Small Cap- Krsnaa Diagnostics Ltd

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Krsnaa Diagnostics Ltd


https://krsnaadiagnostic...m/


                  Fastest growing Diagnostic center Krsnaa is one of the fastest-growing diagnostic service providers in the country. Total Centre count increased at a CAGR of 39% from 682 in FY18 to 1,803 in FY21. The company has an extensive network of integrated diagnostic centers across India primarily in non-metro and lower-tier cities and towns. As of June 30, 2021, the company-operated 1,823 diagnostic centers offering radiology and pathology services in 13 states across India.

Wide Range of services Krsnaa Diagnostics offers a range of technology-enabled diagnostic services such as imaging (including radiology), pathology/clinical laboratory, and teleradiology services to public and private hospitals, medical colleges, and community health centers pan-India.

The company also offers a range of diagnostics imaging services and clinical laboratory tests that include both routine and specialized tests/studies and profiles, which are used for prediction, early detection, diagnostic screening, confirmation, and monitoring of diseases.

Public-Private Partnership (PPP Model)(67% of revenues) In the PPP model, Krsnaa collaborates with central, state, and municipal government-operated health and medical facilities for the deployment and operation of their diagnostic centers. Government contributions can vary from providing land lease, upfront capital infusion, to giving financial concessions on the capital infused by the private players.

The company has 1,797 dedicated centers under PPP Model across 14 states. The company has a 100% qualification rate on technical grounds and has a bid win rate of 77.6% in the PPP Model.

Partnership with Private Hospitals The company also selectively enters into strategic tie-ups with leading Private Health Players and has 26 centers under Private Models across 2 states which contributed 33% of FY21 revenues.

Tele – reporting The Co. operates one of India’s largest teleradiology reporting hubs in Pune that is able to process large volumes of X-rays, CT scans and MRI scans round the clock and 365 days a year. Krsnaa provides quality and inclusive diagnostic services at affordable rates. Since its inception, they have served more than 23 million patients.

Diagnostic centers
Radiology – 1370
Pathology – 487
Collection Centers – 443
Processing Centers – 44

As of June 30, 2021, they had a team of 190 radiologists, 30 pathologists, 8 microbiologists, and more than 2,800 qualified professionals including clinicians, technicians, and operators

Affordable Pricing Krsnaa offers its diagnostic services at significantly lower rates than players with revenues exceeding ₹150 crores. For example, their radiology tests are priced 45% – 60% lower than market rates while pathology tests are 40% – 80% lower than market rates. Their brand is associated with quality diagnostic and healthcare services at affordable rates

Payment delays Co. derives majority of revenues from the PPP model and faces a risk of delay or failure to make payment for services rendered. This risk may arise from financial difficulties. In FY19/20/21, trade receivables were 26.87%, 23.77%, 18.28%, of revenues. Trade receivables due for more than 60 days as of March 31, 2021, was Rs 22.59 crore (31.17 % of total trade receivables) on account of payment delays.

IPO Details The company successfully raised 1213 Crs through the IPO of which 400 Crs were a fresh issue and the remaining 813 Crs was an Offer for sale. The company got listed on Aug 16, 2021, with a 7% listing gain.

Fundamentals:

https://cdn0.desidime.com/attachments/photos/753862/medium/PRzpwqy.png?1648008282


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i exited krsnaa @ 10% profit on listing. Now 47% down from listing. company looks promising but stock price fall tells different.

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