For
the quarter ending June 2024, consolidated Net sales (including other operating income) of Shalby has increased 18.43% to Rs 278.89 crore compared to quarter ended June 2023. Sales of Health care services segment has gone up 15.86% to Rs 253.88 crore (accounting for 91.03% of total sales). Sales of Manufacturing of implants segment has gone up 52.97% to Rs 25.01 crore (accounting for 8.97% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 7.75% to Rs 30.41 crore. PBIT of Health care services segment fell 0.89% to Rs 37.90 crore (accounting for 124.60% of total PBIT). PBIT of Manufacturing of implants segment fell 42.03% to Rs -7.48 crore (accounting for -24.60% of total PBIT).
PBIT margin of Health care services segment fell from 17.45% to 14.93%. PBIT margin of Manufacturing of implants segment rose from negative 32.22% to negative 29.92%. Overall PBIT margin fell from 14.00% to 10.91%.
Operating profit margin has declined from 18.32% to 16.21%, leading to 4.80% rise in operating profit to Rs 45.20 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 2.82% to 4.56%. Purchase of finished goods cost rose from 8.20% to 8.33%. Employee cost decreased from 16.07% to 15.37%. Other expenses rose from 55.22% to 56.25%. Other direct service cost rose from 45.34% to 47.06%. Other income rose 114.13% to Rs 9.7 crore. PBIDT rose 15.19% to Rs 54.9 crore. Provision for interest rose 195.27% to Rs 8.12 crore.
PBDT rose 4.16% to Rs 46.78 crore. Provision for depreciation rose 37.10% to Rs 16.37 crore.
Profit before tax down 7.76% to Rs 30.41 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 15.67 crore, compared to Rs 12.15 crore. Effective tax rate was 51.53% compared to 36.85%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 29.24% to Rs 14.74 crore. Promoters’ stake was 74.25% as of 30 June 2024 ,compared to 74.12% as of 30 June 2023 .
Full year results analysis.
Net sales (including other operating income) of Shalby has increased 16.01% to Rs 933.75 crore. Sales of Health care services segment has gone up 19.81% to Rs 855.41 crore (accounting for 91.61% of total sales). Sales of Manufacturing of implants segment has gone down 13.87% to Rs 78.34 crore (accounting for 8.39% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 25.63% to Rs 128.19 crore. PBIT of Health care services segment rose 27.17% to Rs 150.87 crore (accounting for 117.69% of total PBIT). PBIT of Manufacturing of implants segment fell 36.68% to Rs -22.68 crore (accounting for -17.69% of total PBIT).
PBIT margin of Health care services segment rose from 16.62% to 17.64%. PBIT margin of Manufacturing of implants segment fell from negative 18.24% to negative 28.95%. Overall PBIT margin rose from 12.68% to 13.73%.
Operating profit margin has jumped from 16.99% to 18.96%, leading to 29.46% rise in operating profit to Rs 177.03 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 3.80% to 3.27%. Purchase of finished goods cost fell from 8.49% to 7.79%. Employee cost decreased from 16.88% to 15.89%. Other expenses rose from 54.75% to 54.96%. Other direct service cost rose from 44.24% to 45.14%. Other income fell 13.72% to Rs 19.43 crore. PBIDT rose 23.35% to Rs 196.46 crore. Provision for interest rose 75.58% to Rs 16.03 crore. Loan funds rose to Rs 377.86 crore as of 31 March 2024 from Rs 180.51 crore as of 31 March 2023. Inventories rose to Rs 235.20 crore as of 31 March 2024 from Rs 185.40 crore as of 31 March 2023. Sundry debtors were higher at Rs 144.63 crore as of 31 March 2024 compared to Rs 106.36 crore as of 31 March 2023. Cash and bank balance rose to Rs 27.22 crore as of 31 March 2024 from Rs 12.29 crore as of 31 March 2023. Investments declined from Rs 145.72 crore as of 31 March 2023 to Rs 80.64 crore as of 31 March 2024.
PBDT rose 20.17% to Rs 180.43 crore. Provision for depreciation rose 8.63% to Rs 52.24 crore. Fixed assets increased to Rs 911.28 crore as of 31 March 2024 from Rs 685.56 crore as of 31 March 2023. Intangible assets increased from Rs 10.15 crore to Rs 70.32 crore.
Profit before tax grew 25.61% to Rs 128.19 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 44.69 crore, compared to Rs 34.37 crore. Effective tax rate was 34.86% compared to 33.68%.
Minority interest decreased 2,800% to Rs -0.58 crore. Net profit attributable to owners of the company increased 24.19% to Rs 84.08 crore.
Equity capital increased from Rs 107.31 crore as of 31 March 2023 to Rs 107.41 crore as of 31 March 2024. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 74.24% as of 31 March 2024 ,compared to 74.12% as of 31 March 2023 .
Cash flow from operating activities decreased to Rs 19.60 crore for year ended March 2024 from Rs 67.77 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 47.11 crore, compared to Rs 18.48 crore during the year ended March 2023.
Business Highlights
Paid-up
equity share capital, having face value of Rs 10 each increased from Rs 107.31
crore in quarter ended March 2024 to Rs 107.475 crore in quarter ended June
2024.
Occupied Bed during Q1 FY25 were 669,
growth of 6.87% YoY.
In Q1 FY25, in patient count (incl. Day
Care) was 22,792, growth of 10.31% YoY. Out Patient count increased 13.05% to
1,34,876.
ARPOB during the quarter was 43,365, growth
of 14.1% YoY.
In Q1 FY25, Arthoplasty
contributed 40% to total revenue, Critical Care & General Medicine 8%,
Cardiac Science 9%, Oncology 10%, Orthopaedic 9%, Neurology 5%, Nephrology 5%
and others 13%.
In terms of payor
mix, self-pay was 35% in Q1 FY25, insurance 41% and Government 24%.