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Metropolis Healthcare has taken steps to become a promoter-led, professionally managed firm.
The company’s board has approved the redesignation of Ameera Shah, promoter and Managing Director as Executive Chairperson and Whole Time Director, from Wednesday. Founder Dr Sushil Shah has been appointed Chairman Emeritus, also from today. He has been redesignated as Non-Executive Non-Independent Director of the company, from being a Whole-Time Director, following shareholder approval.
“We believe it is the opportune moment to delineate governance from operations and run the firm as a promoter-led, but professionally-managed firm. The promoters in India who have successfully done this before, have generated large value for shareholders, and I believe this is the right direction to go for Metropolis,” Ameera Shah told analysts on Wednesday.
talent pool
Explaining the move, she said, the last several years have been spent professionalising the company. “We have been augmenting our talent pool from both within the healthcare domain and from outside the industry. In pursuit of this objective, we brought Surendran on board approximately 18 months back to spearhead our business execution efforts. Over the past 15 months, under his guidance, Metropolis has grown faster than industry and peers and significantly broadened its geographical presence setting the base for future growths,” she said, explaining the timing. Surendran Chemmenkotil is the Chief Executive Officer of the company.
Ameera will be involved with driving the business strategy, monitoring the business, strengthening governance, strategizing capital allocation (including M&A activities), acquiring talent, and fostering the culture of Metropolis. The CEO would lead the execution of operational initiatives, she said.
Financial performance
Metropolis Healthcare closed the year March31, 2024 at Rs 1189.5 crore, up 3.6 percent from its revenues of Rs 1148.2 crore, last year. It clocked profit after tax of Rs 128.1 crore for the year under review, down -10.7 percent from Rs 143.4 crore last year.
The diagnostics company clocked revenues of Rs 312.8 crore for the three months ended March 31,2024, up 10.7 percent from Rs 282.5 crore in the same period last year. It posted a profit after tax (PAT) of 36.1 crore, up 8 percent over last year’s Q4 PAT of Rs 33.5 crore.
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