Thyrocare Technologies Q2 FY25 Earnings: 20% Revenue Growth and Strategic Acquisitions

On October 23, 2024, Thyrocare Technologies Limited, a prominent player in the healthcare diagnostics industry, released its financial results for the quarter ending September 30, 2024.

Financial Highlights

Thyrocare’s consolidated revenue for Q2 FY25 saw a robust 20% year-over-year (YoY) growth, driven by a 20% YoY rise in the Pathology segment and a 21% YoY increase in the Radiology segment. Revenue from partnerships experienced significant growth, up by 33% YoY, while franchise revenue climbed 14% YoY. The company achieved a solid gross margin of 71%, with a normalized EBITDA margin of 29%. On a standalone basis, the company’s EBITDA rose by 33% YoY, and profit after tax (PAT) surged by 45% YoY. At the consolidated level, EBITDA increased by 28% YoY, and PAT saw a 29% YoY rise.

Business Updates

Thyrocare expanded its footprint by opening 2 new labs in Madurai and Surat, bringing the total number of labs to 32, with 28 of them accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL). Impressively, 96% of its sample load is processed in NABL-accredited labs. The company completed the acquisition of Polo Labs on July 29, 2024. Additionally, it acquired the clinical diagnostics business of Vimta Labs through a Business Transfer Agreement, finalizing the deal on October 11, 2024.

About Thyrocare

Thyrocare Technologies Limited is India’s first fully automated laboratory chain with a strong nationwide presence. The company delivers high-quality and affordable diagnostic services to labs and hospitals across the country using its comprehensive test profiles.

On October 24, 2024, Thyrocare Technologies Limited’s share price opened at ₹949.60, touching the low price of ₹916.00 as of 09:58 AM on NSE.

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