CitiusTech Records 6x Profit Surge, Rs 3,536 Cr Revenue in 2024

By: Nandika Chand

INTRODUCTION

CitiusTech, a B2B health tech platform that strives to make healthcare better for all, has registered significant revenue growth from Rs 3,498 crore in FY 2023 to Rs 3,536 crore in FY 2024. The Mumbai-based firm recorded a six-fold revenue surge amid reduction in key expenses like consulting charges.

What is CitiusTech?

The healthcare ecosystem is expanding at a very high pace. This startup owes a lot in innovation in healthcare in India. In the field of Healthcare system, the startup has enable a lot of Medtech and health plans. It is innovating digitally through consulting and providing next-gen technologies.

What is the primary revenue Stream of CitiusTech?

CitiusTech’s primary revenue stream is derived from software development, implementation, and support services. These accounted for 98.8 percent of its operating income – a 2.49 percent increase to Rs 3,495 crore in 2024. CitiusTech provides healthcare technology services and solutions like engineering, consulting, manufacturing, and software solutions for hospitals and healthcare organizations. It witnessed a decline of 53 percent in revenue from software license sales to Rs 38 crore.

Finances

But the firm earned Rs 15.7 crore from non-operating activities. And this pushed its total revenue to Rs 3,551 crore for the year 2024. CitiusTech report stated that employee benefit expenses accounted for 75 percent of the expenses, and remained the largest cost driver. It increased by 4.2 percent to Rs 2,226 crore in FY24 from Rs 2,137 crore in the same period last year. Moreover, depreciation costs surged to Rs 136 crore by 6.2 percent. CitiusTech saw a drop in consultancy charges to Rs 299 crore. But the firm’s total expenses increased by 3.31 percent to Rs 2,968 crore in FY24 from 2023’s Rs 2,873 crore.

CONCLUSION

CitiusTech achieved a significant milestone – profit after tax (PAT) grew 6x to Rs 350.28 crore in 2024 from Rs 55.5 crore in FY2023. Furthermore, its ROCE and EBITDA margin was 37.67 percent and 20 percent, respectively. Despite the revenue growth, CitiusTech is concerned about its topline stagnation. The firm aims to reach $1 billion by FY28 and is set to consider avenues, including acquisitions to bolster fund growth.

Stay Tuned for more news related to Startup ecosystem, Fundraising and AI.

Thanks