. the Company has not provided any loans or advances
in the nature of loans, secured or unsecured, or stood
(c) According to the information and explanations given
guarantee, or provided security during the year.
to us and on the basis of our examination of the
Accordingly the provisions of clauses 3(iii)(a) are not
records of the Company, the title deeds of immovable
applicable to the Company.
properties (other than immovable properties where
the Company is the lessee and the leases agreements (b) According to the information and explanations given
are duly executed in favour of the lessee) disclosed to us and based on the audit procedures conducted
in the standalone financial statements are held in the by us, in our opinion the investments made during the
name of the Company. year are, prima facie, not prejudicial to the interest of
the Company.
(d) According to the information and explanations given to
us and on the basis of our examination of the records (c) According to the information and explanations given to
of the Company, the Company has not revalued its us and on the basis of our examination of the records
Property, Plant and Equipment (including Right of Use of the Company, in the case of loans given, in our
assets) or intangible assets or both during the year. opinion the repayment of principal and payment of
interest, where applicable, has been stipulated and the
(e) According to the information and explanations given to
repayments or receipts have been regular. The principal
us and on the basis of our examination of the records
amount of loan is not due as at 31 March 2023.
of the Company, there are no proceedings initiated or
pending against the Company for holding any benami (d) According to the information and explanations given to
property under the Prohibition of Benami Property us and on the basis of our examination of the records
Transactions Act, 1988 and rules made thereunder. of the Company, there is no overdue amount for more
than ninety days in respect of loans or advances in
(ii) (a) The inventories have been physically verified by
the nature of loans given except an amount of Rs.
the management during the year. In our opinion,
9.34 lakhs due from wholly owned subsidiary given in
the frequency of such verification is reasonable and
earlier years has been written off during the year. In
procedures and coverage as followed by management
our opinion, reasonable steps have been taken by the
were appropriate. No discrepancies were noticed on
Company for recovery of the principal.
verification between the physical stocks and the book
139
(e) According to the information and explanations given to (b) According to the information and explanations given to
us and on the basis of our examination of the records us and on the basis of our examination of the records
of the Company, there is no loan or advance in the of the Company, there are no statutory dues relating
nature of loan granted falling due during the year, to Goods and Service Tax, Provident Fund, Employees
which has been renewed or extended or fresh loans State Insurance, Income-Tax, Duty of Customs or
granted to settle the overdues of existing loans given Cess or other statutory dues, which have not been
to same parties. deposited with the appropriate authorities on account
of any dispute.
(f) According to the information and explanations given to
us and on the basis of our examination of the records of (viii) According to the information and explanations given to us
the Company, the Company has not granted any loans and on the basis of our examination of the records of the
or advances in the nature of loans either repayable on Company, the Company has not surrendered or disclosed
demand or without specifying any terms or period of any transactions, previously unrecorded as income in the
repayment. books of account, in the tax assessments under the Income
Tax Act, 1961 as income during the year.
(iv) According to the information and explanations given to us
and on the basis of our examination of the records of the (ix) (a) According to the information and explanations given
Company, the Company has not provided any guarantee to us and on the basis of our examination of the
or security as specified under Section 185 and 186 of the records of the Company, the Company did not have
Companies Act, 2013 (“the Act”). In respect of the loans any loans or borrowings from any lender during the
given and investments made by the Company, in our year. Accordingly, clause 3(ix)(a) of the Order is not
opinion the provisions of Section 185 and 186 of the Act applicable to the Company.
have been complied with.
(b) According to the information and explanations given to
(v) The Company has not accepted any deposits or amounts us and on the basis of our examination of the records
which are deemed to be deposits from the public. of the Company, the Company has not been declared
Accordingly, clause 3(v) of the Order is not applicable. a wilful defaulter by any bank or financial institution or
government or government authority.
(vi) We have broadly reviewed the books of accounts maintained
by the Company pursuant to the rules prescribed by the (c) According to the information and explanations given to
Central Government for maintenance of cost records under us by the management, the Company has not obtained
Section 148(1) of the Act in respect of the services provided any term loans during the year. Accordingly, clause
by it and are of the opinion that prima facie, the prescribed 3(ix)( ) of the Order is not applicable.
accounts and records have been made and maintained.
However, we have not carried out a detailed examination (d) According to the information and explanations given
of the records with a view to determine whether these are to us and on an overall examination of the balance
accurate or complete. sheet of the Company, we report that no funds raised
on short-term basis have been used for long-term
(vii) (a) The Company does not have liability in respect of purposes by the Company.
Service tax, Duty of excise, Sales tax and Value added
tax during the year since effective 1 July 2017, these (e) According to the information and explanations given
statutory dues has been subsumed into GST. to us and on an overall examination of the standalone
financial statements of the Company, we report that
According to the information and explanations given the Company has not taken any funds from any entity
to us and on the basis of our examination of the or person on account of or to meet the obligations of
records of the Company, in our opinion amounts its subsidiaries as defined under the Act. The Company
deducted / accrued in the books of account in respect does not hold any investments in any associate or joint
of undisputed statutory dues including Goods and ventures (as defined under the Act).
Service Tax, Provident Fund, Employees State
Insurance, Income-Tax, Duty of Customs or Cess or (f) According to the information and explanations given
other statutory dues have been regularly deposited to us and procedures performed by us, we report that
by the Company with the appropriate authorities. the Company has not raised loans during the year
on the pledge of securities held in its subsidiaries (as
According to the information and explanations given to defined under the Act). The Company does not hold
us and on the basis of our examination of the records any investments in any associate or joint ventures (as
of the Company, no undisputed amounts payable in defined under the Act).
respect of Goods and Service Tax, Provident Fund,
Employees State Insurance, Income-Tax, Duty of (x) (a) The Company has not raised any moneys by way of
Customs or Cess or other statutory dues were in initial public offer or further public offer (including debt
arrears as at 31 March 2023 for a period of more than instruments). Accordingly, clause 3(x)(a) of the Order is
six months from the date they became payable. not applicable.
140
(b) According to the information and explanations given to (c) The Company is not a Core Investment Company (CIC)
us and on the basis of our examination of the records as defined in the regulations made by the Reserve
of the Company, the Company has not made any Bank of India. Accordingly, clause 3(xvi)( ) of the Order
preferential allotment or private placement of shares is not applicable.
or fully or partly convertible debentures during the
year. Accordingly, clause 3(x)(b) of the Order is not (d) The Company is not part of any group (as per the
applicable. provisions of the Core Investment Companies (Reserve
Bank) Directions, 2016 as amended). Accordingly, the
(xi) (a) Based on examination of the books and records of requirements of clause 3(xvi)(d) are not applicable.
the Company and according to the information and
explanations given to us, considering the principles of (xvii) The Company has not incurred cash losses in the current
materiality outlined in Standards on Auditing, we report and in the immediately preceding financial year.
that no fraud by the Company or on the Company has
(xviii) There has been no resignation of the statutory auditors
been noticed or reported during the course of the
during the year. Accordingly, clause 3(xviii) of the Order is
audit.
not applicable.
(b) According to the information and explanations given to
(xix) According to the information and explanations given to us
us, no report under sub-section (12) of Section 143 of
and on the basis of the financial ratios, ageing and expected
the Act has been filed by the auditors in Form ADT-4 as
dates of realisation of financial assets and payment of
prescribed under Rule 13 of the Companies (Audit and
financial liabilities, our knowledge of the Board of Directors
Auditors) Rules, 2014 with the Central Government.
and management plans and based on our examination
(c) As represented to us by the management, there are no of the evidence supporting the assumptions, nothing has
whistle blower complaints received by the Company come to our attention, which causes us to believe that
during the year. any material uncertainty exists as on the date of the audit
report that the Company is not capable of meeting its
(xii) According to the information and explanations given to us, liabilities existing at the date of balance sheet as and when
the Company is not a Nidhi Company. Accordingly, clause they fall due within a period of one year from the balance
3(xii) of the Order is not applicable. sheet date. We, however, state that this is not an assurance
as to the future viability of the Company. We further state
(xiii) In our opinion and according to the information and that our reporting is based on the facts up to the date of
explanations given to us, the transactions with related the audit report and we neither give any guarantee nor any
parties are in compliance with Section 177 and 188 of assurance that all liabilities falling due within a period of
the Act, where applicable, and the details of the related one year from the balance sheet date, will get discharged
party transactions have been disclosed in the standalone by the Company as and when they fall due.
financial statements as required by the applicable
accounting standards. Also refer to the Other Information paragraph of our main
audit report which explains that the other information
(xiv) (a) Based on information and explanations provided to us comprising the information included in annual report is
and our audit procedures, in our opinion, the Company expected to be made available to us after the date of this
has an internal audit system commensurate with the auditor’s report.
size and nature of its business.
(xx) (a) In our opinion and according to the information and
(b) We have considered the internal audit reports of the explanations given to us, there is no unspent amount
Company issued till date for the period under audit. under sub-section (5) of Section 135 of the Act
pursuant to any project. Accordingly, clauses 3(xx)(a)
(xv) In our opinion and according to the information and
and 3(xx)(b) of the Order are not applicable.
explanations given to us, the Company has not entered into
any non-cash transactions with its directors or persons
connected to its directors and hence, provisions of Section
192 of the Act are not applicable to the Company.
(xvi) (a) The Company is not required to be registered under For B S R & Associates LLP
Section 45-IA of the Reserve Bank of India Act, Chartered Accountants
1934. Accordingly, clause 3(xvi)(a) of the Order is not Firm’s Registration No.:116231W/W-100024
applicable.
(b) The Company is not required to be registered under Amit Kumar Bajaj
Section 45-IA of the Reserve Bank of India Act, 1934. Partner
Accordingly, clause 3(xvi)(b) of the Order is not Place: Hyderabad Membership No.: 218685
applicable. Date: 29 May 2023 ICAI UDIN:23218685BGXHIR5462
141
ANNEXURE B
to the Independent Auditor’s Report on the standalone financial statements of Vijaya Diagnostic Centre Limited for the year
ended 31 March 2023
Report on the internal financial controls with Auditor’s Responsibility

reference to the aforesaid standalone financial
Our responsibility is to express an opinion on the Company’s
statements under Clause (i) of Sub-section 3 of
internal financial controls with reference to financial statements
Section 143 of the Act based on our audit. We conducted our audit in accordance with
(Referred to in paragraph 2(A)(f) under ‘Report on Other Legal the Guidance Note and the Standards on Auditing, prescribed
and Regulatory Requirements’ section of our report of even under Section 143(10) of the Act, to the extent applicable to an
date) audit of internal financial controls with reference to financial
statements. Those Standards and the Guidance Note require that
we comply with ethical requirements and plan and perform the
Opinion audit to obtain reasonable assurance about whether adequate
We have audited the internal financial controls with reference
were established and maintained and if such controls operated
to financial statements of Vijaya Diagnostic Centre Limited (“the
effectively in all material respects.
Company”) as of 31 March 2023 in conjunction with our audit
of the standalone financial statements of the Company for the Our audit involves performing procedures to obtain audit evidence
year ended on that date. about the adequacy of the internal financial controls with reference
to financial statements and their operating effectiveness. Our audit
In our opinion, the Company has, in all material respects,
of internal financial controls with reference to financial statements
adequate internal financial controls with reference to financial
included obtaining an understanding of internal financial controls
statements and such internal financial controls were operating
with reference to financial statements, assessing the risk that a
effectively as at 31 March 2023, based on the internal
material weakness exists, and testing and evaluating the design
financial controls with reference to financial statements
and operating effectiveness of internal control based on the
criteria established by the Company considering the essential
assessed risk. The procedures selected depend on the auditor’s
components of internal control stated in the Guidance Note on
judgement, including the assessment of the risks of material
Audit of Internal Financial Controls Over Financial Reporting
misstatement of the standalone financial statements, whether
issued by the Institute of Chartered Accountants of India (the
due to fraud or error.
“Guidance Note”).
We believe that the audit evidence we have obtained is sufficient
Management’s and Board of Directors’ and appropriate to provide a basis for our audit opinion on the
Responsibilities for Internal Financial Controls Company’s internal financial controls with reference to financial
statements.
The Company’s Management and the Board of Directors are
responsible for establishing and maintaining internal financial
Meaning of Internal Financial Controls with
controls based on the internal financial controls with reference
Reference to Financial Statements
to financial statements criteria established by the Company
considering the essential components of internal control stated A company’s internal financial controls with reference to
in the Guidance Note. These responsibilities include the design, financial statements is a process designed to provide reasonable
implementation and maintenance of adequate internal financial assurance regarding the reliability of financial reporting
controls that were operating effectively for ensuring the orderly and the preparation of standalone financial statements for
and efficient conduct of its business, including adherence to external purposes in accordance with generally accepted
company’s policies, the safeguarding of its assets, the prevention accounting principles. A company’s internal financial controls
and detection of frauds and errors, the accuracy and completeness with reference to financial statements include those policies
of the accounting records, and the timely preparation of reliable and procedures that (1) pertain to the maintenance of records
financial information, as required under the Act. that, in reasonable detail, accurately and fairly reflect the
142
transactions and dispositions of the assets of the company; (2) material misstatements due to error or fraud may occur and not
provide reasonable assurance that transactions are recorded be detected. Also, projections of any evaluation of the internal
as necessary to permit preparation of standalone financial financial controls with reference to financial statements to
statements in accordance with generally accepted accounting future periods are subject to the risk that the internal financial
principles, and that receipts and expenditures of the company controls with reference to financial statements may become
are being made only in accordance with authorisations of inadequate because of changes in conditions, or that the degree
management and directors of the company; and (3) provide of compliance with the policies or procedures may deteriorate.
reasonable assurance regarding prevention or timely detection
of unauthorised acquisition, use, or disposition of the company’s
assets that could have a material effect on the standalone
financial statements. For B S R & Associates LLP
Firm’s Registration No.:116231W/W-100024
Inherent Limitations of Internal Financial Controls
with Reference to Financial Statements
Amit Kumar Bajaj
Because of the inherent limitations of internal financial controls Partner
with reference to financial statements, including the possibility Place: Hyderabad Membership No.: 218685
of collusion or improper management override of controls, Date: 29 May 2023 ICAI UDIN:23218685BGXHIR5462
143
STANDALONE BALANCE SHEET

as at March 31, 2023
(All amounts in Indian Rupees in lakhs, except for share data or as otherwise stated)
As at As at
Particulars Notes
March 31, 2023 March 31, 2022
ASSETS
I Non-current assets
(a) Property, plant and equipment 4 (a) 28,157.05 18,410.71
(b) Capital work-in-progress 4 (b) 2,710.61 3,410.10
(c) Right-of-use assets 4 (c 22,233.92 16,715.25
(d) Investment property 4 (d) 1,100.83 1,110.57
(e) Other intangible assets 5 219.23 135.03
(f) Intangible assets under development 5 63.06 6.84
(g) Financial assets
(i) Investments 6 (a) 487.35 487.35
(ii) Loans 6 (c 575.00 575.00
(iii) Other financial assets 6 (f) 844.48 740.86
(h) Deferred tax assets (net) 7 769.55 826.98
(i) Non-current tax assets (net) 21 (d) 3.73 3.73
(j) Other non-current assets 9 861.51 2,227.81
Total non-current assets 58,026.32 44,650.23
II Current assets
(a) Inventories 8 192.64 409.99
(b) Financial assets
(i) Investments 6 (a) 13,899.32 5,423.55
(ii) Trade receivables 6 (b) 885.13 948.67
(iii) Loans 6 (c - 104.97
(iv) Cash and cash equivalents 6 (d) 2,328.97 1,039.02
(v) Bank balances other than (iv) above 6 (e) 8,813.59 17,566.48
(vi) Other financial assets 6 (f) 359.66 535.12
(c) Other current assets 9 500.65 405.14
Total current assets 26,979.96 26,432.94
TOTAL ASSETS ( I + II ) 85,006.28 71,083.17
EQUITY AND LIABILITIES
I Equity
(a) Equity share capital 10 (a) 1,020.71 1,019.66
(b) Other equity 10 (b) 53,488.09 45,978.38
Total equity 54,508.80 46,998.04
Liabilities
II Non-current liabilities
(a) Financial liabilities
(i) Lease liabilities 4 (c 23,303.01 17,025.97
(b) Provisions 12 684.35 712.04
(c) Other non-current liabilities 13 46.07 11.65
Total non-current liabilities 24,033.43 17,749.66
III Current liabilities
(i) Lease liabilities 4 (c 1,452.89 1,256.83
(ii) Trade payables 11 (a)
- Total outstanding dues of micro enterprises and small enterprises; and 51.26 15.59
- Total outstanding dues of creditors other than micro enterprises and small 2,667.98 2,023.67
enterprises
(iii) Other financial liabilities 11 (b) 1,369.72 2,451.38
(b) Provisions 12 335.49 154.65
(c) Current tax liabilities (net) 21 (d) 235.21 89.66
(d) Other current liabilities 13 351.50 343.69
Total current liabilities 6,464.05 6,335.47
Total liabilities ( II + III ) 30,497.48 24,085.13
TOTAL EQUITY AND LIABILITIES ( I + II + III ) 85,006.28 71,083.17
Corporate information 1
Basis of preparation and measurement and Significant accounting policies 2&3
The notes referred to above form an integral part of the standalone financial statements
As per our report of even date attached For and on behalf of the Board of Directors of
For B S R & Associates LLP Vijaya Diagnostic Centre Limited
Chartered Accountants CIN:L85195TG2002PLC039075
ICAI Firm registration number: 116231W/ W-100024
Amit Kumar Bajaj Dr. S. Surendranath Reddy S. Suprita Reddy K. Sunil Chandra
Partner Executive Chairman Chief Executive Officer Executive Director
Membership Number: 218685 DIN Number: 00108599 DIN Number: 01409332
Narasimha Raju K.A. Hansraj Singh Rajput

Place: Hyderabad Place: Hyderabad Chief Financial Officer Company Secretary
Date: May 29, 2023 Date: May 29, 2023 Membership No:F11438
144
STANDALONE STATEMENT OF PROFIT AND LOSS

for the year ended March 31, 2023
For the year ended For the year ended

Particulars Notes
March 31, 2023 March 31, 2022
I Income
(a) Revenue from operations 14 44,957.93 45,087.93
(b) Other income 15 1,457.33 1,291.71
Total income 46,415.26 46,379.64
II Expenses
(a) Cost of materials consumed 16 5,758.71 6,895.21
(b) Employee benefits expense 17 7,649.90 6,867.66
(c) Finance costs 19 2,087.61 1,625.56
(d) Depreciation and amortisation expense 18 6,139.43 5,213.65
(e) Other expenses 20 13,652.31 11,339.48
Total expenses 35,287.96 31,941.56
III Profit before tax ( I - II ) 11,127.30 14,438.08
IV Tax expense 21
(a) Current tax 2,753.00 3,880.61
(b) Deferred tax 50.91 (253.00)
Tax expense 2,803.91 3,627.61
V Profit for the year ( III - IV ) 8,323.39 10,810.47
VI Other comprehensive income
Items that will not be reclassified to profit or loss
(a) Remeasurement gain on defined benefit liability / asset 25.91 25.53
(b) Income tax relating to items that will not be reclassified to 21 (6.52) (6.43)
profit or loss
Other comprehensive income for the year, net of tax 19.39 19.10
VII Total comprehensive income for the year ( V + VI ) 8,342.78 10,829.57
VIIIEarnings per equity share (face value of Re. 1 each, fully paid) 23
- Basic (in Rs.) 8.16 10.60
- Diluted (in Rs.) 8.12 10.54
Basis of preparation and measurement and Significant accounting 2&3
policies


145
STANDALONE STATEMENT OF CASH FLOWS


Particulars
March 31, 2023 March 31, 2022
(A) Cash flows from operating activities

Profit before tax 11,127.30 14,438.08
Adjustments for:
Depreciation and amortisation expense 6,139.43 5,213.65
Net gain on sale/retirement of property, plant and equipment (8.60) (40.42)
Interest income under the effective interest method (859.70) (990.24)
Rental income from investment property (36.00) (9.00)
Profit on sale of mutual fund investments (net) (86.49) (47.62)
Write off of loans given 9.34 -
Provision for doubtful receivables 20.00 -
Provision for doubtful advances 20.00 43.63
Equity-settled share-based payment transactions (ESOP) 71.67 113.56
Fair value gain on investments measured at FVTPL (385.44) (136.25)
Finance costs 1,940.03 1,470.56
Liabilities no longer required written back (66.70) (21.35)
Working capital adjustments:
Decrease/(Increase) in trade receivables 63.54 (293.55)
Decrease/(Increase) in inventories 217.35 (160.20)
Decrease/(Increase) in other financial assets 261.93 (288.09)
(Increase) in other assets and deposits (217.26) (564.11)
Increase in trade payables 746.67 33.38
Increase in provisions and other liabilities 96.28 181.81
(Decrease)/Increase in other financial liabilities (182.33) 515.56
Cash generated from operating activities 18,871.02 19,459.40
Income tax paid, net (2,607.45) (3,917.26)
Net cash flow generated from operating activities 16,263.57 15,542.14
(B) Cash flows from investing activities
Acquisition of property, plant and equipment, capital work-in-progress (CWIP), (12,445.58) (12,209.93)
other intangible assets and intangible assets under development (including
capital advances and capital creditors)
Proceeds from sale of property, plant and equipment 25.71 141.39
Investment in liquid mutual funds/bonds, net (8,003.84) (2,476.94)
Deposits redeemed having original maturity of more than 3 months, net 8,752.89 1,243.94
(Investment)/redemption of margin money deposits, net - (2.01)
Loans given to subsidiaries - (725.00)
Loans repaid by subsidiaries 95.63 150.00
Rental income from investment property 36.00 9.00
Interest received 691.48 1,206.78
Net cash used in investing activities (10,847.71) (12,662.77)
(C) Cash flows from financing activities
Payment of lease liabilities (3,221.17) (2,471.67)
Proceeds from issue of equity shares under ESOP 115.90 -
Dividend paid (1,020.64) -
Net cash used in financing activities (4,125.91) (2,471.67)
Net increase in cash and cash equivalents (A + B + C) 1,289.95 407.70
Cash and cash equivalents at the beginning of the year 1,039.02 631.32
Cash and cash equivalents at the end of the year 2,328.97 1,039.02
Note:
(a) The above Statement of Cash Flows has been prepared under the “Indirect Method” as set out in the Indian Accounting Standard
(Ind AS-7) - Statement of Cash Flows.
146
STANDALONE STATEMENT OF CASH FLOWS

(b) Cash and cash equivalents as per above comprise of the following:

Particulars
March 31, 2023 March 31, 2022
Cash on hand 54.50 53.58

Balances with banks
- in current accounts 1,072.50 985.44
- unpaid dividend accounts 0.47 -
- in deposit accounts with original maturity period of 3 months or less 1,201.50 -
Total cash and cash equivalents (refer note 6(d)) 2,328.97 1,039.02
(c) Reconciliation of movements of liabilities to cash flows arising from financing activities:

Particulars
March 31, 2023 March 31, 2022
Movement in financial liabilities:

Opening balance
Lease liabilities 18,282.80 13,657.46
Movement
Interest and principal payment of lease liabilities (3,221.17) (2,471.67)
Interest expense 1,889.66 1,423.76
Other non-cash movements
- Additions / Disposals to lease liabilities (net) 7,804.61 5,673.25
Closing balance


147
STANDALONE STATEMENT OF CHANGES IN EQUITY

Reserves and surplus

Equity Share based
Particulars General Securities Retained Total
share capital payment
reserve premium earnings
reserve
As at April 01, 2021 453.19 493.20 82.73 5,156.75 29,869.04 36,054.91

Total comprehensive income for the year
ended March 31, 2022
Profit for the year - - - - 10,810.47 10,810.47
Other comprehensive income for the year - - - - 19.10 19.10
Total comprehensive income - - - - 10,829.57 10,829.57
On account of Share based payments - - 113.56 - - 113.56
(refer note 29)
Bonus issue (refer note 10 (a)) 566.47 - - (566.47) - -
As at March 31, 2022 1,019.66 493.20 196.29 4,590.28 40,698.61 46,998.04
Total comprehensive income for the year
ended March 31, 2023
Profit for the year - - - - 8,323.39 8,323.39
Other comprehensive income for the year - - - - 19.39 19.39
Total comprehensive income - - - - 8,342.78 8,342.78
On account of Share based payments - - 71.67 - - 71.67
(refer note 29)
Transfer on account of employee share - 45.00 (45.00) - - -
options lapsed/forfeited
Transfer on account of employee share - 30.52 (30.52) - - -
options exercised
Proceeds from issue of shares under ESOP 1.05 - - 115.90 - 116.95
plan
Payment of dividend (refer note 10 (b)) - - - - (1,020.64) (1,020.64)
As at March 31, 2023 1,020.71 568.72 192.44 4,706.18 48,020.75 54,508.80


148
NOTES TO THE STANDALONE FINANCIAL STATEMENTS

1. Corporate information functional currency. All amounts have been rounded
to the nearest lakhs, unless otherwise indicated.
Vijaya Diagnostic Centre Limited ('the Company') is engaged
in the business of providing comprehensive range of (iv) Basis of measurement
diagnostic services, spanning pathological investigations,
These standalone financial statements have been
basic and high end radiology, nuclear medicine and related
prepared under the historical cost basis except for the
healthcare services.
following items, which are measured on an alternative
The Company is domiciled and incorporated in India on basis on each reporting date.
June 05, 2002 and has its registered and corporate office
at #6-3-883/F, Ground Floor, Family Planning Association Item Basis Measurement
of India, Panjagutta, Hyderabad - 500 082, India. Certain financial assets Fair Value or Amortised Cost
and liabilities
The Company got listed on Bombay Stock Exchange (BSE)
Equity securities at Fair Value
and National Stock Exchange (NSE) on september 14,
FVOCI
2021 through Offer for sale of the Equity shares by certain
Net defined benefit Fair value of plan assets
shareholders of the Comapany.
(asset)/ liability less present value of
defined benefit obligations
2. Basis of preparation and measurement (refer note 28)
Equity settled share Fair Value
(i) Statement of compliance
based payments
The standalone financial statements have been (v) Use of estimates and judgements
prepared in accordance with the Indian Accounting
Standards (referred to as ‘Ind AS’) as per Companies In preparing these standalone financial statements,
(Indian Accounting Standards) Rules, 2015 notified management has made judgements and estimates
under section 133 of the Companies Act, 2013. that affect the application of accounting policies and
the reported amounts of assets, liabilities, income
The standalone financial statements were approved and expenses. Actual results may differ from these
by the Board of Directors and authorised for issue on estimates.
May 29, 2023.
Estimates and underlying assumptions are reviewed
(ii) Change in accounting estimates on an ongoing basis. Revisions to estimates are
The Company has charged depreciation on Property, recognised prospectively.
Plant and Equipment based on Written Down Value Judgements
(“WDV”) method from 01 April 2022 to 31 December
2022.With effect from 01 January 2023, the Company Information about judgements made in applying
has changed its method of depreciation from WDV to accounting policies that have the most significant
Straight Line Method (“SLM”) based on the technical effects on the amounts recognised in the financial
assessment of the expected pattern of consumption statements is included in the following notes:
of future economic benefits embodied in the assets as
per Ind AS 16. - Note 3(I), 20 - lease term; whether the Company is
reasonably certain to exercise extended options
As per Ind AS 8, the effect of change in accounting
estimate has to be given prospectively in the financial Assumptions and estimation uncertainties
statements, accordingly, the Company has changed
Information about assumptions and estimation
the method of depreciation w.e.f 01 January 2023. Due
uncertainties at the reporting date that have a
to this change in accounting estimate, the depreciation
significant risk of resulting in a material adjustment to
expense is lower and the profit before tax is higher by
the carrying amounts of assets and liabilites within the
Rs.899.08 lakhs for the year ended 31 March 2023.
next financial year are included in the following notes:
Refer note 4(a)(i) for change in accounting estimate.
- Note 28 – measurement of defined benefit
(iii) Functional and presentation currency obligations: key actuarial assumptions;
These standalone financial statements are presented - Notes 12 – recognition and measurement of
in Indian Rupees (Rs.), which is also the Company’s provisions and contingencies: key assumptions
149

about the likelihood and magnitude of an outflow either directly (i.e. as prices) or indirectly (i.e. derived
of resources; from prices).
- Note 6 (b) – impairment of financial assets; Level 3: inputs for the asset or liability that are not
based on observable market data (unobservable
- Note 4 and Note 5 - determining an asset’s expected
inputs).
useful life and the expected residual value at the end
of its life When measuring the fair value of an asset or a liability,
the Company uses observable market data as far as
- Note 29 - Employee share based payments, equity
possible. If the inputs used to measure the fair value
settled
of an asset or a liability fall into different levels of the
(vi) Measurement of fair values fair value hierarchy, then the fair value measurement
is categorised in its entirety in the same level of the
A number of the accounting polices and disclosures fair value hierarchy as the lowest level input that is
require the measurement of fair values, for both significant to the entire measurement.
financial and non-financial assets and liabilites.
The Company recognises transfers between levels
The Company has an established control framework of the fair value hierarchy at the end of the reporting
with respect to the measurement of fair values. period during which the change has occurred.
Fair value is the price that would be received to sell Further information about the assumptions made in
an asset or paid to transfer a liability in an orderly the measuring fair values is included in the following
transaction between market participants at the notes:
measurement date. The fair value measurement is
• Note 4: Investment Property.
based on the presumption that the transaction to sell
the asset or transfer the liability takes place either: • Note 29: Share based payments.
- In the principal market for the asset or liability or • Note 33: Financial Instruments.
- In the absence of a principal market, in the most (vii) Current and non-current classification:
advantageous market for the asset or liability
The Company classifies an asset as current when:
The principal or the most advantageous market must - it expects to realise the asset, or intends to sell or
be accessible by the Company. The fair value of an consume it, in its normal operating cycle;
asset or a liability is measured using the assumptions
that market participants would use when pricing the - it expects to realise the asset within twelve
asset or liability, assuming that market participants act months after the reporting period;
in their economic best interest. - it holds the asset primarily for the purpose of
traiding; or
The Company uses valuation techniques that are
appropriate in the circumstances and for which - the asset is cash or cash equivalent unless the
sufficient data is available to measure fair value, asset is restricted from being exchanged or used
maximising the use of relevant observable inputs and to settle a liability for at least twelve months after
minimising the use of unobservable inputs. the reporting period.
Significant valuation issues are reported to the All other assets are classified as non current.
Company’s audit committee.
A liability is classified as a current when-
Fair values are categorised into different levels in a
- it is expected to be settled in the Company’s
fair value hierarchy based on the inputs used in the
normal operating cycle;
valuation techniques as follows.
- the liability is due to be settled within twelve
Level 1: quoted prices (unadjusted) in active markets months from the reporting period;
for identical assets or liabilities.
- it is held primarily for the purposes of being
Level 2: inputs other than quoted prices included in trading;
Level 1 that are observable for the asset or liability,
150

- it does not hold an unconditionl right to defer has received consideration from the customer. If a
settlement of the liability for at least twelve customer pays consideration before the Company
months after the reporting period. Terms of a transfer services to the customer, a contract
liability that could, at the option of the counter liability is recognised when the payment is made.
party, result in its settlement by the issue of Contract liabilities are recognised as revenue
equity instruments do not affect its classification. when the Company performs under the contract.
All other liabilities are classified as non-current. ii) Sale of Privilege cards
The operating cycle is the time between the acquisition The Company operates a discount scheme where
of assets for processing and realisation in cash or cash certain ‘Privilege cards’ are sold to the customers
equivalents. The Company’s normal operating cycle is against which specified discounts are given on the
twelve months. future diagnostic services availed by the customer
for a specified period. The Company recognises
revenue from the sale of such cards over the
3. Significant accounting policies period for which the card is valid. The difference
in sale consideration received and revenue
A. Revenue from contracts with customers
recognised is recognised as deferred revenue.
Revenue is measured based on the consideration B. Recognition of dividend income, interest income or
specified in a contract with a customer. The Company expense and rental income
recognises revenue when it transfers control over a
good or service to a customer. Dividend income
i) Diagnostic services Dividend are recognised in statement of profit and loss

on the date on which the Company’s right to receive
Revenue from diagnostic services is recognized payment is established.
on amount billed net of discounts / concessions
if any. No element of financing is deemed present Interest income or expense
as the sales are made primarily on cash and carry
Interest income or expense is recognized using the
basis, however for institutional / organizational
effective interest method.
customers billing is done fortnightly / monthly
based on the agreement, which is consistent with The ‘effective interest rate’ is the rate that exactly
market practice. discounts estimated future cash payments are receipts
through the expected life of the financial instrument to:
The Company recognises revenue when the
amount of revenue can be reliably measured, - the gross carrying amount of the financial asset;
it is probable that future economic benefits or
will flow to the entity and when the underlying - the amortised cost of the financial liability.
tests are conducted, samples are processed for
requisitioned diagnostic tests. Each service is In calculating interest income and expense, the
generally a separate performance obligation effective interest rate is applied to the gross carrying
and therefore revenue is recognised at a point amount of the asset (when the asset is not credit-
in time when the tests are conducted, samples impaired) or to the amortised cost of the liability.
are processed. For multiple tests, the Company However, for financial assets that have become credit-
measures the revenue in respect of each impaired subsequent to initial recognition, interest
performance obligation at its relative stand alone income is calculated by applying the effective interest
selling price and the transaction price is allocated rate to the amortised cost of the financial asset. If the
accordingly. The price that is regularly charged asset is no longer credit-impaired, then the calculation
for a test separately registered is considered to of interest income reverts to the gross basis.
be the best evidence of its stand alone selling.
Rental income:
Revenue contracts are on principal to principal
basis and the Company is primarily responsible Rental income from investment properly is recognised
for fulfilling the performance obligation. as part of Other income in statement profit and loss
on the date on which the Company’s right to receive
A contract liability is the obligation to transfer
payment is esiablished.
services to a customer for which the Company
151

