Shares of renowned hospital chain Shalby Ltd. rose by 6% to touch a day’s high of Rs 303.4 on 11 July after the company proclaimed a 30-year lease to run operations at Asha Parekh Hospital in Santa Cruz, Mumbai.

In a filing on 10 July, the firm informed the exchanges that the Charity Commissioner of the Mumbai branch approved their application filed in November 2023. He granted the company a 30-year lease for the immovable property of Asha Parekh Hospital in Santacruz, also known as Smt. Bhikhubai Chandulal Jalundwala General Hospital (BCJ). The firm finalized the deal to operate and manage Asha Parekh Hospital’s facilities for the specified duration.

This approval will allow the company to expand efficiently in Santacruz, Mumbai. The hospital chain plans to build a new healthcare facility with a capacity of over 175 beds. On 8 July, Shalby disclosed its financial results for the quarter ending 30 June 2024. Shalby’s net profit declined by 29% year-on-year to ₹14.74 crore. The consolidated revenue for the quarter rose by 18% year-on-year to ₹278.89 crore. Quarter-on-quarter, the revenue had increased by 14.2%. The company will continue its strategic expansion despite the decline in profits.

Shalby’s President, Shanay Shah, attributed profit margin pressure to the acquisition of Sanar International Hospitals. In January, the conglomerate acquired around 87.26% stake in Sanar International Hospitals.

At 1:25 PM, the shares of Shalby Ltd. were trading 5.42% higher at Rs 300.45 on BSE.

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