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ICICI Securities Report
Thyrocare Technologies Ltd. reported strong growth ahead of our estimates on all fronts including the one-off government contracts.
Excluding Covid-19 pathology revenue declined 8.5% QoQ with declining realisations. Covid-19 sales contributed 39.2% of total revenue. Total revenue grew 15% YoY to Rs 1.8 billion (our estimate: Rs 1.4 billion).
Ebitda margin improved 1,030/740 basis points YoY/QoQ to 50.7% (our estimate: 36.5%) mainly due to one-off contracts wherein cost of consumables was borne by the government.
Although base business is recovering but pace of recovery is slower than peers.
PharmEasy has recently acquired Thyrocare Technologies which may help in improving volumes over long term.
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