Thyrocare Tech tumbles 3% on weak Q1 earnings show

Thyrocare Tech attributed the growth slowdown to a closure of the contract from Municipal Corporation of Greater Mumbai (MCGM) and a dip in its API (Active Pharmaceutical Ingredients) business

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Shares of Thyrocare Technologies fell over 3 percent in early trade on August 2, a day after the company reported disappointing set of earnings for the April-June quarter FY24, marked by a decline in profit and profitability.

At 09.23 am, shares of Thyrocare Technologies were trading 2.5 percent lower at Rs 575.65 on the National Stock Exchange.

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The diagnostics company’s net profit for Q1 slipped 20.3 percent on year to Rs 17.30 crore, down from Rs 22 crore clocked in the year-ago period. The fall in the bottomline came despite a 5.6 percent year-on-year rise in revenue to Rs 134.9 crore in April-June.

The firm attributed the growth slowdown to a closure of the contract from Municipal Corporation of Greater Mumbai (MCGM) and a dip in its API (Active Pharmaceutical Ingredients) business.

Moreover, the operating profit margin or EBITDA margin also remained under pressure and contracted to 25.4 percent in April-June as against 28.2 percent in the corresponding quarter last fiscal.

Going forward, the company plans on going international by taking its business-to-business model to emerging markets for offering diagnostics solutions.

The company also announced on August 1 that it received an accreditation from the National Accreditation Board for Testing and Calibration Laboratories (NABL) for nine additional processing laboratories in Bhopal, Guwahati, Bangalore, Chennai, Patna, Bhubaneswar, Raipur, Lucknow and Ranchi.

With this, Thyrocare now has a total of 18 NABL-accredited labs across India, making up 64 percent of its entire lab network, with the number expected to rise further.

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