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For
the quarter ending March 2024, consolidated net sales (including other operating income) of Shalby has increased 22.74% to Rs 244.23 crore compared to quarter ended March 2023. Sales of Health care services segment has gone up 20.55% to Rs 218.42 crore (accounting for 89.43% of total sales). Sales of Manufacturing of implants segment has gone up 45.08% to Rs 25.81 crore (accounting for 10.57% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 13.51% to Rs 21.78 crore. PBIT of Health care services segment rose 23.14% to Rs 27.96 crore (accounting for 128.35% of total PBIT). PBIT of Manufacturing of implants segment fell 75.73% to Rs -6.18 crore (accounting for -28.35% of total PBIT). PBIT margin of Health care services segment rose from 12.53% to 12.80%. PBIT margin of Manufacturing of implants segment fell from negative 19.75% to negative 23.92%. Overall PBIT margin fell from 9.64% to 8.92%. Operating profit margin has jumped from 12.90% to 15.91%, leading to 51.44% rise in operating profit to Rs 38.86 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 4.51% to 3.08%. Purchase of finished goods cost fell from 8.76% to 6.97%. Employee cost decreased from 19.32% to 15.79%. Other expenses rose from 55.52% to 58.80%. Other direct service cost rose from 43.90% to 47.04%. Other income fell 45.64% to Rs 4.99 crore. PBIDT rose 25.86% to Rs 43.85 crore. Provision for interest rose 127.82% to Rs 6.47 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 16.81% to Rs 37.38 crore. Provision for depreciation rose 21.78% to Rs 15.6 crore. Fixed assets increased to Rs 924.73 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 56.86 crore. Profit before tax grew 13.50% to Rs 21.78 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 5.74 crore, compared to Rs 5.29 crore. Effective tax rate was 26.35% compared to 27.57%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 19.42% to Rs 16.60 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 .
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 25.62% 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 36.69% 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 28.96%. 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 924.73 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 56.86 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
The board Recommended a final dividend
of Rs 1.20 per equity share of the face value
of Rs 10 each fully paid-up, for the financial year ended March
31, 2024.
Paid-up
equity share capital, having face value of Rs 10 each decreased from Rs 107.353
crore in quarter ended Dec 2023 to Rs 107.31 crore in quarter ended March 2024.
Occupied Bed during Q4 FY24 were 637,
growth of 10% YoY. In patient count (incl. Day Care) was 21,313, growth of 14.9%
YoY.
ARPOB during the quarter was 39,101, growth
of 12.1% YoY.
Management Comments :
Mr. Shanay Shah, President said: “It has
been a landmark here for the company, we have completed 30 years of operations
in this year. The company continued to show a steady performance in FY 24 with
a revenue of 953 crores and an EBITDA of 197 crores which is a growth of 15%
and 23% respectively from the last financial year. I`m pleased to announce that
our hospital business has maintained consistent performance across key
operational and financial metrics, witnessing a 10.0% increase in occupancy and
a 14.9% rise in in-patient count (including day care) year-on-year in Q4 FY24.
Additionally, hospital revenue and EBITDA grew by 14.8% and 16.8% respectively,
with a robust EBITDA margin of 20.2% in the same period. Notably, ARPOB and
ALOS stood at Rs.39,101 and 3.75 respectively in Q4 FY24, compared to Rs.
34,867 and 4.01 in the corresponding quarter of the previous year. Our core
specialties, including Arthroplasty, Oncology, Cardiac Science, Orthopedic,
Critical Care & General Medicine, and Neurology, collectively contributed
82% to the revenues in Q4 FY24. We are pleased to announce our strategic foray
into northern India through the acquisition of 100% stake in Healers Hospital
Pvt. Ltd. (Land & Building of Sanar). Sanar International hospital, with an
operational capacity of 130 Beds, offers advanced surgical care across
specialties such as Oncology, Cardiology, Bone Marrow Transplant, Kidney &
Liver Transplant, Bone & Joint, and Neurosciences, with 70% business from
international markets serving over 60 countries. Our Homecare business
exhibited robust growth, increasing by 36% year-on-year in Q4 FY24 compared to
Q4 FY23. Additionally, our Shalby Academy vertical witnessed an encouraging
response, with over 395 students enrolled in various healthcare programs during
Q4 FY24. Furthermore, our Realized Return on Capital Employed from the hospital
business stood at 18% in FY24 on an annualized basis. As of the quarter`s
close, our net debt balance at the group level amounted to Rs. 1,557 million,
with a net cash balance of Rs. 220 million at the standalone level, reinforcing
our ability to support strategic growth initiatives. Shalby has continued to
achieve numerous milestones driven by clinical excellence and patient
satisfaction, and we take pride in making a positive impact on people`s lives.”
