Annual Report: 2023
The following is a comprehensive summary of the provided PDF document:
Overview: The PDF is the 27th Annual Report for VPS Lakeshore, covering the financial year 2022-2023. It includes the Chairman's Message, notice of the Annual General Meeting, Directors' Report, Consolidated Financial Statements, and other compliance-related information.
Chairman's Message: The Chairman, Dr. Vayalil Parambath Shamsheer, expresses satisfaction with the company's performance. The company achieved a total income of ₹424 crores (17% increase) and a net profit of ₹58 crores (34% increase). Earnings per share increased from ₹4.29 to ₹5.75. A dividend of ₹1.70 per share (17%) was approved. The hospital delivered healthcare services to 343,876 out-patients and 21,087 in-patients. The number of foreign patients increased significantly from 6,008 to 20,047. Key revenue contributors were Nephrology, Medical Oncology, Cardiology, Neuro Surgery, Orthopedics, Urology, transplant, and GI Surgery. 53 live liver donor transplantations and 212 renal transplantations were completed with a success rate of over 95%. Future plans include adding robotic surgery systems, a new MRI and CT, automation of patient feedback, converting manual patient files to electronic medical records (EMR), and exploring expansion in other Kerala districts. The Kozhikode Medical Centre served over 12,000 patients. Approximately ₹60 lakhs were spent on CSR activities, focusing on education, preventive healthcare, senior citizen support, and oncology patient support. ₹9.08 crores were provided in treatment concessions to needy patients.
Notice of Annual General Meeting: The 27th Annual General Meeting will be held on September 29, 2023, via video conferencing. Ordinary business includes adopting accounts, report of directors, declaring dividend, and re-appointment of directors (Mr. K N Prabhakaran Nair and Mr. MM Mathai). Special business includes remuneration to cost auditors (M/s BBS & Associates, Kochi, ₹1,25,000 plus tax) and approval of remuneration to Managing Director (Sri S K Abdulla Kunhi with gross remuneration ₹1,12,19,759). Notes detail e-voting procedures, closure of register of members (September 23-29), communication regarding email registration, and procedures for shareholders.
Directors' Report: The Directors present the 27th Annual Report and audited financial statements. The report provides financial highlights comparing standalone and consolidated figures for FY 2022-23 and 2021-22. A dividend of 17% (₹1.70 per share) has been recommended. The authorized capital remained at ₹100 crores. The report reviews operations, noting the difficulties in the healthcare sector during 2022-23 due to COVID-19 and nurse migration. The hospital increased capacity and utilized digital platforms to address challenges. Operational excellence highlights include treating 20,025 inpatients and 333,622 outpatients, performing 7588 surgeries and 257 organ transplantations, increasing referral patients, and conducting 21,118 dialysis, and 5,038 preventive health check-ups. A new high throughput chemistry and immunology Modular Analyser for sample testing was installed. Clinical excellence includes 16 students clearing the DNB. Super speciality DNB programs for Neurosurgery and critical care medicine were approved. The report details various awards and accolades received. Information Technology initiatives include AI Chat GPT implementation, invoice digitalization, HIS interface with lab machines, association with Pine Labs, bank reconciliation automation, WhatsApp payment gateway, and data security improvements. Projects include hospital block renovation, Nephrology & Urology OPD relocation, ER relocation, a Comprehensive liver care unit started, new dialysis unit, and upcoming ground floor renovation. Plans for the future focus on improving services, expanding reach through joint ventures, investing in new technologies, strengthening patient engagement, developing new programs for preventive care, and strengthening academic and training programs.
Financial Performance (Consolidated): The report provides consolidated financial information. This includes information on Lakeshore Food and Beverages Private Ltd., the subsidiary. Turnover: ₹419.04 crores (previous year ₹358.47 crores). Net Profit: ₹57.52 crores (previous year ₹42.92 crores). Projected turnover is ₹473 crores and profit before tax ₹117 crores for 2023-24.
Board and Governance: The board comprises the Chairman, Managing Director, two Independent Directors, and seven non-executive directors. Mr. K N Prabhakaran Nair and Mr. M M Mathai retire by rotation. Various Board and Committee meetings are detailed with attendance records. Audit, Nomination and Remuneration, and Corporate Social Responsibility Committees are described, including member composition and attendance at meetings.
Other Key Points: The Company has implemented a Risk Management Policy. The Company has entered into agreements with NSDL and CDSL for dematerialization. The ISIN Number is INE01T101010. CSR activities are reported in detail, as per Section 135 of the Companies Act, 2013. The company focuses on eradication of hunger and malnutrition, preventive Health Care, Support for government initiatives, etc.. Information on Directors seeking appointment/re-appointment is provided as required under Secretarial Standard-2. Particulars of employees and related disclosures are given. Personnel and industrial relations were cordial. The company has an Internal Complaints Committee in compliance with the Sexual Harassment Act. The report includes annexures containing various statements and reports as required by the Companies Act, 2013 and related rules, including: Form AOC-1 for subsidiary information. Details of Related Party Transactions Credit Rating by CARE: ‘CARE A; Stable/CARE A1 [Single A; Outlook: Stable/A One]' for bank facilities. Declaration by Independent Directors confirms that they meet the criteria of independence as defined by Companies Act, 2013.
Independent Auditor's Report: The report of the Independent Auditor's is attached. They give a true and fair view in conformity with the accounting principles generally accepted in India and Indian Accounting Standards (‘Ind AS’). They state that they have obtained all the information and explanations necessary, that proper books of account have been kept, that the Balance Sheet and Statement of Profit and Loss are in agreement with the books of account, and that the financial statements comply with the accounting standards. They also report on other legal and regulatory requirements.
In summary, the Annual Report portrays a financially strong and growing healthcare organization committed to clinical excellence, social responsibility, and sound corporate governance. The company outlines ambitious plans for future growth and technological advancements while maintaining a commitment to providing affordable, quality healthcare.
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