Thyrocare jumps 31% in three days

Thyrocare Technologies surged 11.74% to Rs 988, extending gains for the third day in a row.

The stock has added 30.60% in three sessions from its recent closing low of Rs 756.50 on 1 October 2020. The scrip hit a 52-week high of Rs 1038.60 today.

The stock is in demand after the company on Tuesday said that the aggregate revenue in Q2 September 2020 increased by about 37% compared to Q2 September 2019.

"The low revenue in Q1 of FY21 has bounced back in Q2 of FY21 with a very healthy growth of 171% trailing quarter, the company said in a BSE filing made during market hours yesterday.

Thyrocare said that it had done more than 4 lakh COVID-19 RT-PCR tests and more than 3.20 lakh COVID antibody tests as on 30 September 2020.

While the company has enhanced the capacity to do RT-PCR tests, 400 per hour, it has got approvals for its new facility at Gurgaon, Delhi by National Accreditation Board for Testing and Calibration Laboratories (NABL). It has been built with an ability to do more than 400 tests per hour.

Anticipating more workloads in quarters to come, Thyrocare is also creating facilities with COVID testing facilities in Bangalore and Kolkata as well, to meet demand that may arise due to prolonged pandemic. With non COVID tests coming back to track, the company anticipates a need for more capacity and facilities.

Thyrocare Technologies operates a chain of diagnostic and preventive care laboratories. Its consolidated net profit slumped 99.2% to Rs 0.23 crore on a 48.7% fall in net sales to Rs 56.27 crore in Q1 FY21 over Q1 FY20.

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