Thyrocare Q4 Review - Margins Subdued Despite Growth Recovery: ICICI Securities
A healthcare worker uses a pipette to process Covid-19 test samples in a laboratory (Photographer T. Narayan/Bloomberg)

Thyrocare Q4 Review - Margins Subdued Despite Growth Recovery: ICICI Securities

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 largely inline results during Q4 FY21 with non-Covid-19 business normalising to pre-Covid-19 levels.

Revenue grew 44.8% YoY to Rs 1.5 billion (our estimate: Rs 1.5 billion).

Ebitda margin grew 460 basis points YoY (down 80 basis points QoQ) to 35.1% (our estimate: 36.5%).

The company conducted 0.39 million Covid-19 tests which contributed ~14% to total sales in Q4 FY21 which has declined QoQ from ~20%.

Regular pathology business witnessed a volume growth of 28% in the number of samples on a low base of last year with easing of lockdown.

Although base business is recovering, recent surge in Covid-19 cases leading to partial lockdown could limit growth in the near term.

Click on the attachment to read the full report:

ICICI Securities Thyrocare Q4FY21 Results Update.pdf

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.