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 first six months ending 30th September 2021, following its listing on the stock exchanges on 16th August 2021.

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

“The year 2021 marks a significant milestone for Krsnaa Diagnostics in its growth story, the as 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 a 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 the society. With this in mind, Krsnaa Diagnostics remains fully committed in 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 chain in India. In the last 3 years (FY18-21), our total centre 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 higher number of tests and contribution 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 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.”