C. Financial instruments − Its contractual terms of the financial asset
give rise on specified dates to cash flows that
A financial instrument is any contract that gives rise to are solely payments of principal and interest
a financial asset of one entity and financial liability or on the principal amount outstanding.
equity instrument of another entity.
On initial recognition of an equity investment
i) Initial recognition and measurement that is not held for trading, the Company may
irrevocably elect to present subsequent changes
Trade receivables issued are initially recognised
in the investment’s fair value in OCI (designated as
when they are originated. All other financial assets
FVOCI – equity investment). This election is made
or financial liabilities are initially recognised when
on an investment‑by‑investment basis.
the Company becomes a party to the contractual
provision of the instrument. All financial assets not classified as measured at
amortised cost or FVOCI as described above are
A financial asset (unless it is a trade receivable
measured at FVTPL. On initial recognition, the
without a significant financing component) or
Company may irrevocably designate a financial
financial liability is initially measured at fair value
asset that otherwise meets the requirements to
plus or minus, for an item not at fair value through
be measured at amortised cost or at FVOCI as
profit and loss (FVTPL), transaction costs that are
at FVTPL if doing so eliminates or significantly
directly attributable to its acquisition or issue.
reduces an accounting mismatch that would
A trade receivable without a significant financing otherwise arise.
component is initially measured at the transaction
Subsequent measurement
price
Financial assets at FVTPL: These assets are
ii) Classification and subsequent measurement
subsequently measured at fair value. Net gains
Financial assets and losses, including any interest or dividend
income, are recognised in profit or loss.
All financial assets are initially measured at fair
value plus, for an item not at fair value through Financial assets at amortised cost: These assets
profit and loss (FVTPL), transaction costs that are are subsequently measured at amortised cost
directly attributable to its acquisition or issue. using the effective interest method. The amortised
cost is reduced by impairment losses. Interest
On initial recognition, a financial asset is classified income, foreign exchange gains and losses and
as measured at: impairment are recognised in profit or loss. Any
- Amortised cost; gain or loss on derecognition is recognised in
profit or loss.
- Fair Value through Other Comprehensive
Income (FVOCI) – equity investment; or Equity investments at FVOCI: These assets are
subsequently measured at fair value. Dividends
- Fair Value through Profit or Loss (FVTPL) are recognised as income in profit or loss unless
the dividend clearly represents a recovery of part
Financial assets are not reclassified subsequent
of the cost of the investment. Other net gains
to their initial recognition, except if and in the
and losses are recognised in OCI and are not
period the Company changes its business model
reclassified to profit or loss.
for managing financial assets, in which case all
affected financial assets are reclassified on the Financial liabilities:
first day of the first reporting period following the
change in the business model. Financial liabilities are classified as measured
at amortised cost or FVTPL. A financial liability
A financial asset is measured at amortised cost if it is classified as at FVTPL if it is classified as
meets both of the following conditions and is not held‑for‑trading, or it is a derivative or it is
designated as at FVTPL: designated as such on initial recognition. Financial
liabilities at FVTPL are measured at fair value
− It is held within a business model whose
and net gains and losses, including any interest
objective is to hold assets to collect
expense, are recognised in statement of profit or
contractual cash flows; and
152

loss. Other financial liabilities are subsequently on a net basis or to realise the asset and settle the
measured at amortised cost using the effective liability simultaneously.
interest method. Interest expense and foreign
exchange gains and losses are recognised in D. Property, plant and equipment
statement of profit or loss.
i) Recognition and measurement
iii) Derecognition
The cost of an item of property, plant and equipment
Financial assets shall be recognised as an asset if, and only if it is
probable that future economic benefit associated
The Company derecognises a financial asset with the item will flow to the Company and the cost of
when: the item can be measured reliably. Items of property,
plant and equipment (including capital-work-in
- the contractual rights to the cash flows from the progress) are measured at cost, which includes
financial asset expire; or capitalised borrowing costs, less accumulated
depreciation and any accumulated impairment
- it transfers the rights to receive the contractual
losses. Freehold land is carried at historical cost less
cash flows in a transaction in which either:
any accumulated impairment losses.
• substantially all of the risks and rewards
Cost of an item of property, plant and equipment
of ownership of the financial asset are
comprises its purchase price, including non-
transferred;or
refundable purchase taxes, after deducting trade
• the Company neither transfers nor retains discounts and rebates, any directly attributable
substantially all of the risks and rewards of cost of bringing the items to its working conditions
ownership and it does not retain control of for its intended use and estimated costs of
the financial asset. dismantaling and removing the item and restoring
the site on which it is located.
If the Company enters into transactions whereby
it transfers assets recognised on its balance The cost of a self-constructed item of property,
sheet, but retains either all or substantially all of plant and equipment comprises the cost of
the risks and rewards of the transferred assets, materials and direct labour, any other costs
the transferred assets are not derecognised. directly attributable to bringing the item to
working condition for its intended use, and
Financial liabilities estimated costs of dismantling and removing the
item and restoring the site on which it is located.
The Company derecognises a financial liability
when its contractual obligations are discharged or Any gain or loss on disposal of an item of property,
cancelled, or expired. plant and equipment is recognised in profit or loss.
The Company also derecognises a financial An item of property, plant and equipmnet is
liability when its terms are modified and the cash derecognised upon disposal or when no future
flows under the modified terms are substantially economic benefits are expecteed to arise from the
different. In this case, a new financial liability continued use of asset
based on the modified terms is recognised at
fair value. On derecognition of a financial liability, Subsequent expenditure is capitalized only if it
the difference between the carrying amount is probable that the future economic benefits
extinguished and the consideration paid (including associated with the expenditure will flow to
any non-cash assets transferred or liabilites the Company and the cost of the item can be
assumed) is recognised in profit or loss. measured reliably.
iv) Offsetting ii) Depreciation
Financial assets and financial liabilities are offset Depreciation is recognised so as to write off the
and the net amount presented in the balance cost of assets (other than freehold land) less
sheet when, and only when, the Company their residual values over their useful lives. The
currently has a legally enforceable right to set off Company has charged depreciation on property,
the amounts and it intends either to settle them plant & equipment (PPE) based on Written Down
153

Value (“WDV”) method upto 31 December 2022. With effect from 01 January 2023, the Company has changed its
method of depreciation from WDV to Straight Line Method (“SLM”) based upon the technical assessment of expected
pattern of consumption of the future economic benefits embodied in the assets.
Depreciation is charged over the useful lives of the assets as estimated by the management based on technical
evaluation, which coincide with the useful live prescribed in Schedule II to the Act. Depreciation on additions and
deletions are restricted to the period of use.
The estimated useful lives of items of property, plant and equipment are as follows:
Management Useful life as per

Asset category
estimate of useful life Schedule II
Buildings 60 years 60 years

Plant and equipment:
- Medical and diagnostic equipments 13 years 13 years
- Other equipments 15 years 15 years
Electrical equipments 10 years 10 years
Furniture and fixtures 10 years 10 years
Office equipments 5 years 5 years
Computers
- Servers and networks 6 years 6 years
- End user devices such as laptops, etc. 3 years 3 years
Vehicles 8 years 8 years
In case of Building on leasehold land, the depreciation less accumulated depreciation and accumulated
is charged based on useful life of the building or impairment losses, if any.
the lease period whichever is lower. In the case of
lease hold building improvements, the depreciation Investment property is derecognised either when
is charged based on useful life of the improvements it has been disposed of or when it is permanently
which is 10 years or lease period including expected withdrawn from use and no future economic
renewal period which ever is lower. benefit is expected from its disposal. Any gain
or loss on disposal of investment property
Residual value is considered to be 5% on all (calculated as the difference between the net
the assets, as technically estimated by the proceeds from disposal and the carrying amount
management. of the item) is recognised of profit or loss.
Assets costing below Rs. 5,000 are depreciated Subsequent expenditure

using depreciation rate at 100%.
Subsequent expenditure is capitalized only if it
Depreciation methods, useful lives and residual is probable that the future economic benefits
values are reviewed at each reporting date and associated with the expenditure will flow to
adjusted if appropriate. the Company and the cost of the item can be
measured reliable.
iii) Investment property
Depreciation
Recognition and measurement
Depreciation on investment property, other than
Investment property is property held either to earn perpetual leasehold land, is calculated on Straight
rental income or for capital appreciation or for both, Line Method (SLM) method based on useful life
but not for sale in the ordinary course of business, use estimated by the Management, which is equal to
in the production or supply of goods or services or for life prescribed in Schedule II of the Act.
administrative purposes. Upon initial recognition, an
investment property is measured at cost, including Fair value disclosure
related transaction costs. Subsequent to initial
recognition, investment property is measured at cost The fair values of investment property is disclosed
in the notes. Fair values is determined by an
154

independent valuer who holds a recognised and measured at amortised cost. At each reporting
relevant professional qualification and has recent date, the Company assesses whether financial
experience in the location and category of the assets carried at amortised cost are credit-
investment property being valued. impaired. A financial asset is ‘credit-impaired’
when one or more events that have a detrimental
E. Intangible assets impact on the estimated future cash flows of the
financial asset have occurred.
i) Recognition and measurement
Evidence that a financial asset is credit‑impaired
Intangible assets that are acquired, are
includes the following observable data:
recognized at cost initially and carried at cost
less accumulated amortization and accumulated - significant financial difficulty of the debtor;
impairment loss, if any. Subsequent expenditure
- a breach of contract such as a default or
is capitalised only when it increases the future
being more than 90 days past due;
economic benefits embodied in the specific asset
to which it relates. - it is probable that the debtor will enter
bankruptcy or other financial reorganisation;
ii) Amortisation or
Amortisation is calculated to write off the cost - the disappearance of an active market for a
of intangible assets less their estimated residual security because of financial difficulties.
values over their estimated useful lives using
the Straight Line Method (SLM) and is included The Company measures loss allowances at an
in depreciation and amortisation expense in amount equal to lifetime expected credit losses.
statement of profit and loss.
Loss allowances for trade receivables are always
The estimated useful lives are as follows: measured at an amount equal to lifetime expected
credit losses.
- Software - 5 years
Lifetime expected credit losses are the expected
Amortisation method, useful lives and residual credit losses that result from all possible default
values are reviewed at each reporting date and events over the expected life of a financial
adjusted if appropriate. instrument.
F. Inventories 12 months expected credit losses are the portion

of expected credit losses that result from default
Inventories comprise of diagnostic kits, reagents, events that are possible within 12 months after
laboratory chemicals and consumables, these are the reporting date (or a shorter period if the
measured at lower of cost and net realisable value. expected life of the instrument is less than 12
The cost of inventories is based on the first-in, first-out months).
formula and includes expenditure incurred in acquiring
the inventories and other costs incurred in bringing In all cases, the maximum period considered when
them to their present location and condition. estimating expected credit losses is the maximum
contractual period over which the Company is
Net realisable value is the estimated selling price in exposed to credit risk.
the ordinary course of business, less estimated costs
of completion and the estimated costs necessary to When determining whether the credit risk of a
make the sale. financial asset has increased significantly since
initial recognition and when estimating expected
The comparison of cost and net realisable value is credit losses, the Company considers reasonable
made on an item-by-Item basis. and supportable information that is relevant and
G. Impairment of assets available without undue cost or effort. This includes
both quantitative and qualitative information
i) Impairment of financial instruments and analysis, based on the Company’s historical
experience and informed credit assessment and
The Company recognises loss allowances including forward‑looking information.
for expected credit losses on financial assets
155

Measurement of expected credit losses that reflects current market assessments of the
time value of money and the risks specific to the
Expected credit losses are a probability‑weighted CGU (or the asset).
estimate of credit losses. Credit losses are
measured as the present value of all cash An impairment loss is recognised if the carrying
shortfalls (i.e. the difference between the cash amount of an asset or CGU exceeds its estimated
flows due to the Company in accordance with the recoverable amount. Impairment losses are
contract and the cash flows that the Company recognised in the statement of profit and loss.
expects to receive).
In respect of assets for which impairment loss has
Expected credit losses’ are discounted at the been recognised in prior periods, the Company
effective interest rate of the financial statement. reviews at each reporting date whether there is any
indication that the loss has decreased or no longer
Presentation of allowance for expected credit exists. An impairment loss is reversed if there has
losses in the balance sheet been a change in the estimates used to determine the
recoverable amount. Such a reversal is made only to
Loss allowances for financial assets measured
the extent that the asset’s carrying amount does not
at amortised cost are deducted from the gross
exceed the carrying amount that would have been
carrying amount of the assets.
determined, net of depreciation or amortisation, if no
Write-off impairment loss has been recognised.
The gross carrying amount of a financial asset is H. Employee benefits

written off when the Company has no reasonable
(i) Short-term employee benefits
expections of recovering asset in its entirety
or a portion thereof. This is generally the case Short term employee benefits are measured on an
when the Company determines that the debtor undiscounted basis and expensed as the related
does not have assets or sources of income that service is provided. A liability is recognised for
could generate sufficient cash flows to repay the amount expected to be paid under short-term
the amounts subject to the write‑off. However, cash bonus, if the Company has a present legal
financial assets that are written off could still or constructive obligation to pay this amount as
be subject to enforcement activities in order a result of past service provided by the employee
to comply with the Company’s procedures for and the obligation can be estimated reliably.
recovery of amounts due.
(ii) Defined contribution plans
ii) Impairment of non-financial assets
A defined contribution plan is a post-employment
At each reporting date, the Company reviews benefit plan where the Company’s legal or
the carrying amount of non-financial assets, constructive obligation is limited to the amount
other than inventories and deferred tax assets, that it contributes to a seperate legal entity.
to determine whether there is any indication of
impairment. If any such indication exists, then the The Company makes specified monthly
asset’s recoverable amount is estimated. contributions towards Government administered
provident fund scheme and Employees’ State
For impairment testing, assets that do not Insurance (‘ESI’) scheme.
generate independent cash inflows are grouped
together into cash-generating units (CGUs). Each Obligations for contributions to defined
CGU represents the smallest group of assets contribution plans are expensed as an employee
that generates cash inflows that are largely benefits expense in statement of profit and loss
independent of the cash inflows of other assets or in the period in which the related services are
CGUs. rendered by employees.
The recoverable amount of a CGU (or an individual (iii) Defined benefit plans
asset) is the higher of its value in use and its fair
value less costs to sell. Value in use is based on A defined benefit plan is a post-employment
the estimated future cash flows, discounted to benefit plan other than a defined contribution
their present value using a pre-tax discount rate plan. The Company’s net obligation in respect
of defined benefit plans is calculated seperately
156

for each plan by estimating the amount of an unconditional right to defer the settlement for
future benefits that employees have earned in at least twelve months after the reporting date.
the current and prior periods, discounting that
amount and deducting the fair value of any plan (v) Share based payments
assets. The defined benefit obligation is calculated
The grant date fair value of equity-settled
annually by a qualified actuary using the projected
share-based payment arrangements granted to
unit credit method.
employees is generally recognised as an employee
Remeasurements of the net defined benefit benefits expense, with a corresponding increase in
liability, which comprise actuarial gains and equity, over the vesting period of the options. The
losses, the return on plan assets (excluding amount recognised as an expense is adjusted to
interest) and the effect of the asset ceiling (if any, reflect the number of options for which the related
excluding interest), are recognised immediately service and non-market performance conditions
in OCI. They are included in retained earnings are expected to be met, such that the amount
in the statement of changes in equity and in the ultimately recognised is based on the number of
balance sheet. The Company determines the options that meet the related service and non-
net interest expense (income) on the net defined market performance conditions at the vesting
benefit liability (asset) for the period by applying date. For share-based payment options with non-
the discount rate determined by reference to vesting conditions, the grant date fair value of the
market yields at the end of the reporting period share-based payment is measured to reflect such
on government bonds. This rate is applied on conditions and there is no true-up for differences
the net defined benefit liability (asset), both as between expected and actual outcomes.
determined at the start of the annual reporting
I. Leases
period, taking into account any changes in the net
defined benefit liability (asset) during the period At inception of a contract, the Company assesses
as a result of contributions and benefit payments. whether a contract is, or contains, a lease. A contract is,
Net interest expense and other expenses related or contains, a lease if the contract conveys the right to
to defined benefit plans are recognised in profit or control the use of an identified asset for a period of time
loss. in exchange for consideration. Lease contracts entered
by the Company majorly pertains for buildings taken
Changes in the present value of the defined benefit
on lease to conduct its business in the ordinary course.
obligation resulting from plan amendments
or curtailments are recognised immediately in As a Lessor:
profit or loss as past service cost. The Company
recognises gain and losses on settlement of a Leases for which the Company is a lessor are classified
defined benefit plan when the settlement occurs. as a finance or operating lease. Whenever the terms of
a lease transfer substantially all the risks and rewards
(iv) Other long-term employee benefits - of ownership to the lessee, the contract is classified
compensated absences as a finance lease. All other leases are classified as
operating leases. Rental income from operating leases
Accumulated absences expected to be carried
are recognised on straight line basis over the term of
forward beyond twelve months is treated as
relevant lease as part of other income.
long-term employee benefit for measurement
purposes. The Company’s net obligation in As a Lessee:
respect of other long-term employee benefit
of accumulating compensated absences is the At commencement or on modification of a contract
amount of future benefit that employees have that contains a lease component, the Company
accumulated at the end of the year. That benefit allocates the consideration in the contract to each
is discounted to determine its present value The lease component on the basis of its relative stand-
obligation is measured annually by a qualified alone prices. The Company recognises a right-of-use
actuary using the projected unit credit method. asset and a lease liability at the lease commencement
Remeasurements are recognised in profit or loss date. The right-of-use asset is initially measured at
in the period in which they arise. cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
The obligations are presented as current liabilities before the commencement date, plus any initial direct
in the balance sheet if the Company does not have costs incurred and an estimate of costs to dismantle
157

and remove the underlying asset or to restore the the Company is reasonably certain to exercise
underlying asset or the site on which it is located, less an extension option, and penalties for early
any lease incentives received. termination of a lease unless the Company is
reasonably certain not to terminate early.
The Company determines the lease term as the non-
cancellable period of a lease, together with both The lease liability is measured at amortised cost using
periods covered by an option to extend the lease if the effective interest method. It is remeasured when
the Company is reasonably certain to exercise that there is a change in future lease payments arising
option; and periods covered by an option to terminate from a change in an index or rate, if there is a change
the lease if the Company is reasonably certain not in the Company’s estimate of the amount expected to
to exercise that option. In assessing whether the be payable under a residual value guarantee, if the
Company is reasonably certain to exercise an option Company changes its assessment of whether it will
to extend a lease, or not to exercise an option to exercise a purchase, extension or termination option or
terminate a lease, it considers all relevant facts and if there is a revised in-substance fixed lease payment.
circumstances that create an economic incentive for When the lease liability is remeasured in this way, a
the Company to exercise the option to extend the corresponding adjustment is made to the carrying
lease, or not to exercise the option to terminate the amount of the right-of-use asset, or is recorded in
lease. The Company revises the lease term if there is a profit or loss if the carrying amount of the right-of-use
change in the non-cancellable period of a lease. asset has been reduced to zero.
The right-of-use asset is subsequently depreciated Short-term leases and leases of low-value assets
using the straight-line method from the commencement
date to the earlier of the end of the useful life of the The Company has elected not to recognise right-of-
right-of-use asset or the end of the lease term. In use assets and lease liabilities for leases of low-value
addition, the right-of-use asset is periodically reduced assets and short-term leases, including IT equipment.
by impairment losses, if any, and adjusted for certain The Company recognises the lease payments
remeasurements of the lease liability. associated with these leases as an expense in profit or
loss on a straight-line basis over the lease term.
The lease liability is initially measured at the present
value of the lease payments that are not paid at the J. Income-tax
commencement date, discounted using the interest
Income-tax expenses comprises current and deferred
rate implicit in the lease or, if that rate cannot be readily
tax. It is recognised in profit or loss except to the extent
determined, the Company’s incremental borrowing
that it relates to an item recognised directly in equity
rate. Generally, the Company uses its incremental
or in other comprehensive income.
borrowing rate as the discount rate.
(i) Current tax
The Company determines its incremental borrowing rate
by obtaining interest rates from various external financing Current tax comprises the expected tax payable or
sources and makes certain adjustments to reflect the receivable on the taxable income or loss for the year
terms of the lease and type of the asset leased. and any adjustment to the tax payable or receivable
in respect of previous years. The amount of current
Lease payments included in the measurement of the
tax reflects the best estimate of the tax amount
lease liability comprise the following:
expected to be paid or received after considering
• fixed payments, including in-substance fixed the uncertainty, if any, related to income taxes. It is
payments; measured using tax rates (and tax laws) enacted or
substantively enacted at the reporting date.
• variable lease payments that depend on an index
or a rate, initially measured using the index or rate Tax assets and liabilities are offset only if there is a
as at the commencement date; legally enforceable right to set off the recognised
amounts, and it is intended to realise the asset and
• amounts expected to be payable under a residual settle the liability on a net basis or simultaneously.
value guarantee.
(ii) Deferred tax
• the exercise price under a purchase option that
the Company is reasonably certain to exercise, Deferred tax is recognised in respect of temporary
lease payments in an optional renewal period if differences between the carrying amounts of assets
158

and liabilities for financial reporting purposes and the a past event, it is probable that an outflow of resources
corresponding amounts used for taxation purposes. embodying economic benefits will be required to
Deferred tax is not recognised for: settle the obligation and a reliable estimate can be
made of the amount of the obligation. Expected future
- temporary differences arising on the initial operating losses are not provided for.
recognition of assets or liabilities in a transaction
that is not a business combination and that affects Provisions are determined by discounting the expected
neither accounting nor taxable profit or loss at the future cash flows at a pre-tax rate that reflects current
time of the transaction; and market assessments of the time value of money and
the risks specific to the liability. The unwinding of the
- temporary differences in relation to a right-of- discount is recognised as finance cost.
use asset and a lease liability for a specific lease
are regarded as a net package (the lease) for the The Company records a provision for decommissioning
purpose of recognising deferred tax costs. Decommissioning costs are provided at the
present value of expected costs to settle the obligation
Deferred tax assets are recognised to the extent that it using estimated cash flows and are recognized as part
is probable that future taxable profits will be available of the cost of the particular asset. The cash flows are
against which they can be used. The existence of discounted at a current pre-tax rate that reflects the risks
unused tax losses is strong evidence that future specific to the decommissioning liability. The unwinding
taxable profit may not be available. Therefore, in case of the discount is expensed as incurred and recognized
of a history of recent losses, the Company recognises in the statement of profit and loss as a finance cost.
a deferred tax asset only to the extent that it has The estimated future costs of decommissioning are
sufficient taxable temporary differences or there is reviewed annually and adjusted as appropriate.
convincing other evidence that sufficient taxable profit
will be available against which such deferred tax asset Contingencies:
can be realised. Deferred tax assets – unrecognised
or recognised, are reviewed at each reporting date Provision in respect of loss / contingencies relating to
and are recognised/ reduced to the extent that it is claims, litigations, assessments, fines and penalties are
probable/ no longer probable respectively that the recognised when it is probable that a liability has been
related tax benefit will be realised. incurred and the amount can be estimated reliably.
Deferred tax is measured at the tax rates that are Contingent liabilities and contingent assets:
expected to apply to the period when the asset is
Contingent liability is a possible obligation arising from
realised or the liability is settled, based on the laws
past events and whose existence will be confirmed
that have been enacted or substantively enacted by
only by the occurrence or non-occurrence of one or
the reporting date.
more uncertain future events not wholly within the
The measurement of deferred tax reflects the tax control of the entity or a present obligation that arises
consequences that would follow from the manner in from past events but is not recognized because it is
which the Company expects, at the reporting date, to not probable that an outflow of resources embodying
recover or settle the carrying amount of its assets and economic benefits will be required to settle the
liabilities. obligation or the amount of the obligation cannot be
measured with sufficient reliability. The Company does
Deferred tax assets and liabilities are offset if there is a not recognize a contingent liability but discloses its
legally enforceable right to offset current tax liabilities existence in the standalone financial statements.
and assets, and they relate to income taxes levied by
the same tax authority on the same taxable entity, or on Contingent asset is not recognised in standalone
different tax entities, but they intend to settle current financial statements since this may result in the
tax liabilities and assets on a net basis or their tax recognition of income that may never be realised.
assets and liabilities will be realised simultaneously. However, when the realisation of income is virtually
certain, then the related asset is not a contingent asset
K. Provision, contingent liabilities and contingent and is recognized.
assets
Provisions, contingent liabilities and contingent assets
Provisions are recognised when the Company has a are reviewed at each Balance Sheet date
present obligation (legal or constructive) as a result of
159

L. Earnings per share Q. Events after reporting date
Basic Earnings per share Where events occurring after the balance sheet date
provide evidence of conditions that existed at the end
Basic Earnings Per Share (‘EPS’) is calculated of the reporting period, the impact of such events is
by dividing the profit attributable to the equity adjusted within the financial statements. Otherwise,
shareholders of the Company by the weighted average events after the balance sheet date of material size or
number of equity shares outstanding during the year. nature are only disclosed.
Diluted Earnings per share R. Recent pronouncements
Diluted earnings per share is computed by dividing the Ministry of Corporate Affairs (“MCA”) notifies new
profit (considered in determination of basic earnings standard or amendments to the existing standards
per share) after considering the effect associated under Companies (Indian Accounting Standards)
with dilutive potential equity shares by the weighted Rules as issued from time to time. On March 31, 2023,
average number of equity shares considered for MCA amended the Companies (Indian Accounting
deriving basic earnings per share adjusted for the Standards) Amendment Rules, 2022, applicable from
weighted average number of equity shares that would April 01, 2023, as below:
have been issued upon conversion of all dilutive
potential equity shares. Ind AS 1 – Presentation of Financial Statements
M. Cash flow statement The amendments require companies to disclose their

material accounting policies rather than their significant
Cash flows are reported using the indirect method, accounting policies. Accounting policy information,
whereby profit for the year is adjusted for the effects together with other information, is material when it
of transactions of a non-cash nature, any deferrals or can reasonably be expected to influence decisions of
accruals of past or future cash receipts or payments primary users of general purpose financial statements.
and item of income or expenses associated with The Company does not expect this amendment to
investing or financing cash flows. The cash flows are have any significant impact in its financial statements.
segregated into operating, investing and financing
activites. The Company considers all highly liquid Ind AS 12 – Income Taxes
investments that are readily convertible to known
amounts of cash to be cash equivalents. The amendments clarify how companies account
for deferred tax on transactions such as leases and
N. Cash and cash equivalents decommissioning obligations. The amendments
narrowed the scope of the recognition exemption
Cash and cash equivalents in the balance sheet and in paragraphs 15 and 24 of Ind AS 12 (recognition
cash flow statement consists of cash on hand, deposits exemption) so that it no longer applies to transactions
held at call with financial institutions, other short-term, that, on initial recognition, give rise to equal taxable and
highly liquid investments with original maturities deductible temporary differences. The Company does
less than three months which are readily convertible not expect this amendment to have any significant
to known amounts of cash and which are subject to impact in its financial statements.
insignificant risk of changes in value.
Ind AS 8 – Accounting Policies, Changes in
O. Investments in subsidiaries Accounting Estimates and Errors
Investments in subsidiaries carried at cost less any The amendments will help entities to distinguish
provision for impairment. Investments are reviewed between accounting policies and accounting estimates.
for impairment if events or changes in circumstances
The definition of a change in accounting estimates has
indicate that the carrying amount may not be
been replaced with a definition of accounting estimates.
recoverable.
Under the new definition, accounting estimates are
P. Dividend “monetary amounts in financial statements that
are subject to measurement uncertainty”. Entities
The Company recognises a liability for any dividend develop accounting estimates if accounting policies
declared but not distributed at the end of the reporting require items in financial statements to be measured
period, when the distribution is authorised and the in a way that involves measurement uncertainty. The
distribution is no longer at the discretion of the Company does not expect this amendment to have
Company on or before the end of the reporting period. any significant impact in its financial statements.
160
4. (a) Property, plant and equipment
Buildings
Plant and Plant and Furniture
Freehold on Leasehold Electrical Office
Particulars Buildings equipment equipment and Computers Vehicles Total
land leasehold improvements equipment equipment
- Medical - others fixtures
land
A. Gross carrying value (at cost)

As at April 01, 2021 205.42 617.85 1,255.40 2,638.91 16,431.81 1,534.58 1,066.32 1,462.09 232.10 549.26 354.74 26,348.48
Additions 3,542.77 - - 710.56 2,613.38 360.76 394.43 409.49 89.66 149.07 69.85 8,339.97
Disposals - - - (12.33) (180.90) (4.79) (2.57) (0.44) - - (150.47) (351.50)
As at March 31, 2022 3,748.19 617.85 1,255.40 3,337.14 18,864.29 1,890.55 1,458.18 1,871.14 321.76 698.33 274.12 34,336.95
Additions - - - 1,545.12 8,374.04 628.43 690.89 1,375.89 138.83 366.22 390.37 13,509.79
Disposals - - - (99.57) (65.96) (12.17) (42.67) (17.82) - - (70.52) (308.71)
As at March 31, 2023 3,748.19 617.85 1,255.40 4,782.69 27,172.37 2,506.81 2,106.40 3,229.21 460.59 1,064.55 593.97 47,538.03
B. Accumulated depreciation
As at April 01, 2021 - 112.59 508.75 1,461.75 7,990.15 703.32 598.75 768.54 176.22 406.93 224.65 12,951.65
Depreciation charge for the year - 24.61 77.00 377.84 1,978.86 177.70 159.64 222.04 59.48 111.67 36.28 3,225.12
Corporate Overview
Disposals - - - (11.18) (135.65) (2.71) (2.32) (0.19) - - (98.48) (250.53)

As at March 31, 2022 - 137.20 585.75 1,828.41 9,833.36 878.31 756.07 990.39 235.70 518.60 162.45 15,926.24
Depreciation charge for the year - 19.63 58.56 495.03 2,136.49 194.16 228.80 337.33 88.54 153.65 28.44 3,740.63
(refer note 4(a)(i)
Disposals - - - (99.58) (54.81) (8.88) (42.66) (17.83) - - (62.13) (285.89)
As at March 31, 2023 - 156.83 644.31 2,223.86 11,915.04 1,063.59 942.21 1,309.89 324.24 672.25 128.76 19,380.98
C. Net carrying value (A-B)
As at March 31, 2023 3,748.19 461.02 611.09 2,558.83 15,257.33 1,443.22 1,164.19 1,919.32 136.35 392.30 465.21 28,157.05
As at March 31, 2022 3,748.19 480.66 669.65 1,508.73 9,030.93 1,012.23 702.11 880.75 86.06 179.73 111.67 18,410.71
Statutory Reports
Notes:
Refer to note 22 for disclosure of contractual commitments for the acquisition of property, plant and equipment.
Note 4(a)(i):
The depreciation on Property, plant and equipment is charged based on Written Down Value (“WDV”) method upto December 31, 2022. Based upon the technical assessment of expected
pattern of consumption of the future economic benefits embodied in the assets, with effect from January 01, 2023 the depreciation method is changed to Straight Line Method (SLM)
hence the carrying value of the assets as on December 31, 2022 has been depreciated as per SLM method over the remaining useful lives of the assets. Due to this change in accounting
161
estimate, the depreciation expense is lower and the profit before tax is higher by Rs.899.08 lakhs for the year ended 31 March 2023.

Note 4(a)(i): (Contd..)

