Shalby Ltd -
Q1 FY 25 concall and results highlights -
Revenues - 288 vs 240 cr, up 20 pc
EBITDA - 55 vs 47 cr, up 15 pc
PAT - 15 vs 20 cr ( due higher Interest and Depreciation costs + increased tax rate )
Net Debt @ 168 cr
RoCE ( annualised for Q1 ) @ 13.6 pc
Hospitals business highlights ( only of standalone business ) -
Revenues - 240 vs 216 cr
EBITDA - 58 vs 49 cr
PAT - 30 vs 26 cr
Company’s Hospitals portfolio -
Hospitals - 16 - 11 multi speciality, 05 single speciality
Company owned and operated units - 10
Franchise units - 6 ( FOSM - 4, FOSO - 2 )
Bed capacity @ 2350
Doctors team @ 1150
OPD clinics - 60 Domestic, 23 International
Payor Mix -
Self Pay - 35 pc
Insurance - 41 pc
Govt Schemes - 24 pc
Operational matrix of Shalby Sonar Hospital ( acquired LY ) -
Revenues - 24 vs 20 cr
EBITDA - (-) 0.35 cr - company is confident of turning this around in near future
ARPOB - 79k
Occupancy @ 26 pc
56 pc of revenues generated from international patients
Bed Capacity @ 130 beds
Expertise in Kidney, Liver and Bone marrow transplant
Homecare business clocked a revenue of 3.7 vs 3.6 cr YoY. Patients served @ 7.3k vs 7.6k YoY
Revenues from FOSO hospitals ( franchise owned, Shalby operated ) - 2.6 vs 1.5 cr
Revenues from FOSM hospitals ( franchise owned, Shalby managed ) - 0.75 vs 1.1 cr
Signed up a new hospital under FOSO model @ Rajkot with a bed capacity of 25 beds
Implants business -
Revenues - 26 vs 16 cr
EBITDA - (-) 0.7 cr (-) 0.35 cr ( due front loading of a lot of marketing expenses )
Implants sold @ 3475 vs 1410 pieces
India sales @ 56 pc, US sales @ 44 pc
Company has sharpened its focus on cost cutting wrt their implants business and hiring multiple vendors for supply of similar components
Company is the largest hospital chain in the world in terms of Joint Replacement surgeries performed
Consolidated occupancy rates stood @ 50 pc ( clearly there is a lot of scope for improvement )
Company believes that weakness in homecare business is an aberration. Should see a pick up in the coming Qtrs
Expect Sanar hospital to be EBITDA positive going fwd. Aim to make it PBT positive by end of FY 25 or thereabouts
The Rajkot FOSO Hospital should go live in Q2. A few more Franchise deals are in the pipeline. Company is not disclosing them as yet due competitive reasons
Higher finance costs in Q1 due higher working capital requirements of the implants business and the additional debt taken up for the Sanar acquisition. Higher finance costs will only moderate by next FY once the Implants business stabilises
Disc : holding, biased, not SEBI registered, Concall and results summary posted only for educational purposes