Thyrocare Technologies Shares Hit Five-Month High After Q1 Net Profit Rise
Net profit of the company rose 38.8% year-on-year to Rs 24 crore in the quarter ended June 30, 2024.
Shares of Thyrocare Technologies Ltd. jumped to their highest level in five months after the company's first quarter net profit rose.
Net profit of the company rose 38.8% year-on-year to Rs 24 crore in the quarter ended June 30, 2024. This compares with Rs 17 crore in the same period last year. Analysts polled by Bloomberg had pegged the number at Rs 22 crore.
Thyrocare Technologies Q1 FY25 Key Highlights (Consolidated, YoY)
Revenue up 16.3% at Rs 157 crore versus Rs 135 crore (Bloomberg estimate: Rs 155 crore).
Ebitda up 23.5% at Rs 43 crore versus Rs 35 crore (Bloomberg estimate: Rs 41 crore).
Ebitda margin at 27.2% versus 25.6% (Bloomberg estimate: 26.2%).
Net profit up 38.8% at Rs 24 crore versus Rs 17 crore (Bloomberg estimate: Rs 22 crore).
Pathology revenue grew by 16% YoY, while franchise grew by 11%, the company said in its investor presentation. Partnerships (excluding Active Pharmaceutical Ingredient and business to government) grew by 41%.
Gross margin decreased by 1 percentage point on year, due to increase in material cost and foreign exchange fluctuation.
Employee expenses increased during the quarter, on account of performance incentives, annual increments. Other expenses included increase in marketing cost and the impact of increased workload.
Normalised Ebitda percentage decreased by 1 percentage point primarily due to change in gross margin percentage and increase in other expenses, the company said.
Shares of the company rose as much as 8.54% intraday, the highest level since Feb. 29. They pared gains to trade 7.7% higher at Rs 699.20 apiece, as of 10:11 a.m., compared to a 0.12% decline in the NSE Nifty 50.
The stock has risen 8.7% year-to-date and 17.8% in the last 12 months. Total traded volume so far in the day stood at 4.42 times its 30-day average. The relative strength index was at 73, indicating that the stock may be overbought.
Out of three analysts tracking the company, two maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 14.5%.
