Krsnaa Diagnostics shares rise 5% on order win from MP Govt to set up MRIs

Krsnaa Diagnostics stock surged up to 5.35 per cent at Rs 684.40 per share on the BSE in Wednesday’s intraday trade. 

This came after the company on Tuesday said that it will set up, operate, manage, and maintain 1.5 Tesla Magnetic Resonance Imaging (MRI) diagnostic facilities at five government district hospitals in the state of Madhya Pradesh. 

“As per the terms of the tender, the company will set up, operate, manage, and maintain 1.5 Tesla Magnetic Resonance Imaging (MRI) diagnostic facilities at five government district hospitals in the state of Madhya Pradesh at hospital under the Authority located in Bhopal, Indore, Ujjain, Gwalior, and Jabalpur,” the company said in an exchange filing. 

Krsnaa Diagnostics offers a range of diagnostic services including Radiology and Pathology, encompassing X-ray, CT scan, MRI, Mammography, Tele-Reporting, as well as various blood, urine investigations, and related diagnostic services. 

It operates an extensive network of integrated diagnostic centres predominantly located in non-metro and lower-tier cities and towns across India. Currently, the company runs 1,823 diagnostic centres providing radiology and pathology services across 13 states nationwide.

Krsnaa Diagnostics reported a 22.62 per cent increase in revenue year-on-year for the fourth quarter of financial year 2023-24 (Q4FY24), reaching Rs 170.62 crore. Quarterly revenue also grew by 5.06 per cent.

The company's net profit for the quarter stood at Rs 18.73 crore, showing a slight decrease of 1 per cent compared to the same period in Q4FY23. Sequentially profits grew by 44.41 per cent.

Krsnaa Diagnostics has a total market capitalisation of Rs 2,189.25 crore, according to BSE. The company’s shares are trading at a price to earnings multiple of 35.82 times with an earning per share of Rs 18.14. 

The shares of the company have slipped 4 per cent year to date, while rallying 49 per cent in the last one year. 

At 02:30 PM; the shares of the diagnostic company were trading 4.37 per cent higher at Rs 678 per share on the BSE. By comparison, the BSE Sensex was down 0.75 per cent at 79,825 levels.