Any current/future new fundraising through debt or equity?

Currently, Krsnaa Diagnostics does not expect to raise any new debt for planned CAPEX. CAPEX is primarily funded through internal accruals and some vendor financing (deferred payment or leasing of equipment). Debt raising is considered only if a new tender warrants it. There is no mention of imminent equity fundraising. Cash on the balance sheet (~220 crores) will be utilized for working capital. Future fundraising decisions will depend on new tender opportunities and project requirements.

Any current/future capex/capital investment/strategic investment?

Total CAPEX guidance for FY24 and FY25 is approximately ₹120-130 crore each year, totaling around ₹240-260 crore over two years. Rajasthan tender alone has a projected CAPEX of close to ₹200 crore, with major spending planned in H2 FY24 and Q1 FY25. CAPEX for other projects like Odisha, Assam, and Punjab is relatively lower, estimated around ₹40-60 crore. The company primarily plans to fund CAPEX through internal accruals and vendor financing (deferred payment or lease of equipment). No major debt raises planned for CAPEX unless new tenders require it. Strategic investments focus on deploying

Future growth expectations in sales/revenue/volumes?

The company targets a revenue growth of 30-35% year-on-year for the next two years excluding Rajasthan. With Rajasthan tender included, the growth rate will be significantly higher. Rajasthan is expected to contribute close to INR 300 crores in revenue in FY25. Total revenue including Rajasthan for FY25 is projected to approach INR 1100 crores. New project deployments in Assam, Odisha, BMC, and Maharashtra are expected to drive growth. Ramp-up in existing projects like Punjab and Himachal Pradesh continues to contribute to increasing revenues. Expansion in pathology service contribution is exp

Future growth expectations in earnings/operating earnings/profits/EPS?

Krsnaa Diagnostics expects top-line growth of 30-35% year-on-year for FY24 and FY25 excluding Rajasthan. With the addition of Rajasthan in FY25, overall growth is expected to be significantly higher, targeting revenue around INR 1100 crores by FY25. EBITDA margins are expected to stabilize around 25-30% annually, with aspirations to reach approximately 28-30% as projects mature. Operating cash flows for FY24 are expected to be similar to FY23, given investments in working capital and ongoing CAPEX. CAPEX is planned at INR 120-130 crores each for FY24 and FY25, mainly funded through internal ac

Current/ Expected Orderbook/ Pending Orders?

Krsnaa Diagnostics has several ongoing and pipeline projects, including large state-level tenders in Assam, Odisha, Punjab, Himachal Pradesh, BMC (Brihanmumbai Municipal Corporation), and Maharashtra. Rajasthan tender is a significant pending order, expected to contribute around ₹300 crore in revenue from FY25 onwards; pending execution of agreement due to government formalities. The company expects 30-35% year-on-year revenue growth for FY24 and FY25 excluding Rajasthan; including Rajasthan, growth will be higher. Projects like Assam and Odisha are yet to be fully operationalized but anticipa

Krsnaa Diagnostics LtdQ2 FY24

Krsnaa Diagnostics Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹575P/E: 17.7Market Cap: ₹1.8K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→The company targets a revenue growth of 30-35% year-on-year for the next two years excluding Rajasthan.
→With Rajasthan tender included, the growth rate will be significantly higher.
→Rajasthan is expected to contribute close to INR 300 crores in revenue in FY25.
→Total revenue including Rajasthan for FY25 is projected to approach INR 1100 crores.
→New project deployments in Assam, Odisha, BMC, and Maharashtra are expected to drive growth.
→Ramp-up in existing projects like Punjab and Himachal Pradesh continues to contribute to increasing revenues.
→Expansion in pathology service contribution is expected to improve overall revenue mix over time.
→There is headroom for increased tele-reporting and utilization of installed equipment capacity, indicating further volume growth potential.

Margin guidance

Category 3

→Krsnaa Diagnostics expects top-line growth of 30-35% year-on-year for FY24 and FY25 excluding Rajasthan.
→With the addition of Rajasthan in FY25, overall growth is expected to be significantly higher, targeting revenue around INR 1100 crores by FY25.
→EBITDA margins are expected to stabilize around 25-30% annually, with aspirations to reach approximately 28-30% as projects mature.
→Operating cash flows for FY24 are expected to be similar to FY23, given investments in working capital and ongoing CAPEX.
→CAPEX is planned at INR 120-130 crores each for FY24 and FY25, mainly funded through internal accruals and vendor financing.
→Revenue ramp-up is anticipated from ongoing and pipeline projects like Rajasthan, Punjab, Assam, Odisha, and BMC contracts.
→Overall, the company aims for strong growth in earnings aligned with expanding government tender projects and operational scale-up.

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Fundraise plans

→Currently, Krsnaa Diagnostics does not expect to raise any new debt for planned CAPEX.
→CAPEX is primarily funded through internal accruals and some vendor financing (deferred payment or leasing of equipment).
→Debt raising is considered only if a new tender warrants it.
→There is no mention of imminent equity fundraising.
→Cash on the balance sheet (~220 crores) will be utilized for working capital.
→Future fundraising decisions will depend on new tender opportunities and project requirements.

Order book

Yes

→Krsnaa Diagnostics has several ongoing and pipeline projects, including large state-level tenders in Assam, Odisha, Punjab, Himachal Pradesh, BMC (Brihanmumbai Municipal Corporation), and Maharashtra.
→Rajasthan tender is a significant pending order, expected to contribute around ₹300 crore in revenue from FY25 onwards; pending execution of agreement due to government formalities.
→The company expects 30-35% year-on-year revenue growth for FY24 and FY25 excluding Rajasthan; including Rajasthan, growth will be higher.
→Projects like Assam and Odisha are yet to be fully operationalized but anticipated to ramp up.
→They continue to seek and participate in new tenders, maintaining an edge due to experience and insights.
→CAPEX for FY24-25 is projected around ₹120-130 crore annually, largely directed towards Rajasthan and other new projects.
→Internal accruals and vendor financing mainly fund CAPEX; no major debt expected unless new tenders arise.

Capex plans

Yes

→Total CAPEX guidance for FY24 and FY25 is approximately ₹120-130 crore each year, totaling around ₹240-260 crore over two years.
→Rajasthan tender alone has a projected CAPEX of close to ₹200 crore, with major spending planned in H2 FY24 and Q1 FY25.
→CAPEX for other projects like Odisha, Assam, and Punjab is relatively lower, estimated around ₹40-60 crore.
→The company primarily plans to fund CAPEX through internal accruals and vendor financing (deferred payment or lease of equipment).
→No major debt raises planned for CAPEX unless new tenders require it.
→Strategic investments focus on deploying equipment and setting up infrastructure in new government PPP projects, including Rajasthan, Assam, Odisha, Maharashtra, and BMC contracts.
→CAPEX is mainly for setting up collection centers, pathology labs, and radiology equipment as per government tender requirements.

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