Healthcare Global surges near 5% on Q2FY22 business updates

The Company’s regular revenue stream has achieved an all-time high.

Oct 13, 2021 09:10 IST India Infoline News Service

Healthcare Global Enterprises Ltd has provided its business updates for the quarter ended September 30, 2021 to the exchanges on Tuesday.

Key Highlights:

Post second wave, the Company’s operations have returned to regular levels. The oncology business has grown significantly, showing record revenues on a month on month basis, and the company see the growth sustaining in the foreseeable future, as well.

Further, the Company’s regular revenue stream has achieved an all-time high. (i.e., excluding Covid revenue and vaccination revenue) and it continues to generate consistent cash flows led by improved business performance and effective capital allocation, said company in a regulatory filing.

The Company acquired oncology hospital labs and clinical trials business from Strand Life Sciences Private Limited (“Strands”) for a consideration of Rs808.0 million, and has completed the divestment of its 38.5% stake in Strands for a consideration of Rs1,577.8 million.

Additionally, the Company would receive ~Rs1,300 Million in aggregate, upon conversion of warrants to equity by Aceso Company Pte. Ltd., pursuant to the Investment Agreement executed on June 04, 2020; and by Dr. B.S. Ajaikumar, promoter, before the end of the current fiscal year.

ICRA has upgraded the credit rating of the Company to A plus (stable) from A negative (stable).

At around 9:42 AM, Healthcare Global Enterprises was trading at Rs254.10 apiece up by Rs11.2 or 4.61% on Sensex.

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