January 29, 2019  Shalby/SE/2017‐18/92  The Listing Department National Stock Exchange of India Ltd  Exchange Plaza, Plot no. C/1, G Block, Bandra‐Kurla Complex, Bandra (E), Mumbai  400 051.  

Corporate Service Department   BSE Limited  25th Floor, Phiroze Jeejeebhoy Towers,  Dalal Street,  Mumbai 400 001.  

Scrip Code : SHALBY   Scrip Code: 540797Through : https://www.connect2nse.com/LISTING/  Through : http://listing.bseindia.com  Sub:  Investor  Presentation  for  the  Third Quarter  ended  31st  December  2018  ‐disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 (“the SEBI LODR”)  Dear Sir / Madam,  We are submitting herewith Investor Presentation on financial & operational performance of the Company for third quarter ended 31st December 2018, which is also being made available on our website.  We request to take the same on your records and disseminate the same to the members.  Thanking you,  Yours sincerely, For Shalby Limited   Jayesh Patel Company Secretary & Compliance Officer  Encl.: as above 

Investor Presentation Q3 FY 19

Important Disclosure

No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy,

completeness or correctness of such information or opinions contained herein. The information contained in this presentation is

only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and

may be “forward looking statements”, including those relating to the Company’s general business plans and strategy, its future

financial condition and growth prospects, and future developments in its industry and its competitive and regulatory

environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including

future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social

conditions in India. This communication is for general information purpose only, without regard to specific objectives, financial

situations and needs of any particular person. This presentation does not constitute an offer or invitation to purchase or

subscribe for any shares in the Company and neither any part of it shall form the basis of or be relied upon in connection with

any contract or commitment whatsoever. The Company may alter, modify or otherwise change in any manner the content of this

presentation, without obligation to notify any person of such revision or changes. This presentation can not be copied and/or

disseminated in any manner.

2

…because passion drives perfection…

…and perfection drives

performance

“

3

11 Hospitals 55% Operating bed to total bed capacity

2,012* Total Bed Capacity

1,102** Operational beds

887 Census Beds

45% Bed Occupancy (based on census beds)

31% 11 year CAGR Revenue

40% 11 year CAGR EBITDA

Double-digit return ratios against industry trend of single-digit

Consistently superior ROCE of mature hospitals

404 Doctors & 3,000+ Support Staff

4

Current Scale of Operations

165 Non Census Beds

* Maximum number of beds according to structure of the hospital**The operational bed count of 1,102 considers 50 operational beds at Zynova-

Shalby Hospital, Mumbai, for which no other operational parameters are tracked

Decadal track record

5

194482

745 1,030

1,332 1,685

2,307

2,610 2,776 2,927

3,305

3,923

3,555

149%

55%38% 29% 26%

37%

13%6% 5%

13%19%

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 9MFY19

Revenue (in Mn) Growth (%)

Best in class financials

Years represent Financial Years EBITDA calculated on total revenue FY 12 to FY 17 – Data as per restated consolidated financials

Growth achieved without any outside equity funding till FY 17

Revenue CAGR – 31% for 11 years EBITDA CAGR – 40% for 11 years

Revenue EBITDA

22 77 107 142

262

439 482

660 687

579

778

925

739

11%16% 14% 14%

20%

26%21%

25% 25%20%

24%

24%

21%

FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 9MFY19

EBITDA (in Mn) Margin (%)

6

Best in class economic returns

• Double Digit return ratios against industry trend of single digit due to our unique business model

7

203 259 345 481 844 1,096

1,487 1,814

2,109 2,508

7,615

2%

9%17%

28% 31%15%

26% 20%13% 11%

6%

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

Net Worth (Rs in Mn) RoE(%)

RoE%

239 181 163 314 852

1,207 1,817

2,544

4,153

5,488

8,553

15%26%

51%88% 66%

20%36%

22%14% 13% 10%

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

Capital Employed (Rs in Mn) RoCE(%)

RoCE%

8

IP and OP Count (Yearly Trend)

2,413 5,244 6,983 8,660 9,758

15,348 16,609 17,147 20,528

24,704

32,967

40,669

IP Count

7,632 19,295 33,285 43,409 55,143

110,919

125,981 128,821

152,921 166,519

222,970

219,057OP Count

9

IP and OP Count (Quarterly Trend)

6,142 6,871 5,873 5,818 6,258

7,923 8,788

9,998

12,266

14,761 13,642

IP Count

42,819 44,050 37,590 42,060

47,956 55,554 55,271

64,189 70,525

76,794 71,738

OP Count

10

Surgeries Count (Yearly Trend)

