Tag: Krsnaa Diagnostics

Rajasthan National Health Mission cancels agreement with Krsnaa Diagnostic

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Krsnaa Diagnostics Ltd on Wednesday (July 19) said Rajasthan’s National Health Mission has cancelled the letter of acceptance for providing laboratory services in the state under the free diagnostics initiative on the hub and spoke model.

The company informed exchanges that there were requirements for the provision of submitting additional performance security. There were  disagreements over providing this extra performance security due to certain technicalities.

“Whilst we have made various representations to the authorities on the same as well as communicated our willingness and commitment to execute the agreement. However, to our disappointment, the authorities decided to cancel the letter of acceptance,” it said.

Also, Krsnaa Diagnostics said the company, in collaboration with Telecommunications Consultants India Ltd (TCIL), has taken legal recourse and is actively pursuing this matter with utmost dedication and diligence. TCIL is a 100 percent Government of India undertaking and is the lead bidder for the National Health Mission project.

Further, the company pointed out that the cancellation of the letter of acceptance does not affect its existing business operations and the commitment to expand its business in both existing and recently executed agreements across various geographies remains steadfast.

In March this year, Krsnaa Diagnostics said it has bagged a tender worth Rs 450 crore by qualifying as the lowest bidder by the National Health Mission, Rajasthan. The company, in an official statement, mentioned that it will execute the project in three phases — 50 percent within 60 days and the remaining 50 percent in 90 days.

Shares of Krsnaa Diagnostics Ltd ended at Rs 537.50, up by Rs 9.25, or 1.69 percent on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Krsnaa Diagnostics emerges as lowest bidder for National Health Mission Project worth Rs 450 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Krsnaa Diagnostics, on Monday, said that it has bagged a tender worth Rs 450 crore by qualifying as the lowest bidder by the National Health Mission, Rajasthan for providing Laboratory Services under Free Diagnostics Initiative on HUB and SPOKE Model.

The company, in an official statement, mentioned that it will execute the project in three phases including 50 percent within 60 days and the remaining 50 percent in 90 days.

Earlier, in February the company had emerged as the lowest bidder to set-up a laboratory at govt health institutions in Odisha. The tender was to set up and operate a minimum of five or more hubs of its laboratories which shall process samples from collection centres of all 32 District Headquarters Hospitals, 33 Sub-district hospitals and 321 Block community health centres. 

In March, the company had operationalised 14 pathology laboratories and 64 collection centres in Himachal Pradesh. The diagnostics service provider had bagged the contract from the state government in February 2022.

The shares of Krsnaa Diagnostics at 12 pm were trading 0.4 percent lower at Rs 394.

Also Read:Krsnaa Diagnostics opens another 100 pathology collection centres in Mumbai, takes total to 300

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Krsnaa Diagnostics opens another 100 pathology collection centres in Mumbai, takes total to 300

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Krsnaa Diagnostics surged more than 7 percent in early trading on Tuesday after the company announced that it has operationalised another 100 pathology collection centres in Mumbai.

In January, the company had received a contract to provide lab investigation facilities under “Hinduhridaysamrat Balasaheb Thakeray Chikitsa” for BMC dispensaries and hospitals in Mumbai. As a part of the contract, the company has operationalised 100 more pathology collection centres.

With this, the Pune headquartered Krsnaa Diagnostics Ltd. has opened 300 pathology collection centres in Mumbai as on date. The contract won is for a total of 600 centers.

The first 100 centers were opened on March 6 with another 100 being operationalised on March 10.

In January, the company operationalised 14 pathology laboratories and 64 collection centres in Himachal Pradesh. With this, the company has completed 100 percent of the project implementation in the state.

The firm had won a tender in February 2022 for providing diagnostic services at the Himachal Pradesh Government’s health institutions in the entire state.

In addition, the company also opened and operationalised diagnostics centres at four locations — Ferozepur, Gurdaspur, Nawanshahr, and Kapurthala — in Punjab in January.

Krsnaa Diagnostics is one of the leading diagnostic services providers, both in radiology and pathology services. The company is present in 14 states and has over 1,800 locations across the country.

