Mumbai, India | February 3, 2025 – Thyrocare Technologies Limited has released its
unaudited standalone and consolidated financial results for the
quarter and nine months ended December 31, 2024. The results were reviewed and approved at the board meeting held on
January 23, 2025.
Key Financial Highlights (Standalone)
(₹ in Crores)| Particulars | Q3 FY25 | Q3 FY24 | YoY % | 9M FY25 | 9M FY24 | YoY % |
|---|
| Revenue from Operations | 152.55 | 122.89 | +24.1% | 459.23 | 382.79 | +19.9% |
| Total Income | 156.06 | 124.98 | +24.8% | 468.03 | 387.16 | +20.9% |
| EBITDA | 43.28 | 31.86 | +35.9% | 135.50 | 96.85 | +39.9% |
| Profit Before Tax (PBT) | 27.94 | 20.76 | +34.5% | 103.41 | 73.16 | +41.4% |
| Net Profit (PAT) | 19.10 | 14.89 | +28.2% | 73.96 | 51.91 | +42.5% |
| EPS (₹) | 3.53 | 2.81 | +25.6% | 13.87 | 9.81 | +41.4% |
The company saw
healthy revenue growth of 24.1% YoY in Q3 FY25, driven by increased testing volumes. EBITDA margin expansion was fueled by operational efficiencies and better cost management. Net profit surged
28.2% YoY, reflecting robust performance.
Key Financial Highlights (Consolidated)
(₹ in Crores)| Particulars | Q3 FY25 | Q3 FY24 | YoY % | 9M FY25 | 9M FY24 | YoY % |
|---|
| Revenue from Operations | 165.92 | 134.74 | +23.1% | 500.19 | 417.63 | +19.8% |
| Total Income | 169.93 | 137.47 | +23.7% | 510.43 | 428.27 | +19.2% |
| EBITDA | 45.14 | 33.82 | +33.5% | 140.64 | 101.57 | +38.4% |
| Profit Before Tax (PBT) | 27.92 | 19.91 | +40.2% | 98.26 | 72.47 | +35.6% |
| Net Profit (PAT) | 18.95 | 14.74 | +28.5% | 69.19 | 52.31 | +32.2% |
| EPS (₹) | 3.58 | 2.78 | +28.8% | 12.96 | 9.92 | +30.7% |
On a
consolidated basis, Thyrocare's revenue rose
23.1% YoY, with EBITDA witnessing a
33.5% increase. The company's
PBT surged by 40.2% YoY, highlighting strong margin expansion and cost controls.
Segment-Wise Performance
(₹ in Crores)| Segment | Q3 FY25 Revenue | Q3 FY24 Revenue | YoY % | 9M FY25 Revenue | 9M FY24 Revenue | YoY % |
|---|
| Diagnostic Testing | 151.87 | 122.43 | +24.1% | 457.00 | 382.23 | +19.5% |
| Imaging Services | 13.43 | 11.86 | +13.2% | 40.62 | 34.85 | +16.6% |
| Others | 0.62 | 0.45 | +37.8% | 2.58 | 1.67 | +54.5% |
The
diagnostic testing segment, which contributes
91.2% of total revenue, led growth with a
24.1% YoY increase. Imaging services grew at
13.2% YoY, while the
‘Others’ category saw 37.8% growth.
Key Developments & Corporate Announcements
Acquisitions
- Polo Labs Acquisition: Thyrocare completed the acquisition of Polo Labs' diagnostic and pathological services business on July 29, 2024, for ₹4.26 Crores. The company recognized ₹1.22 Crores as goodwill.
- Vimta Labs Acquisition: Another strategic acquisition was the diagnostic and pathological services business of Vimta Labs Ltd. on October 11, 2024, for ₹7.00 Crores, with ₹2.96 Crores goodwill recognized.
Operational Efficiency Initiatives
- Reassessment of Equipment Life: The company reviewed the useful life of testing machines, reducing it for some equipment. This led to an additional depreciation charge of ₹4.75 Crores in Q3 FY25.
- Employee Stock Option Update: A total of 5,391 employee stock options were forfeited due to service discontinuation, and these options have been returned to the stock pool for future distribution.
Management Commentary
Rahul Guha,
Managing Director, stated:
“We have delivered another quarter of strong financial performance, driven by sustained demand for diagnostic testing. Our recent acquisitions will enhance our market presence and operational capabilities. We remain focused on profitable growth, improving cost efficiencies, and leveraging our digital infrastructure to expand our reach.”
Outlook
- The company expects continued strong growth in diagnostic testing and imaging services.
- Strategic acquisitions are expected to contribute positively to revenue growth from FY26 onwards.
- Cost optimization measures and technology-driven efficiency improvements should sustain profitability growth.
Stock Market Impact
Given the
strong earnings growth, strategic acquisitions, and operational improvements, the market reaction is expected to be
positive.
Conclusion
Thyrocare Technologies Ltd. has reported
robust growth in Q3 FY25, with strong
top-line and bottom-line performance.
Strategic acquisitions, margin expansion, and operational efficiencies continue to strengthen the company’s market position in the diagnostic sector.