1,900 2,596 3,576 4,442 5,166 6,019 6,856 7,330 8,006 7,816 8,495 6,552

66 154

371

2,014 2,628

3,827

5,586 6,361

6,280 7,399

9,059

8,463

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 9MFY19

Surgeries Count: Arthroplasty vs Others

Arthroplasty Others

11

Surgeries Count (Yearly Trend)

97% 94% 91%

69% 66% 61% 55% 54% 56% 51% 48% 44%

3% 6% 9%

31% 34% 39% 45% 46% 44% 49% 52% 56%

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 9MFY19

Arthroplasty Vs Others

Arthroplasty Others

12

Surgeries Count (Quarterly Trend)

2,215 1,874 1,737 1,990 2,139 1,840 2,289 2,227 2,325 2,208 2,019

1,932 1,870

1,773 1,824

2,041 2,113

2,330 2,575 3,155

2,6892619

Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Q2FY19 Q3FY19

Surgeries - Arthroplasty vs Others

Arthroplasty Others

13

Surgeries Count (Quarterly Trend)

53% 50% 49% 52% 51% 47% 50% 46% 42% 45% 44%

47% 50% 51% 48% 49% 53% 50% 54% 58% 55% 56%

Arthroplasty Vs Others

Arthroplasty Others

Performance Q3FY19

14

Key Achievements of the Quarter

Wide procedure penetration

– to Tier 2 and 3 cities

Awarded Medical Value Travel Specialist Hospital

Award 2018 in “Orthopaedics –

Joint Replacement” instituted by Ministry of

Commerce and Industry and FICCI

Awarded best “Medical

Tourism in Gujarat Award”

consecutively for 3rd year.

Successfully carried out surgery on 5 month old

suffering from Pulmonary Atresia at

Indore Unit

Mohali unit successfully broken even at EBITDA

level.

15

16

(INR in million)

Performance Synopsis

Note: The operational bed count of 1,102 considers 50 operational beds at Zynova-Shalby Hospital, Mumbai, for which no other operational parameters

are tracked

Particulars Quarter Ended % of Revenue Quarter Ended % of Revenue Growth

31/12/2018 31/12/2017

Total Revenue 1,151.1 1,013.1 14%

EBITDA 213.3 19% 250.8 25% -15%

Bed Capacity (Nos.) 2012 2012 0%

Operational Beds (Nos.) 1,102 951 16%

Average Length of Stay(Days) 2.67 3.75 29%

Occupancy (Beds) 397 358 11%

In-Patient Count (Nos.) 13,642 8,788 55%

Out patient Count (Nos.) 71,738 55,271 30%

Surgeries Count 4,638 4,619 0%

ARPOB ( In Rs.) 31,517 30,760 2%

17

(INR in million)

Financial Highlights Q3FY19 Standalone

Revenue from Operations 1131.4 966.6 17.1%

Other Income 19.7 46.5 -57.7%

Total Income 1151.1 1013.1 13.6%

Expenses

Materials & Consumables 298.5 25.9% 280.8 27.7%

Fees to Doctors and Consultants 311.0 27.0% 215.5 21.3%

Other Operative Expenses 35.3 3.1% 30.9 3.0%

Employee Costs 215.8 18.7% 164.8 16.3%

Administrative Expenses 58.7 5.1% 58.8 5.8%

Advt & Promotion 18.5 1.6% 11.5 1.1%

Total Operational Expenses 937.8 81.5% 762.3 75.2%

EBITDA 213.3 18.5% 250.8 24.8% -14.9%

Finance Cost 14.6 34.4

Depreciation & Amortization Expense 85.2 66.7

Profit before tax (PBT) 113.5 149.7 -24.2%

Tax Expense -15.4 44.86

Profit after tax (PAT) 128.9 11.2% 104.9 10.4% 22.9%

GrowthParticularsQuarter Ended

31/12/2018% of Revenue

Quarter Ended

31/12/2017% of Revenue

18

1,013.1

1,151.1

Q3 FY18 Q3 FY19

(INR in million)Financials Parameters

Total Revenue EBITDA

104.9

128.9

Q3 FY18 Q3 FY19

PAT

• Total Revenue has increased by 13.6% on Year on Year basis

• EBITDA for Q3 FY 19 has decreased by 14.9% compared to Q3 FY 18 as Doctor cost has increased by 44.3% and

Employee cost has increased by 31%

• PAT for Q3 FY 19 has increased by 22.9% on Year on Year basis

250.8

213.3

Q3 FY18 Q3 FY19

19

ARPOB and ALOS

• Change in ALOS is a result of increase in operational excellence as a continuous process as well as

increased multi-specialty focus including specialties like Oncology, Nephrology, Cardiac Sciences etc.

which has large number of day care procedures

30,760

31,517

3.75

2.67

Q3 FY18 Q3 FY19

ARPOB (in Rs / day) ALOS (Days)

