Krsnaa Diagnostics delivers robust performance with revenues of Rs347cr in 9MFY22

1 Feb 2022 , 09:16 AM

Krsnaa Diagnostics Ltd. has announced the results for nine months ending December 31, 2021.

9M FY2022 Performance Highlights:

• Revenue from operations of Rs347cr, up 16% yoy
• EBITDA of Rs105cr, up 73% yoy â–ª EBITDA* Margins increased to 30.2% in 9M FY22 as compared to 20.2% in 9M FY21
• Profit After Tax of Rs50cr, up by 215% with margins of 14.1%
• Core business i.e. radiology and pathology registered a revenue increase of 85% yoy, which was partially offset by decline of 71% in Covid-19 revenues
• Core business contribution was 89% whereas Covid-19 business contributed 11% to the total revenues in 9M FY22

Commenting on the results, Yash Mutha, Executive Director, said, “In 9MFY22, Krsnaa Diagnostics has delivered strong performance with revenues of Rs347 crore, an increase of 16% yoy. The growth was underpinned by Core Businesses which grew by 85% and partially offset by decline of 71% in Covid-19 revenues. EBITDA stood at Rs105 crore, a strong growth of 73% yoy with margins improving significantly to 30.2% as compared to 20.2% in 9M FY21.

The EBITDA margin improvement was driven by higher number of tests, contribution from our Core Businesses and operational efficiencies in the business model. Similarly, Profit after tax stood at Rs50 crore, a growth of 215% with PAT margins of 14.1%. Furthermore, it is encouraging to see that within the first nine months of FY2022, Krsnaa has surpassed FY21 numbers in terms EBITDA and PAT.

On the operational front, we continue to see volume growth of 81% yoy across all core test categories in 9M FY22.

We continued our growth momentum in Q3 FY22, with revenue of Rs106 crore, an increase of 8.8% yoy. This growth is primarily driven by Core Business of Radiology and Pathology which grew by 34% yoy and was partially offset by a decline of 93% yoy in Covid-19 revenues. If we look at the performance on a sequential basis, the company registered a nominal growth of 2% in Core Business and Profit after tax grew up by 30% on q-o-q basis.

During the quarter, we continued to focus on our underlying strengths and reduce dependance on covid business, along with overall moderation visible in the industry due to festive season.

In terms of setting up new centres, the progress remains on track and by end of January 2022, we have operationalized 5 centres in Punjab and 1 centre in Mumbai for Radiology and 5 processing centres, 42 collection centres for Pathology in Punjab. There are 10 Radiology centres for which construction has already been completed and 14 centres are under construction, these centres are expected to operationalize in the coming months.

We are well positioned to benefit from the commissioning on new centres and the meaningful contribution from these upcoming centres should be visible in the next fiscal year. In Q3 FY22, we have incurred a total Capex of Rs39cr in setting up these facilities.

The performance during the year is a testament that Krsnaa Diagnostics has built a strong foundation to deliver consistent growth in its Core Business coupled with the operationalization of new centres, we are on our course to deliver accelerated growth in the coming yeaRsWith a well-defined growth strategy, we expect to remain one of the fastest growing diagnostic chain in India, creating value for all stakeholders and fulfilling our mission ‘To make a difference in the healthcare diagnostic industry’.”

On Tuesday early morning trade, Krsnaa Diagnostics was trading at Rs665.95 per piece higher by 0.76% on the BSE.