Thyrocare Technologies Ltd share Price

Healthcare Services firm Thyrocare Technologies declares Q4FY22 result:

• Revenue from operations of Rs. 562 Crore, grown by 18% YoY. Revenue for the final quarter of the year of Rs. 123 Crore, grown by 12% in sequential quarters mainly with revival of the base non covid business. Revenue from COVID business was flat in sequential quarters despite of 3rd wave in January. Non Covid business however revived significantly and surpassed the pre-COVID business. Continued focus on B2B business enabled us to garner lost volumes. Revenue and volumes for the month of March were all time high
• Gross margin for the year improved mainly on account of reduction in the covid reagent/ consumables, however to enable growth aggressive prices are offered in the last quarter on routine non aarogyam tests and certain aarogyam profiles that has lead to impact on Q4 gross margins which shall settle down in the coming period.
• Absolute EBITDA of Rs. 231 crore, grown by 35% YoY, mainly on account of better EBITDA margins on account of lower reagent/ consumable and operations cost in Government COVID business. The EBITDA margin at 41% for the year were tampered down in the last two quarters mainly on account of impact on the topline due to erosion of high margin government contract business, aggressive discounts to the network on some routine tests/ profiles to revive the business, spendings on manpower in particular growth teams to sustain growth and infrastructure to improve turnaround time to the patients.
• 4.40 million COVID RTPCR tests were performed in the year, though despite 3 rd wave in January only 0.41 million were performed in the last quarter, thereby the focus is now shifted to non COVID segment.
• Total 21.07 million samples (including COVID) sourced from 16.32 million patients (including COVID) were processed during current year.
• 110.30 million tests were processed in the current year that includes standalone tests, COVID tests and tests included in the preventive care Aarogyam profiles.
• Pathology business grew by 12% in sequential quarter and yearly by 18%. Growth in the current quarter was mainly on account of revival of B2B non COVID business
• Radiology business accounted for about 5% of reported consolidated revenue of Thyrocare Group revived significantly after complete shut down for couple of months in covid and thereafter out of the impact of lockdowns, posting 34% YOY growth in the current year
• Consolidated annual revenue of the group grew by 19% YOY, with positive signs of revival in non covid business. COVID business significantly eroded in last two quarters and radiology business growing at pre COVID level.

Result PDF