20

Revenue Mix Q3FY19

43%

12%

10%

8%

7%

5%

4% 12%

Specialty Mix

Arthroplasty Critical Care & General Medicine

Cardiac Science Oncology

Other Ortho Neurology

Nephrology Others

63%

18%

15%

5%

Payer Profile

Self Pay Corporate Government TPA Corporate Private

21

Surgery Count and Cost Structure Q3FY19

44%

14%

6%

6%

6%

3%

3%

18%

Arthroplasty Orthopaedic

General Surgery Nephrology

Gynecology & IVF Cosmetic & Plastic Surgery

Oncology Others

Surgery Count

Cost Structure

26%

27%

3%19%5% 2%

81%

Q3FY19

Total Cost

Advertising and Promotion

Administrative Expenses

Employee Cost

Other Operative Expenses

Fees to Doctors and Consultants

Materials & Consumables

22

2,012 2,012

951

1,102

358 397

Q3 FY18 Q3 FY19

Bed Capacity Operational Occupied

Bed Count Split

Maturity Profile

Avg.

Occupied

Beds

Census BedsNon-Census

Beds

Operational

Beds

Non-

Operational

Beds

Total Bed

Capacity

4 years +

(SG; Vijay;

Krishna; Vapi)

2-4 years

(Jabalpur,

Indore)

< 2 years

(Jaipur; Naroda;

Surat; Mohali)

Total 397 887 165 1,102* 910 2,012

Maturity Profile – Q3FY19

23

128

120

149 325

309

253

57

52

56

212

115

583

594

476

892

382

361

309

Note: The operational bed count of 1,102 considers 50 operational beds at Zynova-Shalby Hospital, Mumbai, for which no other operational parameters

are tracked

Maturity

Profile

% of Total

RevenueArthroplasty

Non

ArthroplastyARPOB(Rs) ALOS(Days) EBITDA %

4 years +

(SG; Vijay;

Krishna; Vapi)

2-4 years

(Jabalpur,

Indore)

< 2 years

(Jaipur;

Naroda; Surat;

Mohali)

Total 100% 43% 57% 31,517 2.67 18.5%

Maturity Profile – Q3FY19 – with Revenue mix

28%

22%

50%

24

29.7%

6.5%

8.2%

3.73

3.38

1.75

20%

18%

19%

30%

4%

9%

22,861

27,952

41,629

Maturity Profile IP Count OP Count Surgery Count

4 years +

(SG; Vijay;

Krishna; Vapi)

2-4 years

(Jabalpur, Indore)

< 2 years

(Jaipur; Naroda;

Surat; Mohali)

Total 13,642 71,738 4,638

Maturity Profile – Q3 FY19 vs Q3 FY18 – Operational Parameters

25

3,673 26,955 2,531

3,265 21,887

6,704

976

22,896 1,131

Maturity Profile IP Count OP Count Surgery Count

4 years +

(SG; Vijay;

Krishna; Vapi)

2-4 years

(Jabalpur, Indore)

< 2 years

(Jaipur; Naroda;

Surat; Mohali)

Total 8,788 55,271 4,619

4,006 26,665 3,150

3,180 18,994

1,602

803

9,612 666

Q3 FY 19 Q3 FY 18

Shareholding Pattern

• Total Number of Shares: 108,009,77026

79.41%

7.39%

5.78%

4.24%

0.94%

0.91%

0.54% 0.31%

0.30%

0.12%

0.05%0.02%

Shareholding as on 31st December 2018

Promoter Individuals

Resident Individuals

Foreign Portfolio - Corp

Bodies Corporates

Employee Trusts

Alternative InvestmentFundH U F

Non Resident Indians

Mutual Funds

Non Resident Indian NonRepatriableBanks

Others

Our Strengths and Differentiators

Experienced

promoters with

hands-on

involvement

Strong brand,

global

leadership in

Joint

Replacement

Optimized

Business Model

now being

replicated

Even after the

IPO promoter

holding is ~80%

Unleveraged

Balance Sheet

Strong emphasis

on governance

and compliance

Leadership and

succession plan

in place

27

Increasing focus

on Quaternary

treatments such

as Oncology and

Organ

transplants

Detailed Information

28

For more detailed information please click on the link below:• Q3FY19 result• Q2FY19 result• Q1FY19 result• Monitoring Agency Report for IPO proceeds• FY18 result

Thank you

SHALBY LIMITED

Regd Off: Opp. Karnavati Club, S.G. Road, Ahmedabad – 380015, Gujarat, India. Phone: 079 4020 3000Fax: +91 79 4020 3120 | Website: www.shalby.org | CIN: L85110GJ2004PLC044667

Script code: BSE: 540797 | NSE: SHALBY