The impact, on account of this change in method of depreciation, on the future periods is given below:
For the year ended For the year ended For the year ended
Particulars Later years
31 March 2024 31 March 2025 31 March 2026
(Decrease) / Increase in depreciation expense (2,817.94) (1,606.73) (772.41) 5,197.07
Note 4(a)(ii)
Title deeds for Freehold land and Buildings
Particulars March 31, 2023 March 31, 2022
Title deeds held in the name of Vijaya Diagnostic Vijaya Diagnostic

Centre Limited Centre Limited
Whether title deed holder is a promoter, director or relative of promoter/director No No
or employee of promoter/director
Reason for not being held in the name of the Company Not applicable Not applicable
4. (b) (i) Capital work-in-progress (CWIP)
As at As at
Particulars
March 31, 2023 March 31, 2022
As at the beginning of the year 3,410.10 818.21

Additions during the year 12,810.30 10,931.86
Less: Capitalised during the year (13,509.79) (8,339.97)
As at the end of the year 2,710.61 3,410.10
(ii) Capital work-in-progress ageing schedule
As at March 31, 2023
Amount in capital work-in-progress for a period of

Particulars Less than 1 More than Total
1-2 Years 2-3 Years
Year 3 Years
Projects in progress 2,427.57 283.04 - - 2,710.61

Total 2,427.57 283.04 - - 2,710.61

Particulars Less than 1 More than 3 Total
1-2 Years 2-3 Years
Year Years
Projects in progress 3,410.10 - - - 3,410.10

Total 3,410.10 - - - 3,410.10
(iii) The Company does not have any capital work-in-progress which is overdue or has exceeded its cost compared to its original
plan and hence capital work-in-progress completion schedule is not applicable.
(iv) There are no CWIP which is temporarily suspended as at March 31, 2023 and March 31, 2022.
162

4. (c ) Right-of-use assets and lease liabilities
The Company has elected not to apply the requirements of Ind AS 116 "Leases" to short-term leases of all assets that have a lease
term of 12 months or less and leases for which the underlying asset is of low value. The lease payments associated with these leases
are recognized as an expense on a straight-line basis over the lease term except inflation adjustment.
The Company uses the incremental borrowing rate to discount its lease payments. The rate applied is 8.50% p.a.
(i) Movement in Right-of-use assets ('ROU') and Lease liabilities is given below:
Right of use assets

Particulars
(Buildings)
A. Gross carrying value

As at April 01, 2021 15,608.03
Additions 6,133.08
Disposals (129.98)
As at March 31, 2022 21,611.13
Additions 8,051.35
Disposals (417.80)
As at March 31, 2023 29,244.68
As at April 01, 2021 3,007.96
Depreciation charge for the year 1,912.82
Disposals (24.90)
As at March 31, 2022 4,895.88
Depreciation charge / Adjustment for the year 2,369.37
Disposals (254.49)
As at March 31, 2023 7,010.76
As at March 31, 2023 22,233.92
As at March 31, 2022 16,715.25
Set out below are the carrying amounts of lease liabilities and the movements during the year:
As at As at
Particulars
March 31, 2023 March 31, 2022
Balance as at the beginning of the year 18,282.80 13,657.46

Disposal during the year (151.65) (104.04)
Accretion of interest 1,889.66 1,423.76
Balance as at the end of the year 24,755.90 18,282.80
Bifurcation of Lease liabilities
- Current lease liabilities 1,452.89 1,256.83
- Non-Current lease liabilities 23,303.01 17,025.97
(ii) Payments recognised as expenses and income

Particulars
March 31, 2023 March 31, 2022
Short term leases (refer note 20) 36.26 52.46

36.26 52.46
163

4. (c ) Right-of-use assets and lease liabilities (Contd..)
(iii) Contractual maturities of lease liabilities on undiscounted basis
As at As at
Particulars
March 31, 2023 March 31, 2022
Less than one year 3,501.80 2,703.68

One to five years 12,966.36 10,177.11
More than five years 24,023.30 15,583.96
40,491.46 28,464.75
Note: All the leases are entered in the name of the Company
4. (d) Investment property

I. Reconciliation of carrying amount
As at As at
Particulars
March 31, 2023 March 31, 2022

As at the beginning of the year 1,114.77 -
Additions during the year - 1,114.77
Less: Disposals during the year - -
As at the end of the year 1,114.77 1,114.77
As at the beginning of the year 4.20 -
Depreciation charge for the year 9.74 4.20
Disposals during the year - -
As at the end of the year 13.94 4.20
C. Net carrying value (A-B) 1,100.83 1,110.57
Fair value 1,307.00 1,307.00
Information regarding income and expenditure of investment property

Particulars
March 31, 2023 March 31, 2022
Rental income derived from Investment property 36.00 9.00

Direct operating expenses (including repairs and maintenance) - -
Less: Depreciation (9.74) (4.20)
Profit arising from investment property before indirect expenses 26.26 4.80
Title deeds
Title deeds held in the name of Vijaya Diagnostic Vijaya Diagnostic

Centre Limited Centre Limited
Whether title deed holder is a promoter, director or relative of promoter/ No No
director or employee of promoter/director
Reason for not being held in the name of the Company Not applicable Not applicable
164

4. (d) Investment property (Contd..)
II. Other information
(i) The Company has not engaged any registered valuer for determining the above fair value. The fair value is based on the
market observable data.
(ii) The Company has given the Investment property on operating lease. There are no restrictions imposed by lease
agreements.
5. (i) Other intangible assets and Intangible assets under development

Other intangible Intangible assets
Particulars
assets under development

As at April 01, 2021 268.23 123.63
Additions 146.49 29.70
Disposals / Capitalisation - (146.49)
As at March 31, 2022 414.72 6.84
Additions 228.18 284.40
Disposals / Capitalisation - (228.18)
As at March 31, 2023 642.90 63.06
B. Accumulated amortization
As at April 01, 2021 208.18 -
Amortisation charge for the year 71.51 -
Disposals - -
As at March 31, 2022 279.69 -
Amortisation charge for the year (refer note 4(a)(i)) 143.98 -
Disposals - -
As at March 31, 2023 423.67 -
As at March 31, 2023 219.23 63.06
As at March 31, 2022 135.03 6.84
(ii) The Company does not have any intangible asset under development which is overdue or has exceeded its cost compared to its
original plan and hence, Intangible assets completion schedule is not applicable.
(iii) Intangible assets under development ageing schedule
Amount in Intangible assets under development for a period of

1-2 Years 2-3 Years
Year Years
Projects in progress 63.06 - - - 63.06

Total 63.06 - - - 63.06
Amount in Intangible assets under development for a period of

1-2 Years 2-3 Years
Year Years

Total 6.84 - - - 6.84
(iv) There are no Intangible assets under development which are temporarily suspended as at March 31, 2023 and March 31, 2022.
165

6. Financial assets
As at As at
Particulars
March 31, 2023 March 31, 2022
(a) Investments
Non-current
A. Subsidiaries
Investment in equity instruments - carried at cost, less provision for other
than temporary impairment
Quoted
Medinova Diagnostic Services Limited 411.06 411.06
[6,202,220 (March 31, 2022: 6,202,220) Equity shares of Rs.10 each fully paid
up]
Unquoted
Doctors Lab Medical Services Private Limited 1.00 1.00
[10,000 (March 31, 2022: 10,000) equity shares of Rs.10 each fully paid up]
Investment in Limited Liability Partnership (LLP)

Unquoted
VDC Diagnostics (Karnataka) LLP 1,831.29 1,831.29
[100% (March 31, 2022: 100%) share in capital contribution]
Less: Share of loss attributable to the Company (1,760.00) (1,760.00)
Net investment in LLP 71.29 71.29
Sub-total 483.35 483.35
B. Investment in others - Non-trade
Investment in equity instruments - carried at FVOCI
Unquoted
C.R Broadcasting Hyderabad Limited 4.00 4.00
[40,000 (March 31, 2022: 40,000) equity shares of Rs. 10 each fully paid up]
Sub-total 4.00 4.00
Total (A+B) 487.35 487.35
Aggregate book value of quoted investments 411.06 411.06
Aggregate book value of unquoted investments 76.29 76.29
Aggregate book value of impairment in value of investments - -
Aggregate market value of quoted investments 1,088.49 1,959.90
Current
Investments at fair value through profit or loss - Quoted
Mutual funds
Aditya Birla Sunlife Floating Rate Fund - 1,12,481.50 (March 31, 2022: 336.98 318.94
1,12,481.50) units
Aditya Birla Sunlife Low Duration Fund - 73,574.67 (March 31, 2022: 73,574.67) 449.87 425.53
units
ABSL Money Manager Fund- 3,47,967.47 (March 31, 2022: 2,72,525.25) units 1,100.25 814.61
ABSL Saving Fund-1,60,099.92 (March 31, 2022: 1,60,099.92) units 752.88 712.94
Axis Money Market Fund- G-Direct- 79,560.23 (March 31, 2022: 79,560.23) 968.73 916.36
units
HDFC Balanced Advantage Fund - Reg - Growth - 3,12,765.36 (March 31, 1,011.18 -
2022: NIL) units
HDFC Low Duration Fund - 805,643.61 (March 31, 2022: 805,643.61) units 423.13 401.12
Bandhan Low Duration Fund - NIL (March 31, 2022: 17,30,608.49) units - 551.38
(formerly IDFC mutual fund)
166

6. Financial assets (Contd..)
As at As at
Particulars
March 31, 2023 March 31, 2022
Bandhan Banking & PSU Debt Fund Growth - 48,65,969.99 (March 31, 2022: 1,039.03 -
NIL) units (formerly IDFC mutual fund)
Bandhan Low Duration Fund D- Growth - 42,00,260.34 (March 31, 2022: NIL) 1,406.31 -
units (formerly IDFC mutual fund)
Kotak Low Duration Fund - 12,724.06 (March 31, 2022: 12,724.06) units 389.44 369.20
Kotak Money Market Fund-DP-Growth 15,810.84 (March 31, 2022: NIL) units 605.29
Nippon India Interval Fund - Quarterly Plan- NIL (March 31, 2022: - 403.94
14,22,201.68) units
Nippon India Money Market Fund- G-Direct- 24,136.90 (March 31, 2022: 856.26 509.53
15,207.19) units
SBI Magnum Ultra Short Duration Fund (DG)- 7,941 (March 31, 2022: NIL) 409.63 -
units
SBI Savings Fund-DP-Growth-21,49,800.57 (March 31, 2022: NIL) units 807.71 -
TATA Treasury Advantage Fund-D-Growth -33,517.07 (March 31, 2022: NIL) 1,144.93 -
units
Tata Money Market Fund-DP-Growth-29,779.82 (March 31, 2022: NIL) units 1,205.50 -
Investments in Bonds
Axis Finance Limited - 83 Bonds having face value of Rs.10,00,000 each 992.20 -
(March 31, 2022: NIL)
13,899.32 5,423.55
Aggregate book value of quoted investments 13,899.32 5,423.55
No strategic investments were disposed off during the year ended 31 March 2023, and there were no transfers of any cumulative
gain of loss within equity relating to these investments.
As at As at
Particulars
March 31, 2023 March 31, 2022
(b) Trade receivables
Trade receivables- considered good- Unsecured* 996.28 1,039.82
Less: Allowance for expected credit loss (111.15) (91.15)
Trade receivables- considered good- Unsecured 885.13 948.67
Trade receivables- credit impaired- Unsecured 60.40 60.40
Less: Allowance for credit impaired (60.40) (60.40)
Trade receivables- credit impaired- Unsecured - -
885.13 948.67
*Include amount receivable from related parties (refer note 30)
Trade receivables ageing schedule

Outstanding for following periods from due date of payment

Particulars Less than 6 months More than Total
Not due 1-2 years 2-3 years
6 months - 1 year 3 years
(i) Undisputed trade receivables – 80.85 774.92 59.54 44.08 36.89 - 996.28
considered good
(ii) Undisputed trade receivables – which - - - - - - -
have significant increase in credit risk
167


(iii) Undisputed trade receivables – credit - - - - - - -
impaired
(iv) Disputed trade receivables – considered - - - - - - -
good
(v) Disputed trade receivables – which - - - - - - -
(vi) Disputed trade receivables – credit - - - - - 60.40 60.40
impaired
Total (A) 80.85 774.92 59.54 44.08 36.89 60.40 1,056.68
Allowance for expected credit loss 111.15
Allowance for credit impairment 60.40
Total (B) 171.55
Total (A-B) 80.85 774.92 59.54 44.08 36.89 60.40 885.13

(i) Undisputed trade receivables – 76.17 632.40 278.65 38.08 10.91 3.61 1,039.82
considered good
(ii) Undisputed trade receivables – which - - - - - - -
(iii) Undisputed trade receivables – credit - - - - - - -
impaired
(iv) Disputed trade receivables – considered - - - - - - -
good
(v) Disputed trade receivables – which - - - - - - -
(vi) Disputed trade receivables – credit - - - - - 60.40 60.40
impaired
Total (A) 76.17 632.40 278.65 38.08 10.91 64.01 1,100.22
Total (B) 151.55
Total (A-B) 76.17 632.40 278.65 38.08 10.91 64.01 948.67
168

As at As at
Particulars
March 31, 2023 March 31, 2022
( ) Loans
Non-current loans
(Unsecured, considered good)
Loans to subsidiaries (refer note 30) 575.00 575.00
575.00 575.00
Loans to Subsidiaries
Amount of loan or advance in the nature of loan outstanding 575.00 575.00
Percentage to the total loans and advances in the nature of loans 100% 100%
The loan has been given towards the business purposes of the
subsidiary
Current loans
Loans to subsidiary (refer note 30) - 104.97
- 104.97
Loans to Subsidiaries
Amount of loan or advance in the nature of loan outstanding. - 104.97
Percentage to the total loans and advances in the nature of loans - 100.00%
The loan has been given towards the business purposes of the
subsidiary
No loans are due from directors or other officers of the Company
either severally or jointly with any other person.
Refer note 30 for dues from related parties.
(d) Cash and cash equivalents
Balances with banks
- in current accounts 1,072.50 985.44
- in deposit accounts with original maturity period of 3 months or less 1,201.50 -
2,328.97 1,039.02
(e) Other bank balances
Current
Deposits with maturity less than twelve months * @ 8,813.59 17,566.48
8,813.59 17,566.48
@
Fixed deposit of Rs. 10.10 lakhs (March 31, 2022: Rs. 2,144.13 lakhs)
under lien.
*The deposits made with banks comprise of time deposits, which are
available at call.
(f) Other financial assets
Non-current
Balances with bank held as margin money 12.37 12.37
Security deposits (rental/electricity deposits)* 832.11 728.49
844.48 740.86
Current
Interest accrued on bank deposits and others 316.26 209.53
Other receivables 34.72 2.33
Security deposits (rental/electricity deposits) * 8.68 28.94
Share issues expenses receivable - 294.32
359.66 535.12
*Includes amount receivable from related parties (refer note 30)
169

7. Deferred tax assets net
As at As at
Particulars
March 31, 2023 March 31, 2022
Deferred tax assets

Decommissioning liability on property, plant and equipment (refer note 12) 160.25 128.79
Leases 853.42 598.05
Employee benefits 96.42 89.34
Credit impaired debts 43.18 38.14
Others 67.48 67.80
Sub total (A) 1,220.75 922.12
Deferred tax liabilities
Fair value gain / loss from investments 139.57 42.56
Property, plant and equipment and Intangible assets 311.63 52.58
Sub total (B) 451.20 95.14
Deferred tax asset/(liability), net (A-B) 769.55 826.98
Movement in deferred tax assets/ (liabilities)
Property, plant and equipment Provision for Fair value

On account of and intangible assets including employee Leases of mutual Others Total
decommissioning liability benefits funds
At April 01, 2021 31.35 82.90 392.42 (8.27) 82.01 580.41

(Charged)/credited:
- to profit or loss 44.86 12.87 205.63 (34.29) 23.93 253.00
- to OCI - (6.43) - - - (6.43)
As at March 31, 2022 76.21 89.34 598.05 (42.56) 105.94 826.98
(Charged)/credited:
- to profit or loss (227.59) 13.60 255.37 (97.01) 4.72 (50.91)
- to OCI - (6.52) - - - (6.52)
As at March 31, 2023 (151.38) 96.42 853.42 (139.57) 110.66 769.55
There are no unrecognized deferred tax assets and liabilities as at March 31, 2023 and March 31, 2022.
8. Inventories
(Valued at lower of cost and net realisable value)
As at As at
Particulars
March 31, 2023 March 31, 2022
Reagents, chemicals, digital imaging films and consumables (net of provision of 192.64 409.99
Rs. 34 lakhs - March 31,2022 : Rs. Nil))
192.64 409.99
170

9. Other assets
As at As at
Particulars
March 31, 2023 March 31, 2022

Non-current
Capital advances 651.45 2,015.50
Less: Allowance for doubtful advances (63.63) (43.63)
587.82 1,971.87
Prepaid expenses 273.69 255.94
861.51 2,227.81
Current
Advances other than capital advances
-Advance to suppliers 214.02 145.52
-Advance to employees 13.07 13.30
500.65 405.14
10. Equity
As at As at
Particulars
March 31, 2023 March 31, 2022
Authorised share capital

120,500,000 equity shares of Re.1 each (March 31, 2022: 120,500,000 equity 1,205.00 1,205.00
shares of Re. 1 each)
(a) Equity share capital
Issued, subscribed and fully paid up capital
102,071,175 equity shares of Re.1 each (March 31, 2022: 101,965,926 equity 1,020.71 1,019.66
shares of Re. 1 each), fully paid-up
1,020.71 1,019.66
(i) Reconciliation of equity shares outstanding at the beginning and at the end of the reporting year:

No. of No. of
Amount Amount
shares shares
Shares outstanding at the beginning of the year 10,19,65,926 1,019.66 4,53,18,190 453.19
Bonus shares issued (refer note v) - - 5,66,47,736 566.47
Issue under Employee Stock Option Plan (refer note 29) 1,05,249 1.05 - -
Shares outstanding at the end of the year 10,20,71,175 1,020.71 10,19,65,926 1,019.66
(ii) Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of Re. 1 per share (March 31, 2022: Re. 1 per share). Each
holder of equity shares is entitled to one vote per share. The shareholders are entitled to dividends in Indian Rupees, proposed
by the Board of Directors and subject to the approval of the shareholders in the Annual General Meetings. In the event of
liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company. The
distribution will be in proportion to the number of equity shares held by the shareholders.
171

10. Equity (Contd..)
(iii) Details of shareholders holding more than 5% shares in the company
March 31, 2023 March 31, 2022

Particulars
No. of shares % holding No. of shares % holding
Equity shares:
Dr S.Surendranath Reddy 3,37,22,899 33.04% 3,34,22,899 32.78%
S Suprita Reddy 91,76,933 8.99% 91,76,933 9.00%
K Sunil Chandra 91,06,933 8.92% 91,06,933 8.93%
Axis Mutual Fund Trustee Limited 49,77,072 4.88% 67,60,585 6.63%
Nippon Life India Trustee Limited 58,67,208 5.75% 22,52,077 2.21%
(iv) Shares held by promoters at the end of the year
March 31, 2023 March 31, 2022

Promoter's Name No. of % of % of No. of % of % of
Shares holding change Shares holding change
Dr S.Surendranath Reddy 3,37,22,899 33.04% 0.26% 3,34,22,899 32.78% (26.39%)

Total 3,37,22,899 33.04% 0.26% 3,34,22,899 32.78% (26.39%)
(v) During the five years immediately preceeding the year, no shares have been bought back, no shares have been issued for
consideration other than cash except for equity shares issued by way of bonus as provided below:
March 31, March 31, March 31, March 31, March 31,
2023 2022 2021 2020 2019
Allotted as fully paid up equity shares by way of bonus - 5,66,47,736 - - -

Shares issued for consideration other than cash - - - - -
The Company issued bonus shares on May 27, 2021 in proportion of five new equity shares of Re. 1 each for every four existing
equity shares of Re. 1 each, resulting in total fully paid-up equity shares of 101,965,926 of Re. 1 each.
(vi) For details of share reserved for issue under Employee Stock Option Plan (ESOP) of the Company, refer note 29.
(b) Other equity
As at As at
Particulars
March 31, 2023 March 31, 2022
General reserve 568.72 493.20

Share based payments reserve 192.44 196.29
Securities premium 4,706.18 4,590.28
Retained earnings 48,020.75 40,698.61
Total 53,488.09 45,978.38
172

(i) General reserve
As at As at
Particulars
March 31, 2023 March 31, 2022
Balance at the commencement of the year 493.20 493.20

Add: Transfer on account of employee share based options lapsed/forfeited 45.00 -
Add: Transfer on account of exercise of employee share based options 30.52 -
Balance as at the end of the year 568.72 493.20
The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general
reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items
included in the general reserve will not be reclassified subsequently to profit or loss.
(ii) Share based payments reserve
As at As at
Particulars
March 31, 2023 March 31, 2022

Add: Share based payments expense (refer note 17) 71.67 113.56
Less: Transfer to general reserve due to employee share based options lapsed/ (45.00) -
forfeited
Less: Transfer to general reserve due to exercise of employee share based options (30.52) -
The Company has established equity settled share based payment plans for employees of the Company, refer note 29 for
details on these plans.
(iii) Securities premium
As at As at
Particulars
March 31, 2023 March 31, 2022
Balance at the commencement of the year 4,590.28 5,156.75

Less: Issue of bonus shares - (566.47)
Add: Proceeds from exercise of employee share based options (ESOP) 115.90 -
Securities premium is used to record the premium on issue of shares. It is utilised in accordance with the provisions of the “Act”.
(iv) Retained earnings
As at As at
Particulars
March 31, 2023 March 31, 2022

Add: Profit for the year 8,323.39 10,810.47
Less: Dividend paid (1,020.64) -
Items of other comprehensive income recognised directly in retained
earnings
- Remeasurement of defined benefit obligations (net of tax) 19.39 19.10
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other
distribution to shareholders.
173

Other comprehensive income (OCI) represents remeasurement of defined employee benefit obligations: Difference between
the interest income on plan assets and the return actually achieved, any changes in the liabilities over the year due to changes
in actuarial assumptions or experience adjustments within the plans, are recognised in other comprehensive income and
subsequently not reclassified to statement of profit and loss.
11. Financial liabilities

(a) Trade payables
As at As at
Particulars
March 31, 2023 March 31, 2022
Total outstanding dues of micro enterprises and small enterprises ('MSME') 51.26 15.59
(refer note 24)
Total outstanding dues of creditors other than micro enterprises and small 2,667.98 2,023.67
enterprises*
2,719.24 2,039.26
* Includes amount payable to related parties (refer note 30)
Trade payables ageing schedule

Not Due 1-2 Years 2-3 Years
Year 3 Years
(i) MSME - 51.26 - - - 51.26

(ii) Others 1,554.11 1,094.69 6.50 12.68 - 2,667.98
(iii) Disputed Dues - MSME - - - - - -
(iv) Disputed Dues - Others - - - - - -
Total 1,554.11 1,145.95 6.50 12.68 - 2,719.24

Year 3 Years
(i) MSME - 15.59 - - - 15.59

(ii) Others 921.10 1,091.09 6.62 0.70 4.16 2,023.67
(iii) Disputed Dues - MSME - - - - - -
(iv) Disputed Dues - Others - - - - - -
Total 921.10 1,106.68 6.62 0.70 4.16 2,039.26
(b) Other financial liabilities
As at As at
Particulars
March 31, 2023 March 31, 2022
Current
Employee payables 600.89 783.22
Dividend payable 0.47 -
Deferred credit - medical equipment - 23.39
Capital creditors 768.36 1,644.77
1,369.72 2,451.38
174

12. Provisions
As at As at
Particulars
March 31, 2023 March 31, 2022
Non-current
Provision for employee benefits:
- Gratuity (refer note 28) 146.37 158.39
- Compensated absences - 105.34
Others:
- Decommissioning liability 537.98 448.31
684.35 712.04
Current
- Compensated absences 151.40 33.65
Others:
335.49 154.65
Movement in Provision
As at As at
Decommissioning liability
March 31, 2023 March 31, 2022
Balance as at the beginning of the year 511.73 434.28

Add: Unwinding of interest 50.37 41.29
Add: Provision created during the year 74.64 36.16
13. Other liabilities
As at As at
Particulars
March 31, 2023 March 31, 2022
Non-current
Deferred revenue- contract liability 46.07 11.65
46.07 11.65
Current
Deferred revenue - contract liability 38.66 11.80
Statutory liabilities 283.42 310.71
Advance from customers - contract liability 29.42 21.18
351.50 343.69
14. Revenue from operations

Particulars
March 31, 2023 March 31, 2022
Revenue from contracts with customers- Sale of services 44,939.77 45,065.94

Other operating revenue
- Sale of scrap 18.16 21.99
44,957.93 45,087.93
175

14. Revenue from operations (Contd..)
Disclosure as per Ind AS 115 - Revenue from contracts with customers
A. Contract balances
As at As at
Particulars
March 31, 2023 March 31, 2022
Contract assets - -
Contract liabilities
- Advances from customers (refer note 13) 29.42 21.18
- Deferred revenue (refer note 13) 84.73 23.45
The revenue recognized during the current year is the balancing number for transactions with customers after adjusting opening
and closing balances of contract assets and liabilities.
B. Movement in contract liabilities during the year
As at As at
Particulars
March 31, 2023 March 31, 2022
Deferred Revenue
Balance at the beginning of the year 23.45 20.99
Less: revenue recognised during the period from above (11.80) (12.78)
Add: Addition during the year 73.08 15.24
Balance at the end of the year 84.73 23.45
C. Reconciliation of revenue from contract with customers
As at As at
Particulars
March 31, 2023 March 31, 2022
Revenue from contract with customer as per the contract price 46,400.60 46,165.12
Adjustments made to contract price on account of :-
Discount / Rebates (1,460.83) (1,099.18)
Revenue from contract with customer 44,939.77 45,065.94
Other operating revenue 18.16 21.99
Revenue from operations 44,957.93 45,087.93
15. Other income

Particulars
March 31, 2023 March 31, 2022
Interest income under the effective interest method on:

Fixed deposits with banks 740.71 902.02
Loans at amortized cost, given to subsidiaries 57.50 37.01
Financial assets carried at amortised cost 61.49 51.21
Profit on sale of mutual fund investments (net) 86.49 47.62
Fair value gain on investments measured at FVTPL 385.44 136.25
Net gain on sale/retirement of property, plant and equipment 8.60 40.42
Liabilities no longer required written back 66.70 21.35
Insurance claim received 0.66 27.18
Rental income from investment property 36.00 9.00
Other non-operating income 13.74 19.65
1,457.33 1,291.71
176

16. Cost of materials consumed

Particulars
March 31, 2023 March 31, 2022
Inventory of materials as at the beginning of the year (refer note 8) 409.99 249.79
Add: Purchases during the year 5,541.36 7,055.41
Less: Inventory of materials as at the end of the year (refer note 8) (192.64) (409.99)
5,758.71 6,895.21
17. Employee benefits expense

Particulars
March 31, 2023 March 31, 2022
Salaries, wages and bonus 6,856.99 6,142.17

Contribution to provident and other funds (refer note 28) 382.76 330.85
Gratuity (refer note 28) 117.22 108.06
Compensated absences 55.20 57.52
Equity-settled share-based payment transactions (refer note 29) 71.67 113.56
Staff welfare expenses 166.06 115.50
7,649.90 6,867.66
18. Depreciation and amortisation expense

Particulars
March 31, 2023 March 31, 2022
Depreciation on property, plant and equipment (refer note 4(a) & note 4(a)(i)) 3,740.63 3,225.12
Depreciation on investment properties (refer note 4(d)) 9.74 4.20
Amortisation on other intangible assets (refer note 5) 143.98 71.51
Depreciation on right of use assets (refer note 4(c)) 2,245.08 1,912.82
6,139.43 5,213.65
19. Finance costs

Particulars
March 31, 2023 March 31, 2022
Interest expense on deferred credit purchases and decommissioning liability 50.37 46.80
Interest expense on lease liabilities (refer note 4(c)) 1,889.66 1,423.76
Bank charges 147.58 155.00
2,087.61 1,625.56
20. Other expenses

Particulars
March 31, 2023 March 31, 2022
Power and fuel 1,448.41 1,125.14

Rent 36.26 52.46
Testing charges 126.55 145.28
Samples collection charges 303.67 404.87
177

20. Other expenses (Contd..)

Particulars
March 31, 2023 March 31, 2022
Repairs and maintenance

a. Building 181.40 119.20
b. Plant and equipment 1,344.10 987.13
c. Others 163.73 157.78
House keeping expenses 725.33 574.41
Security charges 452.86 414.87
Insurance 87.34 76.92
Rates and taxes 262.53 86.04
Advertisement, publicity and marketing 329.19 164.02
Business promotion expenses 237.78 291.66
Travelling and conveyance 309.77 202.49
Legal and professional charges (professional fees to doctor consultants and 6,742.48 5,772.49
others)
Payment to auditors (refer note (i) below) 87.32 73.16
Remuneration paid to Independent Directors 56.64 53.10
Postage and communication 165.74 155.65
Printing and stationery 77.70 65.77
Write off of loans given 9.34 -
Corporate social responsibility expenditure ('CSR') (refer note (ii) below) 225.14 175.50
Donations 10.25 3.32
Miscellaneous expenses 228.78 194.59
13,652.31 11,339.48
Notes:
i. Payment to auditors (inclusive of taxes)

Particulars
March 31, 2023 March 31, 2022
As auditors
- Statutory audit fees 59.00 59.00
- Limited review 21.24 14.16
Reimbursement of expenses 7.08 -
87.32 73.16
ii. Details of corporate social responsibility expenditure

Particulars
March 31, 2023 March 31, 2022
(i) Gross amount required to be spent by the Company during the year 225.14 175.50
(ii) Amount approved by the Board to be spent during the year 225.14 175.50
(iii) Amount spent during the year
- construction/ acquisition of any asset - -
- on purpose other than above 225.14 175.50
(iv) (Shortfall) / Excess at the end of the year - -
(v) Total of previous years shortfall - -
178

20. Other expenses (Contd..)

Particulars
March 31, 2023 March 31, 2022
(vi) Details of related party transactions NA NA

(vii) Where a provision is made with respect to a liability incurred by entering NA NA
into a contractual obligation, the movements in the provision during the
year
(viii) Reason for shortfall:
For the year ending March 31, 2023 and March 31, 2022: No shortfall
(ix) Nature of CSR activities:
a) Skill development
b) Education
c) Healthcare
21. Income-tax expense
For the year

For the year ended
Particulars endedMarch 31,
March 31, 2023
2022
(a) Amount recognised in statement of profit and loss

Current tax 2,753.00 3,880.61
Deferred tax attributable to temporary differences 50.91 (253.00)
Tax expense 2,803.91 3,627.61
(b) Amount recognised in other comprehensive income
Deferred tax related to items recognised in OCI
Deferred tax (expense)/income on remeasurements of defined benefit (6.52) (6.43)
obligations
Income-tax expense/(income) recognised in OCI (6.52) (6.43)
(c) Reconciliation of effective tax rate:
Enacted tax rate in India 25.17% 25.17%
Tax expense at enacted rates 2,800.52 3,633.77
Tax effect of:
Effect of expenses not deductible for tax purposes 56.66 61.59
Others (53.27) (45.95)
Tax pertaining to earlier years - (21.80)
Income-tax recognised in the statement of profit and loss 2,803.91 3,627.61
(d) The following table provides the details of income tax assets and income tax liabilities:
As at As at
Particulars
March 31, 2023 March 31, 2022
Non-current tax assets (net) 3.73 3.73

Current tax liabilities (net) (235.21) (89.66)
(231.48) (85.93)
179

21. Income-tax expense (Contd..)
As at As at
Particulars
March 31, 2023 March 31, 2022
Net current income-tax liability at the beginning of the year 85.93 122.58
Add: Current tax expense 2,753.00 3,902.00
Add: Tax pertaining to earlier years - (21.39)
Less: Tax paid during the year (2,607.45) (3,917.26)
Net income tax liability at the end of the year 231.48 85.93
22. Contingent liabilities and commitments (to the extent not provided for)
Contingent liabilities
As at As at
Particulars
March 31, 2023 March 31, 2022
Claims against the Company not acknowledged as debts – –
The Company based on its legal assessment does not believe that any of the pending claims/litigations if any with statutory
authorities/others require a provision as at the balance sheet date, as the likelihood of the probability of an outflow of resources
at this point of time is low.
Capital commitments
As at As at
Particulars
March 31, 2023 March 31, 2022
Estimated amount of contracts remaining to be executed on capital account 2,506.90 5,067.60

not provided for (net of advances)
23. Earnings per share

Particulars
March 31, 2023 March 31, 2022
Earnings for the year

Net profit for the year attributable to equity shareholders (A) 8,323.39 10,810.47
Shares
Weighted average number of equity shares for Basic EPS (B) 10,20,41,263 10,19,65,926
Add: Effect of dilution
- On account of outstanding employee based share based options (after 4,40,844 6,00,204
bonus issue)
Weighted average number of equity shares for Diluted EPS (C) 10,24,82,107 10,25,66,130
(a) Basic earnings per share of face value of Re. 1 each (A/B) 8.16 10.60
(b) Diluted earnings per share of face value of Re. 1 each (A/C) 8.12 10.54
180

24. Disclosure required under Clause 22 of Micro, Small and Medium Enterprise Development
(‘MSMED’) Act, 2006
(a) the principal amount and the interest due thereon remaining unpaid to any
supplier at the end of each accounting year;
- Principal amount due to micro and small enterprises 51.26 15.59
- Interest due on the above - -
(b) the amount of interest paid by the buyer in terms of Section 16 of the MSMED - -
Act, 2006 along with the amount of the payment made to the supplier beyond
the appointed day during each accounting year;
(c) the amount of interest due and payable for the period of delay in making payment - -
(which have been paid but beyond the appointed day during the period/year) but
without adding the interest specified under this MSMED Act, 2006;
(d) the amount of interest accrued and remaining unpaid at the end of the each - -
accounting year; and
(e) the amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues as above are actually
paid to the small enterprise, for the purpose of disallowance of a deductible
expenditure under Section 23 of the MSMED Act, 2006.
Note: The above disclosures are provided by the Company based on the information available with the Company in respect of the
registration status of its vendors/suppliers.
25. Disclosure as per Section 186 of the Companies Act, 2013

The details of loans, guarantees and investments under Section 186 of the Companies Act, 2013 read with the Companies (Meetings
of Board and its Powers) Rules, 2014 are as follows :
(i) Details of investments made are given in Note 6(a)
(ii) Details of the loans given by the Company is given in Note 6( )
26. Segment reporting

A. Basis for segmentation
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and
incur expenses, including revenues and expenses that relate to transactions with any of the Company’s other components, and
for which discrete financial information is available. All operating segment's results are reviewed regularly by the Company’s
Chairman and CEO to make decisions about resources to be allocated to the segments and assess their performance.
The Chief Operating Decision Maker ("CODM") who are the Company's Chairman and CEO evaluate the Company’s performance
and allocates resources based on an analysis of various performance indicators at operational unit level and since there is
single operating segment, no segment disclosures of the company is presented. The Company’s operations fall within a single
business segment “Diagnostic services”.
B. Geographical information
The Company operates within India and therefore there are no assets or liabilities outside India.
C. Major customers
No single customer contributed more than 10% of the Company's revenues during the year. Hence, the Management believes
that there are no major customers to be disclosed.
181

27. Purchase commitments towards reagent kits
The Company has entered into agreements with certain suppliers for purchase of reagents which include the right to use
equipment during the life of the agreement in addition to purchase of minimum committed quantities of reagents every year.
These agreements are in substance, cost of reagents and services arrangements provided by the supplier on an annual basis and
the minimum purchase commitments therein do not result in more than insignificant penalty on termination of the agreement.
The cost of reagents which includes the cost of rental of the equipment is recorded as cost of material consumed.
28. Employee benefit plans

The Company has following post employment benefit plans:
(a) Defined contribution plans
Contributions were made to provident fund and Employees’ State Insurance in India for the employees of the Company as per
the regulations. These contributions are made to registered funds administered by the Government of India. The obligation of the
Company is limited to the respective amount contributed and it has no further contractual nor any other constructive obligation.
The expense recognised during the period in the standalone statement of profit and loss towards defined contribution plans is
Rs. 382.76 lakhs (March 31, 2022: Rs. 330.85 lakhs).
(b) Defined benefit plan
The Company provides for Gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in
continuous service for a period of 5 years are eligible for Gratuity. The amount of Gratuity payable on retirement/ termination
is the employee’s last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of
years of service or part thereof in excess of six months, restricted to a sum of Rs. 20 lakhs.
The Gratuity plan is administered through a Gratuity Scheme with Life Insurance Corporation of India (‘LIC’). The Company does
not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of
expected gratuity payments.
This defined benefit plans expose the Company to actuarial risks, such as longevity risk, interest rate risk and market
(investment) risk.
i. Reconciliation of the net defined benefit (asset)/ liability
The amounts recognised in the balance sheet and the movements in the defined benefit obligation and fair value of plan
assets over the year are as follows:
For the year ended March 31, 2023 For the year ended March 31, 2022
Particulars Present Fair value Present Fair value
Net Net
value of of plan value of of plan
amount amount
obligation assets obligation assets
Opening balance 469.03 253.06 215.97 413.47 205.19 208.28

