Shalby numbers a Beat, uptick in surgery countSHALBY - 109 Change: 2.45 (2.30 %)
News: Revenues grew 23.2% YoY to Rs.162.4 crore backed by pick-up in elective surgeries. In patients count increased 17% YoY driven by increase in non-covid patients. EBITDA margins declined 597 bps YoY to 17.4% mainly due to increase in employee and other expenditure. Subsequently, EBITDA declined 8.3% YoY to Rs.28.2 crore. Adjusted Profit grew 3.3% YoY to Rs.17.4 crore. Delta vis-à-vis EBITDA was mainly due to lower tax expense.
Views: Q3 is relatively moderate sequentially due to festivities but Shalby’s results were better than expectations. Occupancy levels remained stable while ARPOB also recovered this quarter. Shalby continues to maintain leadership position in Arthroplasty but it has also transformed itself as a multispecialty hospital with diversified revenue mix. We will get more insights and clarity post discussion with management.