Analyst Meet / AGM     29-May-24
Conference Call
Shalby
Expanding and deepening its presence

Shalby hosted a conference call on May 29, 2024. In the conference call the company was represented by- Dr. Vikram Shah, Chairman and Managing Director, Mr. Shanay Shah, President and Mr. Amit Pathak, Chief Financial Officer.

Key takeaways of the call

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 Q4 FY24 was 39,101, growth of 12.1% YoY. ALOS stood at 3.75 compared to 4.01 in the corresponding quarter of the previous year.

The company’s core specialties, including Arthroplasty, Oncology, Cardiac Science, Orthopedic, Critical Care & General Medicine, and Neurology, collectively contributed 82% to total revenue in Q4 FY24.

In Q4 FY24, USA contributed 41% to revenue and India 59%. US customer sales mix from retail and wholesale remained at 55% and 45% respectively.

The company forayed into northern India through the acquisition of 100% stake in Healers Hospital at Rs 104 crore on 15 March 2024. The company also acquired 87% stake in PK Healthcare at Rs 101.92 crore on 25 Jan 2024. With an operational capacity of 130 Beds, Sanar International hospital 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.

Homecare business exhibited robust growth, increasing by 36% YoY in Q4 FY24. Physio, Diagnostics and Pharmacy are the major revenue contributors.

In Q4 FY24, Arthoplasty contributed 38% to total revenue, Critical Care & General Medicine 9%, Cardiac Science 10%, Oncology 11%, Orthopaedic 8%, Neurology 6%, Nephrology 6% and others 12%.

In Q4 FY24, Arthroplasty grew 8.5% YoY, Oncology grew 48.3%, Orthopaedic grew 22.8%, Nephro & Urology grew 33.3%, General & Cosmetic grew 15.2% and Other Surgery grew 15.6%.

In terms of payor mix, self-pay was 27% in Q4 FY24, insurance 41% and Government 22%.

The company approved to operationalize the B2B supply chain business Hosply, through the offline as   well as online platform. The business will involve surgical supplies to hospitals. It also approved to make operationalize Bone Bank & Tissue Bank business through its subsidiary for preservation and supplying bones and tissues to the patients.  

Shalby Academy vertical witnessed an encouraging response, with over 395 students enrolled in various healthcare programs during Q4 FY24.

In Q4 FY24, the company’s implant business delivered positive EBITDA.

The company has headroom to grow further with existing bed capacity without major capex.

Management expects to achieve double-digit growth in the hospital business with sustainable profitability, while also expanding and deepening its presence by adding Orthopedic units under SOCE.

As of March 2024, net debt balance at the group level amounted to Rs 155.7 crore, with a net cash balance of Rs 22 crore at the standalone level, reinforcing its ability to support strategic growth initiatives.

The company spent capex of Rs 28 crore in FY24. Management guided capex of Rs 36 crore in FY25.

The board Recommended a final dividend of Rs 1.20 per equity share of the face value of Rs 10 each fully paidup, 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.

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