Current service cost 103.19 - 103.19 95.26 - 95.26
Interest expense/ (income) 30.47 (16.44) 14.03 25.41 (12.61) 12.80
Recognised in statement of profit or loss 133.66 16.44 117.22 120.67 12.61 108.06
Remeasurements
Return on plan assets, excluding amounts - 1.48 1.48 - 16.85 16.85
included in interest expense
Actuarial (gains)/ losses arising from: -
- Changes in demographic assumptions - - - - - -
- Changes in financial assumptions (26.86) - (26.86) (10.95) - (10.95)
182

28. Employee benefit plans (Contd..)
For the year ended March 31, 2023 For the year ended March 31, 2022
Particulars Present Fair value Present Fair value
Net Net
amount amount
- Experience variance (i.e. actual (0.53) - (0.53) (31.43) - (31.43)

experience vs assumptions)
Re-measurements recognised in other (27.39) 1.48 (25.91) (42.38) 16.85 (25.53)
comprehensive income
Contribution paid to the plan - 75.58 (75.58) - 74.84 (74.84)
Benefits paid (49.41) (49.41) - (22.73) (22.73) -
Closing balance 525.89 294.19 231.70 469.03 253.06 215.97
ii. Plan assets
Plan assets comprises of the following:
Funds managed by Life Insurance Corporation of India 100% 100%
iii. Actuarial assumptions
Principal actuarial assumptions for defined benefit obligation are as follows:
Discount rate 7.30% 6.50%

Salary escalation rate 8.00% 8.00%
Attrition rate 10.00% to 15.00% 10.00% to 15.00%
Discount rate: The discount rate is based on the prevailing market yields of Indian government securities as at the balance
sheet date for the estimated term of the obligations.
Salary escalation rate: The estimates of future salary increases considered takes into account the inflation, seniority,
promotion and other relevant factors.
Attrition rate: Represents the Company's best estimate of employee turnover in future (other than on account of retirement,
death or disablement) determined considering various factors such as nature of business, retention policy, industry factors,
past experience, etc.
iv. Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have affected the defined benefit obligation and current service cost by the amounts shown below:
Change in Impact on defined benefit obligation

assumption Increase in Assumption Decrease in Assumption
Particulars
March March March March March March
31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022
Discount rate 1.00% 1.00% Decreased by 30.49 29.03 Increased by 34.02 32.52
Salary escalation rate 1.00% 1.00% Increased by 33.30 31.73 Decreased by 30.57 28.90
Attrition rate 50.00% 50.00% Decreased by 20.55 26.43 Increased by 30.54 41.23
183

28. Employee benefit plans (Contd..)
The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be
correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation
has been calculated using the projected unit credit method at the end of the reporting year, which is the same method as
applied in calculating the projected benefit obligation as recognised in the balance sheet.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior
period.
v. Expected contributions to the plan for the next annual reporting period
Expected contribution to post-employment benefit plans for the next year ending March 31, 2024 is Rs. 343.59 lakhs
(March 31, 2023: Rs. 327.47 lakhs)
vi. Maturity profile of the defined benefit liability
The weighted average duration of the defined benefit obligation is 6 years (March 31, 2022 - 6 years). The expected maturity
analysis of defined benefit obligation on an undiscounted basis is as follows:
Less than a Between 2-5 Between 6-10 More than 10

Particulars
year years years years
March 31, 2023 85.33 252.99 245.48 318.93

March 31, 2022 57.58 219.61 217.34 281.09
29. Share based payments

VDCL Employee Stock Option Plan 2018 “The Plan" or "ESOP 2018”
The shareholders of the Company approved "VDCPL Employee Stock Option Plan 2018 (ESOP 2018)" at the Extraordinary General
Meeting held on May 03, 2018 and subsecquently it was amended at the extraordinary genaral meeting held on March 25, 2021
and August 26, 2021 to grant a maximum of 1,625,000 options to specified categories of employees of the Company. Each option
granted and vested under ESOP 2018 shall entitle the holder to acquire one equity share of face value of Rs. 1 each of the Company.
The Plan consists of six schemes with various vesting periods from the grant date subject to satisfaction of vesting conditions. The
method of settlement under the Plan is by issue of equity shares of the Company and there are no cash settlement alternatives for
the employees.
Vested options can be exercised over a period of ten years from the grant date. The Exercise Price is the fair value of the equity share
as on the date of the grant or as decided by the Nomination and remuneration committee. The time and performance based options
under Scheme 1, 2, 3, 4, 5 and 6 become vested as below:
The time and performance based options under Scheme 1 become eligible on an annual basis at 30%, 30%, 20% and 20% over a
period of four years and vesting starts from second year. The time and performance based options under Scheme 2 become eligible
on an annual bais at 25%, 25%, 25% and 25% over a period of four years and vesting starts from third year. The time based options
under Scheme 3 become eligible on an annual basis at 25%, 25%, 25% and 25% over a period of four years and vesting starts from
third year. The time based options under Scheme 4 become eligible on annual basis at 100% and vest on second year from the grant
date. The time based options under Scheme 5 become eligible and vest on an annual basis at 25%, 25%, and 50% over a period of
three years. The time based options under Scheme 6 become eligible on an annual basis at 0%, 25%, 50% and 25% over a period of
four years and the performace based options under Scheme 6 become eligible on an annual basis at 25%, 25%, 25% and 25% over
a period of four years.
184

29. Share based payments (Contd..)
The fair value of equity share options is estimated at the date of grant using Black- Scholes model, taking into account the terms
and conditions upon which the share options were granted. Based on the historical trends, 50% of stock options are expected to be
vested and exercised, accordingly the total compensation cost recognised in the statement of profit and loss is Rs. 71.67 lakhs (March
31, 2022: 113.56 lakhs).
(A) Details of options granted under ESOP 2018 by the Board/Nomination and Remuneration committee are as below:
Number of Number of options Exercise Price Fair value at grant

Grant date Grant date
options granted outstanding (in Rs.) date (in Rs.)
1st Grant May 10, 2018 4,63,750 - 220.00 222.10

2nd Grant October 31, 2018 9,000 - 233.90 233.90
3rd Grant April 01, 2019 75,780 - 236.90 236.90
4th Grant * March 25, 2021 8,66,853 6,07,513 111.11 111.11
* The options are post subdivision of equity shares and after impact of bonus issue (refer note 10(a)(v)).
(B) The movement of stock options during the year (in No's) :
Particulars No of stock options
As at April 01, 2021 5,44,508

Forfeited/lapsed during the year before bonus issue (refer note 10(a)(v)) (1,59,230)
Adjustment towards bonus issue 4,81,575
Vested/exercisable during the year 1,11,878
Forfeited/lapsed during the year after bonus issue (1,06,897)
Exercised during the year -
As at March 31, 2022 7,59,956
Forfeited/lapsed during the year (47,194)
Exercised during the year (1,05,249)
As at March 31, 2023 6,07,513
(C) Disclosures as per IND AS 102 for outstanding options*:
As at As at
Particulars
March 31, 2023 March 31, 2022
Weighted average exercise price for outstanding options at year end (in Rs.) 111.11 111.11
Weighted average remaining contractual life for outstanding options at year 7.99 years 8.99 years
end.
Range of exercise prices for outstanding options at year end (in Rs.) 111.11 111.11
*The aforementioned disclosures are post subdivision of equity shares and the effect of bonus issue (refer note 10(a)(v)).
(D) The key assumption used to estimate the fair value of stock option as on grant date:
Risk-free Expected life of options Expected

Grant date Dividend yield
interest rate granted in years volatility
May 10, 2018 0% 7.95% 5.5 Years to 7 Years 21.32%

October 31, 2018 0% 7.84% 5.5 Years to 7 Years 24.95%
April 01, 2019 0% 7.15% 5.5 Years to 7 Years 29.52%
March 25, 2021 0% 6.12% 5.5 Years to 7 Years 43.78%
185

30. Related parties
(a) Details of related parties
Description of relationship Name of the related parties
Subsidiaries Medinova Diagnostic Services Limited

Doctors Lab Medical Services Private Limited
VDC Diagnostics (Karnataka) LLP
Step down subsidiaries Namrata Diagnostic Centre Private Limited
Medinova Millennium MRI Services LLP
Person exercising control Dr. S Surendranath Reddy (Executive Chairman) (also a KMP)
Key Management Personnel (KMP) Dr. S Surendranath Reddy (Executive Chairman)
S Suprita Reddy (Chief Executive Officer)
K Sunil Chandra (Executive Director)
S Geetha Reddy (Director)
Nishanth Sharma (Nominee Director upto 07 March 2022)
Narasimha Raju.K.A (Chief Financial Officer w.e.f. 01 May 2021)
Sandhya Rani. S (Chief Financial Officer upto 18 April 2021)
Hansraj Singh Rajput (Company Secretary w.e.f. 13 Feb 2023)
Anusha Kanumuru (Company Secretary w.e.f. 08 Nov 2021 upto 03 Dec 2022)
V Sri Lakshmi (Company Secretary upto 08 Nov 2021)
Independent Directors Dr.D.Nageshwar Reddy (w.e.f 26 May 2021)
Mr. S P Singh (w.e.f 26 May 2021)
Mr. Satyanarayana Murthy Chavali (w.e.f 26 May 2021)
Dr. Manjula Anagani (w.e.f 22 Aug 2021)
Mr. P S Narasimha (upto 21 Aug 2021)
Enterprise where KMP has Vijaya Hospitals Private Limited
significance influence Summit Nutracueticals Private Limited
Kshetra Agritech Private Limited
Trikona Pharmaceuticals Private Limited
Trikona Holdings LLP
Vijaya Holdings India LLP
S Square Properties LLP
Park Health Systems Private Limited
Asian Institute of Gastroenterology Private Limited
IFFCO Kisan SEZ Limited
Relative of KMP B Vishnu Priya (Wife of K Sunil Chandra)
Controlled Trust Vijaya Diagnostic Charitable Trust
(b) Details of transactions during the year#

Particulars
March 31, 2023 March 31, 2022
Rent paid
Dr. S Surendranath Reddy 457.94 433.10
K Sunil Chandra 107.96 105.54
S Suprita Reddy 101.18 70.14
S Geetha Reddy 418.81 374.44
B Vishnu Priya 1.91 1.66
Vijaya Hospitals Private Limited 120.82 112.09
186

30. Related parties (Contd..)

Particulars
March 31, 2023 March 31, 2022
Reimbursement of expenses
VDC Diagnostics (Karnataka) LLP 0.05 0.06
Doctors Lab Medical Services Private Limited - 0.30
Medinova Diagnostics Services Limited 0.13 -
Rental deposits given (refund), net
Dr. S Surendranath Reddy (0.80) -
S Suprita Reddy - 12.56
K Sunil Chandra (1.19) -
S Geetha Reddy (0.35) 12.56
Purchase of consumables
Sale of consumables
Purchase of Property, plant and equipment
Medinova Diagnostics Services Limited - 0.80
Asian Institute of Gastroenterology Private Limited 18.29 -
Sale of Property, plant and equipment
Park Health Systems Private Limited 11.37 -
Sale of services
Park Health Systems Private Limited 68.33 55.23
Loans given
Medinova Diagnostic Services Limited - 725.00
Loans recovered
Medinova Diagnostic Services Limited - 150.00
Doctors Lab Medical Services Private Limited 95.63 -
Loans Written-off
Doctors Lab Medical Services Private Limited 9.34 -
Interest income
Rental Income
Remuneration to KMP *
Sri Lakshmi.V - 6.67
Anusha Kanumuru 13.81 5.74
S.Sandhya Rani - 41.44
Narasimha Raju.K.A ** 79.60 56.06
Hansraj Singh Rajput 5.43 -
Remuneration paid to Independent Directors
Dr. D.Nageshwar Reddy 12.00 12.00
Mr. S P Singh 12.00 12.00
Mr. Satyanarayana Murthy Chavali 12.00 12.00
Dr. Manjula Anagani 12.00 9.00
187

30. Related parties (Contd..)
(c) Amounts due (to)/ from related parties
As at As at
Particulars
March 31, 2023 March 31, 2022
Rent payable
Vijaya Hospitals Private Limited 9.22
B Vishnu Priya - 0.14
Rental deposits
Trade receivables
Loans outstanding
Doctors Lab Medical Services Private Limited - 104.97
Other receivables
Remuneration payable to Independent Directors
Dr. D.Nageshwar Reddy 2.70 -
Mr. S P Singh 2.70 -
Mr. Satyanarayana Murthy Chavali 2.70 -
Dr. Manjula Anagani 2.70 -
Salaries payable to KMP
Anusha Kanumuru - 1.10
Narasimha Raju.K.A 4.11 3.48
Note:
(i) All transactions with these related parties are at arm's length basis and resulting outstanding receivables and payables including
financial assets and financial liabilities balances are settled in cash. None of the balances are secured. (All the amounts of
transactions and balances disclosed in this note are gross and undiscounted)
(ii) *The remuneration to key Managerial personnel does not include provision for gratuity and leave encashment, as they are
determined for the Company as a whole.
** In addition to the remuneration, certain employee stock options were exercised, whose perquisite value is Rs 33.76 lakhs
(previous year: Rs. Nil).
(iii) #
Amounts paid as dividends to promoters and their relatives in the capacity of shareholders are not considered as related party
transactions.
188

31. Ratio Analysis
March 31, March 31, Variance Reason for

Ratio Numerator Denominator
2023 2022 (in %) variance
Current Ratio (in times) Current assets Current liabilities 4.17 4.17 0%
Debt-Equity Ratio (in times) Total debt Shareholder's - - -
equity
Debt Service Coverage Earnings available Debt service - - -
Ratio (in times) for debt service
Return on Equity Ratio Net Profits after Average 16.40% 26.03% -37% refer note
(in %) taxes shareholder's (i)
equity
Inventory Turnover Ratio Cost of goods Average inventory 19.11 20.90 -9%
(in times) sold
Trade Receivables Turnover Net credit sales Average trade 2.63 2.69 -2%
Ratio (in times) receivables
Trade Payables Turnover Net credit Average trade 8.07 8.94 -10%
Ratio (in times) purchases payables
Net Capital Turnover Ratio Revenue Working capital 2.19 2.24 -2%
(in times)
Net Profit Ratio (in %) Net Profit Revenue 18.51% 23.98% -23%
Return on Capital Earnings before Capital employed 21.66% 31.53% -31% refer note
Employed (in %) (Pre cash) interest and taxes (ii)
Reasons for variance of more than 25%
(i) There is a decrease in return on equity ratio in the current year on account of decrease in profits for the year.
(ii) There is a decrease in return on capital employed ratio in the current year on account of decrease in profits for the year and
increase in capital employed.
Definitions:
(a) Earnings available for debt service = Net profit after taxes + Non-cash operating expenses such as depreciation and
amortisation + Interest + other adjustments like loss on sale of fixed assets etc.
(b) Debt service = Interest + Lease Payments + Principal Repayments
(c) Average inventory = (Opening inventory balance + Closing inventory balance) / 2
(d) Average trade receivables = (Opening trade receivables balance + Closing trade receivables balance) / 2
(e) Average trade payables = (Opening trade payables balance + Closing trade payables balance) / 2
(f) Working Capital = Current assets - Current liabilities
(g) Earnings before interest and taxes = Profit before tax + Finance costs - Other income
(h) Capital Employed = Total assets- Total liabilities - Intangible assets + Deferred tax liabilities
189

32. Capital management
The Company’s policy is to maintain a stable and strong capital structure with a focus on equity so as to provide returns to
shareholders, benefits to other stakeholders, creditors and to sustain future development and growth of the business. In order
to maintain the capital structure, the Company monitors the return on capital as well as debt to total equity ratio. The Company
aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to all its
shareholders. For the purpose of debt to total equity, debt includes its long-term and short-term borrowings. Total equity comprises
of issued share capital and all other equity reserves.
Gearing ratio:
Total debt - -
Total equity 54,508.80 46,998.04
Debt equity ratio - -
The Company's bank balances as at March 31, 2023 is Rs. 11,142.56 lakhs (March 31, 2022: Rs 18,605.50 lakhs) and debt
outstanding is Rs Nil (March 31, 2022: Rs. Nil).
33. Financial instruments

A. Accounting classifications and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels
in the fair value hierarchy.
March 31, 2023 March 31, 2022 Fair

Particulars Note Amortised Amortised value
Fair value Fair value
cost cost level
Financial assets
Investments (other than in subsidiary
Companies and LLP)
- in mutual funds - FVTPL 6 (a) - 12,907.13 - 5,423.55 Level 1
- in equity instruments - FVOCI 6 (a) - 4.00 - 4.00 Level 3
- in bonds - FVTPL 6 (a) 992.20 - - Level 1
Trade receivables 6 (b) 885.13 - 948.67 -
Loans 6 (c) 575.00 - 679.97 -
Cash and cash equivalents 6 (d) 2,328.97 - 1,039.02 -
Other bank balances 6 (e) 8,813.59 - 17,566.48 -
Other financial assets 6 (f) 1,204.14 - 1,275.98 -
Total financial assets 13,806.83 13,903.33 21,510.12 5,427.55
Financial liabilities
Lease liabilities 4(c) 24,755.90 - 18,282.80 -
Trade payables 11 (a) 2,719.24 - 2,039.26 -
Other financial liabilities 11 (b) 1,369.72 - 2,451.38 -
Total financial liabilities 28,844.86 - 22,773.45 -
The fair value of trade receivables, loans, other financial assets, cash and cash equivalents, other bank balances, borrowings,
trade payables and other financial liabilities approximate their carrying amount largely due to short-term nature of these
instruments. Investments in mutual funds, which are classified as FVTPL are measured using net assets value at the reporting
date multiplied by the quantity held.
Investment in subsidiaries have been accounted at historical cost. Since, these are scoped out of Ind AS 109 for the purpose of
measurement, the same are not disclosed in the table above.
190

33. Financial instruments (Contd..)
B. Measurement of fair values
i. Valuation techniques and significant unobservable inputs
Investment in equity instruments: The fair value of investment in equity instruments approximate to its carrying value.
Hence, no fair value gain/ (loss) accounted in OCI.
Significant unobservable
Name of financial asset Valuation technique
inputs
Investment in unquoted Discounted cash flow method was used to capture the present Long term growth rate,
equity shares value of the expected future economic benefits that will flow to discount rate, revenue
the Company arising from the investments in financial assets multiple
ii. Transfer between Level 1 and 2
There have been no transfers from Level 2 to Level 1 or vice-versa in the current year and no transfers in either direction in
previous year.
iii. Level 3 fair values
FVOCI equity securities


Investment made – –
Net change in fair value (unrealised) – –
C. Financial risk management
The Company activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk which the
entity is exposed to and how the entity manages the risk.
Risk Exposure arising from Measurement Management
Credit risk Trade receivables, security Ageing analysis, Credit Monitoring the credit limits of customers
deposits, bank deposits and loans. score of customers/ entities. and obtaining security deposits
The Company's risk management is carried out by the Senior Management under policies approved by the Board of Directors.
The Board of Directors provides guiding principles for overall risk management, as well as policies covering specific areas such
as credit risk and liquidity risk.
i. Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations, and arises principally from the Company's receivables from customers and loans.
The Company has no significant concentration of credit risk with any counterparty.

Trade receivables and loans:
Customer credit risk is managed by the respective department subject to Company's established policy, procedures and
control relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit
limits as defined by the Company. Outstanding customer receivables are regularly monitored. All the trade receivables are
non interest bearing.
191

Expected credit loss (ECL) assessment for individual customers:
As per simplified approach, the Company makes provision of expected credit losses on trade receivable using a provision matrix
to mitigate the risk of default payment and make appropriate provision at each reporting date.
As at March 31, 2023 As at March 31, 2022

Trade receivables Gross ECL Net Gross ECL Net
ECL Rate ECL Rate
amount amount amount amount amount amount
Not due 0.00% 80.85 - 80.85 0.00% 76.16 - 76.16

below 90 days past due 3.75% 541.09 20.29 520.80 3.73% 458.98 17.14 441.84
91 to 180 days past due 7.27% 233.84 17.00 216.84 6.69% 173.43 11.60 161.83
181 to 270 days past due 11.39% 41.72 4.75 36.97 9.34% 202.11 18.89 183.22
271 to 360 days past due 20.66% 17.82 3.68 14.14 16.21% 76.54 12.41 64.13
361 to 450 days past due 39.78% 12.92 5.14 7.78 29.90% 20.13 6.02 14.11
451 to 540 days past due 63.08% 11.01 6.95 4.06 50.96% 9.82 5.01 4.81
541 to 630 days past due 75.68% 11.56 8.75 2.81 63.04% 4.67 2.94 1.73
631 to 720 days past due 89.66% 8.58 7.70 0.88 75.84% 3.46 2.62 0.84
above 720 days past due 100.00% 97.29 97.29 - 100.00% 74.92 74.92 -
Total 1,056.68 171.55 885.13 1,100.22 151.54 948.67
The ageing analysis of the receivables has been considered from the date the invoice falls due.
Particulars < 180 days > 180 days Provision Total
March 31, 2023 855.77 200.91 (171.55) 885.13

March 31, 2022 860.12 240.10 (151.55) 948.67
Management believes that the unimpaired amounts that are past due by more than 180 days are still collectible in full, based
on historical payment behaviour and extensive analysis of customer credit risk.
The movement in the allowance for impairment in respect of trade

March 31, 2023 March 31, 2022
receivables is as follows:

Add: Allowance measured at lifetime expected credit loss 20.00 -
Less: Amounts written off - -
The Company has an exposure of Rs. 575.00 lakhs as at March 31, 2023 (March 31, 2022: Rs. 679.97 lakhs) for loans given to
subsidiaries. Such loans are classified as financial asset measured at amortised cost. The Company did not have any amounts that
were past due but not impaired at March 31, 2023 or March 31, 2022. The Company has no collateral in respect of these loans.
Credit risk on cash and cash equivalents, deposits with banks is generally low as the said deposits have been made with the
banks who have been assigned high credit rating by credit rating agencies. Investments of surplus funds are made only with
approved financial institutions. Investments primarily include investments in subsidiaries and mutual funds.
ii. Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to
ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation.
192

The finance team monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis
of expected cash outflows on trade payables and other financial liabilities and any excess/ short liquidity is managed in the
form of current borrowings, bank deposits and investment in mutual funds as per the approved frame work.

Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross
and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.
Contractual cash flows

Carrying
March 31, 2023 Total Less than 1 More than
amount 1-2 years 2-5 years
year 5 years
Lease liabilities 24,755.90 40,491.46 3,501.80 3,641.09 9,325.27 24,023.30

Trade payables 2,719.24 2,719.24 2,719.24 - - -
Deferred capital creditors - on purchase - - - - - -
of medical equipments
Capital creditors 768.36 768.36 768.36 - - -
Other financial liabilities 601.36 601.36 601.36 - - -
28,844.86 44,580.42 7,590.76 3,641.09 9,325.27 24,023.30

Carrying
year 5 years

Trade payables 2,039.26 2,039.26 2,039.26 - - -
Deferred capital creditors - on purchase 23.39 23.39 23.39 - - -
of medical equipments
Capital creditors 1,644.77 1,644.77 1,644.77 - - -
22,773.45 32,955.39 7,194.32 2,703.57 7,473.54 15,583.96
Except for these financial liabilities, it is not expected that cash flows included in the maturity analysis could occur
significantly.
iii. Market risk
Market risk is the risk that results from changes in market prices - such as foreign exchange rates, interest rates and
others - will affect the Company's income. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimizing the return.
34. Other statutory information

i. The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company
for holding any Benami property.
ii. The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of Companies Act, 1956 during the financial year.
iii. The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
iv. The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond
the statutory period.
193

34. Other statutory information (Contd..)
v. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
vi. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
vii. The Company has not entered into any transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961).
viii. The Company has not been declared as wilful defaulter by any bank or financial institution or other lender.
35. The Company has received a letter dated July 5, 2021, March 14, 2022 and September 16, 2022 under section 37 of the
Foreign Exchange Management Act, 1999 read with section 133(6) of the Income Tax Act, 1961 from the Directorate of Enforcement,
Government of India (“ED”) requesting certain information for the purpose of their investigation. The Company has responded to the
ED letter by letter dated August 5, 2021, March 31, 2022 and September 29, 2022 by providing the information requested for. The
letter has only sought certain information, which has been complied with, and it is not a show cause notice or demand letter at this
stage, and there is no impact to the financial statements.
36. Comparative figures

The Comparative figures for the previous year have been re-arranged to conform with the current year presentation of the accounts.
37. Subsequent events

Subsequent to March 31, 2023, the Board of Directors of the Company at its meeting held on 29 May 2023 has recommended a final
dividend of Re. 1/- per equity share which is subject to approval at the ensuing Annual General Meeting of the Company and hence
was not recognised as a liability.


194
INDEPENDENT AUDITOR’S REPORT

To the Members of
Report on the Audit of the Consolidated Financial Basis for Opinion

Statements
We conducted our audit in accordance with the Standards
Opinion on Auditing (SAs) specified under Section 143(10) of the Act.
Our responsibilities under those SAs are further described in
We have audited the consolidated financial statements of the Auditor’s Responsibilities for the Audit of the Consolidated
Vijaya Diagnostic Centre Limited (hereinafter referred to as the Financial Statements section of our report. We are independent
“Holding Company”) and its subsidiaries (Holding Company of the Group in accordance with the ethical requirements
and its subsidiaries together referred to as “the Group”), which that are relevant to our audit of the consolidated financial
comprise the consolidated balance sheet as at 31 March 2023, statements in terms of the Code of Ethics issued by the Institute
and the consolidated statement of profit and loss (including of Chartered Accountants of India and the relevant provisions of
other comprehensive income), consolidated statement of the Act, and we have fulfilled our other ethical responsibilities in
changes in equity and consolidated statement of cash flows accordance with these requirements. We believe that the audit
for the year then ended, and notes to the consolidated financial evidence obtained by us along with the consideration of reports
statements, including a summary of significant accounting of the other auditors referred to in paragraph (a) of the “Other
policies and other explanatory information (hereinafter referred Matters” section below, is sufficient and appropriate to provide
to as “the consolidated financial statements”). a basis for our opinion on the consolidated financial statements.
In our opinion and to the best of our information and according

to the explanations given to us, and based on the consideration Key Audit Matters
of reports of the other auditors on separate/consolidated
financial statements of such subsidiaries as were audited by the Key audit matters are those matters that, in our professional
other auditors, the aforesaid consolidated financial statements judgment and based on the consideration of reports of other
give the information required by the Companies Act, 2013 auditors on separate/consolidated financial statements of
(“Act”) in the manner so required and give a true and fair view components audited by them were of most significance in our
in conformity with the accounting principles generally accepted audit of the consolidated financial statements of the current
in India, of the consolidated state of affairs of the Group as at 31 period. These matters were addressed in the context of our
March 2023, of its consolidated profit and other comprehensive audit of the consolidated financial statements as a whole, and in
income, consolidated changes in equity and consolidated cash forming our opinion thereon, and we do not provide a separate
flows for the year then ended. opinion on these matters.
Revenue recognition
Refer note 3A of the summary of significant accounting policies and note 14 to the consolidated financial statements
Revenue from diagnostics services is recognised at In view of the significance of the matter we applied the following audit
a point in time when the tests are conducted and procedures in this area, among others to obtain sufficient and
samples are processed. appropriate audit evidence:
The Group’s revenue relates to sales through large 1. We obtained an understanding of the systems, processes and
number of diagnostic centres with high volume of controls implemented by the Group. We evaluated the design and
sales that are made primarily on cash and carry implementation and the operating effectiveness of key internal financial
basis which increases the risk of revenue being controls with respect to revenue recognition including those related to
recognised inappropriately and which highlights the reconciliation of sales to cash / credit card receipts.
the criticality of sound internal processes of 2. We tested the reconciliation of revenue generated through cash / credit
summarising and recording sales revenue to card and the amount deposited into the bank statements.
mitigate error and fraud risk.
195
There is also risk of unapproved sales price being 3. We performed substantive testing on samples selected using statistical
charged to patients, on account of high volume of sampling of revenue transactions recorded during the year by testing
transactions which may result into misstatement in the underlying documents to assess whether criteria for revenue
revenue recognition. recognitions are met. Further, we verified the accuracy of the sales price
In view of the above, we identified revenue by comparing the rates with the approved price list and discount policy.
recognition as a key audit matter. 4. We tested the periodic reconciliation of revenue as per the billing
system to the revenue recorded as per the accounting records. Further,
we tested the reconciliation of revenue recognised with statutory filings
(Goods and Services Tax returns)
5. We tested sample journal entries affecting revenue recognised during
the year selected based on specified risk-based criteria, to identify
unusual items.
6. We carried out analytical procedures on revenue recognised during the
year to identify unusual variances.
7. We assessed the adequacy of disclosures in respect of revenue in the
consolidated financial statements.
Property, plant and equipment (‘PPE’)

Refer note 3D of the summary of significant accounting policies and note 4(a) to the consolidated financial statements
During the year ended 31 March 2023, the Group In view of the significance of the matter, we applied the following audit
has made significant capital expenditure. The Group procedures in this area:
has incurred Rs. 13,548.47 lakhs towards additions 1. We obtained an understanding of the systems, processes and controls
of PPE, including expanding its operations by implemented by the Group
opening new centres.
2. Evaluated the design, implementation and the operating effectiveness
This has been determined as a key audit matter of key internal financial controls in relation to PPE process.
due to:
3. We performed substantive testing on a sample basis wherein, we:
• the significance of the capital expenditure during
a. inspected the approvals for the costs incurred;
the year; and
b. checked direct and indirect costs capitalised with underlying
• judgement involved in determining the eligibility
documents to assess the nature of costs;
of costs for capitalisation as per the criteria set
out in Ind AS 16 Property, Plant and Equipment. c. analysed the nature of the costs incurred meets the criteria for
capitalisation in accordance with the relevant standard;
d. evaluated other costs debited to statement of profit and loss are
eligible for capitalisation;
e. assessed the costs capitalised are classified in accordance with the
relevant Indian Accounting Standards;
4. Evaluated the adequacy of disclosures made in the consolidated
financial statements.
196
Change in method of depreciation

Refer note 3D(ii) of the summary of significant accounting policies and note 4(a)(i) to the consolidated financial statements
Effective from 01 January 2023, the Group has In view of the significance of the matter, we applied the following audit
revised the method of depreciation of property, procedures in this area:
plant and equipment assets from Written Down 1. Checked the technical assessment performed by the Group and
Value (WDV) method to Straight Line Method analysed:
(SLM). Such change is based upon the technical
a. past trends of technological obsolescence of property, plant and
assessment performed by the Group to reflect the
equipment
future economic benefits arising from these assets.
b. capacity and tests performed by such assets.
The Group has accounted for the change in method
of depreciation prospectively with effect from 01 2. Challenged the Group’s assessment underlying the change in expected
January 2023. The carrying value of Property, plant pattern of consumption of the future economic benefits arising from
and equipment as at 31 December 2022 will be property, plant and equipment.
depreciated over the remaining useful life of each 3. Inquired about the Group’s discussions with the vendors of the property,
such asset. plant and equipment in this regard.
We identified the change in the method of 4. Compared the method of depreciation applied by the Group with other
depreciation of property, plant and equipment as a companies in the same industry;
key audit matter because the assessment process 5. Examined the accounting treatment and underlying computation in
involves significant estimates by the Group. It is accordance with the relevant guidance under the Indian Accounting
based on the Group’s expectation of the pattern of Standards.
consumption of the future economic benefits arising
6. Verified the correctness of the computation of depreciation expense for
from these assets.
the period post change in the method of depreciation.
7. Evaluated the disclosures made in the consolidated financial statements
in relation to such change in method of depreciation in accordance with
the relevant Indian Accounting Standards.
Other Information Management’s and Board of Directors’/Designated

