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