Market News
2 min read | Updated on June 25, 2024, 14:22 IST
SUMMARY
KIMS said its one equity share with a face value of ₹10 will be split into five equity shares with a face value of ₹2 each. Following the announcement, shares of KIMS were trading higher by over 3% on Tuesday.
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KIMS announced earlier this month that it had acquired a 51% stake in Meda Institute of Podiatry for a cash consideration of ₹1.02 crore. Meda Institute of Podiatry is a recently incorporated company by Dr. Meda, who possesses over 12 years of experience in vascular surgery.
KIMS said that through the investment, the company aims to set up a small Podiatry Hospital and expand it to meet the needs of podiatric care in Hyderabad. In the initial phase, a 9-bed hospital will be set up in a 14,000-square-foot area, which can be expanded to a 20-bed hospital.
In May, KIMS announced that its subsidiary, KIMS Hospital Bengaluru is setting up a 350-bed super specialty hospital at the Peoples Education Society Campus in Electronic City, Bangalore. The super specialty hospital will be under the exclusive supervision and control of KIMS which will be solely responsible for the proper and efficient management. KIMS will bill and collect all revenues of the hospital and incur expenses for running the hospital. It will be solely entitled to the net profits of the hospital in each financial year, it said.
During the fourth quarter of fiscal year 2024, KIMS reported a consolidated revenue of ₹637.6 crore, registering an increase of 9.8% on a year-on-year (YoY) basis. Operating earnings before interest, tax, depreciation, and amortisation (EBITDA) came in at ₹162.8 crore, registering a decline of 3.2% YoY.
Shares of the company have risen by over 8% since the beginning of the year. The stock has gained over 21% in the last one year.
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