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Healthcare Services company Krsnaa Diagnostics announced FY24 results:

• Revenue from Operations: Rs 6,196 million, up 27% YoY
• EBITDA: Rs 1,461 million, representing an 18% YoY growth with a 24% margin
• Profit After Tax: Rs 568 million

Commenting on the business, Yash Mutha, Joint Managing Director, said: “I am pleased to announce the outstanding results for the quarter and financial year 2024 which align with our strategic growth plans. Krsnaa Diagnostics is uniquely positioned to capitalize on the burgeoning growth trends in diagnostics Industry.

We are thrilled to announce a historic milestone in India: Krsnaa Diagnostics is the first ever lab operating in a government location to receive the prestigious CAP accreditation, setting a new benchmark for excellence in the industry. The CAP accreditation is a testament to our commitment to quality and excellence in diagnostic services.

We have recently secured a significant agreement with the Maharashtra Government for the installation and operation of 17 MRI and 17 CT machines, which is India’s one of the largest MRI tenders and further cements our leadership in the industry. We are excited to welcome Mr. Mitesh Dave as Group CEO, with him at helm we are poised to accelerate our penetration into the B2C market. We are confident that under Mitesh’s leadership, Krsnaa Diagnostics will continue to set new benchmarks in the diagnostics industry, delivering exceptional value to our stakeholders and enhancing our market position.”

Commenting on the business, Pallavi Bhatevara, Executive Director, said: “Indian Healthcare ecosystem stands to benefit from structural tailwinds like increased consumer awareness, favorable demographics, rise in lifestyle related diseases, and strong thrust towards infrastructure from the public sector. India’s healthcare expenditure - only 3% of GDP has historically remained suppressed vs. global peers owing to higher ‘out of pocket’ expenses and lower health insurance penetration.

Krsnaa Diagnostics continues to play a major role in providing high-quality and affordable diagnostic services. The provision of high-quality and affordable diagnostic services stands as a fundamental pillar within the healthcare industry.

At present, Krsnaa Diagnostics is well-positioned to deploy 67 CT Scan machine, 23 MRI machine, establish 162 labs and set up 3,153 collection centers, all under various contractual agreements. These recent contract wins underscore the exceptional capabilities of our in-house teams, reflecting their proficiency in navigating the intricate bidding process, meeting all necessary requirements, and ultimately securing these contracts. As we embark on these projects, Krsnaa Diagnostics is actively expanding its footprint into new geographical regions, establishing a solid foundation for sustainable, long-term growth.”

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