Shares of Krsnaa Diagnostics are currently off the day’s high, trading 2.3 percent higher at Rs 391.90.

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Krsnaa Diagnostics opens additional 14 pathology labs, 64 collection centers in Himachal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Krsnaa Diagnostics has operationalised 14 pathology laboratories and 64 collection centres in Himachal Pradesh. With this, the company has completed 100 percent of the project implementation in the state.

The company earlier bagged a tender for providing diagnostic services at the Himachal Pradesh Government’s health institutions in the entire state in the month of February 2022. In the first phase, Krsnaa Diagnostics opened many diagnostic centres in the state in September last year.

Earlier this month, the company also opened and operationalised diagnostics centres at four locations — Ferozepur, Gurdaspur, Nawanshahr, and Kapurthala — in Punjab.

With this, the company has operationalised 24 CT scanners, 6 MRI machines, and 30 pathology labs including 1 referral laboratory and 95 collection centres in the state of Punjab, which amounts to the completion of 99 percent of the project.

This was part of the agreement with the Punjab Government for the procurement, operation, and maintenance of CT scan facilities, pathology labs, and collection centres.

In December 2022, the company operationalised 1 diagnostic centre at Lokbandhu Hospital, Lucknow, in Uttar Pradesh out of 8 diagnostics centres to be established as a part of the agreement with the Department of Medical, Health and Family Welfare, Government of Uttar Pradesh.

Pune headquartered Krsnaa Diagnostics Ltd. is one of the leading diagnostic services providers, both in radiology and pathology services. The company is present in 14 states and has over 1800 locations across the country.

Shares of Krsnaa Diagnostics are trading 0.68 percent higher at Rs 418.95.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Omicron scare: Is it a good time to add diagnostics stocks to your portfolio?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Diagnostics stocks are in demand once again on Dalal Street, as benchmark indices attempt to recover from Friday’s sell-off following the news of the new COVID-19 variant, Omicron.

Bright prospects for diagnostics and healthcare businesses amid the pandemic have boosted stocks of companies like Dr Lal PathLabs, Metropolis Healthcare and Apollo Hospitals in the recent past.

Among diagnostics companies, Dr Lal PathLabs shares have rewarded investors with a return of 65 percent in the past 12 months. Thyrocare has risen 46 percent. Hospital stocks Max and Apollo have increased 197 percent and 148 percent in value respectively during the period.

The returned focus on diagnostics on Dalal Street comes at a time when the investor focus is seemingly shifting to pharma and healthcare as the market reacts to the emergence of the Omicron variant of COVID-19.

Headline indices hit a correction last seek amid a global sell-off triggered by the news of the detection of Omicron. Until then, both Sensex and Nifty50 indices had scaled a series of record highs over the past few months in a liquidity-driven run, with investors overlooking warnings on expensive valuations by foreign brokerages.

In an exclusive interview to CNBC-TV18, market guru Mark Mobius said investors are reacting to the news of Omicron when not many know about the new variant. He expects volatility in the market to ease as more is known about the Omicron.

He believes pharmaceutical and diagnostic stocks tend to perform better in such times. Mobius Capital would add pharma, diagnostic and technology stocks in such markets, said Founder Mobius.

Centrum Broking has initiated coverage on the country’s diagnostics industry, with a ‘buy’ call each on Dr Lal PathLabs, Metropolis and Vijaya Diagnostics.

Among the recent debutants on Dalal Street, Vijaya Diagnostics shares are up 5.5 percent since a sanguine listing compared to their issue price of Rs 531.

The brokerage sees a massive opportunity in the industry, and expects consolidation to help sustain the high growth momentum for organised chains.

“We anticipate a faster shift to organised providers, given the quality setup, faster report turnaround, complex test availability and better customer experience. With their pan-India network, organised players also benefit from economies of scale and are able to provide better illness management for patients and better diagnosis for doctors,” Centrum said in a report.

