Thyrocare Stock Gains As Business Revives In Third Quarter
The company reported a 34% year-on-year growth during the October-December period.
Shares of Thyrocare Technologies Ltd. rose as the chain of diagnostic laboratories saw a revival in business in the quarter ended December after economic activities resumed on lifting of lockdown restrictions.
The company reported a 34% year-on-year growth during the third quarter as business resumed, along with aggressive marketing across all territories, according to its statement.
“The non-Covid business in particular is showing growth after the end of the festive season with our marketing campaigns launched to promote preventive healthcare packages showing promising results,” the statement said. The October-December period, according to the company, is observed to be the least contributing quarter to its annual top line historically.
The Covid-19 RT-PCR tests continued to contribute in terms of volume of tests performed in the third quarter, with the company’s increased capacity in Delhi.
Shares of Thyrocare gained as much as 4.1% in early trade on Tuesday to Rs 998.8 apiece—the highest in a month. Out of the 11 analysts tracking the stock, seven have a ‘buy’ rating, one suggests a ‘hold’ and the remaining three recommend a ‘sell’. The average of Bloomberg consensus 12-month price targets implies an upside of 5.8%.