Veeda Clinical Research Share Price - Company Overview
Veeda Clinical Research Ltd is one of the largest independent full-service clinical research Organization (CRO) in India. Veeda Clinical Research Limited is a Public incorporated on 23 April 2004. It is classified as Non-government company and is registered at Registrar of Companies, ROC Ahmedabad. Its authorized share capital is Rs. 364,406,800 and its paid up capital is Rs. 125,999,692. It is involved in Research and experimental development on natural sciences and engineering (NSE).
Veeda Clinical Share Price, Share Details as of March 31, 2025
Veeda Clinical Outstanding Shares: |
6,57,77,495 |
Face Value of Veeda Clinical Share |
Rs. 2 Per Equity Share |
ISIN of Veeda Clinical Share |
INE01HQ01026 |
Lot Size of Veeda Clinical Share |
100 |
Veeda Clinical Share Price |
Best In Industry |
PAN Number of Veeda Clinical |
AACCC3633Q |
GST Number of Veeda Clinical |
24AACCC3633Q1ZI |
Veeda Clinical Incorporation Details
Veeda Clinical CIN Number |
U73100GJ2004PLC044023 |
Veeda Clinical Registration Date |
23-April-2004 |
Category / Sub-Category of Veeda Clinical |
Company limited by shares/Non-Govt. Company |
Veeda Clinical Registered Office Address |
SHIVALIK PLAZA-A-, 2nd FLOOR OPP AHMEDABAD MANAGEMENT ASSOCIATION AMB AWADI, AHMEDABAD, Gujarat, India - 380015 |
Veeda Clinical Registrar & Transfer Agent Address |
Link Intime India Pvt. Ltd. C‐101, 247 Park, LBS Marg, Vikroli (West)‐Mumbai 400083 |
Veeda Clinical Board of Directors
Directors |
Post |
Mr. Nitin Deshmukh | Independent Director |
Ms. Jeanne Hecht | Independent Director |
Mr. Rakesh Bhartia | Independent Director |
Dr. Mahesh Bhalgat | Managing Director |
Mr. Binoy Gardi | Whole-time Director |
Mr. Apurva Shah | Non-Executive Director |
Dr. Kiran Marthak | Non-Executive Director |
Dr. S.N. Viaya Babu | Non-Executive Director |
Mr. Vivek Chhachhi | Non-Executive Nominee Director |
Mr. Chirag Mahesh Sachdev | Non-Executive Nominee Director |
Ms Tanushree Agarwal | Non-Executive Nominee Director |
Veeda Clinical Ltd Principal Business Activities
Name and Description of main products/services |
NIC Code of the product/service* |
% to the total turnover of the Company |
Research and experimental development on natural sciences and engineering (NSE). |
73100 |
100% |
Veeda Clinical Particulars of Holding, Subsidiaries & Associate Companies
Veeda Clinical Research Limited Shareholding Pattern (as on 31-03-2025)
Name of the Company |
Holding/Subsidiary/Associate |
% of shares held |
Bioneeds India Private Limited | Subsidiary | 87% |
Amthera Life Sciences Private Ltd | Step-down Subsidiary | 87% |
Category |
No. of Shares |
% of Shares held |
Promoters | 2,22,51,712 | 33.83% |
Public Shareholding | 43,535,783 | 66.17% |
Total | 6,57,77,495 | 100% |
Veeda Clinical Research Limited Consolidated Balance Sheet (Rs. In Millions)
| Particular | 31-03-2025 | 31-03-2024 |
| Non- Current assets | ||
| Property, Plant and Equipment | 1,894.66 | 1,904.09 |
| Capital work-in-progress | 256.55 | 329.90 |
| Goodwill | 6,551.99 | 6,427.13 |
| Right of use assets | 774.10 | 698.02 |
| Other intangible assets | 3,926.40 | 4,840.28 |
| Intangible assets under development | 2.12 | 2.12 |
| Investments | 89.14 | - |
| Other financial assets | 139.07 | 218.02 |
| Deferred tax assets (net) | 97.79 | 122.58 |
| Income tax assets (net) | 214.92 | 218.02 |
| Other non-current assets | 75.83 | 69.43 |
| Current assets | ||
| Inventories | 81.79 | 77.90 |
| Investments | 318.57 | 792.27 |
| Trade receivables | 771.28 | 1,209.00 |
| Cash and cash equivalents | 702.51 | 938.56 |
| Bank balances other than above | 38.63 | 389.71 |
| Other financial assets | 2,309.52 | 1,573.47 |
| Income tax assets (net) | 12.64 | 89.10 |
| Other current assets | 284.85 | 502.47 |
| Total Assets | 18,632.36 | 20,402.07 |
| Equity | ||
