CitiusTech, a Bain Capital Private Equity-backed healthcare technology and consulting platform, reported flat revenue growth in the fiscal year ended March 2024. However, the Mumbai-based firm's earnings increased sixfold due to a cut in critical expenses, notably consultancy fees. CitiusTech's sales climbed by 1% to Rs 3,536 crore in the previous fiscal year from Rs 3498 crore in FY23, according to its consolidated financial statement obtained from the Registrar of Companies.

CitiusTech is a healthcare technology services and solutions company that provides consulting, engineering, manufacturing, and data-driven software to large hospitals and healthcare institutions. Its core business—software development, implementation, and support services—accounted for 98.8% of the operating revenue, which increased by 2.49% to Rs 3,495 crore in FY24. However, revenue from the sale and maintenance of software licenses fell 53% to Rs 38 crore. The company also produced an extra Rs 15.7 crore from non-operating activities, bringing its total income to Rs 3,551 crore in FY24.

Employee benefits remained the major cost driver, accounting for 75% of total spending. This cost rose by 4.2% to Rs 2,226 crore in FY24, from Rs 2,137 crore in FY23. Depreciation expenses rose 6.2% to Rs 136 crore, while consultancy charges fell 7.53% to Rs 299 crore. Overall, CitiusTech's total expenses increased by 3.31% to Rs 2,968 crore in FY24 from Rs 2,873 crore in FY23.

CitiusTech accomplished a significant milestone when its profit after tax (PAT) increased sixfold to Rs 350.28 crore in FY24 from Rs 55.5 crore in FY23.

Its ROCE and EBITDA margins were 37.67% and 20%, respectively. In FY24, the company spent Re 0.84 for every rupee earned.  In FY24, the company reported Rs 458 crore in cash and bank accounts, with current assets of Rs 1232 crore.

CitiusTech's bottom-line growth may have wowed, but top-line stasis will be a concern for the company, which had previously targeted $500 million (Rs 4100 crores) as recently as September 2023. With a $1 billion objective for FY28, the company is anticipated to explore all options, including acquisitions, to fund development. Baring Private Equity paid $955 million for the firm in 2022 after it filed for an IPO in the United States, giving it at least a couple of years to grow before Barings seeks an exit through an Initial Public Offering.