Thyrocare Technologies hits 52-week high, surges 28% in two days

Shares of Thyrocare Technologies surged 14 per cent to Rs 689 on the BSE on Tuesday after the company reported a strong operational performance with consolidated earnings before interest, tax, depreciation and amortisation (Ebitda) expanding by 300 basis points in the December quarter (Q3FY20).

The stock of the healthcare services company was quoting at its 52-week high level. Besides, it has zoomed 28 per cent in the past two trading days, as compared to a 2 per cent rise in the S&P BSE Sensex.

The company’s normalized Ebitda grew 19 per cent year on year (YoY) at Rs 42.5 crore, while margins improved to 40 per cent compared with 37 per cent clocked in the previous year quarter, Thyrocare Technologies said in a regulatory filing.

Operational revenue, meanwhile, grew 10 per cent YoY at Rs 105.8 crore. Net profit jumped 34 per cent to Rs 27.5 crore over the previous year quarter.

Thyrocare Technologies, however, announced that two centres of Nueclear Healthcare, the wholly owned subsidiary of their company, situated at Surat and Baroda have been closed due to unfair business practices by the Franchisee, it said in a separate regulatory filing. READ FILING HERE

Thyrocare Technologies is one of the leading pan-India diagnostic chains that conduct an array of medical diagnostic tests and profiles of tests that center on early detection and management of disorders and diseases. The diagnostics company is specializing in cost-effective pathological biochemical testing.

At 11:10 am, Thyrocare Technologies was trading 7 per cent higher at Rs 647 on the BSE. In comparison, the S&P BSE Sensex was up 1.8 per cent at 40,581 points. The trading volumes on the counter jumped over 10-fold with a combined 804,466 shares changing hands on the NSE and BSE till the time of writing of this report.