ICICI Securities: Thyrocare Q2 Review - Pricing In The Growth Uptick 
A worker uses a pipette in a lab  at research and development facility in Cambridge (Photographer: Scott Eisen/Bloomberg)

ICICI Securities: Thyrocare Q2 Review - Pricing In The Growth Uptick 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

Thyrocare Technologies Ltd. reported healthy Q2 FY21 results supported by strong growth in Covid-19 tests and recovery in non-Covid-19 tests.

Consolidated revenue grew 31.8% YoY to Rs 1.5 billion (our estimate Rs 1.6 billion).

Ebitda margin dropped 450 basis points YoY but improved 2540 basis points QoQ to 40.4% (our estimate 30.2%).

The company conducted 0.6 million Covid-19 tests which contributed approximately 41% to total sales in Q2 FY21.

Regular pathology business witnessed a volume decline of 23.1% in the number of samples but improved sequentially with easing of lockdown.

Click on the attachment to read the full report:

ICICI Securities Thyrocare Q2FY21 Result Update.pdf


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