Shalby gains after Singapore arm bags import license for orthopaedic products

Shalby rose 2.13% to Rs 138.95 after the company announced that its step‐down Singapore subsidiary received a regulatory approval to market and sell knee implants, hip systems, knee and hip instruments, etc.

Shalby Global Technologies, Singapore (SGT) has received the approval from Indonesia's Ministry of Health.

SGT can import the implants and medical devices from USA and sell in Indonesia.

The company said that the development is in line with its stated strategy to grow its orthopaedic implant business and establish its footprint in the medical device market internationally.

"This is a big milestone achieved by the Shalby group in its journey to serve many more international patients. The synergies between the businesses are compelling and will bring in immediate benefits of sourcing US FDA approved quality implants into Indonesia through our distribution channels," Shalby said in a statement.

Shalby said it has performed more than 1,44,000 joint replacement surgeries so far and continues to be the leader in India and globally in terms of the volume of surgeries performed annually.

Shalby is a company engaged in healthcare delivery space and listed with bourses in India. The company operates as a chain of multispecialty hospitals across India. The business of the company is to offer tertiary and quaternary healthcare services to patients in various areas of specialization such as orthopedics, complex joint replacements, cardiology, neurology, oncology, renal transplantations etc.

The company's consolidated net profit rose 18.2% to Rs 15.29 crore on 24.7% jump in net sales to Rs 202.46 crore in Q3 FY23 over Q3 FY22.

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