Krishna Institute of Medical Sciences Ltd. signed a deal to procure medical technology and services worth Rs 700 crore with Wipro GE Healthcare, a leading global medical technology, diagnostics, and digital solutions innovator.
Wipro GE Healthcare will become the end-to-end medical technology partner to provide new products, replacements, and service to the existing and new branches of the KIMS for the next three years, according to an exchange filing on Friday.
Under the memorandum of understanding, Wipro GE Healthcare will design, develop, and manufacture medical technology, including PET CTs, SPEC CTs, cath labs, MRIs, CT scanners, ultrasounds, and critical care equipment, among others.
"As we expand across Southern and Western India, Wipro GE Healthcare, with its unparalleled local footprint and robust service network, offers predictability, scalability, and life cycle management," said Dr. Bhaskar Rao, chairman and managing director at KIMS. "With this partnership, we aim to elevate the quality of care in India.”
KIMS Hospitals is a corporate healthcare group in India operating facilities across four states, namely Telangana, Andhra Pradesh, Maharashtra, and Kerala. It provides multi-disciplinary integrated healthcare services, focusing on tertiary and quaternary care at affordable prices.
Krishna Institute of Medical Sciences Q1 Performance
In the first quarter ended June 2024, KIMS revenue rose by 13.59%, while profits increased by 7.16% year-on-year. That compares with 8.62% revenue growth and 32.01% profit growth during the same quarter a year ago.
Operating income was up by 24.61% quarter-on-quarter and increased by 12.5% year-on-year.
Shares of KIMS closed 0.60% lower at Rs 538.90 apiece, compared to a 0.42% rise in the benchmark NSE Nifty.
The stock has risen 38.39% in the last 12 months and 36.14% year-to-date.
Out of 15 analysts tracking the company, 14 maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 17.7%.
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