Annual Report: 2024
The document is the 28th Annual Report of Lakeshore Global Lifecare for the financial year 2023-2024.
**Board of Directors & Key Personnel:**
* Lists the names of the Chairman (Dr. Vayalil Parambath Shamsheer), Vice Chairman (Mr. P.M Sebastian), Managing Director (Mr. S K Abdulla), other directors, the Chief Financial Officer (Mr. Gireesh Kumar E), and the Company Secretary (Mr. R Muraleedharan).
**Chairman's Message:**
* The company achieved a total income of ₹403 crores and a net profit of ₹44 crores for the year ended March 31, 2024.
* A dividend of ₹1.70 per share (17%) has been recommended.
* The hospital provided healthcare services to 3,40,852 out-patients and 20,932 in-patients. The number of international patients increased to 20,074.
* Major revenue contributors were Nephrology, Medical Oncology, Orthopedics, GI Surgery, Neuro Surgery, Urology & Transplant, Cardiology, and Surgical Oncology.
* The Kozhikode Medical Centre provided healthcare to over 24,000 patients, compared to 12,000 in the previous year.
* Importance was given to digitalization, including AI Chat GPT, digitalized invoices, and WhatsApp payment gateways.
* ₹66 lakhs were spent on CSR activities related to education, care for women, preventive healthcare, senior citizens, and oncology patients, including the "Ammakkoru Karuthal" project.
* Concessions in treatment charges amounted to ₹12.67 crores for needy patients.
**Notice for Annual General Meeting:**
* The 28th Annual General Meeting will be held on Saturday, the 28th of September 2024 at 12:00 Noon (IST) through Video Conferencing (VC).
* The agenda includes adoption of accounts, declaration of dividend, re-appointment of directors (Mr. Job Varghese and Mr. Kaivilayil Varghese Johny), and remuneration to cost auditor (M/s BBS & Associates).
* Also on the agenda is the appointment of Mr. Reuben George Joseph as an Independent Director for 3 years until August 07, 2027.
* Mr. Hari Mohan Haritas will be appointed as Director
* The register of members and share transfer books will be closed from September 22, 2024 to September 28, 2024 for dividend payment.
* Members are requested to furnish their PAN to the Company for TDS on dividend; non-resident shareholders can avail tax treaty benefits by providing necessary documents.
* Details of unpaid dividends have been uploaded on the company website.
* Members holding shares in physical form are requested to consider converting to dematerialized form.
**CDSL E-Voting System:**
* The AGM will be held through Video Conferencing (VC) as per MCA circulars.
* Remote e-voting will be available to members through Central Depository Services (India) Limited (CDSL).
* Members can join the AGM in VC/OAVM mode 15 minutes before the meeting.
* The facility of participation at the EGM/AGM through VC/OAVM will be made available to at least 1000 members on first come first served basis
* The Remote e-voting period commences on September 25, 2024 (9:00 AM) and ends on September 27, 2024 (5:00 PM).
* Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.
* Instructions are provided for individual shareholders holding securities in Demat mode (CDSL/NSDL) and for those holding shares in physical mode.
**Statement Relating to Special Business:**
* Details regarding the remuneration payable to the Cost Auditor (M/s BBS & Associates) for the financial year ending 31.03.2025, which requires shareholder ratification.
* Information on the appointment of Mr. Reuben George Joseph as an Independent Director, including his qualifications, experience, and compliance with Companies Act, 2013 requirements.
* The appointment of Mr Hari Mohan Haritas as Director of the Company who has significant experience in the financial roles
**Details of Directors Seeking Appointment/Re-appointment:**
* Provides details (date of birth, qualifications, experience, etc.) for Mr. Job Varghese and Mr. Kaivilayil Varghese Johny, who are up for re-appointment.
**Directors' Report:**
* The Directors present the 28th Annual Report and audited financial statements for the year ended March 31, 2024.
* Financial Highlights: Details of Standalone and Consolidated financial results for the year ended 31.03.2024 including Income from Operations, Net Profit. The Company has made profit before tax of ₹5501 lakhs as against ₹8242 lakhs of the previous year
* Dividend: The Board recommends a dividend of ₹1.70 (17%) per equity share, subject to shareholder approval, which will result in an outflow of ₹17 cr.
* Share Capital: Authorised Capital remains unchanged at ₹100 crores.
* Operations Review: The hospital's patient inflow and market share have gained momentum. The hospital managed to improve service quality, cost control, and infection control practices.
* Transplantations Program's success rate is over 95%.
* The hospital is expanding international patient agreements (e.g., with "Aasandha" for Maldives patients). Collaborations with Bangladesh are underway. There is a tie-up in Kyrgyzstan and efforts to increase visibility in CSI countries.
* Renovations and new services are ongoing, including a Labour Suite and NICU.
* The Hospital treated over 340852 outpatients and treated over 20932 inpatients and performed over 191 organ transplantations, which include 163 renal and 28 liver surgeries in 2023-24. Number of Dialysis Conducted is 19654 dialysis in 2023-24. The number of international patients availing treatment in the year 23-24 is 20074
* Peripheral Gastroenterology clinics and Lakeshore IVF clinic have started.
* Focus is on developing various Centers of Excellence and oncology.
* Outlook: Company achieved a turnover of ₹402.89 crores (last year ₹424.45 crores) and made a net profit of ₹43.89 crores (last year ₹57.52 crores). Projected turnover for the year 2024-25 is ₹503.72 crores.
* Board Composition: The Board consists of the Chairman, Managing Director, two Independent Directors, and eight non-executive directors. Names of directors retiring by rotation and those being appointed are mentioned.
* Board Meeting: 4 Board Meetings were held on 24th June 2023, 14th August 2023, 5th December 2023 and 18th March 2024
* A Statement Regarding the Audit Committee, Remuneration Committee, CSR Committee and their composition is given.
* Loans, Guarantees, or Investments: The company did not give any Loan or Guarantee or provide any security or make investment
* Risk Management: The Company has identified the risks/uncertainty associated with the company and developed and implemented a Risk Management.
* Dematerialisation: The Company has entered into agreement with NSDL and CDSL to enable Members to have the option of holding and dealing the shares of the Company in electronic form.
**Compliance & Other Information:**
* Confirmation of compliance with Secretarial Standards.
* Details of energy conservation, technology absorption, and foreign exchange earnings and outgo. Foreign exchange earning was ₹28.78 crores (₹12.06 crores) and out go was *14.47 crores (₹5.01 crores).
* Statements on personnel relations, internal financial controls, material changes, and nature of business.
* Confirmation of an Internal Complaints Committee as per the Sexual Harassment of Women at Workplace Act.
* Directors express gratitude to stakeholders.
**Financial Statements & Annexures:**
* AOC-1: Form for statement of subsidiaries (Lakeshore Food and Beverages Private Ltd).
* Annexure II: Salient features of the Nomination and Remuneration Policy.
* Annexure III: Annual Report on CSR activities.
* Annexure IV: Form AOC-2, details of contracts/arrangements/transactions.
* Annexure V: Secretarial Audit Report.
* Independent Auditor's Report (Standalone and Consolidated).
* Standalone and Consolidated Balance Sheets, Statements of Profit and Loss, Statements of Cash Flow, and Statements of Changes in Equity, along with related notes.
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