The coronavirus pandemic, according to Centrum, has led to a major push to wellness and overall healthcare penetration in India. Companies with wider networks are using asset-light models, third-party centres and home collection services to expand faster, it said.

Many stocks among the COVID beneficiaries have corrected from recent peaks and look attractive now from a long-term perspective, AK Prabhakar, Head of Research at IDBI Capital, told CNBCTV18.com.

Prabhakar has KIMS, Cipla, Cadila, Gland, Metropolis and Max Healthcare among his top picks now.

Most analysts believe the correction in the overall market after the strong rally since the COVID lows is healthy given the elevated levels of valuations.

Despite the recent dip, the Nifty50 benchmark is up more than 32 percent in the past one year. NSE’s healthcare and pharma indices have risen 25 percent and 16 percent respectively.

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Big Deal: Meet the female entrepreneurs storming Dalal Street

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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An important trend emerging in the current spate of initial public offerings (IPOs) is that many women entrepreneurs are coming up in the listed space, especially in the new-age companies. Pallavi Jain, Managing Director at Krsnaa Diagnostics, Kshama Fernandes, Managing Director and CEO at Northern Arc Capital and Upasana Taku, Chairperson, Executive Director, Co-Founder & COO at MobiKwik discussed this trend on Big Deal.

According to Fernandes, a part of the problem is that women entrepreneurs constitute approximately 20 percent of the total pool of enterprises.

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“The number has only marginally increased year on year (YoY). For the last 10 years or so, that number is growing by 10 percent. 90 percent of these women entrepreneurs are largely driven by microfinance funding, a very large proportion of these women entrepreneurs still finance their businesses in an informal manner which means they don’t avail formal finance. They are not in the space where one can track them,” she said.

India has about 50,000 recognized startups, only 6 percent are solely led by women entrepreneurs.

“While there are many more women entrepreneurs coming into the space today than perhaps they were ten years ago, we need to address these stark discrepancies that continue to exist. Here’s what we are saying, 6 out of 100 entrepreneurs in India are women. India ranked 70th among 77 countries on the female entrepreneurship index. I am glad, we have so many more women led companies coming to the market but there is a long way to go before we start thinking that we have done the deal and we have a lot more women out there,” she explained.

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Taku believes that one will have to work a little harder in getting the things done the way one wants.

“I would love to have several more fintech or tech founders who are women. I do believe that men and women both bring diverse skills and different type of tenacity to the table when it comes to building long-term enduring business. So far I have not met with a single female investment banker on the other side and there is not only on the side of founders of CEOs leading the companies but also in the entire IPO process there is far more male domination. While the numbers are dismal, I read somewhere that next five years, women led companies in India are expected to grow at the rate of 90 percent. I do hope that all these listings that are women led will inspire many more people,” she said.

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According to Jain, the road has just begun. “We need to work on it but yes happy to be a part of this. Though we are seeing the changes and looking at the very positive side, the journey has just begun,” she said.

“Many times through the IPO process, almost 95 percent of the time I was the only female in the entire room. But the positive change during the entire process is that the bankers, the legal counsellors – the entire process has been very smooth because the acceptability has come on the table, people have started taking it positively that yes, women-driven organizations also can give a different example,” she added.

For the entire discussion, watch the accompanying video.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Krsnaa Diagnostics Q2 Earnings: Net profit down 63% YoY at Rs 12.5 crore, revenue down 55%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Pune-based diagnostic services provider Krsnaa Diagnostics on Monday reported a net profit of Rs 12.5 crore for the quarter ended September 30. That marked a decline of 63.4 percent compared with the corresponding period a year ago.

Krsnaa Diagnostics saw a year-on-year drop of 55 percent in revenue to Rs 108.3 crore for the July-September period, according to a regulatory filing after market hours on Monday.

The company reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 31.9 crore, as against Rs 55.1 crore in the year-ago period.

Krsnaa’s EBITDA margin came in at 29.5 percent in the second quarter of the current financial year, as against 22.9 percent in the year-ago period.

Krsnaa Diagnostics shares ended 1.9  percent lower at Rs 801.7 apiece on BSE, ahead of the earnings announcement.

