Diagnostics company Thyrocare Technologies Ltd. on Tuesday reported a weak set of numbers for the March quarter due to degrowth in its high-margin COVID-related business.
Thyrocare said its revenue for the March quarter stood at Rs 135.8 crore, which was 4 percent higher than Rs 130.6 crore in the year-ago quarter.
Operating profit, or EBITDA, was down 34 percent to Rs 24.7 crore compared to Rs 37.6 crore in the same period last year.
Margins continued to deteriorate in the March quarter as well, falling to 18.2 percent compared to 31.3 percent in the year-ago quarter. This was the lowest number in the past seven quarters. Sequentially, margins dropped from 21.8 percent in the December quarter.
Thyrocare’s profit was down 41 percent to Rs 12.6 crore compared to Rs 21.2 crore in the year-ago quarter.
The company’s earnings per share (EPS) for the March quarter stood at Rs 2.36, while for FY23 it was Rs 12.16.
For the full fiscal 2023, revenue was down 11 percent to Rs 526.67 crore compared with Rs 588.86 crore in the previous fiscal year.
The company’s EBITDA stood at Rs 120.05 crore in FY23, down 49 percent from Rs 235 crore in the previous fiscal year.
Margins also fell substantially to 22.8 percent in FY23 from 39.9 percent in FY22. Annual profit stood at Rs 64.5 crore, down 63.4 percent to Rs 176.14 crore in FY22.
Shares of Thyrocare Technologies are trading nearly 2 percent lower at Rs 461.25.