Partners’ Responsibilities for the Consolidated
The Holding Company’s Management and Board of Directors
are responsible for the other information. The other information
comprises the information included in the Holding Company’s The Holding Company’s Management and Board of Directors
annual report, but does not include the financial statements are responsible for the preparation and presentation of these
and auditor’s report thereon. The Holding Company’s annual consolidated financial statements in term of the requirements
report is expected to be made available to us after the date of of the Act that give a true and fair view of the consolidated state
this auditor’s report. of affairs, consolidated profit/ loss and other comprehensive
income, consolidated statement of changes in equity and
Our opinion on the consolidated financial statements does not
consolidated cash flows of the Group in accordance with the
cover the other information and we will not express any form of
accounting principles generally accepted in India, including
assurance conclusion thereon.
the Indian Accounting Standards (Ind AS) specified under
In connection with our audit of the consolidated financial Section 133 of the Act. The respective Management and Board
statements, our responsibility is to read the other information of Directors of the companies/ Designated Partners of the
identified above when it becomes available and, in doing Limited Liability Partnership (LLPs) included in the Group are
so, consider whether the other information is materially responsible for maintenance of adequate accounting records in
inconsistent with the consolidated financial statements or our accordance with the provisions of the Act for safeguarding the
knowledge obtained in the audit, or otherwise appears to be assets of each company/LLP and for preventing and detecting
materially misstated. frauds and other irregularities; the selection and application
of appropriate accounting policies; making judgments and
When we read the Holding Company’s annual report, if we estimates that are reasonable and prudent; and the design,
conclude that there is a material misstatement therein, we are implementation and maintenance of adequate internal financial
required to communicate the matter to those charged with controls, that were operating effectively for ensuring the
governance and take actions as applicable under the applicable accuracy and completeness of the accounting records, relevant
laws and regulations. to the preparation and presentation of the consolidated
197
financial statements that give a true and fair view and are free • Evaluate the appropriateness of accounting policies used
from material misstatement, whether due to fraud or error, and the reasonableness of accounting estimates and
which have been used for the purpose of preparation of the related disclosures made by the Management and Board
consolidated financial statements by the Management and of Directors.
Board of Directors of the Holding Company, as aforesaid.
• Conclude on the appropriateness of the Management
In preparing the consolidated financial statements, the and Board of Directors use of the going concern basis
respective Management and Board of Directors of the of accounting in preparation of consolidated financial
companies/ Designated Partners of the LLPs included in statements and, based on the audit evidence obtained,
the Group are responsible for assessing the ability of each whether a material uncertainty exists related to events
company/LLP to continue as a going concern, disclosing, as or conditions that may cast significant doubt on the
applicable, matters related to going concern and using the appropriateness of this assumption. If we conclude that
going concern basis of accounting unless the respective Board a material uncertainty exists, we are required to draw
of Directors/Designated Partners either intends to liquidate attention in our auditor’s report to the related disclosures in
the Company/LLP or to cease operations, or has no realistic the consolidated financial statements or, if such disclosures
alternative but to do so. are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our
The respective Board of Directors of the companies/ Designated auditor’s report. However, future events or conditions may
Partners of the LLPs included in the Group are responsible for cause the Group to cease to continue as a going concern.
overseeing the financial reporting process of each company/
LLP. • Evaluate the overall presentation, structure and content
of the consolidated financial statements, including the
disclosures, and whether the consolidated financial
Auditor’s Responsibilities for the Audit of the
statements represent the underlying transactions and
Consolidated Financial Statements events in a manner that achieves fair presentation.
Our objectives are to obtain reasonable assurance about whether
• Obtain sufficient appropriate audit evidence regarding the
the consolidated financial statements as a whole are free from
financial information of such entities or business activities
material misstatement, whether due to fraud or error, and to
within the Group to express an opinion on the consolidated
issue an auditor’s report that includes our opinion. Reasonable
financial statements. We are responsible for the direction,
assurance is a high level of assurance, but is not a guarantee
supervision and performance of the audit of the financial
that an audit conducted in accordance with SAs will always
information of such entities included in the consolidated
detect a material misstatement when it exists. Misstatements
financial statements of which we are the independent
can arise from fraud or error and are considered material if,
auditors. For the other entities included in the consolidated
individually or in the aggregate, they could reasonably be
financial statements, which have been audited by other
expected to influence the economic decisions of users taken on
auditors, such other auditors remain responsible for the
the basis of these consolidated financial statements.
direction, supervision and performance of the audits
As part of an audit in accordance with SAs, we exercise carried out by them. We remain solely responsible for our
professional judgment and maintain professional skepticism audit opinion. Our responsibilities in this regard are further
throughout the audit. We also: described in paragraph (a) of the section titled “Other
Matters” in this audit report.
• Identify and assess the risks of material misstatement
of the consolidated financial statements, whether due We communicate with those charged with governance of
to fraud or error, design and perform audit procedures the Holding Company and such other entities included in
responsive to those risks, and obtain audit evidence that is the consolidated financial statements of which we are the
sufficient and appropriate to provide a basis for our opinion. independent auditors regarding, among other matters, the
The risk of not detecting a material misstatement resulting planned scope and timing of the audit and significant audit
from fraud is higher than for one resulting from error, as findings, including any significant deficiencies in internal control
fraud may involve collusion, forgery, intentional omissions, that we identify during our audit.
misrepresentations, or the override of internal control.
We also provide those charged with governance with a
• Obtain an understanding of internal control relevant to statement that we have complied with relevant ethical
the audit in order to design audit procedures that are requirements regarding independence, and to communicate
appropriate in the circumstances. Under Section 143(3)(i) of with them all relationships and other matters that may
the Act, we are also responsible for expressing our opinion reasonably be thought to bear on our independence, and where
on whether the company has adequate internal financial applicable, related safeguards.
controls with reference to financial statements in place and
the operating effectiveness of such controls.
198
From the matters communicated with those charged with b. In our opinion, proper books of account as required
governance, we determine those matters that were of most by law relating to preparation of the aforesaid
significance in the audit of the consolidated financial statements consolidated financial statements have been kept so
of the current period and are therefore the key audit matters. far as it appears from our examination of those books
We describe these matters in our auditor’s report unless law and the reports of the other auditors.
or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a c. The consolidated balance sheet, the consolidated
matter should not be communicated in our report because statement of profit and loss (including other
the adverse consequences of doing so would reasonably comprehensive income), the consolidated statement of
be expected to outweigh the public interest benefits of such changes in equity and the consolidated statement of
communication. cash flows dealt with by this Report are in agreement
with the relevant books of account maintained for the
purpose of preparation of the consolidated financial
Other Matters statements.
a. We did not audit the financial statements of five subsidiaries, d. In our opinion, the aforesaid consolidated financial
whose financial statements reflect total assets (before statements comply with the Ind AS specified under
consolidation adjustments) of Rs.1,312.02 lakhs as at Section 133 of the Act.
31 March 2023, total revenues (before consolidation
adjustments) of Rs.1,002.30 lakhs and net cash flows e. On the basis of the written representations received
(before consolidation adjustments) amounting to Rs.22.73 from the directors of the Holding Company as on 01
lakhs for the year ended on that date, as considered in April 2023 taken on record by the Board of Directors of
the consolidated financial statements. These financial the Holding Company and the reports of the statutory
statements have been audited by other auditors whose auditors of its subsidiary companies incorporated in
reports have been furnished to us by the Management and India, none of the directors of the Group companies
our opinion on the consolidated financial statements, in so incorporated in India is disqualified as on 31 March
far as it relates to the amounts and disclosures included 2023 from being appointed as a director in terms of
in respect of these subsidiaries, and our report in terms Section 164(2) of the Act.
of sub-section (3) of Section 143 of the Act, in so far as it
f. With respect to the adequacy of the internal financial
relates to the aforesaid subsidiaries is based solely on the
controls with reference to financial statements of
reports of the other auditors.
the Holding Company and its subsidiary companies
Our opinion on the consolidated financial statements, and incorporated in India and the operating effectiveness
our report on Other Legal and Regulatory Requirements of such controls, refer to our separate Report in
below, is not modified in respect of this matter with respect “Annexure B”.
to our reliance on the work done and the reports of the
B. With respect to the other matters to be included in
other auditors.
the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion
Report on Other Legal and Regulatory and to the best of our information and according to the
Requirements explanations given to us and based on the consideration of
the reports of the other auditors on separate/ consolidated
1. As required by the Companies (Auditor’s Report) Order, financial statements of the subsidiaries, as noted in the
2020 (“the Order”) issued by the Central Government “Other Matters” paragraph:
of India in terms of Section 143(11) of the Act, we give in
the “Annexure A” a statement on the matters specified in a. The consolidated financial statements disclose the
paragraphs 3 and 4 of the Order, to the extent applicable. impact of pending litigations as at 31 March 2023
on the consolidated financial position of the Group.
2 A. As required by Section 143(3) of the Act, based on our audit Refer Note 22 to the consolidated financial statements.
and on the consideration of reports of the other auditors
on separate/consolidated financial statements of such b. The Group did not have any long-term contracts
subsidiaries, as were audited by other auditors, as noted including derivative contracts for which there were
in the “Other Matters” paragraph, we report, to the extent any material foreseeable losses.
applicable, that:
c. There are no amounts which are required to be
a. We have sought and obtained all the information and transferred to the Investor Education and Protection
explanations which to the best of our knowledge and Fund by the Holding Company or its subsidiary
belief were necessary for the purposes of our audit of companies incorporated in India during the year ended
the aforesaid consolidated financial statements. 31 March 2023.
199
d (i) The management of the Holding Company and its e. The final dividend paid by the Holding Company
subsidiary companies incorporated in India whose during the year, in respect of the same declared for the
financial statements have been audited under the previous year, is in accordance with Section 123 of the
Act have represented to us and the other auditors Act to the extent it applies to payment of dividend.
of such subsidiary companies that, to the best of
their knowledge and belief, as disclosed in the Note As stated in Note 36 to the consolidated financial
33 to the consolidated financial statements, no statements, the Board of Directors of the Holding
funds have been advanced or loaned or invested Company has proposed final dividend for the year
(either from borrowed funds or share premium or which is subject to the approval of the members at
any other sources or kind of funds) by the Holding the ensuing Annual General Meeting. The dividend
Company or any of such subsidiary companies to declared is in accordance with Section 123 of the Act
or in any other person(s) or entity(ies), including to the extent it applies to declaration of dividend.
foreign entities (“Intermediaries”), with the
f. As proviso to rule 3(1) of the Companies (Accounts)
understanding, whether recorded in writing or
Rules, 2014 is applicable for the Holding Company
otherwise, that the Intermediary shall directly
or any of such subsidiary companies only with effect
or indirectly lend or invest in other persons or
from 1 April 2023, reporting under Rule 11(g) of the
entities identified in any manner whatsoever by or
Companies (Audit and Auditors) Rules, 2014 is not
on behalf of the Holding Company or any of such
applicable.
subsidiary companies (“Ultimate Beneficiaries”)
or provide any guarantee, security or the like on C. With respect to the matter to be included in the
behalf of the Ultimate Beneficiaries. Auditor’s Report under Section 197(16) of the Act:
(ii) The management of the Holding Company and its In our opinion and according to the information and
subsidiary companies incorporated in India whose explanations given to us and based on the reports of
financial statements have been audited under the statutory auditors of such subsidiary companies
the Act have represented to us and the other incorporated in India which were not audited by us,
auditors of such subsidiary companies that, to the the remuneration paid during the current year by the
best of their knowledge and belief, as disclosed Holding Company and its subsidiary companies to its
in the Note 33 to the consolidated financial directors is in accordance with the provisions of Section
statements, no funds have been received by 197 of the Act. The remuneration paid to any director by
the Holding Company or any of such subsidiary the Holding Company and its subsidiary companies is
companies from any person(s) or entity(ies), not in excess of the limit laid down under Section 197
including foreign entities (“Funding Parties”), with of the Act. The Ministry of Corporate Affairs has not
the understanding, whether recorded in writing prescribed other details under Section 197(16) of the Act
or otherwise, that the Holding Company or any which are required to be commented upon by us.
of such subsidiary companies shall directly or
indirectly, lend or invest in other persons or
entities identified in any manner whatsoever by
or on behalf of the Funding Parties (“Ultimate
Beneficiaries”) or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries.
(iii) Based on the audit procedures that have been

considered reasonable and appropriate in
the circumstances performed by us and that For B S R & Associates LLP
performed by the auditors of the subsidiary Chartered Accountants
companies incorporated in India whose financial Firm’s Registration No. 116231W/W-100024
statements have been audited under the Act,
nothing has come to our or other auditors notice
that has caused us or the other auditors to believe Amit Kumar Bajaj
that the representations under sub-clause (i) and Partner
(ii) of Rule 11(e), as provided under (i) and (ii) above, Place: Hyderabad Membership No. 218685
contain any material misstatement. Date: 29 May 2023 ICAI UDIN:23218685VGXHIS5439
200
ANNEXURE A
to the Independent Auditor’s Report on the Consolidated Financial Statements of Vijaya Diagnostic Centre Limited for the year
ended 31 March 2023
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our
report of even date)
(xxi) In our opinion and according to the information and explanations given to us, there are no qualifications or adverse remarks
by the respective auditors in the Companies (Auditor’s Report) Order, 2020 reports of the companies incorporated in India and
included in the consolidated financial statements.
For B S R & Associates LLP

Firm’s Registration No. 116231W/W-100024
Amit Kumar Bajaj

Partner
Place: Hyderabad Membership No. 218685
Date: 29 May 2023 ICAI UDIN:23218685VGXHIS5439
201
ANNEXURE B
to the Independent Auditor’s Report on the consolidated financial statements of Vijaya Diagnostic Centre Limited for the year
ended 31 March 2023
Report on the internal financial controls with Auditor’s Responsibility

reference to the aforesaid consolidated financial
Our responsibility is to express an opinion on the internal
statements under Clause (i) of Sub-section 3 of
financial controls with reference to financial statements based
Section 143 of the Act on our audit. We conducted our audit in accordance with the
(Referred to in paragraph 2(A)(f) under ‘Report on Other Legal Guidance Note and the Standards on Auditing, prescribed under
and Regulatory Requirements’ section of our report of even Section 143(10) of the Act, to the extent applicable to an audit of
date) internal financial controls with reference to financial statements.
Those Standards and the Guidance Note require that we
comply with ethical requirements and plan and perform the
Opinion audit to obtain reasonable assurance about whether adequate
In conjunction with our audit of the consolidated financial
were established and maintained and if such controls operated
statements of Vijaya Diagnostic Centre Limited (hereinafter
effectively in all material respects.
referred to as “the Holding Company”) as of and for the year
ended 31 March 2023, we have audited the internal financial Our audit involves performing procedures to obtain audit
controls with reference to financial statements of the Holding evidence about the adequacy of the internal financial controls
Company and such companies incorporated in India under the with reference to financial statements and their operating
Act which are its subsidiary companies, as of that date. effectiveness. Our audit of internal financial controls with reference
to financial statements included obtaining an understanding of
In our opinion and based on the consideration of reports of the
internal financial controls with reference to financial statements,
other auditors on internal financial controls with reference to
assessing the risk that a material weakness exists, and testing
financial statements of subsidiary companies, as were audited
and evaluating the design and operating effectiveness of internal
by the other auditors, the Holding Company and such companies
control based on the assessed risk. The procedures selected
incorporated in India which are its subsidiary companies, have,
depend on the auditor’s judgement, including the assessment of
in all material respects, adequate internal financial controls with
the risks of material misstatement of the consolidated financial
reference to financial statements and such internal financial
statements, whether due to fraud or error.
controls were operating effectively as at 31 March 2023, based
on the internal financial controls with reference to financial We believe that the audit evidence we have obtained and the
statements criteria established by such companies considering audit evidence obtained by the other auditors of the relevant
the essential components of such internal controls stated subsidiary companies in terms of their reports referred to in the
in the Guidance Note on Audit of Internal Financial Controls Other Matters paragraph below, is sufficient and appropriate to
Over Financial Reporting issued by the Institute of Chartered provide a basis for our audit opinion on the internal financial
Accountants of India (the “Guidance Note”). controls with reference to financial statements.
Management’s and Board of Directors’ Meaning of Internal Financial Controls with

Responsibilities for Internal Financial Controls Reference to Financial Statements
The respective Company’s Management and the Board of A company’s internal financial controls with reference to
Directors are responsible for establishing and maintaining financial statements is a process designed to provide reasonable
internal financial controls based on the internal financial controls assurance regarding the reliability of financial reporting
with reference to financial statements criteria established by the and the preparation of consolidated financial statements for
respective company considering the essential components of external purposes in accordance with generally accepted
internal control stated in the Guidance Note. These responsibilities accounting principles. A company’s internal financial controls
include the design, implementation and maintenance of adequate with reference to financial statements include those policies
internal financial controls that were operating effectively for and procedures that (1) pertain to the maintenance of records
ensuring the orderly and efficient conduct of its business, that, in reasonable detail, accurately and fairly reflect the
including adherence to the respective company’s policies, the transactions and dispositions of the assets of the company; (2)
safeguarding of its assets, the prevention and detection of frauds provide reasonable assurance that transactions are recorded
and errors, the accuracy and completeness of the accounting as necessary to permit preparation of consolidated financial
records, and the timely preparation of reliable financial statements in accordance with generally accepted accounting
information, as required under the Act. principles, and that receipts and expenditures of the company
202
are being made only in accordance with authorisations of Other Matters

management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection Our aforesaid report under Section 143(3)(i) of the Act on the
of unauthorised acquisition, use, or disposition of the company’s adequacy and operating effectiveness of the internal financial
assets that could have a material effect on the consolidated controls with reference to financial statements insofar as it
financial statements. relates to three subsidiary companies, which are companies
incorporated in India, is based on the corresponding reports of
the auditors of such companies incorporated in India.
Inherent Limitations of Internal Financial Controls
with Reference to Financial Statements Our opinion is not modified in respect of this matter.
Because of the inherent limitations of internal financial controls

with reference to financial statements, including the possibility For B S R & Associates LLP
of collusion or improper management override of controls, Chartered Accountants
material misstatements due to error or fraud may occur and not Firm’s Registration No. 116231W/W-100024
be detected. Also, projections of any evaluation of the internal
financial controls with reference to financial statements to
future periods are subject to the risk that the internal financial Amit Kumar Bajaj
controls with reference to financial statements may become Partner
inadequate because of changes in conditions, or that the degree Place: Hyderabad Membership No. 218685
of compliance with the policies or procedures may deteriorate. Date: 29 May 2023 ICAI UDIN:23218685VGXHIS5439
203
CONSOLIDATED BALANCE SHEET

as at March 31, 2023
As at As at
Particulars Notes
31 March 2023 31 March 2022
ASSETS
I Non-current assets
(a) Property, plant and equipment 4 (a) 29,403.95 19,661.08
(b) Capital work-in-progress 4 (b) 2,710.61 3,409.88
(c) Right-of-use assets 4( ) 22,233.92 16,715.25
(d) Other intangible assets 5 219.63 135.68
(e) Intangible assets under development 5 63.06 6.84
(f) Goodwill on consolidation 5 533.75 533.75
(g) Financial assets
(i) Investments 6 (a) 4.00 4.00
(ii) Other financial assets 6 (e) 899.92 754.71
(h) Deferred tax assets, (net) 7 824.91 885.81
(i) Non-current tax assets, (net) 21 (d) 19.31 22.57
(j) Other non-current assets 9 861.51 2,227.81
Total non-current assets 57,774.57 44,357.38
II Current assets
(a) Inventories 8 204.86 427.67
(b) Financial assets
(i) Investments 6 (a) 13,899.32 5,423.55
(ii) Trade receivables 6 (b) 948.87 977.09
(iii) Cash and cash equivalents 6( ) 2,417.69 1,104.99
(iv) Bank balances other than (iii) above 6 (d) 9,224.54 18,130.69
(v) Other financial assets 6 (e) 362.04 514.53
(c) Other current assets 9 508.80 410.18
Total current assets 27,566.12 26,988.70
TOTAL ASSETS (I + II) 85,340.69 71,346.08
EQUITY AND LIABILITIES
I Equity
(a) Equity share capital 10 (a) 1,020.71 1,019.66
(b) Other equity 10 (b) 53,452.23 45,802.27
Equity attributable to owners of the Company 54,472.94 46,821.93
Non-controlling interest 190.14 132.31
Total equity 54,663.08 46,954.24
Liabilities
II Non-current liabilities
(i) Lease liabilities 4( ) 23,303.01 17,025.97
(b) Provisions 12 711.66 741.84
(c) Other non-current liabilities 13 46.07 11.65
Total non-current liabilities 24,060.74 17,779.46
III Current liabilities
(i) Borrowings 11 ( ) - 63.46
(ii) Lease liabilities 4( ) 1,452.89 1,256.83
(iii) Trade payables 11 (b)
- Total outstanding dues of micro enterprises and small enterprises; and 51.84 16.76
- Total outstanding dues of creditors other than micro enterprises and small 2,719.64 2,147.11
enterprises
(iv) Other financial liabilities 11 ( ) 1,398.87 2,480.30
(b) Provisions 12 395.02 208.63
(c) Current tax liabilities, net 21 (d) 240.90 90.30
(d) Other current liabilities 13 357.71 348.99
Total current liabilities 6,616.87 6,612.38
Total liabilities (II + III) 30,677.61 24,391.84
TOTAL EQUITY AND LIABILITIES ( I + II + III) 85,340.69 71,346.08
Basis of preparation and measurement and Summary of significant accounting 2&3
policies
The notes referred to above form an integral part of the consolidated financial statements.


204
CONSOLIDATED STATEMENT OF PROFIT AND LOSS


Particulars Notes
31 March 2023 31 March 2022
I Income
(a) Revenue from operations 14 45,922.27 46,236.99
(b) Other income 15 1,415.07 1,283.06
Total income 47,337.34 47,520.05
II Expenses
(a) Cost of materials consumed 16 5,888.16 7,149.91
(b) Employee benefits expense 17 7,847.74 7,065.94
(c) Finance costs 19 2,094.79 1,645.03
(d) Depreciation and amortisation expense 18 6,172.01 5,268.61
(e) Other expenses 20 13,983.64 11,652.13
Total expenses 35,986.34 32,781.62
III Profit Before Tax (PBT) [I - II] 11,351.00 14,738.43
IV Tax expense 21
(a) Current tax 2,776.18 3,954.73
(b) Deferred tax, net 54.12 (283.06)
Tax expenses 2,830.30 3,671.67
V Profit for the year [III-IV] 8,520.70 11,066.76
VI Other comprehensive income
Items that will not be reclassified to profit or loss
(i) Remeasurement gain on defined benefit liability / asset 26.94 27.62
(ii) Income tax relating to items that will not be reclassified to 21 (6.78) (6.96)
profit or loss
Other comprehensive income for the year, net of tax 20.16 20.66
VII Total comprehensive income for the year [V+VI] 8,540.86 11,087.42
Profit for the period attributable to:
Owners of the Company 8,463.16 10,968.06
Non controlling interests 57.54 98.70
Other comprehensive income attributable to:
Owners of the Company 19.87 20.07
Total comprehensive income attributable to:
Owners of the Company 8,483.03 10,988.13
Earnings per equity share (face value of Re. 1 each fully paid up) 23
- Basic (in Rs.) 8.29 10.76
- Diluted (in Rs.) 8.26 10.69
Basis of preparation and measurement and Summary of significant 2&3
accounting policies

205
CONSOLIDATED STATEMENT OF CASH FLOWS


Particulars
31 March 2023 31 March 2022
A. Cash flow from operating activities

Adjustments to reconcile profit before tax to net cash flows:
Depreciation and amortisation expense 6,172.01 5,268.61
Net gain on sale/ retirement of property, plant and equipment (8.60) (39.79)
Interest income under the effective interest method (828.00) (979.86)
Profit on sale of mutual fund investments (net) (86.49) (47.62)
Fair value gain on investments measured at FVTPL (385.44) (136.25)
Liabilities no longer required, written back (90.00) (21.35)
Equity-settled share-based payment transactions (ESOP) 71.67 113.56
Finance costs 1,942.46 1,521.49
Working capital adjustments:
Decrease / (Increase) in inventories 222.82 (163.24)
Decrease / (Increase) in trade receivables 4.94 (306.64)
Decrease / (Increase) in other financial assets 261.82 (287.92)
(Increase) in other assets (205.03) (551.05)
Increase / (Decrease) in trade payables 697.60 (30.97)
Increase in provisions and other liabilities 101.52 174.90
(Decrease) / Increase in other financial liabilities (182.07) 496.35
Cash generated from operating activities 19,083.49 19,792.28
Income tax paid, net (2,622.32) (3,992.41)
Net cash flow generated from operating activities 16,461.17 15,799.87
B. Cash flows from investing activities
Acquisition of property, plant and equipment, Capital work-in-progress (CWIP), (12,484.26) (12,234.85)
Other Intangible assets and Intangible assets under development (including
capital advances and capital creditors)
Proceeds from sale of property, plant and equipment 25.42 142.03
Purchase of further stake from NCI in subsidiary - (170.00)
Investment in liquid mutual funds/bonds, net (8,003.84) (2,476.94)
Deposits redeemed having original maturity of more than 3 months, net 8,868.52 1,207.81
Interest received 636.92 1,225.72
Net cash used in investing activities (10,957.24) (12,306.23)
C. Cash flows from financing activities
Repayment of long-term borrowings - (327.45)
Repayments of short-term borrowings, net (63.46) (56.23)
Interest paid (1.39) (201.86)
Proceeds from issue of equity shares under ESOP 115.90 -
Dividend paid (1,021.11) -
Net cash used in financing activities (4,191.23) (3,057.21)
Net increase in cash and cash equivalents (A + B + C) 1,312.70 436.43
Cash and cash equivalents at the beginning of the year 1,104.99 668.56
Cash and cash equivalents at end of the year 2,417.69 1,104.99
Note:
(a) The above Statement of Cash Flows has been prepared under the “Indirect Method” as set out in the Indian Accounting Standard
(Ind AS-7) - Statement of Cash Flows.
206
CONSOLIDATED STATEMENT OF CASH FLOWS

(b) Cash and cash equivalents as per above comprise of the following:
As at As at
Particulars
March 31, 2023 March 31, 2022

Balances with banks
- in current accounts 1,159.67 1,035.80
-in deposit accounts having maturity less than three months 1,201.50 14.26
Total cash and cash equivalents (refer note 6(c)) 2,417.69 1,104.99
(c) Reconciliation of movements of liabilities to cash flows arising from financing activities:
As at As at
Particulars
March 31, 2023 March 31, 2022
Movement in financial liabilities:

1 Opening balance
Non-current borrowings (including current maturities) - 327.45
Current borrowings 63.46 119.69
Interest accrued but not due on borrowings - 145.69
Movement
Cash flows (3,286.02) (3,057.21)
Interest expense 1,891.05 1,471.59
Other non-cash movements
- Additions / Disposals to lease liabilities (net) 7,804.61 5,673.25
Closing balance
Non-current borrowings (including current maturities) - -
Current borrowings - 63.46
Interest accrued but not due on borrowings - -

207
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Reserves and surplus Total Total

Equity Share attributable attributable
Particulars share General Securities based Retained to owners to Non- Total
capital reserve premium payments earnings of the controlling
reserve Company interest
As at April 1, 2021 453.19 493.20 5,156.75 82.73 29,714.77 35,900.64 22.62 35,923.26
Total comprehensive income for the
year ended March 31, 2022
Profit for the year - - - - 10,968.06 10,968.06 98.70 11,066.76
Other comprehensive income for the - - - - 20.07 20.07 0.59 20.66
year
Total comprehensive income for the - - - - 10,988.13 10,988.13 99.29 11,087.42
year
Bonus issue of shares (refer note 10(a) 566.47 - (566.47) - - - - -
(v))
On account of Share based payments - - - 113.56 - 113.56 - 113.56
(refer note 28)
Adjustment on consolidation - - - - (180.40) (180.40) 10.40 (170.00)
As at March 31, 2022 1,019.66 493.20 4,590.28 196.29 40,522.50 46,821.93 132.31 46,954.24
Total comprehensive income for the
year ended March 31, 2023
Profit for the year - - - - 8,463.16 8,463.16 57.54 8,520.70
Other comprehensive income for the - - - - 19.87 19.87 0.29 20.16
year
Total comprehensive income for the - - - - 8,483.03 8,483.03 57.83 8,540.86
year
On account of Share based payments - - - 71.67 - 71.67 - 71.67
(refer note 28)
Transfer on account of employee - 45.00 - (45.00) - - - -
share options lapsed/forfeited
Transfer on account of employee - 30.52 - (30.52) - - - -
share options exercised
Proceeds from issue of shares under 1.05 - 115.90 - - 116.95 - 116.95
ESOP plan
Payment of dividend (refer note 10(b) - - - - (1,020.64) (1,020.64) - (1,020.64)
(iv))
As at March 31, 2023 1,020.71 568.72 4,706.18 192.44 47,984.89 54,472.94 190.14 54,663.08

208
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. Corporate information (iii) Functional and presentation currency
Vijaya Diagnostic Centre Limited ('the Company' or These consolidated financial statements are presented
'the Parent Company') together with its subsidiaries in Indian Rupees (Rs.), which is also the Group’s
('collectively, 'the Group') is engaged in the business of functional currency. All amounts have been rounded
providing comprehensive range of diagnostic services, to the nearest lakhs, unless otherwise indicated.
spanning pathological investigations, basic and high
(iv) Basis of measurement
end radiology, nuclear medicine and related healthcare
services. These consolidated financial statements have been
prepared under the historical cost basis except for the
The Company is domiciled and incorporated in India on
following items, which are measured on an alternative
June 05, 2002 and has its registered and corporate office
basis on each reporting date.
at # 6-3-883/F, Ground Floor, Family Planning Association
of India, Panjagutta, Hyderabad - 500 082, India.
Item Basis Measurement
The Company got listed on Bombay Stock Exchange (BSE)
and National Stock Exchange (NSE) on september 14, Certain financial Fair Value or Amortised Cost
2021 through Offer for sale of the Equity shares by certain assets and liabilities
shareholders of the Comapany. Equity securities at Fair Value
FVOCI
Net defined benefit Fair value of plan assets less
2. Basis of preparation and measurement (asset)/ liability present value of defined benefit
obligations (refer note 28)
(i) Statement of compliance
Equity settled share Fair Value
The consolidated financial statements have been based payments
prepared in accordance with the Indian Accounting
(v) Use of estimates and judgements
Standards (referred to as ‘Ind AS’) as per Companies
(Indian Accounting Standards) Rules, 2015 notified In preparing these consolidated financial statements,
under section 133 of the Companies Act, 2013. management has made judgements and estimates
that affect the application of accounting policies and
The consolidated financial statements were approved
the reported amounts of assets, liabilities, income
by the Board of Directors and authorised for issue on
and expenses. Actual results may differ from these
May 29, 2023.
estimates.
(ii) Change in accounting estimates
Estimates and underlying assumptions are reviewed
The Group has charged depreciation on Property, on an ongoing basis. Revisions to estimates are
Plant and Equipment based on Written Down Value recognised prospectively.
(“WDV”) method from 01 April 2022 to 31 December
Judgements
2022.With effect from 01 January 2023, the Group
has changed its method of depreciation from WDV to Information about judgements made in applying
Straight Line Method (“SLM”) based on the technical accounting policies that have the most significant
assessment of the expected pattern of consumption effects on the amounts recognised in the financial
of future economic benefits embodied in the assets as statements is included in the following notes:
per Ind AS 16.
- Note 3(J), 20 - lease term; whether the Group is
As per Ind AS 8, the effect of change in accounting reasonably certain to exercise extended options
estimate has to be given prospectively in the financial
statements, accordingly, the Company has changed Assumptions and estimation uncertainties
the method of depreciation w.e.f 01 January 2023. Due
to this change in accounting estimate, the depreciation Information about assumptions and estimation
expense is lower and the profit before tax is higher by uncertainties at the reporting date that have a
Rs.904.34 lakhs for the year ended 31 March 2023. significant risk of resulting in a material adjustment to
Refer note 4(a)(i) for change in accounting estimate. the carrying amounts of assets and liabilites within the
next financial year are included in the following notes:
209

- Note 3(H) – Impairment testing for goodwill generated Fair values are categorised into different levels in a
on consolidation; fair value hierarchy based on the inputs used in the
valuation techniques as follows.
- Note 27 – measurement of defined benefit
obligations: key actuarial assumptions; Level 1: quoted prices (unadjusted) in active markets
for identical assets or liabilities.
- Notes 12 – recognition and measurement of
provisions and contingencies: key assumptions Level 2: inputs other than quoted prices included in
about the likelihood and magnitude of an outflow of Level 1 that are observable for the asset or liability,
resources; either directly (i.e. as prices) or indirectly (i.e. derived
from prices).
- Note 6 (b) – impairment of financial assets;
Level 3: inputs for the asset or liability that are not
- Note 4 and Note 5 - determining an asset’s expected based on observable market data (unobservable
useful life and the expected residual value at the end inputs).
of its life
When measuring the fair value of an asset or a liability,
- Note 28 - Employee share based payments, equity the Group uses observable market data as far as
settled possible. If the inputs used to measure the fair value
of an asset or a liability fall into different levels of the
(vi) Measurement of fair values
fair value hierarchy, then the fair value measurement
A number of the accounting polices and disclosures is categorised in its entirety in the same level of the
require the measurement of fair values, for both fair value hierarchy as the lowest level input that is
financial and non-financial assets and liabilites. significant to the entire measurement.
The Group has an established control framework with The Group recognises transfers between levels of the
respect to the measurement of fair values. fair value hierarchy at the end of the reporting period
during which the change has occurred.
Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly Further information about the assumptions made in
transaction between market participants at the the measuring fair values is included in the following
measurement date. The fair value measurement is notes:
based on the presumption that the transaction to sell • Note 28: Share based payments.
the asset or transfer the liability takes place either:
• Note 31: Financial Instruments.
- In the principal market for the asset or liability or
(vii) Principles of consolidation
- In the absence of a principal market, in the most
advantageous market for the asset or liability a. Subsidiaries
The principal or the most advantageous market must Subsidiaries are entities controlled by the Group.
be accessible by the Group. The fair value of an asset Control is achieved when the Group is exposed, or
or a liability is measured using the assumptions that has rights, to variable returns from its involvement
market participants would use when pricing the asset with the investee and has the ability to affect
or liability, assuming that market participants act in those returns through its power over the investee.
their economic best interest. Specifically, the Group controls an investee if, and
only if, the Group has:
The Group uses valuation techniques that are
appropriate in the circumstances and for which (i) Power over the investee (i.e. existing rights
sufficient data is available to measure fair value, that give it the current ability to direct the
maximising the use of relevant observable inputs and relevant activities of the investee);
minimising the use of unobservable inputs.
(ii) Exposure, or rights, to variable returns from
Significant valuation issues are reported to the Group’s its involvement with the investee; and the
audit committee. ability to use its power over the investee to
affect its returns.
210

