Krishna Institute of Medical Sciences (KIMS) reported an 11.9% year-on-year increase in consolidated net profit to ₹75 crore for the second quarter, compared with ₹67 crore in the corresponding period last year.
Revenue from operations rose 39.9% to ₹1,344 crore from ₹961 crore a year ago. EBITDA increased 27.5% to ₹260 crore, compared with ₹204 crore in the year-ago quarter. However, EBITDA margin declined to 19.4% from 21.2%.
Board approvals
The company’s board approved the merger of its wholly-owned subsidiary, KIMS Hospitals Private Limited, with Krishna Institute of Medical Sciences Limited.
It also approved an Operations and Management (O&M) agreement between its wholly-owned subsidiary, KIMS Swastha Private Limited, and LOVR Institute of Medical Sciences Limited for Westfort Hospital in Thrissur.
The board approved the reappointment of Dr. Abhinay Bollineni as Director and CEO for a further term of five years. It also cleared the reappointment of Dr. Bhaskara Rao Bollineni as Chairman and Managing Director for another five years, including his continuation in office beyond the age of 70.
Stock performance
KIMS shares closed at ₹745.35 on Wednesday, November 4. The stock has gained 20.98% year to date, according to the data provided.
Also Read: FIIs extend cash market buying streak to third straight day, pump in over ₹13,500 crore