| Equity Share Capital | 131.55 | 125.99 |
| Other Equity | 8,426.01 | 10,473.69 |
| Non-controlling interest | 60.39 | 50.31 |
| Non-current liabilities | ||
| Borrowings | 3,459.86 | 2,399.79 |
| Lease liabilities | 824.48 | 744.57 |
| Other financial liabilities | 788.89 | 705.54 |
| Provisions | 117.12 | 105.98 |
| Deferred tax liabilities (net) | 490.24 | 675.16 |
| Current liabilities | ||
| Borrowings | 599.84 | 217.07 |
| Lease liabilities | 70.86 | 83.24 |
| Total outstanding dues of micro and small enterprises | 28.63 | 25.47 |
| Total outstanding dues of creditors other than micro and small enterprises | 447.37 | 629.35 |
| Other financial liabilities | 1,999.53 | 2,477.62 |
| Other current liabilities | 1,128.67 | 1,635.33 |
| Provisions | 31.00 | 29.97 |
| Income tax liabilities (net) | 27.92 | 23.00 |
| Total equity and liabilities | 18,632.36 | 20,402.07 |
Veeda Clinical Research Limited Consolidated Profit & Loss (Rs. In Millions)
| Particulars | 31-03-2025 | 31-03-2024 |
| Revenue from operations | 6,097.26 | 3,887.77 |
| Other Income | 114.13 | 192.13 |
| Total income | 6,211.39 | 4,079.90 |
| Expenses | ||
| Cost of consumed and supplied consumed | 405.36 | 381.99 |
| Employee benefit expense | 2,209.91 | 1,264.40 |
| Finance cost | 542.66 | 145.95 |
| Depreciation and amortization expense | 1,477.09 | 533.57 |
| Clinical and analytical research expenses | 967.98 | 739.32 |
| Other expenses | 1,263.88 | 982.02 |
| Total expenses | 6,866.88 | 4,047.31 |
| (Loss)/Profit Before Tax | (655.49) | 32.59 |
| Current tax | 187.30 | 97.98 |
| Deferred tax | (176.68) | (53.62) |
| Adjustment of tax relating to earlier years | 2.00 | (8.19) |
| Total tax expenses | 12.62 | 36.17 |
| (Loss) for the year | (668.11) | (3.58) |
| Other Comprehensive Income | ||
| Items that will not be reclassified subsequently to profit or loss: | ||
| Re-measurements gain/(losses) on defined benefit plans | 1.61 | (4.68) |
| Income tax effect | (0.40) | 1.18 |
| Items that may be reclassified to profit or loss in subsequent periods: | ||
| Exchange difference on translation of foreign operation | 83.14 | 11.36 |
| Total other comprehensive income for the year (net of tax) | 84.34 | 7.86 |
| Total other comprehensive income/(loss) for the year | (583.76) | 4.28 |
| (Loss) for the year attributable to: | ||
| Equity holders of the parent | (678.35) | (2.21) |
| Non-controlling interests | (0.16) | (0.30) |
| Other Comprehensive Income for the year attributable to: | ||
| Equity holders of the parent | 84.51 | 8.16 |
| Non-controlling interest | (0.16) | (0.30) |
| Total comprehensive income/(loss) for the year attribution to: | ||
| Equity holders of the parent | (593.84) | 5.95 |
| Non-controlling interest | 10.08 | (1.67) |
| Earnings/(loss) per equity share (EPS) | ||
| Basic | (10.57) | (0.04) |
| Diluted | (10.57) | (0.04) |
Veeda Clinical Research Limited Consolidated Cash Flow Statement (Rs. In Millions)
| Particular | 31-03-2025 | 31-03-2024 |
| Cash Flow From Operating Activities | ||
| Profit/(loss) before tax | (655.49) | 32.59 |
| Adjustments for: | ||
| Depreciation and amortisation expense | 1,477.09 | 533.57 |
| Expense/(Income) arising from equity-settled share-based payment transactions | 145.57 | (0.08) |
| Expense arising from cash-settled share-based payment transactions | 31.53 | - |
| Finance costs | 542.66 | 145.95 |
| Net (gain)/loss on mark to market of outstanding forward contract | 0.93 | (0.02) |
| Bad debts and contract asset written off (net of provision) | 20.45 | 4.75 |
| Loss on fair value of call option | 12.54 | 2.67 |
| IPO expenses | 15.35 | 2.76 |
| Net interest income | (39.63) | (123.35) |
| Net gain on sale and restatement of mutual fund | (35.58) | (45.42) |
| Loss on sales and write-off of property, plant and equipment (net of gain) | 13.86 | 34.53 |
