Thyrocare Technologies profit drops 36%; revenue jumps 4%

During Tuesday’s closing session, Thyrocare Technologies, a small-cap firm, registered a market cap of ₹2,487.45 Cr. The first and most sophisticated fully automated laboratory in India is Thyrocare Technologies Limited, which has a significant presence in more than 2000 Indian cities and towns. Thyrocare has 4 COVID labs in India, 3 zonal processing labs, 20+ regional processing labs in key metropolises, and 1 centralised processing laboratory in Navi Mumbai. Today, the company released its Q4 results.

During Q4FY23, the company recorded revenue from operations of ₹135.88 Cr up by 4% YoY from ₹130.56 Cr in Q4FY22. The company said its EBITDA stood at ₹26.32 Cr during the quarter ended March 2023 compared to ₹37.89 Cr during the quarter ended March 2022.

The net profit of Thyrocare Technologies stood at ₹13.71 Cr during the quarter under review down by 36% YoY from ₹21.46 Cr in the year-ago quarter. Its PAT margin dropped to 10% from 16% and its EBITDA margin dropped to 19% from 29%.

During the entire financial year FY23, the company said its revenue from operations stood at ₹526.67 Cr down by 11% YoY from ₹588.86 Cr in FY22. “Diagnostics revenue decreased 11% Y-o-Y in FY23 due to steep degrowth in COVID revenue (171 Cr in FY22 vs 6 Cr in FY23),” said Thyrocare Technologies. The company said its EBITDA stood at ₹122.09 Cr in 12MFY23 as against ₹234.79 Cr in 12MFY22. The net profit of the company plummeted by 63% YoY from ₹176.06 Cr in FY22 to ₹65.89 Cr in FY23. “Profit after Tax % lower due to non-cash items of ESOPs and provision for receivables,” said Thyrocare Technologies in a statement.

The shares of Thyrocare Technologies closed today on the BSE at ₹469.95 apiece up by 2.05% from the previous close of ₹460.50. LiveMint