Krsnaa made a debut on Dalal Street in August 2021. Its shares started their journey in the secondary market at a premium of 7.4 percent over the issue price of its IPO, which was subscribed 64.4 times.

ALSO READ: Krsnaa Diagnostics shares list at 7% premium

At the current level, Krsnaa shares are down 16 percent compared with their issue price.

Here’s how the recent debutant has performed so far:

Krsnaa Diagnostics is one of the largest differentiated diagnostic service providers in the country. It specialises in tech-powered services like imaging, pathology and clinical labs, and tele-radiology services for various private and public hospitals.

ALSO READ: Krsnaa says preventive health check-ups on the rise

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IPO roundup: Primary market route remains busy but this time with some caution

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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There has been no dearth of companies lining up to make their way to the bourses keeping the health of the primary market strong over the past few months but the week gone by has been particularly crucial for the IPO market. It is crucial not only because it saw four companies getting listed on the exchanges but also because it was a week that saw some cool off in the euphoria surrounding the IPOs and valuations attempted to catch up with fundamentals.

Companies like Windlas Biotech, Devyani International, Krsnaa Diagnostics and Exxaro Tiles raised Rs 3,614 crore and got listed on exchanges. Also, 17 companies including three SMEs have filed Draft Red Herring Prospectus (DRHP) with SEBI in the week between August 15 to August 27.

*Note: Some Figures Are Indicative Or Source-Based

Windlas Biotech

Dehradun-based Windlas Biotech is one of the top companies in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) in India.

The company had set an issue price of Rs 448-460/share. The issue was subscribed over 22X.

Windlas Biotech made a weak debut on exchanges listing at Rs 439/share, down almost 5 percent as compared to its issue price of Rs 460/share. The stock closed its first week on the exchanges with being down over 20 percent from its issue price.

Devyani International

Devyani International operated popular chains in India like KFC, Pizza Hut and Costa Coffee. The company had set an issue price of Rs 86-90/share. The issue was oversubscribed over 116X, generating bids for 1,313.79 crore  equity shares against an offer size of 11.25 crore equity shares.

Devyani International made a strong debut on exchanges listing Rs 141/share, a premium of 56 percent over its issue price of Rs 90/share. The company closed its first week on the exchanges by trimming its overall gain by 16 percent from the high it made on the listing day itself.

Krsnaa Diagnostics

Krsnaa Diagnostics is India’s largest diagnostic services provider, both in Radiology and Pathology. The company is present in 14 states and 1800+ locations across the country.

The company had set an issue price of Rs 933-954/share. The issue was subscribed 64X with retail portion getting subscription of 42X.

The company made a subdued listing on the exchanges, listing at a premium of 7 percent to its issue price. The stock closed its debut week on exchanges with being down 16 percent from its high and 3 percent from issue price.

Exxaro Tiles

Exxaro Tiles is engaged in the manufacturing, marketing activities of vitrified tiles. It supplies its products to large infrastructure projects i.e. residential, educational, commercial, hotels, hospitals, government, builders or developers, religious institutions. It also exports tiles to different countries across the globe i.e. Poland, Bosnia, the USA, and others.

The company had set its issue price at Rs 118-120/share. The issue was subscribed 23X, receiving bids worth 25.97 crore bids against the issue size of 1.15 crore  shares. The quota reserved for retail investors saw a 17.64 times subscription.

Exxaro Tiles also made a subdued listing on the exchanges listing at a premium of 5 percent at Rs 126/share. The company made a high of Rs 132/share and closed the week nearly 7 percent down from the high point. For the week, shares of Exxaro Tiles are up 2.5 percent from its issue price.

The week between August 15 to August 22 saw one staring listing in the form of Devyani International whereas Windlas Biotech disappointed its investors at least on a listing day. In the same period (the previous week) Market snapped its 2-week gaining streak with Sensex dropping 0.2 percent and Nifty 0.5 percent. Nifty Bank also fell over 3 percent & Midcap Index nearly 2 percent.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow