Revenue from operations surged 16.3% to INR 156.9 Cr in Q1 FY25 from INR 134.9 Cr in the same quarter in the previous fiscal year
Sequentially, the company’s profit after tax and operating income jumped 36% and 2%, respectively
In 2021, PharmEasy's parent company API Holdings acquired a 66.1% stake in Thyrocare for INR 4,546 Cr
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
PharmEasy-owned diagnostics platform Thyrocare posted a profit after tax of INR 23.5 Cr in Q1 FY25, up 35% year-on-year from INR 17.4 Cr in the same quarter of the previous fiscal.
Revenue from operations surged 16.3% to INR 156.9 Cr during the June quarter of the ongoing fiscal year from INR 134.9 Cr in Q1 FY24.
The company said that revenues from pathology and radiology segments rose 16% YoY and 15% YoY, respectively, for the quarter ended June 30, 2024.
Sequentially, the company’s profit after tax and operating income jumped 36% and 2%, respectively.
Consolidated reported EBITDA stood at INR 42 Cr during the quarter under review, up 21% from INR 34.7 Cr in Q1 FY24.
Shares of Thyrocare hit a 20% upper circuit and touched a new 52-week high at INR 780.10 apiece on the BSE today after the company announced its Q1 results.
In Q1 FY25, Thyrocare’s gross margins surged 15% to INR 111.5 Cr from INR 96.8 Cr in the corresponding quarter last year due to increase in volume.
Thyrocare’s overall expediture rose almost 14% to INR 126.6 Cr in Q1 FY25 from INR 111.09 Cr in the year-ago quarter.
At INR 44.65 Cr, the company’s biggest expense in Q1 FY25 was cost of materials consumed. In Q1 FY24, Thyrocare spent 37.30 Cr in material costs.
Meanwhile, employee benefits expenses jumped 3% to INR 28.72 Cr during the June quarter from INR 27.87 Cr in the year-ago period.
It is pertinent to note that API Holdings, the parent company of PharmEasy, acquired a 66.1% stake in Thyrocare for INR 4,546 Cr in 2021.
Earlier this year, Thyrocare entered into a share swap agreement to acquire a 100% stake in Chennai-based Think Health Diagnostics to offer ECG services at home.
Thyrocare claims to be one of the country’s oldest diagnostic laboratories to obtain internationally renowned quality accreditations including ISO 9001-2000 rating as early as 2001, which was upgraded to ISO 9001:2015 and National Accreditation Board for Testing and Calibration Laboratories (NABL) and College of American Pathologists (CAP) accreditations in 2005.
In April, Thyrocare founder Arokiaswamy Velumani partnered with Young Entrepreneurs Association (YEA) and Magnifiq Capital Trust to invest up to INR 50 Cr in Indian startups.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.