| Liabilities no longer required written back | (0.94) | (17.06) |
| Provision for doubtful debts | 54.66 | 13.26 |
| Cost incurred for acquisition of shares of subsidiary | 11.60 | 17.41 |
| Provision for slow moving and non-moving inventory | 9.92 | 6.90 |
| Gain on lease termination | (23.47) | (0.24) |
| Unrealized foreign exchange (gain) | (47.65) | (19.86) |
| Other receivables written off | - | 0.15 |
| Operating Profit before Working Capital Changes | 1,533.40 | 588.33 |
| Adjustments for: | ||
| Decrease in trade receivables | 375.09 | 114.22 |
| (Increase) in inventories | (13.81) | (13.72) |
| (Increase) / Decrease in financial assets | (825.08) | 18.64 |
| Decrease / (Increase) in other assets | 43.01 | (248.58) |
| (Decrease) / Increase in trade payables | (178.78) | 294.16 |
| (Decrease) / Increase in other financial liabilities | (6.46) | 31.73 |
| (Decrease) in other current liabilities | (506.07) | (171.00) |
| Increase in provisions | 13.77 | 42.32 |
| Cash generated from operations | 435.07 | 656.10 |
| Direct Taxes Paid (net of refund) | (101.87) | (67.19) |
| Net Cash generating from Operating Activities | 333.20 | 588.91 |
| Cash Flow From Investing Activities | ||
| Purchase of property, plant and equipment, intangible assets including intangible assets under development and Capital work-in-progress | (278.26) | (833.28) |
| Proceeds from sales of PPE | 8.17 | 1.80 |
| Interest received | 32.71 | 122.75 |
| (Investment in) / Proceeds from fixed deposits (net) | 565.56 | (146.81) |
| Investment in mutual funds | (60.00) | (399.98) |
| Proceeds from sale of mutual fund | 569.27 | 200.00 |
| Payment of contingent consideration towards acquisition of subsidiary | (2,229.76) | - |
| Purchase of stake of subsidiary from non-controlling interest | - | (238.50) |
| Cost incurred for acquisition of shares of subsidiary | (11.60) | (17.41) |
| (Investment) in equity shares | (89.14) | - |
| (Investment) in equity shares of subsidiary | - | (3,157.62) |
| Net Cash Flow (used in) Investing Activities | (1,493.05) | (4,469.05) |
| Cash Flow From Financing Activities | ||
| Proceeds from long-term borrowing | 1,493.38 | 2,267.22 |
| Repayment of long-term borrowing | (102.51) | (152.38) |
| Proceeds from short-term borrowing (net) | (7.22) | 11.68 |
| Finance cost paid | (336.07) | (128.29) |
| Payment of IPO expense (net) | (48.94) | (6.92) |
| Share issue expenses for fresh issue of shares | - | (62.16) |
| Payment of principal portion of lease liability | (84.55) | (96.86) |
| Proceeds from issue of shares (including securities premium and exercising of ESOPs) | - | 2,164.21 |
| Net Cash From Financing Activities | 914.09 | 3,996.50 |
| Net (Decrease)/increase in Cash and Cash Equivalents | (245.76) | 116.36 |
| Effect of exchange differences on translation of foreign currency cash and cash equivalent | 9.71 | 0.17 |
| Opening balance of cash and cash equivalents | 938.56 | 368.71 |
| Additions on account of acquisition of subsidiaries | - | 453.32 |
| Closing balance of cash and cash equivalents | 702.51 | 938.56 |
Summary of the Cash Flow Statement for the years 2025 and 2024:
Operating Activities
The company’s operating cash flows decreased in FY25, generating ₹333.20 million compared to ₹588.91 million in FY24. While the operating profit before working capital changes rose sharply to ₹1,533.40 million (from ₹588.33 million) due to higher depreciation, finance costs, and share-based payment expenses, significant working capital movements reduced the final inflow. In particular, there was a large outflow from financial assets (₹825.08 million) and a decline in other current liabilities (₹506.07 million). These offset gains from lower trade receivables (₹375.09 million reduction) and modest increases in provisions. The higher tax outflow (₹101.87 million vs ₹67.19 million) also reduced net operating cash.