Mr. Deepak Ananthakrishnan, Global Chief
Business Officer said: “During the fourth quarter of this financial year, our
implant business made significant progress, generating revenues of INR 258
million, with contributions from the USA and India at 41% and 59% respectively.
In Q4 FY24, our US customer sales mix from retail and wholesale remained at 55%
and 45% respectively. We are actively focused on bolstering our team with
skilled professionals, transitioning our sales mix to retail customers from
wholesale, enhancing operational capacity and efficiency, expanding our product
pipeline through extensive research and development efforts, and significantly
reducing procurement costs. The reception of our Shalby-Consensus implants in
our hospitals has been highly positive, and we have received additional orders
from the Indonesian market. With our key strategies firmly in place, our team
is fully dedicated to executing these plans flawlessly. Shalby is
well-positioned to achieve double-digit growth in the hospital business with
sustainable profitability, while also expanding and deepening our presence by
adding Orthopedic units under SOCE. These efforts will ultimately drive the
creation of sustainable value for all stakeholders at Shalby.”
| Shalby : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 244.23 | 198.98 | 22.74 | 933.75 | 804.92 | 16.01 | | OPM (%) | 15.91 | 12.90 | 302 bps | 18.96 | 16.99 | 197 bps | | OP | 38.86 | 25.66 | 51.44 | 177.03 | 136.75 | 29.46 | | Other Inc. | 4.99 | 9.18 | -45.64 | 19.43 | 22.52 | -13.72 | | PBIDT | 43.85 | 34.84 | 25.86 | 196.46 | 159.27 | 23.35 | | Interest | 6.47 | 2.84 | 127.82 | 16.03 | 9.13 | 75.58 | | PBDT | 37.38 | 32.00 | 16.81 | 180.43 | 150.14 | 20.17 | | Depreciation | 15.6 | 12.81 | 21.78 | 52.24 | 48.09 | 8.63 | | PBT | 21.78 | 19.19 | 13.50 | 128.19 | 102.05 | 25.61 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 21.78 | 19.19 | 13.50 | 128.19 | 102.05 | 25.61 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 21.78 | 19.19 | 13.50 | 128.19 | 102.05 | 25.61 | | Taxation | 5.74 | 5.29 | 8.51 | 44.69 | 34.37 | 30.03 | | PAT | 16.04 | 13.9 | 15.40 | 83.5 | 67.68 | 23.37 | | Minority Interest (MI) | -0.56 | 0 | - | -0.58 | -0.02 | -2,800.00 | | Net profit | 16.6 | 13.9 | 19.42 | 84.08 | 67.7 | 24.19 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 16.6 | 13.9 | 19.42 | 84.08 | 67.7 | 24.19 | | EPS (Rs)* | 1.54 | 1.29 | 19.42 | 7.78 | 6.27 | 24.19 | | | * EPS is on current equity of Rs 108.01 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Shalby : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Health care services | 89.43 | 218.42 | 181.19 | 20.55 | 91.61 | 855.41 | 713.97 | 19.81 | | Manufacturing of implants | 10.57 | 25.81 | 17.79 | 45.08 | 8.39 | 78.34 | 90.96 | -13.87 | | Total Reported Sales | 100.00 | 244.23 | 198.98 | 22.74 | 100.00 | 933.75 | 804.92 | 16.01 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 244.23 | 198.98 | 22.74 | 100.00 | 933.75 | 804.92 | 16.01 | | PBIT | | Health care services | 128.35 | 27.96 | 22.70 | 23.14 | 117.69 | 150.87 | 118.64 | 27.17 | | Manufacturing of implants | -28.35 | -6.18 | -3.51 | -75.73 | -17.69 | -22.68 | -16.59 | -36.69 | | Total PBIT | 100.00 | 21.78 | 19.19 | 13.51 | 100.00 | 128.19 | 102.04 | 25.62 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | Health care services | | 12.80 | 12.53 | 26.94 | | 17.64 | 16.62 | 102.08 | | Manufacturing of implants | | -23.92 | -19.75 | -417.16 | | -28.96 | -18.24 | -1,071.09 | | PBT | 100.00 | 21.78 | 19.19 | 13.51 | 100.00 | 128.19 | 102.04 | 25.62 |
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