Krsnaa stays assured round a restoration of the receivables based mostly on their ongoing interplay with officers. Krsnaa’s monitor report on restoration of receivables to date stays clear with nothing misplaced on account of dangerous money owed.
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Systematix Report
Krsnaa Diagnostics Ltd.’s This fall FY25 income (Rs 1,861 million) was under our and consensus expectations however Ebitda (Rs 530 million) was inline. Income progress was lackluster (12% YoY). The pathology to radiology combine for the quarter stood at 50:50 and D2C contribution was 3.5% of income. Krsnaa expects D2C contribution to develop meaningfully in FY26 (5-8% of income).
The radiology contribution is predicted to extend as new facilities open and ramp up. The income progress in the course of the quarter was impacted by a slowdown in Himachal and Karnataka revenues owing to prolonged receivable days. Krsnaa stays assured round a restoration of the receivables based mostly on their ongoing interplay with officers. Krsnaa’s monitor report on restoration of receivables to date stays clear with nothing misplaced on account of dangerous money owed.
We anticipate a ~20% income progress for Krsnaa for FY26 and FY27. Growth of their D2C enterprise and a decision of receivable assortment challenges ought to assist enterprise progress.
We revise our estimates decrease, however preserve our Purchase score on Krsnaa with a revised goal value of Rs 879 based mostly on 23 occasions FY27E earnings per share.
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