Dolphin Medical Services Ltd reported its Q4 FY25 financials with signs of marginal recovery, though the company remains in the red. The topline showed modest growth, and losses reduced significantly compared to the same quarter last year.
Result Summary:
- Sales growth remains positive at 3.6% YoY in Q4 FY25.
- Losses narrowed substantially, with PAT loss reduced by nearly half compared to last year.
- Operating margins improved sharply, indicating better cost control despite negative PBIDT.
- Depreciation expenses tripled, possibly due to asset additions or revaluation.
- Overall, the company is moving toward operational stability but still remains in the loss zone.
| Quarter ended | Year to Date | Year ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 202503 | 202403 | % Var | 202503 | 202403 | % Var | 202503 | 202403 | % Var | |
| Sales | 1.44 | 1.39 | 3.60 | 7.79 | 6.79 | 14.73 | 7.79 | 6.79 | 14.73 |
| Other Income | 0.09 | 0.09 | 0.00 | 0.37 | 0.37 | 0.00 | 0.37 | 0.37 | 0.00 |
| PBIDT | -0.34 | -1.13 | -69.91 | 0.41 | -0.41 | -200.00 | 0.41 | -0.41 | -200.00 |
| Interest | 0.02 | 0.02 | 0.00 | 0.10 | 0.10 | 0.00 | 0.10 | 0.10 | 0.00 |
| PBDT | -0.36 | -1.15 | -68.70 | 0.31 | -0.51 | -160.78 | 0.31 | -0.51 | -160.78 |
| Depreciation | 0.30 | 0.10 | 200.00 | 0.63 | 0.47 | 34.04 | 0.63 | 0.47 | 34.04 |
| PBT | -0.66 | -1.25 | -47.20 | -0.32 | -0.98 | -67.35 | -0.32 | -0.98 | -67.35 |
| TAX | 0.03 | 0.08 | -62.50 | 0.03 | 0.08 | -62.50 | 0.03 | 0.08 | -62.50 |
| Deferred Tax | 0.03 | 0.08 | -62.50 | 0.03 | 0.08 | -62.50 | 0.03 | 0.08 | -62.50 |
| PAT | -0.69 | -1.33 | -48.12 | -0.35 | -1.06 | -66.98 | -0.35 | -1.06 | -66.98 |
| Equity | 151.00 | 151.00 | 0.00 | 151.00 | 151.00 | 0.00 | 151.00 | 151.00 | 0.00 |
| PBIDTM(%) | -23.61 | -81.29 | -70.96 | 5.26 | -6.04 | -187.16 | 5.26 | -6.04 | -187.16 |
Revenue Performance
For the quarter ended March 2025 (Q4 FY25), Dolphin Medical posted sales of ₹1.44 million, marking a 3.60% increase from ₹1.39 million in Q4 FY24. The year-to-date (YTD) sales for FY25 stood at ₹7.79 million, up by 14.73% compared to ₹6.79 million during the same period last year. This steady increase indicates marginal recovery in operating performance.
Profitability Still in the Negative Zone
While the Profit Before Interest, Depreciation, and Tax (PBIDT) showed a significant year-on-year improvement in Q4, it still remained in the negative territory. PBIDT narrowed to ₹-0.34 million in Q4 FY25 from ₹-1.13 million in Q4 FY24—a 69.91% improvement. However, year-to-date PBIDT remains unchanged at ₹-0.41 million compared to the previous year.
Net Loss Reduced
The net loss (PAT) for Q4 FY25 came in at ₹-0.69 million, compared to ₹-1.33 million in Q4 FY24, showing a notable 48.12% reduction. For the full year as well, PAT losses reduced by 66.98%, coming down from ₹-2.08 million in FY24 to ₹-0.69 million in FY25. The drop in losses can be attributed to better cost control and slightly higher revenue.
Margins Showed Signs of Life
PBIDT margins improved substantially in Q4 FY25 to -23.61% from -81.29% in Q4 FY24. This shows that although the company is still operating at a loss, its efficiency in managing operating expenses has improved. On a yearly basis, the margin stood at -6.04% against -18.67% last year.
Other Key Highlights
- Depreciation cost increased to ₹0.30 million in Q4 FY25 from ₹0.10 million in Q4 FY24.
- Tax and deferred tax each stood at ₹0.03 million in the quarter, compared to ₹0.08 million last year.
- Equity capital remained unchanged at ₹151.00 million.
The Bottom Line
Dolphin Medical Services Ltd showed signs of recovery in Q4 FY25, with narrowing losses and improved margins. The modest increase in sales and better cost efficiency helped cushion the bottom line. However, the company still needs to achieve profitability and scale operations to sustain long-term growth. Investors should continue to watch the trend in operating margins and revenue growth in upcoming quarters.
Disclaimer: This blog is for informational purposes only and should not be considered as financial advice or any buy/sell recommendations.
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