Investing Activities
Investing activities show a net outflow of ₹1,493.05 million in FY25, though this was lower than the massive ₹4,469.05 million outflow in FY24. The main drain came from a ₹2,229.76 million contingent consideration payment for an earlier subsidiary acquisition. This was partially offset by inflows from redemption of mutual funds (₹569.27 million), release of fixed deposits (₹565.56 million), and lower capital expenditure compared to the prior year (₹278.26 million vs ₹833.28 million). Unlike FY24, there were no large equity investments in subsidiaries, which explains why cash outflow reduced year-on-year.
Financing Activities
Financing inflows were strong at ₹914.09 million in FY25, but much lower than the ₹3,996.50 million in FY24. The company raised long-term borrowings of ₹1,493.38 million, which funded acquisitions and operations, but outflows included finance cost payments (₹336.07 million), lease liability repayments (₹84.55 million), and IPO-related expenses. Importantly, there was no equity infusion in FY25, unlike FY24 when the company raised over ₹2,164.21 million from fresh issue of shares and ESOP exercises. This explains the year-on-year drop in financing cash inflows.
Net Cash Position
Overall, Veeda reported a net decrease of ₹245.76 million in cash and cash equivalents during FY25, reversing the positive movement of ₹116.36 million in FY24. After accounting for foreign exchange translation gains (₹9.71 million), the closing cash balance stood at ₹702.51 million, lower than the ₹938.56 million at the end of FY24
Veeda Clinical Research Limited Standalone Financial Ratios
| Particular | 31-03-2025 | 31-03-2024 |
| Current Ratio (in times) | 2.72 | 3.46 |
| Debt Equity Ratio (in times) | 0.06 | 0.06 |
| Debt Service Coverage Ratio (in times) | 4.67 | 3.58 |
| Return on Equity Ratio | (0.01) | 0.00 |
| Inventory Turnover Ratio (in times) | 3.97 | 3.83 |
| Trade Receivable Turnover Ratio (in times) | 4.43 | 4.10 |
| Trade Payable Turnover Ratio (in times) | 1.45 | 1.22 |
| Net Capital Turnover Ratio (in times) | 1.42 | 1.47 |
| Net Profit Ratio (in %) | -4% | 1% |
| Return on capital Employed | -1% | 1% |
| Return on Investment | 0.93% | 4.26% |
Summary of the financial ratio for the years 2025 and 2024:
Current Ratio (Liquidity)
FY25: 2.72 | FY24: 3.46
This shows how easily the company can pay short-term liabilities with short-term assets. The ratio has fallen, but it’s still above 2, meaning the company has more than enough liquidity.
Debt-Equity Ratio
FY25: 0.06 | FY24: 0.06
This is extremely low, meaning the company is almost debt-free and is not relying much on borrowings to run operations. Very safe financial position.
Debt Service Coverage Ratio (DSCR)
FY25: 4.67 | FY24: 3.58
This tells how comfortably the company can pay interest and loan repayments from operating profit. A ratio above 1 is good, and here it is very high, showing debt obligations are easily covered.
Return on Equity (ROE)
FY25: -0.01 | FY24: 0.00
This is almost zero (slightly negative), which means shareholders did not earn meaningful returns from their invested capital.
Inventory Turnover Ratio
FY25: 3.97 | FY24: 3.83
This measures how quickly stock is sold and replaced. A small improvement means inventory is moving a little faster than last year.
Trade Receivable Turnover Ratio
FY25: 4.43 | FY24: 4.10
This shows how quickly the company collects money from customers. A higher number means faster collections, which is a good sign for cash flow.
Trade Payable Turnover Ratio
FY25: 1.45 | FY24: 1.22
This indicates how quickly the company pays suppliers. The increase means it is paying vendors faster than last year, which may improve relationships but reduces free cash holding time.
Net Capital Turnover Ratio
FY25: 1.42 | FY24: 1.47
This shows how efficiently working capital is used to generate sales. It has fallen slightly, meaning efficiency dipped a bit compared to last year.
Net Profit Ratio
FY25: -4% | FY24: 1%
This reflects profit margins. The negative value in FY25 means the company made a net loss compared to a small profit last year.
Return on Capital Employed (ROCE)
FY25: -1% | FY24: 1%
this shows returns generated from both debt and equity capital. A negative ratio means capital employed did not generate returns but instead caused a small loss.
Return on Investment (ROI)
FY25: 0.93% | FY24: 4.26%
This shows returns from investments. It dropped significantly, meaning investments generated much lower returns this year compared to last year.
A V Thomas International Limited Annual Report 2023-24
Interested in Buying Shares?
Submit your enquiry to purchase shares and receive expert assistance.