(iii) The ability to use its power over the investee b. Consolidation procedures:
to affect its returns.
a. Combine like items of assets, liabilities,
Generally, there is a presumption that a majority equity, income, expenses and cash flows
of voting rights result in control. To support this of the parent with those of its subsidiaries.
presumption and when the Group has less than For this purpose, income and expenses of
a majority of the voting or similar rights of an the subsidiary are based on the amounts of
investee, the Group considers all relevant facts the assets and liabilities recognized in the
and circumstances in assessing whether it has consolidated financial statements at the
power over an investee, including: acquisition date.
(i) The contractual arrangement with the other b. Offset (eliminate) the carrying amount of
vote holders of the investee; the parent’s investment in each subsidiary
and the parent’s portion of equity of each
(ii) Rights arising from other contractual subsidiary. Business combinations policy
arrangements; explains how to account for any related
goodwill.
(iii) The Group’s voting rights and potential voting
rights; c. Eliminate in full intragroup assets and
liabilities, equity, income, expenses and cash
(iv) The size of the group’s holding of voting rights
flows relating to transactions between entities
relative to the size and dispersion of the
of the Group (profits or losses resulting from
holdings of the other voting rights holders.
intragroup transactions that are recognized
The Group re-assesses whether or not it controls in assets, such as inventory and property,
an investee if facts and circumstances indicate plant and equipment and intangible assets,
that there are changes to one or more of the are eliminated in full). Intragroup losses
three elements of control. Consolidation of a may indicate an impairment that requires
subsidiary begins when the Group obtains control recognition in the consolidated financial
over the subsidiary and ceases when the Group statements. Ind AS 12 Income Taxes applies
loses control of the subsidiary. Assets, liabilities, to temporary differences that arise from the
income and expenses of a subsidiary acquired or elimination of profit and losses resulting from
disposed of during the year are included in the intragroup transactions.
consolidated financial statements from the date
c. Non-controlling interests (NCI)
the Group gains control until the date the Group
ceases to control the subsidiary. NCI are measured at their proportionate share of
the acquiree’s net identifiable assets at the date of
Consolidated financial statements are prepared
acquisition.
using uniform accounting policies for like
transactions and other events in similar Changes in the Group’s equity interest in a
circumstances. If a member of the Group uses subsidiary that do not result in a loss of control
accounting policies other than those adopted are accounted for as equity transactions.
in the consolidated financial statements for like
transactions and events in similar circumstances, d. Loss of control
appropriate adjustments are made to that Group
member’s financial statements in preparing the A change in the ownership interest of a subsidiary,
consolidated financial statements to ensure without a loss of control, is accounted for as an
conformity with the Group’s accounting policies. equity transaction.
If the Group loses control over a subsidiary, it:
The financial statements of all entities used for the
purpose of consolidation are drawn up to same (i) Derecognises the assets (including goodwill)
reporting date as that of the Parent Company, i.e. and liabilities of the subsidiary.
year ended on March 31.
(ii) Derecognises the carrying amount of any
non-controlling interests.
211

(iii) Derecognises the cumulative translation differences recorded in equity.
(iv) Recognises the fair value of the consideration received.
(v) Recognises the fair value of any investment retained.
(vi) Recognises any surplus or deficit in profit or loss.
(vii) Reclassifies the parent’s share of components previously recognized in OCI to profit or loss or retained earnings,
as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities.
e. Subsidiaries considered in the consolidated financial statements:
Ownership interest in %
S. Country of
Name of the entity Relationship March 31, March 31,
No. incorporation
2023 2022
1 Medinova Diagnostic Services Limited Subsidiary India 62.14% 62.14%

2 VDC Diagnostic (Karnataka) LLP Subsidiary India 100.00% 100.00%
3 Doctors Lab Diagnostic Centre Private Limited Subsidiary India 100.00% 100.00%
4 Medinova Millennium MRI Services LLP* Step down India 100.00% 100%
subsidiary
5 Namrata Diagnostic Centre Private Limited** Step down India 100.00% 100.00%
subsidiary
*Subsidiary of Medinova Diagnostic Services Limited
**Subsidiary of Doctors Lab Diagnostic Centre Private Limited
(vii) Current and non-current classification: could, at the option of the counter party, result in its
settlement by the issue of equity instruments do not
The Group classifies an asset as current when: affect its classification.
- it expects to realise the asset, or intends to sell or
All other liabilities are classified as non-current.
consume it, in its normal operating cycle;
- it expects to realise the asset within twelve months The operating cycle is the time between the acquisition
after the reporting period; of assets for processing and realisation in cash or cash
equivalents. The Group’s normal operating cycle is
- it holds the asset primarily for the purpose of traiding; or twelve months.
- the asset is cash or cash equivalent unless the asset
is restricted from being exchanged or used to settle a 3. Significant accounting policies
liability for at least twelve months after the reporting
period. A. Revenue from contracts with customers
All other assets are classified as non current. Revenue is measured based on the consideration
A liability is classified as a current when- specified in a contract with a customer. The Group
recognises revenue when it transfers control over a
- it is expected to be settled in the Group’s normal good or service to a customer.
operating cycle;
i) Diagnostic services
- the liability is due to be settled within twelve months
from the reporting period; Revenue from diagnostic services is recognized
on amount billed net of discounts / concessions
- it is held primarily for the purposes of being trading; if any. No element of financing is deemed present
as the sales are made primarily on cash and carry
- it does not hold an unconditionl right to defer
basis, however for institutional / organizational
settlement of the liability for at least twelve months
customers billing is done fortnightly / monthly
after the reporting period. Terms of a liability that
212

based on the agreement, which is consistent with The ‘effective interest rate’ is the rate that exactly
market practice. discounts estimated future cash payments are receipts
through the expected life of the financial instrument to:
The Group recognises revenue when the
amount of revenue can be reliably measured, - the gross carrying amount of the financial asset; or
it is probable that future economic benefits
- the amortised cost of the financial liability.
will flow to the entity and when the underlying
tests are conducted, samples are processed for In calculating interest income and expense, the
requisitioned diagnostic tests. Each service is effective interest rate is applied to the gross carrying
generally a separate performance obligation amount of the asset (when the asset is not credit-
and therefore revenue is recognised at a point in impaired) or to the amortised cost of the liability.
time when the tests are conducted, samples are However, for financial assets that have become credit-
processed. For multiple tests, the Group measures impaired subsequent to initial recognition, interest
the revenue in respect of each performance income is calculated by applying the effective interest
obligation at its relative stand alone selling price rate to the amortised cost of the financial asset. If the
and the transaction price is allocated accordingly. asset is no longer credit-impaied, then the calculation
The price that is regularly charged for a test of interest income reverts to the gross basis.
separately registered is considered to be the
best evidence of its standalone selling. Revenue Rental income:
contracts are on principal to principal basis and
Rental income from Investment property is recognised
the Group is primarily responsible for fulfilling the
as part ofOther income in statement profit and loss on
performance obligation.
the date on which the Group’s nght to receive payment
A contract liability is the obligation to transfer is established
services to a customer for which the Group has
C. Financial instruments
received consideration from the customer. If a
customer pays consideration before the Group A financial instrument is any contract that gives rise to
transfer services to the customer, a contract a financial asset of one entity and financial liability or
liability is recognised when the payment is made. equity instrument of another entity.
Contract liabilities are recognised as revenue
when the Group performs under the contract. i) Initial recognition and measurement
ii) Sale of Privilege cards Trade receivables issued are initially recognised
when they are originated. All other financial assets
The Group operates a discount scheme where or financial liabilities are initially recognised when
certain ‘Privilege cards’ are sold to the customers the Group becomes a party to the contractual
against which specified discounts are given on the provision of the instrument.
future diagnostic services availed by the customer
for a specified period. The Group recognises A financial asset (unless it is a trade receivable
revenue from the sale of such cards over the without a significant financing component) or
period for which the card is valid. The difference financial liability is initially measured at fair value
in sale consideration received and revenue plus or minus, for an item not at fair value through
recognised is recognised as deferred revenue. profit and loss (FVTPL), transaction costs that are
directly attributable to its acquisition or issue.
B. Recognition of dividend income, interest income or
expense and rental income A trade receivable without a significant financing
component is initially measured at the transaction
Dividend income price
Dividend are recognised in statement of profit and ii) Classification and subsequent measurement
loss on the date on which the Group’s right to receive
payment is established. Financial assets
Interest income or expense All financial assets are initially measured at fair
value plus, for an item not at fair value through
Interest income or expense is recognized using the profit and loss (FVTPL), transaction costs that are
effective interest method. directly attributable to its acquisition or issue.
213

On initial recognition, a financial asset is classified Financial assets at amortised cost: These assets
as measured at: are subsequently measured at amortised cost
using the effective interest method. The amortised
- Amortised cost;
cost is reduced by impairment losses. Interest
- Fair Value through Other Comprehensive Income income, foreign exchange gains and losses and
(FVOCI) – equity investment; or impairment are recognised in profit or loss. Any
gain or loss on derecognition is recognised in
- Fair Value through Profit or Loss (FVTPL) profit or loss.
Financial assets are not reclassified subsequent Equity investments at FVOCI: These assets are
to their initial recognition, except if and in the subsequently measured at fair value. Dividends
period the Group changes its business model are recognised as income in profit or loss unless
for managing financial assets, in which case all the dividend clearly represents a recovery of part
affected financial assets are reclassified on the of the cost of the investment. Other net gains
first day of the first reporting period following the and losses are recognised in OCI and are not
change in the business model. reclassified to profit or loss.
A financial asset is measured at amortised cost if it Financial liabilities:

meets both of the following conditions and is not
designated as at FVTPL: Financial liabilities are classified as measured
at amortised cost or FVTPL. A financial liability
− It is held within a business model whose is classified as at FVTPL if it is classified as
objective is to hold assets to collect contractual held‑for‑trading, or it is a derivative or it is
cash flows; and designated as such on initial recognition. Financial
liabilities at FVTPL are measured at fair value
− Its contractual terms of the financial asset give
and net gains and losses, including any interest
rise on specified dates to cash flows that are
expense, are recognised in statement of profit or
solely payments of principal and interest on the
loss. Other financial liabilities are subsequently
principal amount outstanding.
measured at amortised cost using the effective
On initial recognition of an equity investment interest method. Interest expense and foreign
that is not held for trading, the Group may exchange gains and losses are recognised in
irrevocably elect to present subsequent changes statement of profit or loss.
in the investment’s fair value in OCI (designated as
iii) Derecognition
FVOCI – equity investment). This election is made
on an investment‑by‑investment basis. Financial assets
All financial assets not classified as measured The Group derecognises a financial asset when:
at amortised cost or FVOCI as described above
are measured at FVTPL. On initial recognition, - the contractual rights to the cash flows from the
the Group may irrevocably designate a financial financial asset expire; or
asset that otherwise meets the requirements to
- it transfers the rights to receive the contractual
be measured at amortised cost or at FVOCI as
cash flows in a transaction in which either:
at FVTPL if doing so eliminates or significantly
reduces an accounting mismatch that would • substantially all of the risks and rewards
otherwise arise. of ownership of the financial asset are
transferred;or
Subsequent measurement
• the Group neither transfers nor retains
Financial assets at FVTPL: These assets are
substantially all of the risks and rewards of
subsequently measured at fair value. Net gains
ownership and it does not retain control of
and losses, including any interest or dividend
the financial asset.
income, are recognised in profit or loss.
214

If the Group enters into transactions whereby it refundable purchase taxes, after deducting trade
transfers assets recognised on its balance sheet, discounts and rebates, any directly attributable
but retains either all or substantially all of the cost of bringing the items to its working conditions
risks and rewards of the transferred assets, the for its intended use and estimated costs of
transferred assets are not derecognised. dismantaling and removing the item and restoring
the site on which it is located.
The cost of a self-constructed item of property,
The Group derecognises a financial liability when plant and equipment comprises the cost of
its contractual obligations are discharged or materials and direct labour, any other costs
cancelled, or expired. directly attributable to bringing the item to
working condition for its intended use, and
The Group also derecognises a financial liability
estimated costs of dismantling and removing the
when its terms are modified and the cash flows
item and restoring the site on which it is located.
under the modified terms are substantially
different. In this case, a new financial liability Any gain or loss on disposal of an item of property,
based on the modified terms is recognised at plant and equipment is recognised in profit or loss.
fair value. On derecognition of a financial liability,
the difference between the carrying amount An item of of property, plant and equipmnet is
extinguished and the consideration paid (including derecognised upon disposal or when no future
any non-cash assets transferred or liabilites economic benefits are expecteed to arise from the
assumed) is recognised in profit or loss. continued use of asset
iv) Offsetting Subsequent expenditure is capitalized only if it is

probable that the future economic benefits associated
Financial assets and financial liabilities are offset with the expenditure will flow to the Group and the
and the net amount presented in the balance cost of the item can be measured reliably.
sheet when, and only when, the Group currently
has a legally enforceable right to set off the ii) Depreciation
amounts and it intends either to settle them on
a net basis or to realise the asset and settle the Depreciation is recognised so as to write off the
liability simultaneously. cost of assets (other than freehold land) less
their residual values over their useful lives. The
D. Property, plant and equipment Group has charged depreciation on Property,
Plant & Equipment (PPE) based on Written Down
i) Recognition and measurement Value (“WDV”) method upto 31 December 2022.
With effect from 01 January 2023, the Group has
The cost of an item of property, plant and
changed its method of depreciation from WDV
equipment shall be recognised as an asset if, and
to Straight Line Method (“SLM”) based upon the
only if it is probable that future economic benefit
technical assessment of expected pattern of
associated with the item will flow to the Group
consumption of the future economic benefits
and the cost of the item can be measured reliably.
embodied in the assets.
Items of property, plant and equipment (including
capital-work-in progress) are measured at cost, Depreciation is charged over the useful lives of
which includes capitalised borrowing costs, less the assets as estimated by the Management
accumulated depreciation and any accumulated based on technical evaluation, which coincide
impairment losses. Freehold land is carried at with the useful live prescribed in Schedule II to
historical cost less any accumulated impairment the Act. Depreciation on additions and deletions
losses. are restricted to the period of use.
Cost of an item of property, plant and equipment The estimated useful lives of items of property,
comprises its purchase price, including non- plant and equipment are as follows:
215

economic benefits embodied in the specific asset
Useful
Management to which it relates.
life as per
Asset category estimate of
Schedule ii) Amortisation
useful life
II
Amortisation is calculated to write off the cost
Buildings 60 years 60 years of intangible assets less their estimated residual
Plant and equipment: values over their estimated useful lives using
– Medical and 5 years - 13 13 years the Straight Line Method (SLM) and is included
diagnostic years in depreciation and amortisation expense in
equipment statement of profit and loss.
– Other equipment 7 years - 15 15 years
years The estimated useful lives are as follows:
Electrical equipment 10 years 10 years
Furniture and fixtures 5 years - 10 10 years - Software - 5 years
years Amortisation method, useful lives and residual
Office equipment 3 years - 5 5 years values are reviewed at each reporting date and
years adjusted if appropriate.
Computers
– Servers and 6 years 6 years F. Goodwill on consolidation
networks
– End user devises 3 years - 5 3 years Goodwill acquired in business combination is
such as laptops, years allocated, at acquisition, to the cash generating units
etc. (CGUs) that are expected to benefit from that business
Vehicles 8 years 8 years combination. The carrying amount of goodwill had
been allocated as follows:
In case of Building on leasehold land, the
depreciation is charged based on useful life of the
Goodwill on As at As at
building or the lease period whichever is lower. In
consolidation March 31, 2023 March 31, 2022
the case of lease hold building improvements, the
depreciation is charged based on useful life of the Medinova 533.75 533.75
improvements which is 10 years or lease period Diagnostic
including expected renewal period which ever is Services Limited
lower.
The Group’s goodwill on consolidation are tested for
Residual value is considered to be 5% on all impairment annually or more frequently if there are
the assets, as technically estimated by the indications that goodwill might be impaired.
management.
An impairment loss recognized for goodwill is not
Assets costing below Rs. 5,000 are depreciated reversed in subsequent periods.
using depreciation rate at 100%.
Further information about the assumptions made in
Depreciation methods, useful lives and residual testing impairment is included in the following notes:
values are reviewed at each reporting date and
adjusted if appropriate. - Note 5 - Goodwill
E. Intangible assets G. Inventories
i) Recognition and measurement Inventories comprise of diagnostic kits, reagents,

laboratory chemicals and consumables, these are
Intangible assets that are acquired, are measured at lower of cost and net realisable value.
recognized at cost initially and carried at cost The cost of inventories is based on the first-in, first-out
less accumulated amortization and accumulated formula and includes expenditure incurred in acquiring
impairment loss, if any. Subsequent expenditure the inventories and other costs incurred in bringing
is capitalised only when it increases the future them to their present location and condition.
216

Net realisable value is the estimated selling price in When determining whether the credit risk of
the ordinary course of business, less estimated costs a financial asset has increased significantly
of completion and the estimated costs necessary to since initial recognition and when estimating
make the sale. expected credit losses, the Group considers
reasonable and supportable information that
The comparison of cost and net realisable value is is relevant and available without undue cost
made on an item-by-Item basis. or effort. This includes both quantitative and
qualitative information and analysis, based on
H. Impairment of assets
the Group’s historical experience and informed
i) Impairment of financial instruments credit assessment and including forward‑looking
information.
The Group recognises loss allowances for
expected credit losses on financial assets Measurement of expected credit losses
measured at amortised cost. At each reporting
Expected credit losses are a probability‑weighted
date, the Group assesses whether financial assets
estimate of credit losses. Credit losses are
carried at amortised cost are credit-impaired. A
measured as the present value of all cash shortfalls
financial asset is ‘credit-impaired’ when one or
(i.e. the difference between the cash flows due to
more events that have a detrimental impact on the
the Group in accordance with the contract and
estimated future cash flows of the financial asset
the cash flows that the Group expects to receive).
have occurred.
‘Expected credit losses’ are discounted at the
Evidence that a financial asset is credit‑impaired effective interest rate of the financial statement.
includes the following observable data:
Presentation of allowance for expected credit
- significant financial difficulty of the debtor; losses in the balance sheet
- a breach of contract such as a default or being Loss allowances for financial assets measured
more than 90 days past due; at amortised cost are deducted from the gross
carrying amount of the assets.
- it is probable that the debtor will enter bankruptcy
or other financial reorganisation; or Write-off
- the disappearance of an active market for a The gross carrying amount of a financial asset
security because of financial difficulties. is written off when the Group has no reasonable
expections of recovering asset in its entirety or a
The Group measures loss allowances at an portion thereof. This is generally the case when the
amount equal to lifetime expected credit losses. Group determines that the debtor does not have
assets or sources of income that could generate
Loss allowances for trade receivables are always
sufficient cash flows to repay the amounts subject
measured at an amount equal to lifetime expected
to the write‑off. However, financial assets that are
credit losses.
written off could still be subject to enforcement
Lifetime expected credit losses are the expected activities in order to comply with the Group’s
credit losses that result from all possible default procedures for recovery of amounts due.
events over the expected life of a financial
ii) Impairment of non-financial assets
instrument.
At each reporting date, the Group reviews the
12 months expected credit losses are the portion
carrying amount of non-financial assets, other
of expected credit losses that result from default
than inventories and deferred tax assets, to
events that are possible within 12 months after the
determine whether there is any indication of
reporting date (or a shorter period if the expected
impairment. If any such indication exists, then the
life of the instrument is less than 12 months).
asset’s recoverable amount is estimated.
In all cases, the maximum period considered
For impairment testing, assets that do not
when estimating expected credit losses is the
generate independent cash inflows are grouped
maximum contractual period over which the
together into cash-generating units (CGUs). Each
Group is exposed to credit risk.
217

CGU represents the smallest group of assets scheme and Employees’ State Insurance (‘ESI’)
that generates cash inflows that are largely scheme.
independent of the cash inflows of other assets or
CGUs. Obligations for contributions to defined
contribution plans are expensed as an employee
The recoverable amount of a CGU (or an individual benefits expense in statement of profit and loss
asset) is the higher of its value in use and its fair in the period in which the related services are
value less costs to sell. Value in use is based on rendered by employees.
the estimated future cash flows, discounted to
their present value using a pre-tax discount rate (iii) Defined benefit plans
that reflects current market assessments of the
A defined benefit plan is a post-employment
time value of money and the risks specific to the
benefit plan other than a defined contribution plan.
CGU (or the asset).
The Group’s net obligation in respect of defined
An impairment loss is recognised if the carrying benefit plans is calculated seperately for each
amount of an asset or CGU exceeds its estimated plan by estimating the amount of future benefits
recoverable amount. Impairment losses are that employees have earned in the current
recognised in the statement of profit and loss. and prior periods, discounting that amount and
deducting the fair value of any plan assets. The
In respect of assets for which impairment loss defined benefit obligation is calculated annually
has been recognised in prior periods, the Group by a qualified actuary using the projected unit
reviews at each reporting date whether there is credit method.
any indication that the loss has decreased or no
longer exists. An impairment loss is reversed if Remeasurements of the net defined benefit
there has been a change in the estimates used liability, which comprise actuarial gains and
to determine the recoverable amount. Such a losses, the return on plan assets (excluding
reversal is made only to the extent that the asset’s interest) and the effect of the asset ceiling (if any,
carrying amount does not exceed the carrying excluding interest), are recognised immediately
amount that would have been determined, net of in OCI. They are included in retained earnings
depreciation or amortisation, if no impairment loss in the statement of changes in equity and in the
has been recognised. balance sheet. The Group determines the net
interest expense (income) on the net defined
I. Employee benefits benefit liability (asset) for the period by applying
the discount rate determined by reference to
(i) Short-term employee benefits market yields at the end of the reporting period
on government bonds. This rate is applied on
Short term employee benefits are measured
the net defined benefit liability (asset), both as
on an undiscounted basis and expensed as the
determined at the start of the annual reporting
related service is provided. A liability is recognised
period, taking into account any changes in the net
for the amount expected to be paid under short-
defined benefit liability (asset) during the period
term cash bonus, if the Group has a present legal
as a result of contributions and benefit payments.
or constructive obligation to pay this amount as a
Net interest expense and other expenses related
result of past service provided by the employee
to defined benefit plans are recognised in profit or
and the obligation can be estimated reliably.
loss.
(ii) Defined contribution plans
Changes in the present value of the defined benefit
A defined contribution plan is a post-employment obligation resulting from plan amendments or
benefit plan where the Group’s legal or curtailments are recognised immediately in profit
constructive obligation is limited to the amount or loss as past service cost. The Group recognises
that it contributes to a seperate legal entity. gain and losses on settlement of a defined benefit
plan when the settlement occurs.
The Group makes specified monthly contributions
towards Government administered provident fund
218

(iv) Other long-term employee benefits - As a Lessor:
compensated absences
Leases for which the Group is a lessor are classified as
Accumulated absences expected to be carried a finance or operating lease. Whenever the terms of a
forward beyond twelve months is treated as lease transfer substantially all the risks and rewards
long-term employee benefit for measurement of ownership to the lessee, the contract is classified
purposes. The Group’s net obligation in respect as a finance lease. All other leases are classified as
of other long-term employee benefit of operating leases. Rental income from operating leases
accumulating compensated absences is the are recognised on straight line basis over the term of
amount of future benefit that employees have relevant lease as part of other income.
accumulated at the end of the year. That benefit
is discounted to determine its present value The As a Lessee:
obligation is measured annually by a qualified
At commencement or on modification of a contract that
actuary using the projected unit credit method.
contains a lease component, the Group allocates the
Remeasurements are recognised in profit or loss
consideration in the contract to each lease component
in the period in which they arise.
on the basis of its relative stand-alone prices. The Group
The obligations are presented as current liabilities recognises a right-of-use asset and a lease liability at
in the balance sheet if the Group does not have an the lease commencement date. The right-of-use asset
unconditional right to defer the settlement for at is initially measured at cost, which comprises the initial
least twelve months after the reporting date. amount of the lease liability adjusted for any lease
payments made at or before the commencement date,
(v) Share based payments plus any initial direct costs incurred and an estimate of
costs to dismantle and remove the underlying asset or
The grant date fair value of equity-settled to restore the underlying asset or the site on which it
share-based payment arrangements granted is located, less any lease incentives received.
to employees is generally recognised as an
employee benefits expense, with a corresponding The Group determines the lease term as the non-
increase in equity, over the vesting period of the cancellable period of a lease, together with both
options. The amount recognised as an expense is periods covered by an option to extend the lease
adjusted to reflect the number of options for which if the Group is reasonably certain to exercise that
the related service and non-market performance option; and periods covered by an option to terminate
conditions are expected to be met, such that the the lease if the Group is reasonably certain not to
amount ultimately recognised is based on the exercise that option. In assessing whether the Group
number of options that meet the related service is reasonably certain to exercise an option to extend a
and non-market performance conditions at the lease, or not to exercise an option to terminate a lease,
vesting date. For share-based payment options it considers all relevant facts and circumstances that
with non-vesting conditions, the grant date fair create an economic incentive for the Group to exercise
value of the share-based payment is measured the option to extend the lease, or not to exercise the
to reflect such conditions and there is no true- option to terminate the lease. The Group revises the
up for differences between expected and actual lease term if there is a change in the non-cancellable
outcomes. period of a lease.
J. Leases The right-of-use asset is subsequently depreciated

using the straight-line method from the commencement
At inception of a contract, the Group assesses whether date to the earlier of the end of the useful life of the
a contract is, or contains, a lease. A contract is, or right-of-use asset or the end of the lease term. In
contains, a lease if the contract conveys the right to addition, the right-of-use asset is periodically reduced
control the use of an identified asset for a period of by impairment losses, if any, and adjusted for certain
time in exchange for consideration. Lease contracts remeasurements of the lease liability.
entered by the Group majorly pertains for buildings
taken on lease to conduct its business in the ordinary The lease liability is initially measured at the present
course. value of the lease payments that are not paid at the
219

commencement date, discounted using the interest with these leases as an expense in profit or loss on a
rate implicit in the lease or, if that rate cannot be readily straight-line basis over the lease term.
determined, the Group’s incremental borrowing rate.
Generally, the Group uses its incremental borrowing K. Income-tax
rate as the discount rate. Income-tax expenses comprises current and deferred
The Group determines its incremental borrowing tax. It is recognised in profit or loss except to the extent
rate by obtaining interest rates from various external that it relates to an item recognised directly in equity
financing sources and makes certain adjustments to or in other comprehensive income.
reflect the terms of the lease and type of the asset (i) Current tax
leased.
Current tax comprises the expected tax payable
Lease payments included in the measurement of the or receivable on the taxable income or loss for
lease liability comprise the following: the year and any adjustment to the tax payable
• fixed payments, including in-substance fixed or receivable in respect of previous years. The
payments; amount of current tax reflects the best estimate
of the tax amount expected to be paid or received
• variable lease payments that depend on an index after considering the uncertainty, if any, related to
or a rate, initially measured using the index or rate income taxes. It is measured using tax rates (and
as at the commencement date; tax laws) enacted or substantively enacted at the
reporting date.
• amounts expected to be payable under a residual
value guarantee. Tax assets and liabilities are offset only if there is a
legally enforceable right to set off the recognised
• the exercise price under a purchase option that amounts, and it is intended to realise the asset and
the Group is reasonably certain to exercise, settle the liability on a net basis or simultaneously.
lease payments in an optional renewal period
if the Group is reasonably certain to exercise (ii) Deferred tax
an extension option, and penalties for early
termination of a lease unless the Group is Deferred tax is recognised in respect of temporary
reasonably certain not to terminate early. differences between the carrying amounts
of assets and liabilities for financial reporting
The lease liability is measured at amortised cost using purposes and the corresponding amounts
the effective interest method. It is remeasured when used for taxation purposes. Deferred tax is not
there is a change in future lease payments arising recognised for:
from a change in an index or rate, if there is a change
in the Group’s estimate of the amount expected to be - temporary differences arising on the initial
payable under a residual value guarantee, if the Group recognition of assets or liabilities in a transaction that
changes its assessment of whether it will exercise a is not a business combination and that affects neither
purchase, extension or termination option or if there is accounting nor taxable profit or loss at the time of the
a revised in-substance fixed lease payment. transaction; and
When the lease liability is remeasured in this way, a - temporary differences in relation to a right-of-use
corresponding adjustment is made to the carrying asset and a lease liability for a specific lease are
amount of the right-of-use asset, or is recorded in regarded as a net package (the lease) for the purpose
profit or loss if the carrying amount of the right-of-use of recognising deferred tax
asset has been reduced to zero. Deferred tax assets are recognised to the extent that it
Short-term leases and leases of low-value assets is probable that future taxable profits will be available
against which they can be used. The existence of
The Group has elected not to recognise right-of-use unused tax losses is strong evidence that future
assets and lease liabilities for leases of low-value taxable profit may not be available. Therefore, in case
assets and short-term leases, including IT equipment. of a history of recent losses, the Group recognises
The Group recognises the lease payments associated a deferred tax asset only to the extent that it has
220

sufficient taxable temporary differences or there is loss as a finance cost. The estimated future costs of
convincing other evidence that sufficient taxable profit decommissioning are reviewed annually and adjusted
will be available against which such deferred tax asset as appropriate.
can be realised. Deferred tax assets – unrecognised
or recognised, are reviewed at each reporting date Contingencies:
and are recognised/ reduced to the extent that it is
Provision in respect of loss / contingencies relating to
probable/ no longer probable respectively that the
claims, litigations, assessments, fines and penalties are
related tax benefit will be realised.
recognised when it is probable that a liability has been
Deferred tax is measured at the tax rates that are incurred and the amount can be estimated reliably.
expected to apply to the period when the asset is
Contingent liabilities and contingent assets:
realised or the liability is settled, based on the laws
that have been enacted or substantively enacted by Contingent liability is a possible obligation arising from
the reporting date. past events and whose existence will be confirmed
only by the occurrence or non-occurrence of one or
The measurement of deferred tax reflects the tax
more uncertain future events not wholly within the
consequences that would follow from the manner
control of the entity or a present obligation that arises
in which the Group expects, at the reporting date, to
from past events but is not recognized because it is
recover or settle the carrying amount of its assets and
not probable that an outflow of resources embodying
liabilities.
economic benefits will be required to settle the
Deferred tax assets and liabilities are offset if there is a obligation or the amount of the obligation cannot be
legally enforceable right to offset current tax liabilities measured with sufficient reliability. The Group does
and assets, and they relate to income taxes levied by not recognize a contingent liability but discloses its
the same tax authority on the same taxable entity, or on existence in the consolidated financial statements.
different tax entities, but they intend to settle current
Contingent asset is not recognised in consolidated
tax liabilities and assets on a net basis or their tax
financial statements since this may result in the
assets and liabilities will be realised simultaneously.
recognition of income that may never be realised.
L. Provision, contingent liabilities and contingent However, when the realisation of income is virtually
assets certain, then the related asset is not a contingent asset
and is recognized.
Provisions are recognised when the Group has a
present obligation (legal or constructive) as a result of Provisions, contingent liabilities and contingent assets
a past event, it is probable that an outflow of resources are reviewed at each Balance Sheet date
embodying economic benefits will be required to
M. Earnings per share
settle the obligation and a reliable estimate can be
made of the amount of the obligation. Expected future Basic Earnings per share
operating losses are not provided for.
Basic Earnings Per Share (‘EPS’) is calculated
Provisions are determined by discounting the expected by dividing the profit attributable to the equity
future cash flows at a pre-tax rate that reflects current shareholders of the Group by the weighted average
market assessments of the time value of money and number of equity shares outstanding during the year.
the risks specific to the liability. The unwinding of the
discount is recognised as finance cost. Diluted Earnings per share
The Group records a provision for decommissioning Diluted earnings per share is computed by dividing the
costs. Decommissioning costs are provided at the profit (considered in determination of basic earnings
present value of expected costs to settle the obligation per share) after considering the effect associated
using estimated cash flows and are recognized as with dilutive potential equity shares by the weighted
part of the cost of the particular asset. The cash average number of equity shares considered for
flows are discounted at a current pre-tax rate that deriving basic earnings per share adjusted for the
reflects the risks specific to the decommissioning weighted average number of equity shares that would
liability. The unwinding of the discount is expensed as have been issued upon conversion of all dilutive
incurred and recognized in the statement of profit and potential equity shares.
221

N. Cash flow statement S. Recent pronouncements
Cash flows are reported using the indirect method, Ministry of Corporate Affairs (“MCA”) notifies new
whereby profit for the year is adjusted for the effects standard or amendments to the existing standards
of transactions of a non-cash nature, any deferrals or under Companies (Indian Accounting Standards)
accruals of past or future cash receipts or payments Rules as issued from time to time. On March 31, 2023,
and item of income or expenses associated with MCA amended the Companies (Indian Accounting
investing or financing cash flows. The cash flows are Standards) Amendment Rules, 2022, applicable from
segregated into operating, investing and financing April 01, 2023, as below:
activites. The Group considers all highly liquid
investments that are readily convertible to known Ind AS 1 – Presentation of Financial Statements
amounts of cash to be cash equivalents.
The amendments require companies to disclose their
O. Cash and cash equivalents material accounting policies rather than their significant
accounting policies. Accounting policy information,
Cash and cash equivalents in the balance sheet and together with other information, is material when it
cash flow statement consists of cash on hand, deposits can reasonably be expected to influence decisions of
held at call with financial institutions, other short-term, primary users of general purpose financial statements.
highly liquid investments with original maturities The Group does not expect this amendment to have
less than three months which are readily convertible any significant impact in its financial statements.
to known amounts of cash and which are subject to
insignificant risk of changes in value. Ind AS 12 – Income Taxes
P. Investments in subsidiaries The amendments clarify how companies account

for deferred tax on transactions such as leases and
Investments in subsidiaries carried at cost less any decommissioning obligations. The amendments
provision for impairment. Investments are reviewed narrowed the scope of the recognition exemption
for impairment if events or changes in circumstances in paragraphs 15 and 24 of Ind AS 12 (recognition
indicate that the carrying amount may not be exemption) so that it no longer applies to transactions
recoverable. that, on initial recognition, give rise to equal taxable
and deductible temporary differences. The Group does
Q. Dividend not expect this amendment to have any significant
impact in its financial statements.
The Group recognises a liability for any dividend
declared but not distributed at the end of the reporting Ind AS 8 – Accounting Policies, Changes in
period, when the distribution is authorised and the Accounting Estimates and Errors
distribution is no longer at the discretion of the Group
on or before the end of the reporting period. The amendments will help entities to distinguish
between accounting policies and accounting estimates.
R. Events after reporting date The definition of a change in accounting estimates has
been replaced with a definition of accounting estimates.
Where events occurring after the balance sheet date
Under the new definition, accounting estimates are
provide evidence of conditions that existed at the end
“monetary amounts in financial statements that
of the reporting period, the impact of such events is
are subject to measurement uncertainty”. Entities
adjusted within the financial statements. Otherwise,
develop accounting estimates if accounting policies
events after the balance sheet date of material size or
require items in financial statements to be measured
nature are only disclosed.
in a way that involves measurement uncertainty. The
Group does not expect this amendment to have any
significant impact in its financial statements.
222
4 (a) Property, plant and equipment
Building
Plant and Plant and Furniture
Freehold on Leasehold Electrical Office
Particulars Buildings equipment equipment and Computers Vehicles Total
land leasehold improvements equipment equipment
- Medical - others fixtures
land
A. Gross value (at cost)

As at April 01, 2021 205.41 617.84 1,416.77 2,517.41 16,423.73 2,365.24 1,066.31 1,511.62 232.10 568.16 354.74 27,279.33
Additions 4,413.67 243.87 - 710.56 2,628.41 360.76 394.43 409.62 89.79 149.81 69.85 9,470.77
Disposals - - - (12.33) (198.90) (4.79) (2.57) (0.60) (0.32) - (150.47) (369.98)
As at March 31, 2022 4,619.08 861.71 1,416.77 3,215.64 18,853.24 2,721.21 1,458.17 1,920.64 321.57 717.97 274.12 36,380.12
Additions - - - 1,556.19 8,392.03 628.43 698.76 1,375.89 139.91 366.89 390.37 13,548.47
Disposals - - - (99.57) (78.31) (12.17) (42.67) (17.98) (0.31) - (70.52) (321.53)
As at March 31, 2023 4,619.08 861.71 1,416.77 4,672.26 27,166.96 3,337.47 2,114.26 3,278.55 461.17 1,084.86 593.97 49,607.06
As at April 01, 2021 - 112.58 574.02 1,422.67 7,795.51 1,565.99 599.83 808.61 176.25 422.40 224.64 13,702.50
For the year - 28.81 77.00 380.16 2,027.75 177.70 159.64 224.03 59.50 113.41 36.28 3,284.28
Disposals - - - (11.18) (152.31) (2.71) (2.33) (0.46) (0.28) - (98.47) (267.74)
Corporate Overview
As at March 31, 2022 - 141.39 651.02 1,791.65 9,670.95 1,740.98 757.14 1,032.18 235.47 535.81 162.45 16,719.04
For the year - 29.37 58.56 499.00 2,161.88 194.16 230.11 338.12 88.70 154.76 28.44 3,783.10
Disposals - - - (100.53) (66.57) (8.88) (42.66) (17.99) (0.28) - (62.12) (299.03)
As at March 31, 2023 - 170.76 709.58 2,190.12 11,766.26 1,926.26 944.59 1,352.31 323.89 690.57 128.77 20,203.11
As at March 31, 2023 4,619.08 690.95 707.19 2,482.14 15,400.70 1,411.21 1,169.67 1,926.24 137.28 394.29 465.20 29,403.95
As at March 31, 2022 4,619.08 720.32 765.75 1,423.99 9,182.29 980.23 701.03 888.46 86.10 182.16 111.67 19,661.08
Statutory Reports
Notes:
Refer to note 22 for disclosure of contractual commitments for the acquisition of property, plant and equipment.
Note 4(a)(i)
The depreciation on Property, plant and equipment is charged based on Written Down Value (“WDV”) method upto December 31, 2022. Based upon the technical assessment of expected
pattern of consumption of the future economic benefits embodied in the assets, with effect from January 01, 2023 the depreciation method is changed to Straight Line Method (SLM)
hence the carrying value of the assets as on December 31, 2022 has been depreciated as per SLM method over the remaining useful lives of the assets. Due to this change in accounting
223
estimate, the depreciation expense is lower and the profit before tax is higher by Rs.904.34 lakhs for the year ended 31 March 2023.

