Shalby shares gain as arm gets license to market knee implants

Shares of Shalby, the Indian medical device company, rose on February 16 after its arm secured an import license to sell knee implants and medical devices in Indonesia.

At 10.57 am, shares of Shalby were trading at Rs 139.05, up around 2 percent on the National Stock Exchange.

The company's subsidiary, Shalby Global Technologies Pte Ltd, Singapore, received regulatory approval from the Ministry of Health in Indonesia, allowing it to market and sell knee implants, hip-systems, and other medical devices in the country.

This move aligns perfectly with the company's strategy to expand its orthopedic implant business and establish its footprint in the international medical device market.

"Shalby will now import US FDA-approved quality implants and instruments into Indonesia through its distribution channels, creating a compelling synergy between the businesses," the company said in an exchange filing.

The  company's efforts to expand its implant business was apparent in the sharp jump in its revenues for the vertical. The company's implant business revenue for the December quarter more than tripled on year to Rs 22.8 crore.

This development is expected to boost Shalby's position in the global medical device market and also lift its revenues for the implant business.

The company's total revenue for Q3 also increased by 25.1 percent year-on-year to Rs 206.7 crore, leading to a consolidated net profit of Rs 15.3 crore, representing a growth of 18.3 percent on year.