Shalby Ltd -
Q3 FY 24 results and concall highlights -
Revenues - 220 vs 207 cr, up 6 pc
EBITDA - 47 vs 38 cr, up 23 pc ( margins @ 21.2 vs 18.5 pc )
PAT - 19 vs 15.5 cr, up 25 pc
Standalone Revenues @ 200 cr, EBITDA @ 47 cr, PAT @ 25 cr ( all grew at very healthy rates )
Net Cash ( minus debt ) on books @ 61 cr
Company’s portfolio / businesses -
10 Multi Speciality hospitals across West, Central and North India. A leader in Joint replacement in the represented market
60 OPD domestic clinics + 16 international OPD clinics ( mainly in Africa )
06 Franchisee hospitals
US based Knee and Hip implants manufacturing facility
Total bed capacity @ 2150 + beds, present across 13 cities in India
Q3 operational matrices -
ARPOB @ 37.3 vs 36.3 k
Occupancy rate @ 47 vs 43 pc
Surgery count @ 6746 vs 6782
Hospitals business segmental revenue percentages -
Anthroplasty - 43 pc
Critical care - 9 pc
Cariac - 9 pc
Onco - 10 pc
Ortho - 10 pc
Neuro - 5 pc
Nephro - 4 pc
Others - 11 pc
Hospitals business payor mix -
Self pay - 35 pc
Insurance - 41 pc
Govt - 24 pc
Implants business sales mix -
India - 57 pc
US - 43 pc
Implants business financials -
Revenues @ 21 cr, up 46 pc
EBITDA @ 20 lakh
No. of constructs sold @ 2630 ( 70 : 30 - Knee : Hip )
Company invested 102 cr to acquire 87 pc stake in Sanar International hospital Gurugram. Its current bed capacity is 130, expandable to 180. This hospital caters mostly to international clients ( 68 pc of its revenues )
Still have the vision to grow the implants business to 800 cr / yr kind of sales in 5 yrs
Sanar International is likely to do a 30-35 cr / Qtr kind of topline for next yr. Also, the ARPOBs here are much higher - in the range of 1 lakh. However, current occupancies are low @ around 25 pc. Currently making EBITDA losses
Aiming to do high single digit EBITDA margins from the implants business by end of next yr
Mumbai - is a Greenfield project ( Hospital ) that’s lined up by the company. May take 3-4 yrs to go live
Aiming for 20-22 pc growth in EBITDA for next FY without accounting for the new facilities and inorganic opportunities like the Sanar hospital
Seeing pickup in no of surgeries in Jan, Feb 24. Confident of doing better business in Q4 vs Q3
Disc: holding, biased, not SEBI registered
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