CitiusTech, a B2B health tech platform, has shown consistent growth in recent fiscal years, despite facing challenges. In FY23, the company's revenue surged to Rs 3,499 crore, marking a 40% increase from the previous fiscal year. Most of this revenue, around 97%, was generated from the sale of software development, implementation, and support services, with the remainder coming from software license sales and maintenance.
Despite a significant rise in revenue, CitiusTech experienced a decline in profitability, with profits plummeting by 85% to Rs 56 crore in FY23. This decline was primarily attributed to a substantial increase in employee benefits and consultancy costs, which formed a significant portion of the company's overall expenditure.
However, CitiusTech continues to demonstrate operational excellence, boasting a global outlook, extensive experience in the healthcare sector, a strong client base, and adaptability. These factors position the company favorably for a potential IPO in India or abroad, and it also remains an attractive acquisition target.
With its robust operations and strategic positioning, CitiusTech remains poised for future growth and success in the dynamic healthcare technology landscape.