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Subscribe to Krsnaa Diagnostics: Anand Rathi

Anand Rathi has come out with its report on Krsnaa Diagnostics. The research firm has recommended to ''Subscribe'' the ipo in its research report as on August 03, 2021.

August 03, 2021 / 11:53 PM IST
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Anand Rathi IPO report on Krsnaa Diagnostics

Krsnaa Diagnostics Limited is one of the largest differentiated diagnostic service providers in India. Company provides a range of technology-enabled diagnostic services such as imaging (including radiology), pathology/clinical laboratory and tele-radiology services to public and private hospitals, medical colleges and community health centres pan-India. They are the fastest growing diagnostic chain in India on multiple parameters including operating income, operating profit before depreciation, interest and tax (“OPBDIT”) and profit after tax between Fiscal 2017 and Fiscal 2020 and volume of tests conducted between Fiscal 2018 and Fiscal 2021 (amongst players with revenues exceeding ₹1,500 million). They also operate one of India’s largest tele-radiology 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, and allows them to serve patients in remote locations where diagnostic facilities are limited. Company provides quality and inclusive diagnostic services at affordable rates across various segments. Since inception, they have served more than 23 million patients.

Valuation and Outlook

The company is available at the upper end of the IPO price band at 77.7x its FY21 earnings, with a market cap of Rs. 29,941 million. Further on FY21 earnings basis the company is trading below the Industry average of 85.99x. We believe that strong balance sheet position and healthy operating cash flows will enable them to pursue growth opportunities and also fund their strategic initiatives. Hence, we recommend a “Subscribe” on the issue.

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