Thyrocare  - Covid-19 Tests Contribution Reduces Sharply In Q3: ICICI Securities 
A healthcare worker uses a pipette to process Covid-19 test samples in a laboratory (Photographer T. Narayan/Bloomberg)

Thyrocare - Covid-19 Tests Contribution Reduces Sharply In Q3: ICICI Securities 

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ICICI Securities Report

Thyrocare Technologies Ltd. reported slower recovery in non-Covid-19 business in Q3 FY21 and contribution from Covid-19 has also declined considerably.

Revenue grew 30.7% YoY to Rs 1.4 billion (our estimate Rs 1.5 billion). Ebitda margin dropped 550 basis points YoY (down 450 basis points QoQ) to 35.9% (our estimate 39.3%).

The company conducted 0.45 million Covid-19 tests which contributed approximately 24% to total sales in Q3 FY21.

Regular pathology business witnessed a volume decline of 5.6% in the number of samples but improved sequentially with easing of lockdown.

The performance had been below estimates, though base business is gradually recovering.

Click on the attachment to read the full report:

ICICI Securities Thyrocare Q3FY21 Result Update.pdf

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