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Thyrocare Technologies Ltd.

BSE: 539871 Sector: Health care
NSE: THYROCARE ISIN Code: INE594H01019
BSE 00:00 | 12 Aug 623.00 -7.95
(-1.26%)
OPEN

632.85

HIGH

633.10

LOW

620.05

NSE 00:00 | 12 Aug 621.80 -9.30
(-1.47%)
OPEN

634.30

HIGH

634.30

LOW

620.00

OPEN 632.85
PREVIOUS CLOSE 630.95
VOLUME 3038
52-Week high 1384.60
52-Week low 603.00
P/E 26.66
Mkt Cap.(Rs cr) 3,296
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 632.85
CLOSE 630.95
VOLUME 3038
52-Week high 1384.60
52-Week low 603.00
P/E 26.66
Mkt Cap.(Rs cr) 3,296
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Thyrocare Technologies Ltd. (THYROCARE) - Chairman Speech

Company chairman speech

Letter from the CEO

"The message is and clear-we are not just a thyroid testing company a diagnosticservice offering the full gamut of pathological tests certified to the highest qualitystandards in the industry".

Dear Shareholders

First I want to thank Thyrocare stakeholders for an extremely warm welcome I feel athome already in the short time I have been here. It gives me great pleasure to present toyou our first annual report since the Company's rebranding into a more dynamic vibranttechnologically-driven and quality- focussed avatar. More regional labs morecertifications more tests more partnerships and more geographies - the transformedThyrocare Technologies Limited comes to you with a whole lot of new offerings packaged inthe best-in-class quality quotient. The transformation is encapsulated in our new taglineof ‘Tests You Can Trust' which underlines our promise of uncompromising qualitybacked by reliability and affordability.

With 300 more diagnostic tests added to our portfolio 26 laboratories including fullyautomated centralised processing laboratory 3 zonal processing laboratories 22 regionalprocessing laboratories (1 COVID RTPCR mobile van) and presence in 3000+ pin codes wehave emerged as a complete pathological healthcare provider. The message is loud and clear- we are not just a thyroid testing company but a diagnostic service offering the fullgamut of pathological tests certified to the highest quality standards in the industry.

The transition into the new avatar has been both smooth and challenging - the lattermainly because of the extensive efforts we had to put into reviving the non- COVID part ofour business to push our growth back on the track of pre-pandemic levels. Unfortunatelyour revenues took a hit during the first half of the year when the focus was mainly onCOVID testing amid the second wave of the pandemic. However we have over the past fewmonths been working actively on driving our non-COVID testing volumes across pricepoints. Our efforts have yielded positive results leading to an all-time non- COVIDtesting revenue in the last quarter of March. We hope to build on top of this. As acompany we had 18% y-o-y increase in our revenue from operations for FY22 on a standalonebasis while our consolidated revenue grew about 19% in the same period.

Going forward we shall aim at further consolidating our non- COVID revenues to keepour growth trajectory on the upcurve. Our concerted focus on upgradation of ourtechnological infrastructure and processes to assure the best of quality remains centralto this strategic proposition.

I am happy to share that three of our additional labs are NABL certified and five moreexpected to complete this certification soon. Our central processing lab has recentlycompleted renewal of its NABL and CAP accreditation. These certifications underscore theimportance we accord to quality across our systems and processes.

Our value proposition is centred around being an affordable option to all patients withgood quality and on-time reports. On on-time our ATAT (Analytical TAT) is already lessthan 6 hours. We are selectively expanding our network and really using technology tooptimise our mid-mile operations to reduce PTAT (Pre-Analytical TAT) with a goal of sameday reports. We are already there in several markets. With our current RPL network andinvestments in ensuring multiple pickups our current overall TAT (ATAT + PTAT) is 18hours for local samples and 24 hours for non-local cities that the regional processing labcovers. We have been working continuously to improve our overall TAT and are targetinggetting to a same-day report in all the pin- codes that we service and all ourinvestments and efforts have been to drive this. We are now virtually covering alltechnologies and diagnostics through 22 regional processing labs across the country.

Our strategic roadmap for the future is also driven by the expertise and extensivecustomer base of the API Group which we shall be leveraging actively to grow faster andbetter going forward. Beyond API Group too we are actively seeking to be the partner forany Health-tech player looking to add diagnostics as part of their service offering. Wewill continue our geographic expansion journey and maintain our focus on the health andpreventative products portfolio under the brand ‘Aarogyam' to maintain ourleadership.

We see immense opportunities for growth for an organised and established player likeus and will work hard to maximise the same in the long-term interest of our business andthat of our various stakeholders.

In conclusion I would like to thank the Board of Directors the Government of Indiaour Business Associates customers and shareholders without whom Thyrocare would not bewhere it is today. And most importantly I would like to extend my heartfelt gratitude toour people whose dedication and hard work have helped steer our journey of many successesand milestones.

I look forward to their continued support.

Warm regards

Rahul Guha

Chairman.

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