Thyrocare Technologies

Thyrocare Technologies Limited is one of the largest diagnostic and preventive care laboratories chain operators in India. Its diagnostic chain conducts a range of medical tests.

The company started its operations with just Thyroid testing but later diversified into the healthcare segment. Currently, it offers over 720 diagnostic tests. Thyrocare serves some of the leading hospitals and laboratories across India.

The company was incorporated in 2000 and began commercial operations under the brand 'Thyrocare' in 2001. It also received ISO 9001 certification. In 2005, the firm received NABL accreditation.

In 2011, Thyrocare moved to Siemens' total laboratory automation system to handle the increased volumes of samples efficiently. It installed a new automation system at its main facility in Navi Mumbai for seamless sample movements. The next year, Thyrocare launched RPLs in Delhi, Kolkata, Coimbatore and Hyderabad to broaden its coverage and volume of tests. The same year, the company acquired the equipment for testing water samples and began its operation under the brand name WHATERS. These tests included physical and chemical testing, element testing, microbiology testing, volatile organic testing and compound testing.

Thyrocare Technologies launched its initial public offering (IPO) in 2016.

Thyrocare Technologies Ltd market capitalisation stood at over ₹ 3,200 crore as of February 8, 2024. Thyrocare Technologies share price has dropped 35% in the last three years.

Thyrocare business operations

Thyrocare's headquarters, also known as central processing laboratory (CPL), is located in Navi Mumbai. The company’s regional processing laboratories (RPLs) are situated in major cities across India. The company also provides diagnostic and healthcare services in a few countries in Asia. It has an extensive pan-India presence with over 7400 centres serving 570 districts nationwide.

Thyrocare also claims to be India's first IT-enabled, 24x7, fully automated diagnostic laboratory, processing over 60,000 specimens and over 3,00,000 diagnostic and screening investigations each night.

In FY 2023, the company processed over 22.56 million samples serving over 1.5 crore patients.

Adopting new technologies to enhance its report quality and turnaround time, the company replaced 30% of its immunoassay equipment with advanced high-throughput machines.

Thyrocare added 50% more instrument capacity to its TB lab to manage the workload efficiently. It added the latest instrument in electrophoresis technology and additional equipment in the Delhi zonal lab.

In FY 2023, the company also added an automated sample sorting system to its high-workload labs in Delhi, Bengaluru, Hyderabad, Lucknow, Kolkata and Patna.

Financial highlights

⦁ The company's consolidated total income in FY23 stood at ₹535.09 crore, recording a 13.4% year-on-year fall compared to ₹ 618.11 crore in FY22. ⦁ Its profit after tax (PAT) ₹ 64.36 crore in FY23 as against ₹ 176.14 crore in FY22, registering a 63% year-on year.

⦁ The EBITDA (earnings before interest, taxes, depreciation and amortisation) stood at ₹120 crore in FY23 compared to ₹234.89 crore in FY22. ⦁ Its EBITDA margin stood at 22.8% in FY23 as against 39.9% in FY22.

⦁ The company’s earnings per share (EPS) decreased to ₹12.16 in FY23 from ₹33.3 in FY22.