Krsnaa Diagnostics delivers strong performance with revenues of Rs. 241 Cr

Krsnaa Diagnostics

EBITDA* of Rs. 74 Cr with margins of 30.9% in H1 FY22

Revenue up by 19%, EBITDA* up by 76%, and PAT without CCPS is up by 167% y-o-y

PUNE: Krsnaa Diagnostics Ltd. (BSE: 543328  | NSE: KRSNAA) is one of India’s fastest-growing diagnostic service providers, both in radiology and pathology. The Company today announced the results for the first six months ending 30th September 2021, following its listing on the stock exchanges on 16th August 2021.

H1 FY2022 Performance Highlights

  • Revenue from operations of Rs. 241 crores, up 19% y-o-y
  • EBITDA* of Rs. 74 crores, up 76% y-o-y
  • EBITDA* Margins increased to 30.9% in H1 FY22 as compared to 20.9% in H1 FY21
  • Profit After Tax without CCPS of Rs. 34 crores, up by 167% with margins of 13.8%
  • Net cash position of Rs. 326 crores at the end of September 2021
  • Core business i.e. radiology and pathology registered a revenue increase of 143% y-o-y, which was partially offset by a decline of 75% during Covid-19
  • Core business contribution was 89% whereas Covid-19 business contributed 11% to the total revenues in H1 FY22

* EBITDA is excluding CSR and ESOP expenses

Commenting on the results, Yash Mutha, Executive Director, said:

“The year 2021 marks a significant milestone for Krsnaa Diagnostics in its growth story, the as the company went public in August 2021. I would like to thank all our employees, partners, and shareholders who have showed confidence in our business model and joined us in fulfilling our mission ‘To make a difference in the healthcare diagnostic industry’.
The Covid-19 crisis has further highlighted the need for building high-quality healthcare infrastructure in the country. The dedicated focus from the government and healthcare service providers is required to provide affordable and accessible healthcare to every corner and section of society. With this in mind, Krsnaa Diagnostics remains fully committed to expanding its footprint under the Public-Private Partnership model to provide quality, inclusive diagnostic services at competitive rates and remain one of the fastest-growing diagnostic chains in India. In the last 3 years (FY18-21), our total center count has increased at a CAGR of 39% from 682 in FY18 to 1,803 in FY21, and during the same period, our revenues grew at a CAGR of 64%.

I am also pleased to report that Krsnaa Diagnostics has continued its momentum from the last year and delivered a strong performance in H1 FY22. The company registered revenues of Rs. 241 crore, an increase of 19% y-o-y, and the growth was driven by our core businesses i.e. radiology and pathology. These businesses registered a revenue increase of 143% y-o-y, which was partially offset by a decline of 75% during Covid-19. This is a reflection of our strong fundamentals that have grown the core business and will continue to drive further growth in this post-COVID world. Our Operating EBITDA was Rs. 74 crore and margins improved significantly to 30.9% as compared to 20.9% in H1 FY21. The EBITDA margin improvement was underpinned by a higher number of tests and contributions from our core businesses. From a balance sheet perspective, the company continues to strengthen its capital structure and has repaid a total debt of Rs. 178 crore in H1 FY22. We have utilized Rs. 143 crore out of the total IPO proceeds of Rs.146 crore in line with our stated objective and the remaining amount is funded by internal accruals. In the last six months, we have won 5 PPP and private contracts to commission 29 CT scanners and 8 MRI machines in the states of Punjab, Himachal Pradesh, Karnataka, and Maharashtra.

Looking ahead, Krsnaa Diagnostics remains confident to further expand its geographical footprint and penetrate deeper into the tier II and II cities under the PPP business model by offering competitive prices while maintaining quality diagnostic services. Furthermore, our hub and spoke model radiology facility in Pune is fully capable to process large volumes and will continue to allow us to maintain strong margins and profitability. With a clear strategic direction in mind, we look forward to delivering sustainable growth and creating maximum value for all stakeholders in the coming years.”


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