Note 4(a)(i) (Contd..)
The impact, on account of this change in method of depreciation, on the future periods is given below:
For the year ended For the year ended For the year ended
Particulars Later years
31 March 2024 31 March 2025 31 March 2026
(Decrease) / Increase in depreciation (2,825.47) (1,610.13) (773.31) 5,208.90

expense
Note 4(a)(ii)
Title deeds for Freehold land and Buildings
Description March 31, 2023 March 31, 2022
Title deeds held in the name of Group Group

Whether title deed holder is a promoter, director or relative of promoter/director No No
or employee of promoter/director
Reason for not being held in the name of the company Not applicable Not applicable
4 (b) (i) Capital work in progress (CWIP)
As at As at
Particulars
31 March 2023 31 March 2022
As at the beginning of the year 3,409.88 818.21

Less: Capitalised during the year (13,548.47) (9,470.77)
Balance at the end of the year 2,710.61 3,409.88
(ii) The Group does not have any CWIP which is overdue or has exceeded its cost compared to its original plan and hence CWIP
completion schedule is not applicable.
(iii) Capital work-in progress ageing schedule

Particulars Less than 1 More Than 3 Total
1-2 Years 2-3 Years
Year Years
Projects in progress 2,427.57 283.04 - - 2,710.61

2,427.57 283.04 - - 2,710.61

1-2 Years 2-3 Years
Year Years
Projects in progress 3,409.88 - - - 3,409.88

Total 3,409.88 - - - 3,409.88
(iv) There are no CWIP which is temporarily suspended as at March 31, 2023 and March 31, 2022.
224

4 (c) Right of use assets and Lease Liabilities
The Group has elected not to apply the requirements of Ind AS 116 "Leases" to short-term leases of all assets that have a lease term
of 12 months or less and leases for which the underlying asset is of low value. The lease payments associated with these leases are
recognized as an expense on a straight-line basis over the lease term except inflation adjustment.
The Group uses the incremental borrowing rate to discount its lease payments. The rate applied is 8.50% p.a.
(i) Movement in Right of use assets ('ROU')and Lease liabilities is given below:
Description Right of use assets (Buildings)
Gross ROU asset

As at April 01, 2021 15,608.03
Additions 6,133.07
Disposals (129.98)
As at March 31, 2022 (A) 21,611.12
Additions 8,051.35
Disposals (417.80)
As at March 31, 2023 (C) 29,244.67
Accumulated depreciation
As at April 1, 2021 3,007.96
Depreciation charge for the year 1,912.82
Disposals (24.91)
As at March 31, 2022 (B) 4,895.87
Depreciation charge / Adjustment for the year 2,369.37
Disposals (254.49)
As at March 31, 2023 (D) 7,010.75
Net carrying amount as at March 31, 2023 (C)- (D) 22,233.92
Net carrying amount as at March 31, 2022 (A)- (B) 16,715.25
Set out below are the carrying amounts of lease liabilities and the movements during the year:
As at As at
Particulars
31 March 2023 31 March 2022
Balance as at the beginning of the year 18,282.80 13,657.46

Disposal during the year (151.65) (104.04)
Accretion of interest 1,889.66 1,423.76
Lease liabilities
As at As at
Particulars
31 March 2023 31 March 2022
- Current lease liabilities 1,452.89 1,256.83

- Non Current lease liabilities 23,303.01 17,025.97
225

4 (c) Right of use assets and Lease Liabilities (Contd..)
(ii) Payments recognised as expenses and income

Particulars
March 31, 2023 March 31, 2022
Short term leases (refer note 20) 45.03 62.56

45.03 62.56
(iii) Contractual maturities of lease liabilities on undiscounted basis
As at As at
Particulars
31 March 2023 31 March 2022
Less than one year 3,501.80 2,703.68

One to five years 12,966.36 10,177.11
More than five years 24,023.30 15,583.96
40,491.46 28,464.75
Note: All the leases are entered in the name of the Group
5 Intangible assets under development, Other intangible assets and Goodwill
Intangible assets Other intangible

Particulars Goodwill
under development assets

As at April 01, 2021 123.63 268.23 533.75
Additions 30.35 147.14 -
(Disposals) / Capitalisation (147.14) - -
As at March 31, 2022 6.84 415.37 533.75
Additions 284.40 228.18 -
(Disposals) / Capitalisation (228.18) - -
As at March 31, 2023 63.06 643.55 533.75
B. Accumulated amortization
As at April 01, 2021 - 208.18 -
Amortisation charge for the year - 71.51 -
Disposals - - -
As at March 31, 2022 - 279.69 -
Amortisation charge for the year - 144.23 -
Disposals - - -
As at March 31, 2023 - 423.92 -
As at March 31, 2023 63.06 219.63 533.75
As at March 31, 2022 6.84 135.68 533.75
(i) The Group does not have any Intangible assets under development which is overdue or has exceeded its cost compared to its
original plan and hence Intangible assets under development completion schedule is not applicable.
226

5 Intangible assets under development, Other intangible assets and Goodwill (Contd..)
(ii) Impairment testing for cash generating unit containing goodwill
The Group performed its annual impairment test for years ended March 31, 2022 and March 31, 2023.
The recoverable amount of the CGU, has been determined based on a value in use calculation using cash flow projections from
financial budgets approved by the Management covering a five year period. The pre-tax discount rate applied to cash flow
projections for impairment testing during the years is stated in the below table and cash flows beyond the five year period are
extrapolated using a long term growth rate as stated in the below table that is the same as the long-term average growth rate
for the Diagnostic service industry.
The following table sets out the key assumption for the Cash Generating Unit ("CGU") for performing the annual impairment test:
Particulars 31-Mar-23 31-Mar-22
Discount rate 10% 10%

Terminal growth rate 5% 5%
The discount rate is based on the Weighted Average Cost of Capital (WACC) which represents the weighted average return
attributable to all the assets of the CGU.
There is no impairment noted in the above CGUs based on the assessment performed by the Management. Management has
performed sensitivity analysis around the base assumption and have concluded that no reasonable possible change in key
assumptions would cause the recoverable amount of the CGU lower than the carrying amount of CGU.
No impairment on goodwill was recognized during the current year or earlier years.
(iii) Intangible assets under development ageing schedule
As on March 31, 2023
Amount in Intangible asset under development for period of

1-2 Years 2-3 Years
year Years

Total 63.06 - - - 63.06
As on March 31, 2022
Amount in Intangible asset under development for period of

1-2 Years 2-3 Years
Year Years

Total 6.84 - - - 6.84
(iv) There are no Intangible assets under development which are temporarily suspended as at March 31, 2023 and March 31, 2022
227

6 Financial assets
As at As at
Particulars
March 31, 2023 March 31, 2022
(a) Investments
Non-current
Investment in Equity Instruments - carried at FVOCI
Unquoted
C.R Broadcasting Hyderabad Limited 4.00 4.00
[40,000 (March 31, 2022: 40,000) equity shares of Rs. 10 each fully paid up]
4.00 4.00
Aggregate book value of unquoted investments 4.00 4.00
Aggregate book value of impairment in value of investments - -
Current
Investments at fair value through profit or loss - quoted
Mutual Funds
Aditya Birla Sunlife Floating Rate Fund - 1,12,481.50 (March 31, 2022: 336.98 318.94
1,12,481.50) units
Aditya Birla Sunlife Low Duration Fund - 73,574.67 (March 31, 2022: 449.87 425.53
73,574.67) units
ABSL Money Manager Fund- 3,47,967.47 (March 31, 2022: 2,72,525.25) units 1,100.25 814.61
ABSL Saving Fund-1,60,099.92 (March 31, 2022: 1,60,099.92) units 752.88 712.94
Axis Money Market Fund- G-Direct- 79,560.23 (March 31, 2022: 79,560.23) 968.73 916.36
units
HDFC Balanced Advantage Fund - Reg - Growth - 3,12,765.36 (March 31, 1,011.18 -
2022: NIL) units
HDFC Low Duration Fund - 805,643.61 (March 31, 2022: 805,643.61) units 423.13 401.12
Bandhan Low Duration Fund - NIL (March 31, 2022: 17,30,608.49) units - 551.38
(formerly IDFC mutual fund)
Bandhan Banking & PSU Debt Fund Growth - 48,65,969.99 (March 31, 2022: 1,039.03 -
NIL) units (formerly IDFC mutual fund)
Bandhan Low Duration Fund D- Growth - 42,00,260.34 (March 31, 2022: NIL) 1,406.31 -
units (formerly IDFC mutual fund)
Kotak Low Duration Fund - 12,724.06 (March 31, 2022: 12,724.06) units 389.44 369.20
Kotak Money Market Fund-DP-Growth 15,810.84 (March 31, 2022: NIL) units 605.29
Nippon India Interval Fund - Quarterly Plan- NIL (March 31, 2022: - 403.94
14,22,201.68) units
Nippon India Money Market Fund- G-Direct- 24,136.90 (March 31, 2022: 856.26 509.53
15,207.19) units
SBI Magnum Ultra Short Duration Fund (DG)- 7,941 (March 31, 2022: NIL) units 409.63 -
SBI Savings Fund-DP-Growth-21,49,800.57 (March 31, 2022: NIL) units 807.71 -
TATA Treasury Advantage Fund-D-Growth -33,517.07 (March 31, 2022: NIL) 1,144.93 -
units
Tata Money Market Fund-DP-Growth-29,779.82 (March 31, 2022: NIL) units 1,205.50 -
Investments in Bonds
Axis Finance Limited - 83 Bonds having face value of Rs.10,00,000 each 992.20 -
(March 31, 2022: NIL)
13,899.32 5,423.55
Aggregate book value of quoted investments 13,899.32 5,423.55
No strategic investments were disposed off during the year ended 31 March 2023, and there were no transfers of any cumulative
gain of loss within equity relating to these investments.
228

6 Financial assets (Contd..)
(b) Trade receivables
As at As at
Particulars
March 31, 2023 March 31, 2022
Trade receivables- considered good- Unsecured * 1,064.57 1,069.51

Less: Allowance for expected credit loss (115.70) (92.42)
Trade receivables- considered good- Unsecured 948.87 977.09
Trade receivables- credit impaired- Unsecured 60.40 60.40
Less: Allowance for credit impaired (60.40) (60.40)
Trade receivables- credit impaired- Unsecured - -
Trade receivables ageing schedule

Particulars Not due Less than 6 months 2-3 More than Total
1-2 years
6 months - 1 year years 3 years
considered good
(ii) Undisputed trade receivables – which - - - - - -
(iii) Undisputed trade receivables – credit - - - - - -
impaired
(iv) Disputed trade receivables– considered - - - - - -
good
(v) Disputed trade receivables – which have - - - - - -
significant increase in credit risk
(vi) Disputed trade receivables – credit - - - - 60.40 60.40
impaired
Total (A) 80.85 824.15 61.92 46.13 42.33 69.59 1,124.97
Total (B) 176.10
Total (A-B) 80.85 824.15 61.92 46.13 42.33 69.59 948.87

1-2 years
considered good
(ii) Undisputed trade receivables – which - - - - - -
(iii) Undisputed trade receivables – credit - - - - - -
impaired
(iv) Disputed trade receivables– considered - - - - - -
good
229

6 Financial assets (Contd..)

1-2 years
(v) Disputed trade receivables – which have - - - - - -

significant increase in credit risk
(vi) Disputed trade receivables – credit - - - - 60.40 60.40
impaired
Total (A) 76.16 635.79 302.32 33.74 15.11 66.79 1,129.91
Total (B) 152.82
Total (A-B) 76.16 635.79 302.32 33.74 15.11 66.79 977.09
As at As at
Particulars
March 31, 2023 March 31, 2022
(c) Cash and cash equivalents

Balances with banks
- in current accounts 1,159.67 1,035.80
- in deposit accounts having maturity less than 3 months or less 1,201.50 14.26
2,417.69 1,104.99
(d) Other bank balances
Current
Deposits with maturity less than twelve months*@ 9,224.54 18,130.69
9,224.54 18,130.69
@
Fixed deposit of Rs. 10.10 lakhs (March 31, 2022: Rs. 2,144.13 lakhs) under
lien.
*These deposits are made with banks comprise of time deposits, which
are available at call.
(e) Other financial assets
Non-current
Balances with bank held as margin money 12.37 12.37
Fixed deposit with banks, with remaining maturity of more than 12 39.54 1.91
Months
Security deposits (rental/electricity deposits)* 848.01 740.43
899.92 754.71
Current
Interest accrued on bank deposits and others 318.53 188.94
Security deposits (rental/electricity deposits) * 8.68 28.94
Share issue expenses receivable - 294.32
Other receivables 34.83 2.33
362.04 514.53
230

7 Deferred tax assets/(liabilities), net
As at As at
Particulars
March 31, 2023 March 31, 2022
Deferred tax assets

- Decommissioning liability on property, plant and equipment (refer note 12) 171.23 139.44
- Leases 853.42 598.05
- Employee benefits 96.42 89.34
- Credit impaired debts 43.18 38.14
- Property, plant and equipment 31.07 35.37
- Others 80.79 80.61
Sub total (A) 1,276.11 980.95
Deferred tax liabilities
- Fair value gain / loss from investments 139.57 42.56
- Property, plant and equipment and Intangible assets 311.63 52.58
Sub total (B) 451.20 95.14
Deferred tax asset/(liability), net (A-B) 824.91 885.81
Movement in deferred tax assets/ (liabilities)
Property, plant and equipment Provision for Fair value gain

On account of including decommissioning employee Leases or loss from Others Total
liability benefits investments
As at April 01, 2021 60.66 82.90 392.42 (8.27) 82.00 609.71

(Charged)/ credited:
- to profit and loss 61.57 13.40 205.63 (34.29) 36.75 283.06
- to OCI - (6.96) - - - (6.96)
As at March 31, 2022 122.23 89.34 598.05 (42.56) 118.75 885.81
(Charged)/credited:
- to profit and loss (231.56) 13.86 255.37 (97.01) 5.22 (54.12)
- to OCI - (6.78) - - - (6.78)
As at March 31, 2023 (109.33) 96.42 853.42 (139.57) 123.97 824.91
There are no unrecognized deferred tax assets and liabilities as at March 31, 2023 and March 31, 2022.
8 Inventories
(Valued at lower of cost and net realisable value)
As at As at
Particulars
March 31, 2023 March 31, 2022
Reagents, chemicals, digital imaging films and consumables (net of provision of 204.86 427.67
Rs. 34 lakhs - March 31,2022 : Rs. Nil))
204.86 427.67
231

9 Other assets
As at As at
Particulars
March 31, 2023 March 31, 2022
Non-current
Capital advances 651.45 2,015.50
Less: Provision for doubtful advances (63.63) (43.63)
861.51 2,227.81
Current
Advances other than capital advances
- Advance to suppliers 214.02 145.52
- Advance to employees 13.56 13.30
508.80 410.18
10 Equity
As at As at
Particulars
March 31, 2023 March 31, 2022
Authorised share capital

120,500,000 equity shares of Re. 1 each (March 31, 2022: 120,500,000 equity 1,205.00 1,205.00
shares of Re. 1 each)
Equity share capital
(a) Issued, subscribed and fully paid up capital
102,071,175 equity shares of Re. 1 each (March 31, 2022: 101,965,926 equity 1,020.71 1,019.66
shares of Re. 1 each), fully paid-up
1,020.71 1,019.66
i) Reconciliation of equity shares outstanding at the beginning and at the end of the reporting year
March 31, 2023 March 31, 2022

Particulars Number of Number of
Amount Amount
shares shares
Shares outstanding at the beginning of the year 10,19,65,926 1,019.66 4,53,18,190 453.19
Bonus shares issued (refer note v) - - 5,66,47,736 566.47
Issue under Employee Stock Option Plan (refer note 28) 1,05,249 1.05 - -
Shares outstanding at the end of the year 10,20,71,175 1,020.71 10,19,65,926 1,019.66
ii) Terms and rights attached to equity shares
The Company has only one class of equity shares having a par value of Re. 1 per share (March 31, 2022: Re. 1 per share).
Each holder of equity shares is entitled to one vote per share. The shareholders are entitled to dividends in Indian Rupees,
proposed by the Board of Directors and subject to the approval of the shareholders in the Annual General Meetings. In the
event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the
shareholders.
232

10 Equity (Contd..)
iii) Details of shareholders holding more than 5% equity shares in the Company
March 31, 2023 March 31, 2022

Particulars Number of Number of
% holding % holding
shares shares
Equity Shares:
Dr S.Surendranath Reddy 3,37,22,899 33.04% 3,34,22,899 32.78%
S Suprita Reddy 91,76,933 8.99% 91,76,933 9.00%
K Sunil Chandra 91,06,933 8.92% 91,06,933 8.93%
Axis Mutual Fund Trustee Limited 49,77,072 4.88% 67,60,585 6.63%
Nippon Life India Trustee Limited 58,67,208 5.75% 22,52,077 2.21%
iv) Shares held by promoters at the end of the period/year:
March 31, 2023 March 31, 2022

Promoter's Name No. of % of % of No. of % of % of
Shares holding change Shares holding change
Dr S.Surendranath Reddy 3,37,22,899 33.04% 0.26% 3,34,22,899 32.78% (26.39%)

Total 3,37,22,899 33.04% 0.26% 3,34,22,899 32.78% (26.39%)
(v) During the five years immediately preceeding the year, no shares have been bought back, no shares have been issued
for consideration other than cash except for equity shares issued by way of bonus as provided below:
March 31, March 31, March 31, March 31, March 31,
Particulars
2023 2022 2021 2020 2019
Allotted as fully paid up equity shares by way of bonus - 5,66,47,736 - - -

Shares issued for consideration other than cash - - - - -
The Company issued bonus shares on May 27, 2021 in proportion of five new equity shares of Re. 1 each for every four
existing equity shares of Re. 1 each, resulting in total fully paid-up equity shares of 101,965,926 of Re. 1 each.
(vi) For details of share reserved for issue under Employee Stock Option Plan (ESOP) of the Company, refer note 28.
(b) Other equity
As at As at
Particulars
March 31, 2023 March 31, 2022
General reserve 568.72 493.20

Employee share options outstanding 192.44 196.29
Securities premium 4,706.18 4,590.28
Retained earnings 47,984.89 40,522.50
53,452.23 45,802.27
233

10 Equity (Contd..)
i) General reserve
As at As at
Particulars
March 31, 2023 March 31, 2022

Add: Transfer on account of employee share based options lapsed/ 45.00 -
forfeited
Add: Transfer on account of exercise of employee share based options 30.52 -
The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the
general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive
income, items included in the general reserve will not be reclassified subsequently to profit or loss.
ii) Share based payments reserve
As at As at
Particulars
March 31, 2023 March 31, 2022

Add: Share based payments expense (refer note 17) 71.67 113.56
Less: Transfer to general reserve due to employee share based options (45.00)
lapsed/forfeited
Less: Transfer to general reserve due to exercise of employee share (30.52) -
based options
The Company has established equity settled share based payment plan for employees of the Company ( refer note 28
for details)
iii) Securities premium
As at As at
Particulars
March 31, 2023 March 31, 2022

Less: Issue of bonus shares - (566.47)
Add: Proceeds from exercise of employee share based options (ESOP) 115.90 -
Securities premium is used to record the premium on issue of shares. It is utilised in accordance with the provisions of
the “Act”.
234

10 Equity (Contd..)
iv) Retained earnings
As at As at
Particulars
March 31, 2023 March 31, 2022

Add: Profit for the year 8,463.16 10,968.06
Less: Dividend paid during the year (1,020.64) -
Less: Adjustment on consolidation - (180.40)
Items of other comprehensive income recognised directly in retained
earnings
- Remeasurement of defined benefit obligations (net of tax) 19.87 20.07
Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends
or other distribution to shareholders.
OCI represents re-measurement on defined employee benefit obligations: Difference between the interest income on
plan assets and the return actually achieved, any changes in the liabilities over the year due to changes in actuarial
assumptions or experience adjustments within the plans, are recognised in other comprehensive income and subsequently
not reclassified to statement of profit and loss.
Total Other equity (i+ii+iii+iv) 53,452.23 45,802.27
11 Financial liabilities
As at As at
Particulars
March 31, 2023 March 31, 2022
(a) Borrowings
Current
Secured
Overdraft from bank - 63.46
- 63.46
Note:
Borrowing represents overdraft facility taken by the subsidiary. The said overdraft facility is secured with underlying Fixed
Deposit given by Group and partner in the subsidiary. The loan carries an interest rate 7% - 9% per annum.
(b) Trade payables
Total outstanding dues of micro enterprises and small enterprises (MSME) 51.84 16.76
(refer note 24)
Total outstanding dues of creditors other than micro enterprises and small 2,719.64 2,147.11
enterprises *
2,771.48 2,163.87
*Includes amount payable to related parties (refer note 29)

Year years
i) MSME - 51.84 - - - 51.84

ii) Others 1,565.57 1,119.67 8.30 20.37 5.73 2,719.64
iii) Disputed Dues-MSME - - - - - -
iv) Disputed Dues-Others - - - - - -
Total 1,565.57 1,171.51 8.30 20.37 5.73 2,771.48
235

11 Financial liabilities (Contd..)

Year Years
i) MSME - 16.76 - - - 16.76

ii) Others 934.14 1,129.86 13.12 5.25 64.74 2,147.11
iii) Disputed Dues-MSME - - - - - -
iv) Disputed Dues-Others - - - - - -
Total 934.14 1,146.62 13.12 5.25 64.74 2,163.87
As at As at
Particulars
March 31, 2023 March 31, 2022
(c) Other financial liabilities

Current
Employee payables 630.04 812.11
Dividend payable 0.47 -
Deferred credit - medical equipment - 23.39
Capital creditors 768.36 1,644.80
1,398.87 2,480.30
12 Provisions
As at As at
Particulars
March 31, 2023 March 31, 2022
Non-current
Others:
711.66 741.84
Current
Others:
395.02 208.63
Note:
i. Movement in Provision for Decommissioning liability
As at As at
Decommissioning liability
March 31, 2023 March 31, 2022

Add: Unwinding of interest 51.43 44.39
Add: Provision created during the year 74.62 36.16
236

13 Other liabilities
As at As at
Particulars
March 31, 2023 March 31, 2022
Non-current
46.07 11.65
Current
Statutory liabilities 289.63 316.01
Advance from customers - contract liability 29.42 21.18
357.71 348.99
14 Revenue from operations

Particulars
31 March 2023 31 March 2022
Revenue from contracts with customers- Sale of services 45,900.39 46,211.28

Other operating revenue
- Sale of scrap 18.16 21.99
- Miscellaneous Income 3.72 3.72
45,922.27 46,236.99
Disclosure as per Ind AS 115 - Revenue from contracts with customers
A. Contract balances
As at As at
Particulars
March 31, 2023 March 31, 2022
Contract assets - -
Contract liabilities
- Advances from customers (refer note 13) 29.42 21.18
- Deferred revenue (refer note 13) 84.73 23.45
The revenue recognized during the current year is the balancing number for transactions with customers after adjusting
opening and closing balances of contract assets and liabilities.
B. Movement in contract liabilities during the year
As at As at
Particulars
March 31, 2023 March 31, 2022
Deferred Revenue
Less: Revenue recognised during the period from above (30.89) (12.78)
Add: Addition during the year 92.17 15.24
237

14 Revenue from operations (Contd..)
C. Reconciliation of Revenue from contract with customers
As at As at
Particulars
March 31, 2023 March 31, 2022
Revenue from contract with customer as per the contract price 47,387.57 46,482.01
Adjustments made to contract price on account of :-
Discount / Rebates (1,487.18) (270.73)
Revenue from contract with customer 45,900.39 46,211.28
Other operating revenue 21.88 25.71
Revenue from operations 45,922.27 46,236.99
15 Other income

Particulars
March 31, 2023 March 31, 2022
Interest income under the effective interest method on:

Fixed deposits with banks 766.51 928.65
Financial assets carried at amortised cost 61.49 51.21
Profit on sale of mutual fund investments, (net) 86.49 47.62
Fair value gain on investments measured at FVTPL 385.44 136.25
Net gain on sale/ retirement of property, plant and equipment 8.60 40.42
Liabilities no longer required written back 90.00 21.35
Insurance claim received 0.66 27.18
Other non operating income 15.88 30.38
1,415.07 1,283.06
16 Cost of materials consumed

Particulars
March 31, 2023 March 31, 2022
Inventory of materials as at the beginning of the year (refer note 8) 427.67 264.43
Add: Purchases during the year 5,665.35 7,313.15
Less: Inventory of materials as at the end of the year (refer note 8) (204.86) (427.67)
5,888.16 7,149.91
17 Employee benefits expense

Particulars
March 31, 2023 March 31, 2022
Salaries, wages and bonus 7,032.61 6,317.36

Contribution to provident and other funds (refer note 27) 396.43 344.23
Gratuity (refer note 27) 122.24 112.94
Compensated absences 56.45 59.48
Equity-settled share based payment transactions (refer note 28) 71.67 113.56
Staff welfare expenses 168.34 118.37
7,847.74 7,065.94
238

18 Depreciation and amortisation expense

Particulars
March 31, 2023 March 31, 2022
Depreciation on property, plant and equipment (refer note 4(a) & note 4(a)(i)) 3,783.10 3,284.28
Amortisation on other intangible assets (refer note 5) 144.23 71.51
Depreciation on right of use assets (refer note 4(c)) 2,244.68 1,912.82
6,172.01 5,268.61
19 Finance costs

Particulars
March 31, 2023 March 31, 2022
Interest on borrowings measured at amortised cost 1.39 47.83

Interest expense on deferred credit purchases and decommissioning liability 51.41 49.90
Interest expense on lease liabilities (refer note 4(c)) 1,889.66 1,423.76
Bank charges 152.33 123.54
2,094.79 1,645.03
20 Other expenses

Particulars
March 31, 2023 March 31, 2022
Power and fuel 1,482.64 1,159.67

Rent 45.03 62.56
Testing charges 131.61 148.04
Sample collection charges 303.67 404.87
Repairs and maintenance
a. Buildings 181.40 119.20
b. Plant and equipment 1,412.03 1,052.45
c. Others 164.98 157.78
House keeping expenses 732.65 581.12
Security charges 452.86 414.87
Insurance 88.58 77.99
Rates and taxes 271.98 100.23
Advertisement, publicity and marketing 335.75 169.12
Business promotion expenses 237.78 291.66
Travelling and conveyance 323.02 217.73
Legal and professional fees (professional fees to doctor consultants and others) 6,890.24 5,907.67
Payment to auditors (refer note (i) below) 87.32 73.16
Remuneration to Independent Directors 56.64 53.76
Postage and communication 177.03 169.96
Printing and stationery 77.74 65.84
Advances written-off 13.38 -
Loss on sale of assets - 0.63
Corporate social responsibility expenditure ('CSR') (refer note (ii) below) 225.14 175.50
Donations 10.25 3.32
Miscellaneous expenses 238.64 201.37
13,983.64 11,652.13
239

20 Other expenses (Contd..)
Notes:

Particulars
March 31, 2023 March 31, 2022
i. Payment to auditors (inclusive of taxes)

As auditors
- Statutory audit fees 59.00 59.00
- Limited review 21.24 14.16
Reimbursement of expenses 7.08 -
87.32 73.16
ii. Details of corporate social responsibility expenditure
(i) Gross amount required to be spent by the Group during the period 225.14 175.50
(ii) Amount approved by the Board to be spent during the period 225.14 175.50
(iii) Amount spent during the period (in cash)
- construction/ acquisition of any asset - -
- on purpose other than above 225.14 175.50
(iv) (Shortfall) / Excess at the end of the period - -
(v) Total of previous years shortfall - -
(vi) Details of related party transactions NA NA
(vii) Where a provision is made with respect to a liability incurred by entering NA NA
into a contractual obligation, the movements in the provision during the
period should be shown separately
(viii) Reason for shortfall:
For the year ending March 31, 2023, March 31, 2022: No shortfall
(ix) Nature of CSR activities:
a) Skill development
b) Education
c) Healthcare
21 Income-tax expense

Particulars
March 31, 2023 March 31, 2022
(a) Amount recognised in statement of profit and loss

Current tax 2,776.18 3,954.73
Deferred tax attributable to temporary differences 54.12 (283.06)
Tax expense 2,830.30 3,671.67
(b) Amount recognised in other comprehensive income
Deferred tax related to items recognised in OCI
Deferred tax expense/(income) on remeasurements of defined benefit 6.78 6.96
obligations
Income-tax expense/(income) recognised in OCI 6.78 6.96
(c) Reconciliation of effective tax rate:
Enacted tax rate in India 25.17% 25.17%
Tax expense at enacted rates 2,856.82 3,709.37
Tax effect of:
Effect of expenses not deductible for tax purposes 56.66 44.17
Unrecognised deferred taxes 5.67 4.45
Others (88.85) (86.32)
Income-tax recognised in the statement of profit and loss 2,830.30 3,671.67
240

21 Income-tax expense (Contd..)
(d) The following table provides the details of income tax assets and income tax liabilities:
As at As at
Particulars
March 31, 2023 March 31, 2022
Non-current tax assets, (net) 19.31 22.57

Current tax liabilities, (net) (240.90) (90.30)
(221.59) (67.73)

Particulars
31 March 2023 31 March 2022
Net income-tax liability at the beginning of the year (67.73) (105.41)

Less: Current income tax expense (2,776.18) (3,954.73)
Add: Tax paid during the year 2,622.32 3,992.41
Net income tax liability as at the end of the year (221.59) (67.73)
22 Contingent liabilities and commitments (to the extent not provided for)
Contingent liabilities
As at As at
Particulars
March 31, 2023 March 31, 2022
Claims against the Group not acknowledged as debts - -
The Group based on its legal assessment do not believe that any of the pending claims/litigations if any with statutory authorities/
others require a provision as at the balance sheet date, as the likelihood of the probability of an outflow of resources at this point of
time is low.
Capital and other commitments
As at As at
Particulars
March 31, 2023 March 31, 2022
Estimated amount of contracts remaining to be executed on capital account not 2,506.90 5,067.60
provided for (net of advances)
23 Earnings per share

Particulars
31 March 2023 31 March 2022
Earnings for the year

Net profit for the year attributable to equity shareholders (A) 8,463.16 10,968.06
Shares
Weighted average number of equity shares for Basic EPS (B) 10,20,41,263 10,19,65,926
Add: Effect of dilution:
- On account of outstanding employee based share based options (after bonus 4,40,844 6,00,204
issue)
Weighted average number of equity shares for Diluted EPS (C) 10,24,82,108 10,25,66,130
(a) Basic earnings per share of face value of Re. 1 each (A/B) 8.29 10.76
(b) Diluted earnings per share of face value of Re. 1 each (A/C) 8.26 10.69
241

