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ICICI Securities Report
Thyrocare Technologies Ltd. reported largely in-line revenue but higher, margins aided by reduction in costs.
Excluding Covid-19 revenue grew at two-year compound annual growth rate of 4.4%, with volumes declining 8.3%.
RT-PCR and anti-body tests contributed 30.6% of total revenue.
Total revenue grew 193% YoY to Rs 1.6 billion (our estimate: Rs 1.6 billion) on a very low base.
Ebitda margin improved 820 basis points QoQ to 43.3% (our estimate: 36.5%) due to significant reduction in selling, general and administrative and staff expenses.
PharmEasy had recently announced to acquire Thyrocare which may help in improving volumes over long term.
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