Thyrocare surges 15% on healthy revenue growth in September quarter

Shares of Thyrocare Technologies moved higher by 15 per cent to Rs 883, also its record high on the BSE on Tuesday, after the company reported nearly 37 per cent year-on-year and over 100 per cent sequential growth in aggregate revenue for the quarter ended September 2020 (Q2FY21). The stock of healthcare services provider has now surpassed its previous high of Rs 845.25 touched on August 17, 2020.

“Q2FY21 has witness a motivating numbers and increased turnover of Covid-PCR and Covid-Antibody testing, and the aggregate revenue for the quarter, has increased by about 37 per cent compared to Q2FY20. The low revenue in Q1FY21 has bounced back in Q2FY21 with a very healthy growth of 171 per cent over trailing quarter,” Thyrocare Technologies said in statement.

"The company has done more than 4 lakh Covid-19 RT-PCR test and more than 3.20 lakh Covid antibody test as on September 30, 2020. The Company has also started RT-PCR tests from its laboratory situated at Gurgaon, Delhi and will create the same kind of facilities at Banglore and Kolkata. With non-Covid tests coming back to track, we anticipate a need for more capacity and facilities," it said.

The Covid-19 RT-PCR test is a real-time reverse transcription polymerase chain reaction (rRT -PCR) test.

Meanwhile on outlook, Thyrocare Technologies in its 2019-20 annual report said that 2021 is likely to be a challenging year, as the novel coronavirus is spreading rapidly in India. It will have an impact on business directly or indirectly, despite us being engaged in providing essential medical services.

"Resumption of full-fledged operations for tests other than COVID-19, will highly depend upon how the situation pans out in our nation and subsequent directive from the Government of India. This, along with disruption in supply chain, reduced workforce availability, decrease in market prices and reduced demand will lead to capacities remaining under-utilised, and in some cases, completely shut down," it said.