PharmEasy-Owned Thyrocare’s Q1 Profit Rises 60% To INR 38.3 Cr

PharmEasy-owned diagnostics laboratories chain Thyrocare’s consolidated net profit rose 59.9% to INR 38.3 Cr in Q1 FY26 from INR 23.9 Cr in the year-ago quarter. Sequentially, profit rose 77.5% from INR 21.6 Cr. 

Operating revenue grew 23% to INR 193 Cr during the quarter under review from INR 156.9 Cr in Q1 FY25. Sequentially, it rose 3.1% from INR 187.2 Cr.

Including other income of INR 4.7 Cr, the company’s total income jumped 23% to INR 197.7 Cr from INR 160.5 Cr in the same quarter last year. 

Notably, the company processed 46.9 Mn tests during the quarter, up 15% from the same period last year. The number of patients served rose 12% YoY to 4.6 Mn. Thyrocare also increased its network to 9,551 active franchisees. 

The expansion was supported by the launch of a new regional lab in Bihar’s Bhagalpur and new partner labs in Kashmir and Roorkee. 

Leadership Changes At Thyrocare

During the quarter under review, the company also made a few changes to its leadership team. Alok Kumar Jagnani, who was the CFO of the company since August 2023, stepped down from his position to take on a new position as group CFO at API Holdings – the parent company of PharmEasy. 

Alongside, Jagnani has also joined Thyrocare’s board as a non-executive, non-independent director. 

He will be replaced by Vikram Gupta, a chartered accountant with over 20 years of experience in the finance industry, as the CFO. Most recently, he worked at Rebel Foods and has previously held positions at Tata Play Fiber and Vodafone Idea. 

Meanwhile, Hardik Kishor Dedhia also stepped down from the board as non-executive, non-independent director due to other commitments.

Breaking Down The Expenses

During the quarter under review, the company’s expenses went up 16.4% to INR 147.5 Cr from INR 126.6 Cr in Q1 FY25. 

Cost of Materials Consumed: Thyrocare’s expenses under this head grew 23.9% to INR 55.4 Cr from INR 44.7 Cr in the year-ago quarter. 

Employee Benefit Expenses: The company’s employee benefit expense rose 14.9% to INR 33 Cr from INR 28.7 Cr in the same quarter last year. 

Other Expenses: This was the third largest contributor to the company’s expenses It grew 16.2% to INR 46.63 in the quarter under review from INR 40.09 Cr in the previous fiscal.