24 Disclosure required under Clause 22 of Micro, Small and Medium Enterprise Development ('MSMED')
Act, 2006
As at As at
Particulars
March 31, 2023 March 31, 2022
(a) the principal amount and the interest due thereon remaining unpaid to any
supplier at the end of each accounting year;
- Principal amount due to micro and small enterprises 51.84 16.76
- Interest due on the above - -
(b) the amount of interest paid by the buyer in terms of Section 16 of the MSMED - -
Act, 2006 along with the amount of the payment made to the supplier beyond
the appointed day during each accounting year;
(c) the amount of interest due and payable for the period of delay in making payment - -
(which have been paid but beyond the appointed day during the period/year) but
without adding the interest specified under this MSMED Act, 2006;
(d) the amount of interest accrued and remaining unpaid at the end of the each - -
accounting year; and
(e) the amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues as above are actually
paid to the small enterprise, for the purpose of disallowance of a deductible
expenditure under Section 23 of the MSMED Act, 2006.
Note: The above disclosures are provided by the Group based on the information available with the Group in respect of the
registration status of its vendors/suppliers.
25 Segment reporting
A. Basis for segmentation
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and
incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components, and for
which discrete financial information is available. All operating segments results are reviewed regularly by the Group’s Chairman
and CEO to make decisions about resources to be allocated to the segments and assess their performance.
The Chief Operating Decision Maker ("CODM") who are the Group's Chairman and CEO evaluate the Group’s performance and
allocates resources based on an analysis of various performance indicators at operational unit level and since there is single
operating segment, no segment disclosures of the Group is presented. The Group’s operations fall within a single business
segment “Diagnostic services”.
B. Major customers
Revenue from any single customer of the Group's operating segment does not exceed 10% of the total revenue reported and
hence, the Management believes that there are no major customers to be disclosed.
26 Purchase commitments towards reagent kits

The Group has entered into agreements with certain suppliers for purchase of reagents which include the right to use equipment
during the life of the agreement in addition to purchase of minimum committed quantities of reagents every year. These agreements
are in substance, cost of reagents and services arrangements provided by the supplier on an annual basis and the minimum purchase
commitments therein do not result in more than insignificant penalty on termination of the agreement. The cost of reagents which
includes the cost of rental of the equipment is recorded as cost of material consumed.
242

27 Employee benefit plans
The Group has following post employment benefit plans:
(a) Defined contribution plans
Contributions were made to provident fund and Employees’ State Insurance in India for the employees of the Group as per the
regulations. These contributions are made to registered funds administered by the Government of India. The obligation of the
Group is limited to the amount contributed and it has no further contractual nor any other constructive obligation. The expense
recognised during the year in the consolidated statement of profit and loss towards defined contribution plan is Rs. 396.43
lakhs (March 31, 2022: Rs. 344.23 lakhs).
(b) Defined benefit plan
The Group provides for Gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in
continuous service for a period of 5 years are eligible for Gratuity. The amount of Gratuity payable on retirement/ termination
is the employee’s last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of
years of service or part thereof in excess of six months, restricted to a sum of Rs. 20 lakhs.
The Gratuity plan of the Parent Company is administered through a Gratuity Scheme with Life Insurance Corporation of India
(‘LIC’). The Parent Company does not fully fund the liability and maintains a target level of funding to be maintained over a period
of time based on estimations of expected gratuity payments. The Gratuity plans of subsidiaries are unfunded.
This defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market (investment) risk.
i. Reconciliation of the net defined benefit (asset)/ liability
The amounts recognised in the balance sheet and the movements in the defined benefit obligation and fair value of plan
assets over the year are as follows:

Present Fair value Present Fair value
Net Net
amount amount
Opening balance 534.23 279.00 255.23 453.13 204.97 248.16

Current service cost 105.81 - 105.81 97.91 - 97.91
Interest expense/ (income) 32.86 (16.43) 16.43 27.64 (12.61) 15.03
Recognised in statement of profit or loss 138.67 16.43 122.24 125.55 12.61 112.94
Remeasurements
Return on plan assets, excluding amounts - 1.49 1.49 - 16.85 16.85
included in interest expense
Actuarial (gains)/ losses arising from:
- Changes in demographic assumptions - - - - - -
- Changes in financial assumptions (28.42) - (28.42) (11.57) - (11.57)
- Experience variance (i.e. actual (0.01) - (0.01) (32.88) - (32.88)
experience vs assumptions)
Re-measurements recognised in other (28.43) 1.49 (26.94) (44.45) 16.85 (27.60)
comprehensive income
Contribution paid to the plan - 75.59 (75.59) - 74.86 (74.86)
Benefits paid - (2.59) (2.59) - (3.41) (3.41)
Closing balance 644.47 372.12 272.35 534.23 279.00 255.23
243

27 Employee benefit plans (Contd..)
ii. Plan assets
Plan assets comprises of the following:
Funds managed by Life Insurance Corporation of India 100% 100%
iii. Actuarial assumptions

Principal actuarial assumptions for defined benefit obligation are as follows:
March 31, 2023 March 31, 2022
Discount rate 7.30% 6.50%

Salary escalation rate 8.00% 8.00%
Attrition rate 10.00% to 15.00% 10.00% to 15.00%
Discount rate: The discount rate is based on the prevailing market yields of Indian government securities as at the balance
sheet date for the estimated term of the obligations.
Salary escalation rate: The estimates of future salary increases considered takes into account the inflation, seniority,
promotion and other relevant factors.
Attrition rate: Represents the Group's best estimate of employee turnover in future (other than on account of retirement,
death or disablement) determined considering various factors such as nature of business, retention policy, industry factors,
past experience, etc.
iv. Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have affected the defined benefit obligation and current service cost by the amounts shown below:
Change in Impact on defined benefit obligation

assumption Increase in assumption Decrease in assumption
Particulars
March March March March March March
31, 2023 31, 2022 31, 2023 31, 2022 31, 2023 31, 2022
Discount rate 1.00% 1.00% Decrease by 31.51 30.21 Increase by 35.10 33.78
Salary escalation rate 1.00% 1.00% Increase by 34.34 32.98 Decrease by 31.67 30.10
Attrition rate 50.00% 50.00% Decrease by 20.66 26.72 Increase by 31.22 41.55
The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be
correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation
has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as
applied in calculating the projected benefit obligation as recognised in the consolidated balance sheet.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior
period.
244

27 Employee benefit plans (Contd..)
v. Expected contributions to the plan for the next annual reporting period
Expected contribution to post-employment benefit plans for the next year ending March 31, 2024 is Rs. 343.59 lakhs
(March 31, 2023: Rs. 327.47 lakhs)
vi. Maturity profile of the defined benefit liability
The weighted average duration of the defined benefit obligation is 6 years (March 31, 2022: 6 years). The expected maturity
analysis of defined benefit obligation on an undiscounted basis is as follows:
Less than 1 year Between 2-5 years Between 6-10 years More than 10 Years
March 31, 2023 102.45 276.00 252.83 322.40

March 31, 2022 70.74 242.67 226.42 283.82
28 Share based payments

VDCL Employee Stock Option Plan 2018 “The Plan" or "ESOP 2018”
The shareholders of the Company approved "VDCPL Employee Stock Option Plan 2018 (ESOP 2018)" at the Extraordinary General
Meeting held on May 03, 2018 and subsecquently it was amended at the extraordinary genaral meeting held on March 25,2021
and August 26, 2021 to grant a maximum of 1,625,000 options to specified categories of employees of the Company. Each option
granted and vested under ESOP 2018 shall entitle the holder to acquire one equity share of face value of Rs. 1 each of the Company.
The Plan consists of six schemes with various vesting periods from the grant date subject to satisfaction of vesting conditions. The
method of settlement under the Plan is by issue of equity shares of the Company and there are no cash settlement alternatives for
the employees.
Vested options can be exercised over a period of ten years from the grant date. The Exercise Price is the fair value of the equity share
as on the date of the grant or as decided by the Nomination and remuneration committee. The time and performance based options
under Scheme 1, 2, 3, 4, 5 and 6 become vested as below:
The time and performance based options under Scheme 1 become eligible on an annual basis at 30%, 30%, 20% and 20% over a
period of four years and vesting starts from second year. The time and performance based options under Scheme 2 become eligible
on an annual bais at 25%, 25%, 25% and 25% over a period of four years and vesting starts from third year. The time based options
under Scheme 3 become eligible on an annual basis at 25%, 25%, 25% and 25% over a period of four years and vesting starts from
third year. The time based options under Scheme 4 become eligible on annual basis at 100% and vest on second year from the grant
date. The time based options under Scheme 5 become eligible and vest on an annual basis at 25%, 25%, and 50% over a period of
three years. The time based options under Scheme 6 become eligible on an annual basis at 0%, 25%, 50% and 25% over a period
of four years and The performace based options under Scheme 6 become eligible on an annual basis at 25%, 25%, 25% and 25%
over a period of four years.
The fair value of equity share options is estimated at the date of grant using Black- Scholes model, taking into account the terms
and conditions upon which the share options were granted. Based on the historical trends, 50% of stock options are expected to be
vested and exercised, accordingly the total compensation cost recognised in the statement of profit and loss is H 71.67 lakhs (March
31, 2022: Rs. 113.56 lakhs).
245

28 Share based payments (Contd..)
(A) Details of options granted under ESOP 2018 by the Board/Nomination and Remuneration committee are as below:
Number of options Number of options Exercise Price Fair value at grant

Grant Grant date
granted outstanding (in J) date (in J)
1st Grant May 10, 2018 4,63,750 - 220.00 222.10

2nd Grant October 31, 2018 9,000 - 233.90 233.90
3rd Grant April 01, 2019 75,780 - 236.90 236.90
4th Grant* March 25, 2021 8,66,853 6,07,513 111.11 111.11
*The aforementioned shares are post subdivision of equity shares and before bonus issue (refer note 10(a)(v)).
(B) The movement of stock options during the period (in No’s) :
Particulars No of stock options
As at April 01, 2021 5,44,508

Forfeited/lapsed during the year before bonus issue (refer note 10(a)(v)) (1,59,230)
Adjustment towards bonus issue 4,81,575
Forfeited/lapsed during the year after bonus issue (1,06,897)
Exercised during the year -
As at March 31, 2022 7,59,956
Forfeited/lapsed during the year (47,194)
Exercised during the year (1,05,249)
As at March 31, 2023 6,07,513
(C) Disclosures as per IND AS 102 for outstanding options* :
As at As at
Particulars
March 31, 2023 March 31, 2022
Weighted average exercise price for outstanding options at year end (in Rs.) 111.11 111.11
Weighted average remaining contractual life for outstanding options at year end 7.99 years 8.99 years
Range of exercise prices for outstanding options at year end (in Rs.) 111.11 111.11
*The aforementioned shares are post subdivision of equity shares and the effect of bonus issue (refer note 10(a)(v)).
(D) The key assumption used to estimate the fair value of stock option as on grant date:
Expected life of
Risk-free Expected
Grant date Dividend yield options granted in
interest rate volatility
years
May 10, 2018 0% 7.95% 5.5 Years to 7 Years 21.32%

October 31, 2018 0% 7.84% 5.5 Years to 7 Years 24.95%
April 01, 2019 0% 7.15% 5.5 Years to 7 Years 29.52%
March 25, 2021 0% 6.12% 5.5 Years to 7 Years 43.78%
246

29 Related parties
(a) Details of related parties
Description of relationship Name of the related parties
Person exercising control Dr. S Surendranath Reddy (Executive Chairman) (also a KMP)
Key Management Personnel (KMP) Dr. S Surendranath Reddy (Executive Chairman)
S Suprita Reddy (Chief Executive Officer)
K Sunil Chandra (Executive Director)
S Geetha Reddy (Director)
Nishanth Sharma (Nominee Director upto 07 March 2022)
Narasimha Raju.K.A (Chief Financial Officer w.e.f. 01 May 2021)
Sandhya Rani. S (Chief Financial Officer upto 18 April 2021)
Hansraj Singh Rajput (Company Secretary w.e.f. 13 Feb 2023)
Anusha Kanumuru (Company Secretary w.e.f. 08 Nov 2021 upto 03
Dec 2022)
V Sri Lakshmi (Company Secretary upto 08 Nov 2021)
Independent Directors Dr.D.Nageshwar Reddy (w.e.f 26 May 2021)
Mr. S P Singh (w.e.f 26 May 2021)
Mr. Satyanarayana Murthy Chavali (w.e.f 26 May 2021)
Dr. Manjula Anagani (w.e.f 22 Aug 2021)
Mr. P S Narasimha (upto 21 Aug 2021)
Enterprise where KMP has Significance Influence Vijaya Hospitals Private Limited
Summit Nutracueticals Private Limited
Kshetra Agritech Private Limited
Trikona Pharmaceuticals Private Limited
Trikona Holdings LLP
Vijaya Holdings India LLP
S Square Properties LLP
Park Health Systems Private Limited
Asian Institute of Gastroenterology Private Limited
IFFCO Kisan SEZ Limited
Relative of KMP B Vishnu Priya (Wife of K Sunil Chandra)
Controlled Trust Vijaya Diagnostic Charitable Trust
(b) Details of transactions during the year#

Particulars
March 31, 2023 March 31, 2022
Rent paid
Rental deposits given, net
Dr. S Surendranath Reddy (0.80) -
S Suprita Reddy - 12.56
K Sunil Chandra (1.19) -
247

29 Related parties (Contd..)

Particulars
March 31, 2023 March 31, 2022
Purchase of Property, plant and equipment

Asian Institute of Gastroenterology Private Limited 18.29 -
Sale of Property, plant and equipment
Park Health Systems Private Limited 11.37 -
Sale of services
Interest expense
Dr. S Surendranath Reddy - 3.50
K Sunil Chandra - 0.52
Loans Repaid
Dr. S Surendranath Reddy - 285.00
K Sunil Chandra - 42.50
Remuneration to KMP *
Sri Lakshmi.V - 6.54
Anusha Kanumuru 13.81 5.74
S.Sandhya Rani - 52.02
Narasimha Raju.K.A ** 79.60 56.06
Independent directors sitting fee/commision
Dr. D.Nageshwar Reddy 12.00 12.00
Mr. S P Singh 12.00 12.00
Mr. Satyanarayana Murthy Chavali 12.00 12.00
Dr. Manjula Anagani 12.00 9.00
(c) Amounts due (to)/ from related parties
As at As at
Particulars
March 31, 2023 March 31, 2022
Rent payable
Vijaya Hospitals Private Limited - 9.22
B Vishnu Priya - 0.14
S Geetha Reddy 0.33 -
Rental deposits
Vijaya Hospitals Pvt. Ltd. 34.95 34.95
Trade receivables
248

29 Related parties (Contd..)
As at As at
Particulars
March 31, 2023 March 31, 2022
Remuneration payable to Independent Directors

Dr. D.Nageshwar Reddy 2.70 -
Mr. S P Singh 2.70 -
Mr. Satyanarayana Murthy Chavali 2.70 -
Dr. Manjula Anagani 2.70 -
Salaries payable to KMP
Anusha Kanumuru - 1.10
Narasimha Raju K.A 4.11 3.48
Hansraj Singh Rajput 1.64
Note:
(i) All transactions with these related parties are at arm's length basis and resulting outstanding receivables and payables
including financial assets and financial liabilities balances are settled in cash. None of the balances are secured. (All the
amounts of transactions and balances disclosed in this note are gross and undiscounted.)
(ii) *The remuneration to key Managerial personnel does not include provision for gratuity and leave encashment, as they are
determined for the Company as a whole.
** In addition to the remuneration, certain employee stock options were exercised, whose perquisite value is Rs 33.76 lakhs
(previous year: Rs. Nil).
(iii) #
Amounts paid as dividends to promoters and their relatives in the capacity of shareholders are not considered as related
party transactions.
30 Capital management
The Group’s policy is to maintain a stable and strong capital structure with a focus on equity so as to provide returns to shareholders,
benefits to other stakeholders, creditors and to sustain future development and growth of the business. In order to maintain the
capital structure, the Group monitors the return on capital as well as debt to total equity ratio. The Group aims to manage its capital
efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to all its shareholders. For the purpose
of debt to total equity, debt includes its long-term and short-term borrowings. Total equity comprises of issued share capital and all
other equity reserves.
Total debt - 63.46

Total equity 54,663.08 46,954.24
Debt equity ratio - 0.00
The Group's bank balances as at March 31, 2023 is Rs. 11,681.77 lakhs (March 31, 2022: Rs. 19,237.59 lakhs) which are significantly
higher than the debt outstanding of Rs. Nil (March 31, 2022: Rs. 63.46 lakhs). Nominal debt is being maintained to establish credit
history for any future requirements.
249

31 Financial instruments
A. Accounting classifications and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels
in the fair value hierarchy.
March 31, 2023 March 31, 2022 Fair

Particulars Note Amortised Amortised value
Fair value Fair value
Cost Cost level
Financial assets
Investments
- in mutual funds - FVTPL 6 (a) - 12,907.13 - 5,423.55 Level 1
- in equity instruments - FVOCI 6 (a) - 4.00 - 4.00 Level 3
- in bonds - FVTPL 6 (a) - 992.20 Level 1
Trade receivables 6 (b) 948.87 - 977.09 -
Cash and cash equivalents 6 (c) 2,417.69 - 1,104.99 -
Other bank balances 6 (d) 9,224.54 - 18,130.69 -
Other financial assets 6 (e) 1,261.96 - 1,269.24 -
Total financial assets 13,853.06 13,903.33 21,482.01 5,427.55
Borrowings 11 (a) - - 63.46 -
Lease liabilities 4 (c) 24,755.90 - 18,282.80 -
Trade payables 11 (b) 2,771.48 - 2,163.87 -
Other financial liabilities 11 (c) 1,398.87 - 2,480.30 -
Total financial liabilities 28,926.25 - 22,990.43 -
The fair value of trade receivables, loans, other financial assets, cash and cash equivalents, other bank balances, borrowings,
trade payables and other financial liabilities approximate their carrying amount largely due to short-term nature of these
instruments. Investments in mutual funds, which are classified as FVTPL are measured using net assets value at the reporting
date multiplied by the quantity held.
B. Measurement of fair values
i. Valuation techniques and significant unobservable inputs
Investment in equity instruments: The fair value of investment in equity instruments approximate to its carrying value.
Hence, no fair value gain/ (loss) in accounted in OCI.
Name of financial asset Valuation technique Significant unobservable inputs
Investment in unquoted Discounted cash flow method was used to capture Long term, growth rate, Discount rate
equity shares the present value of the expected future economic Revenue multiple
benefits that will flow to the Group arising from the
investments in financial assets
250

31 Financial instruments (Contd..)
ii. Transfer between Level 1 and 2
There have been no transfers from Level 2 to Level 1 or vice-versa in the current financial year and no transfers in either
direction in the last financial year.
iii. Level 3 fair values
FVOCI equity securities

Particulars
March 31, 2023 March 31, 2022

Investment made - -
Net change in fair value (Unrealised) - -
C. Financial Risk Management
The Group activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk which the entity
is exposed to and how the entity manages the risk.
Risk Exposure arising from Measurement Management
Credit Risk Trade receivables, security Ageing analysis. Credit score Monitoring the credit limits of customers
deposits, bank deposits of customers/ entities. and obtaining security deposits.
and loans.
Liquidity Risk Borrowings Cash flow forecasts managed Working capital management by Senior
by finance team under Management. The excess liquidity is
the overview of Senior channelised through bank deposits and
Management. investment in mutual funds.
The Group's risk management is carried out by the Senior Management under policies approved by the Board of Directors. The
Board of Directors provides guiding principles for overall risk management, as well as policies covering specific areas such as
credit risk and liquidity risk.
i. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Group's receivables from customers and loans.
The Group has no significant concentration of credit risk with any counterparty.
Trade receivables and loans
Customer credit risk is managed by the respective department subject to Group's established policy, procedures and control
relating to customer credit risk management. Credit quality of a customer is assessed based on individual credit limits as
defined by the Group. Outstanding customer receivables are regularly monitored.
251

Expected credit loss (ECL) assessment for individual customers:
As per simplified approach, the Group makes provision of expected credit losses on trade receivable using a provision
matrix to mitigate the risk of default payment and make appropriate provision at each reporting date.
As at March 31, 2023 As at March 31, 2022

Trade receivables Gross ECL Net Gross ECL Net
ECL Rate ECL Rate
amount amount amount amount amount amount
Not due 0.00% 80.85 - 80.85 0.00% 76.16 - 76.16

below 90 days past due 3.44% 590.31 20.29 570.02 3.44% 465.80 16.04 449.76
91 to 180 days past due 7.12% 238.62 17.00 221.62 6.69% 173.43 11.60 161.83
181 to 270 days past due 10.77% 44.10 4.75 39.35 7.74% 222.04 17.19 204.85
271 to 360 days past due 20.66% 17.82 3.68 14.14 18.63% 76.54 14.26 62.28
361 to 450 days past due 25.86% 20.42 5.28 15.14 29.66% 23.35 6.93 16.42
451 to 540 days past due 63.08% 11.01 6.95 4.06 58.57% 9.82 5.75 4.07
541 to 630 days past due 75.68% 11.56 8.75 2.81 72.58% 4.67 3.39 1.28
631 to 720 days past due 89.66% 8.58 7.70 0.88 87.31% 3.45 3.01 0.44
above 720 days past due 100.00% 101.70 101.70 - 100.00% 74.65 74.65 -
Total 1,124.97 176.10 948.87 1,129.91 152.82 977.09
The ageing analysis of the receivables has been considered from the date the invoice falls due.
Particulars Less than 180 days More than 180 days Provision Total
March 31, 2023 905.00 219.97 (176.10) 948.87

March 31, 2022 711.95 417.96 (152.82) 977.09
Management believes that the unimpaired amounts that are past due by more than 180 days are still collectible in full,
based on historical payment behaviour and extensive analysis of customer credit risk.
The movement in the allowance for impairment in respect of trade

March 31, 2023 March 31, 2022
receivables is as follows:

Add: Allowance measured at lifetime expected credit loss 23.28 -
Less: Amounts written off - (0.42)
Credit risk on cash and cash equivalents, deposits with banks is generally low as the said deposits have been made with
the banks who have been assigned high credit rating by credit rating agencies. Investments of surplus funds are made only
with approved financial institutions. Investments primarily include investments in mutual funds.
The security deposit pertains to rent deposit given to lessors. The Company does not expect any losses from non-
performance by these counter-parties
ii. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to
ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.
The finance team monitors rolling forecasts of the Group’s liquidity position and cash and cash equivalents on the basis of
expected cash outflows on trade payables and other financial liabilities and any excess/ short liquidity is managed in the
form of current borrowings, bank deposits and investment in mutual funds as per the approved frame work.
252

Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross
and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.

Carrying
year 5 years
Borrowings (including current - - - - - -

maturities of long-term borrowings)
Trade payables 2,771.48 2,771.48 2,771.48
Deferred payment liabilities - on - - - - - -
purchase of medical equipments
Capital creditors 768.36 768.36 768.36 - - -
28,925.78 44,661.35 7,671.68 3,641.09 9,325.27 24,023.30

Carrying
year 5 years
Borrowings (including current 63.46 63.46 63.46 - - -

maturities of long-term borrowings)
Trade payables 2,163.87 2,163.87 2,163.87
Deferred payment liabilities - on 23.39 23.39 23.39 - - -
purchase of medical equipments
Capital creditors 1,644.80 1,774.63 1,774.63 - - -
22,990.43 33,298.49 7,537.42 2,703.57 7,473.54 15,583.96
Except for these financial liabilities, it is not expected that cash flows included in the maturity analysis could occur
significantly earlier, or at significantly different amounts.
iii. Market risk
Market risk is the risk that results from changes in market prices - such as foreign exchange rates, interest rates and others
- will affect the Group's income. The objective of market risk management is to manage and control market risk exposures
within acceptable parameters, while optimizing the return.
253

Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in Market interests rate. The Group's main interest rate risk arises from short-term borrowings with variable rates, which
exposes the Group to cash flow interest rate risk. The Group has no debt exposure during the current year.The exposure of
the Group's borrowing to interest rate changes at the end of the reporting period are as follows
As at As at
Particulars
March 31, 2023 March 31, 2022
Overdraft from bank - 63.46
Sensitivity
Impact on profit and loss

1% increase in interest rate - (0.63)

1% decrease in interest rate - 0.63
The interest rate sensitivity is based on the closing balance of loans from banks.
32 Additional information as required under para 2 of General Instruction for the preparation of
Consolidated Financial Statements of Schedule III to the Act.
March 31, 2023
Net assets, i.e., total Share in other Share in total
assets minus total Share in profit/ (loss) comprehensive income comprehensive income
S
Name of Company liabilities / (loss) / (loss)
No
As % of As % of As % of As % of
Amount consolidated Amount consolidated Amount consolidated Amount consolidated
net assets profit/ (loss) net assets profit/ (loss)
Parent
Vijaya Diagnostic Centre Limited 54,508.80 99.72% 8,323.39 97.68% 19.39 96.18% 8,342.78 97.68%
Subsidiaries (including step down subsidiaries)
1 Medinova Diagnostic Services Limited (283.09) -0.52% 63.00 0.74% 0.77 3.84% 63.77 0.75%
2 VDC Diagnostic (Karnataka) LLP 435.63 0.80% 22.53 0.26% - 0.00% 22.53 0.26%
3 Doctors Lab Diagnostic Centre Private Limited 125.37 0.23% 8.48 0.10% - 0.00% 8.48 0.10%
4 Medinova Millennium MRI Services LLP 66.33 0.12% 103.53 1.22% - 0.00% 103.53 1.21%
5 Namrata Diagnostic Centre Private Limited (125.16) -0.23% (0.22) 0.00% - 0.00% (0.22) 0.00%
Non-controlling interest in all subsidiaries 190.14 0.35% 57.54 0.68% 0.29 1.44% 57.83 0.68%
Total 54,918.02 100.47% 8,578.25 100.68% 20.45 101.46% 8,598.70 100.68%
Consolidation adjustments (254.94) -0.47% (57.55) -0.68% (0.29) -1.46% (57.84) -0.68%
Net amount 54,663.08 100.00% 8,520.70 100.00% 20.16 100.00% 8,540.86 100.00%
254

32 Additional information as required under para 2 of General Instruction for the preparation of
Consolidated Financial Statements of Schedule III to the Act. (Contd..)
March 31, 2022

Net assets, i.e., total Share in other Share in total
assets minus total Share in profit/ (loss) comprehensive income comprehensive income
S
Name of Company liabilities / (loss) / (loss)
No
As % of As % of As % of As % of
Amount consolidated Amount consolidated Amount consolidated Amount consolidated
net assets profit/ (loss) net assets profit/ (loss)
Parent
Vijaya Diagnostic Centre Limited 46,998.04 100.09% 10,810.47 97.68% 19.10 92.45% 10,829.57 97.67%
Subsidiaries (including step down subsidiaries)
1 Medinova Diagnostic Services Limited (346.84) -0.74% 206.89 1.87% 2.09 10.14% 208.99 1.88%
2 VDC Diagnostic (Karnataka) LLP 413.09 0.88% 17.67 0.16% - 0.00% 17.67 0.16%
3 Doctors Lab Diagnostic Centre Private Limited 116.89 0.25% 1.75 0.02% - 0.00% 1.75 0.02%
4 Medinova Millennium MRI Services LLP (37.19) -0.08% 30.64 0.28% - 0.00% 30.64 0.28%
5 Namrata Diagnostic Centre Private Limited (124.94) -0.27% (1.25) -0.01% - 0.00% (1.25) -0.01%
Non-controlling interest in all subsidiaries 132.31 0.28% 98.70 0.89% 0.59 2.86% 99.29 0.90%
Total 47,151.36 100.42% 11,164.87 100.89% 21.78 105.44% 11,186.66 100.89%
Consolidation adjustments (197.12) -0.42% (98.12) -0.89% (1.12) -5.44% (99.24) -0.90%
Net amount 46,954.24 100.00% 11,066.76 100.00% 20.66 100.00% 11,087.42 100.00%
Note:
The disclosure as above represents separate information for each of the consolidated entities before elimination of inter-
company transactions. The net impacts on elimination of inter company transactions/ profits/ Consolidation adjustments have
been disclosed separately. Based on the group structure, the Management is of the view that the above disclosure is appropriate
under requirements of the Act.
33 Other statutory information

i. The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group for
holding any Benami property.
ii. The Group does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section
560 of Companies Act, 1956 during the financial year.
iii. The Group has not traded or invested in Crypto Currency or Virtual Currency during the financial year.
iv. The Group does not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond
the statutory period.
v. The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
Company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
vi. The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Group shall:
Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
255

33 Other statutory information (Contd..)
vii. The Group has not entered into any transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961).
viii. The Group has not been declared as wilful defaulter by any bank or financial institution or other lender.
34 The Parent has received a letter dated July 5, 2021, March 14, 2022 and September 16, 2022 under section 37 of the Foreign
Exchange Management Act, 1999 read with section 133(6) of the Income Tax Act, 1961 from the Directorate of Enforcement,
Government of India (“ED”) requesting certain information for the purpose of their investigation. The Parent has responded to the ED
letter by letter dated August 5, 2021, March 31, 2022 and September 29, 2022 by providing the information requested for. The letter
has only sought certain information, which has been complied with, and it is not a show cause notice or demand letter at this stage,
and there is no impact to the financial statements.
35 Comparative figures
The Comparative figures for the previous year have been re-arranged to conform with the current year presentation of the accounts.
36 Subsequent events
Subsequent to March 31, 2023, the Board of Directors of the Company at its meeting held on 29 May 2023 has recommended a final
dividend of Re. 1/- per equity share which is subject to approval at the ensuing Annual General Meeting of the Company and hence
was not recognised as a liability.


256
Corporate
Information
CIN: L85195TG2002PLC039075
DETAILS OF BOARD OF SECRETARIAL AUDITORS

DIRECTORS
Balaramakrishna & Associates
Dr. Sura Surendranath Reddy Practising Company Secretaries
Executive Chairman
Mr. Sunil Chandra Kondapally INTERNAL AUDITORS

Executive Director
Laxminiwas & Co.
Mrs. Sura Geeta Reddy Chartered Accountants
Non-Executive Non-Independent
Director REGISTERED OFFICE ADDRESS
Mr. Chavali Satyanarayana Murthy No. 6-3-883/F, FPA Building, Near Topaz
Non-Executive Independent Director building,
Punjagutta, Hyderabad-500082,
Mr. Shekhar Prasad Singh
Telangana
Non-Executive Independent Director
Tel. Ph. No. 040-2342 0411/12
Dr. Duvvur Nageshwar Reddy Email – [email protected]
Non-Executive Independent Director Website – www.vijayadiagnostic.com
Dr. Manjula Anagani

Non-Executive Independent Director REGISTRAR AND SHARE
TRANSFER AGENT
KEY MANAGERIAL PERSONNEL KFin Technologies Limited
Selenium Tower B, Plot Nos. 31 & 32,
Ms. Sura Suprita Reddy
Financial District Nanakramguda,
Chief Executive Officer
Serilingampally,
Mr. Narasimha Raju KA Hyderabad – 500032, Telangana, India.
Chief Financial Officer Toll: 1800-3454-001
Email- [email protected]
Mr. Hansraj Singh Rajput Website: www.kfintech.com
Company Secretary & Compliance
Officer
STATUTORY AUDITORS
M/s. B S R & Associates LLP,
38

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Date: 29th August 2023

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SINGH Date: 2023.08.29

08 Progressing across decades

Guided by a well-thought-out expansion

16 Amplifying value with an

Delivering quality care, with

Our Mission is to make the patient’s medical journey

Our Vision is to provide reliable and

Delivering quality care, with

to quality standards. Million Customers

Strengths and strategies

Leader in High-Growth Integrated One-Stop Robust Technical Capabilities

Diagnostic Precision: We are one of the

Progressing At the forefront of

1981-1985 1986-1990 1991-1995

HPV DNA HC2 test in South India.  awkeye Gamma Camera

 iquid Based Cytology

that as always, high quality and accurate services in a

strength of of 19.2% year-on-year. This reaffirms

strength of progression towards digitization

the achievement of of this major milestone, we have

strategic goals and efficiency that much more throughout

Amplifying value with an

Introducing new technologies

121 Reference Lab

H 547 Crores Enhanced H 4,592 Million H 846 Million

B2C Brand Loyalty H 59 Million

Our stakeholder engagement framework is driven by transparency,

Financial AGMs, investor Improved Financial, Social &

Compliance with Audits, inspections, Compliance Financial,

Community CSR activities, Positive community Social & Relationship,

Government and regulators Shareholders & Investors

expertise and wisdom have shaped our progress as South India’s

National Recognition Regional Excellence

As one of the ‘Most Preferred Workplace 2022’

Leading Diagnostic Chain of the Year (2022): A prestigious acknowledgment

our shareholders and investors.

15% - 4-Year CAGR 17% - 4-Year CAGR

EPS – Basic ROCE* ROE#

10+ million 3+ million Tirupati, Andhra Pradesh

Centres CT Machines PET CT / Gamma MRI Machines

Rajahmundry, Andhra Pradesh Punjagutta, Hyderabad

Equipment and technology Comprehensive Diagnostic Services Corporate wellness

8 12 our operations, both in advanced

Privacy and security

Protecting customer information is

Complete Range of Diagnostic

2400+ 200+ Safety and quality assurance form the

Our efforts towards social empowerment are driven by a dedication to improving

with stakeholders across various sectors,

Compliance with Government and

Regular dialogue and responsible

DETAILS OF BOARD OF SECRETARIAL AUDITORS

Mr. Sunil Chandra Kondapally INTERNAL AUDITORS

Dr. Manjula Anagani

ORDINARY BUSINESS: “RESOLVED THAT pursuant to the provisions of Section

iv. Notice period and other terms regarding

“RESOLVED FURTHER THAT the Board of Directors of

HPV DNA HC2 test in South India. awkeye Gamma Camera

iquid Based Cytology