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Narayana Hrudayalaya gains on expansion in Cayman Islands

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Narayana Hrudayalaya rose 1.89% to Rs 467.30 after the company said its subsidiary, Health City Cayman Islands, is expanding to a new location in the Camana Bay Development area of Grand Cayman.

Health City Cayman Islands (HCCI), the step-down subsidiary of the company running an existing hospital in the Cayman Islands is expanding to a new location in the Camana Bay Development area of Grand Cayman, the largest of the three islands which constitutes the self-governing territory of Cayman Islands.

HCCI is currently offering tertiary healthcare services to medical tourists and Caymanians from its existing unit in East End, which is located about 30 KMs away from George Town, the capital and hub of prominent activity of the nation.

The objective of the new facility is to expand the scope of super-specialty treatment options offered by HCCI's existing facility and offer medical services closer to the city center. The new facility will include an advanced cancer center which will offer comprehensive oncology treatment including bone marrow transplant, CAR-T cell therapy, medical oncology, haemato oncology, surgical oncology and radiation oncology. The new facility shall also offer robotic surgery, a neonatal intensive care unit, emergency and critical care, as well as a fully equipped radiology department.

The proposed hospital is expected to have 50 operating beds. However, it will cater to specialties not involving prolonged hospitalization and hence the proposed operational beds are not representative of the capacity expansion in objective terms.

The proposed new facility is planned to be executed on 3-acres plot of land. The total construction and commissioning time are expected to be 24 months with the radiotherapy center expected to be commissioned in 12 months.

The estimated total project cost is $100 million, which will be funded by internal accruals of HCCI and borrowing from banks and financial institutions by HCCI.

On a consolidated basis, Narayana Hrudayalaya's net profit jumped 30% to Rs 40.84 crore on a 4.4% decline in net sales at Rs 750.36 crore in Q3 December 2020 over Q3 December 2019.

Narayana Hrudayalaya operates a chain of multispecialty, tertiary and primary healthcare facilities.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, February 22 2021. 11:44 IST