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Thyrocare Technologies Ltd.

BSE: 539871 Sector: Health care
NSE: THYROCARE ISIN Code: INE594H01019
BSE 00:00 | 15 Jun 1249.95 23.80
(1.94%)
OPEN

1240.00

HIGH

1273.15

LOW

1218.65

NSE 00:00 | 15 Jun 1250.90 24.40
(1.99%)
OPEN

1237.55

HIGH

1273.00

LOW

1219.00

OPEN 1240.00
PREVIOUS CLOSE 1226.15
VOLUME 56667
52-Week high 1324.00
52-Week low 485.30
P/E 57.95
Mkt Cap.(Rs cr) 6,608
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1240.00
CLOSE 1226.15
VOLUME 56667
52-Week high 1324.00
52-Week low 485.30
P/E 57.95
Mkt Cap.(Rs cr) 6,608
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Thyrocare Technologies Ltd. (THYROCARE) - Company History

Thyrocare Technologies Limited was incorporated in the year January 28 2000. The company 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. As of 31 March 2019 the company offered 617 tests and 130 profiles of tests to detect a number of disorders including thyroid disorders growth disorders metabolism disorders auto-immunity diabetes anemia cardiovascular disorders infertility and various infectious diseases. The company's profiles of tests include 51 profiles of tests administered under its reputed 'Aarogyam' brand which offers patients a suite of wellness and preventive health care tests. The company primarily operates its testing services through a fully automated Centralised Processing Laboratory (the CPL) and has expanded its operations to include a network of Regional Processing Laboratories (RPLs). The company currently operates 9 RPLs one in each of New Delhi Coimbatore Hyderabad Kolkata Bangalore Bhopal Mumbai Patna and Chennai which process samples sourced from their respective regions.Nueclear Healthcare Limited (NHL) the wholly owned subsidiary of Thyrocare Technologies is engaged in PET-CT Scan imaging diagnostic business. NHL currently has 14 operating PET-CT scanners in 12 imaging centers: two in Navi Mumbai two in New Delhi one each in Hyderabad Surat Vadodara Raipur Jaipur Mumbai Aurangabad Nashik Bangalore and Coimbatore. NHL also owns and operates a medical cyclotron unit in Navi Mumbai which produces the radioactive biomarker FDG required for PET-CT scanning.Thyrocare Technologies CPL which is located in Navi Mumbai is equipped with automated systems diagnostic testing instruments and processes from leading international and Indian healthcare brands. The CPL is fully automated and driven by a barcoded and bi-directionally interfaced system and Laboratory information system. Thyrocare Technologies collects samples through a pan-India network of authorized service providers comprised of Thyrocare Service Providers (TSPs) Thyrocare Aggregators (TAGs) and Online Clients (OLCs) who in turn source these samples from local hospitals laboratories diagnostic centers nursing homes clinics and doctors that avail diagnostic services from the company. As of 31 March 2019 Thyrocare Technologies had a network of 6342 authorized service providers comprised of 578 TAGs 529 TSPs and 5235 OLCs spread across 555 cities and 32 states and 2 union territories. The wide spread network of authorized service providers has enabled the company to expand the reach of the CPL and RPLs thereby providing the company with access to a larger customer base.Thyrocare Technologies promoted Nueclear Healthcare Limited (NHL) in the year 2011. Thyrocare Technologies acquired controlling stake Nueclear Healthcare Limited effective 15 November 2014. Thyrocare Technologies commenced setting up Regional Processing Laboratories (RPLs) in 2014. During the financial year ended 31 March 2016 Thyrocare Technologies issued 3187562 equity shares at a premium of Rs. 295.95/- per share towards consideration for acquiring 4611000 equity shares of M/s. Nueclear Healthcare Limited from remaining six shareholders so that it becomes wholly-owned subsidiary of the company. NHL became wholly-owned subsidiary of the company with effect from 16 December 2015.The increase in revenue of Thyrocare Technologies' diagnostic services business in Fiscal 2016 was mainly on account of increased focus on preventive care offerings improvement in turnaround time by newly set-up regional processing laboratories enhancement in the brand awareness realization of revenue from newly introduced verticals and media campaigns and growth in the company's imaging business.Thyrocare Technologies came out with an Initial Public Offer (IPO) to fulfill its contractual obligation to one of the overseas PE Investor to give an exit route within the agreed time. A total number of 10744708 equity shares were offered for sale to the public at an Issue Price of Rs. 446. The Issue opened on April 27 2016 and closed on April 29 2016 and it was a grand success with an over-subscription of more than 75 times the highest in healthcare industry in India. Subsequently the company got stellar listing on the bourses on 9 May 2016 with stock prices zooming more than 45% of the higher price band of share price within a few minutes of commencement of trading in the stock exchanges.During the year financial year ended 31 March 2017 Thyrocare Technologies decided to sell its entire holding in Thyrocare International Holding Company (TIHC) at the acquisition cost to a related party but it could not be completed for want of approval of Reserve Bank of India. Thyrocare Technologies has been holding 5440 equity shares in Thyrocare International Holding Company (TIHC) Mauritius valued at Rs 16.15 million which is about 9.09% of the total equity share capital of the said company. TIHC is holding 51% of the equity share capital of Thyrocare Gulf Laboratories WLL Bahrain. The increase in revenue of Thyrocare Technologies' diagnostic services business in Fiscal 2017 was mainly on account of the growth in revenue from preventive care offerings sustained growth in seek care business by improvement in turnaround time due to newly set-up regional processing laboratories recognition of brand Aarogyam realization of revenue from newly introduced verticals and media campaigns. The revenue from imaging business in Fiscal 2017 however grew at lesser pace than the pathology business mainly on account stagnation of growth evidenced in some region limitation on conducting scan due to non-availability of FDG for conducting the investigations delay in starting of PETCT centres in Vadodra and Raipur and competition in regional market.During the financial year ended 31 March 2018 Thyrocare Technologies invested Rs.20 crore in the equity share capital of Equinox Labs Private Limited (Equinox) a company engaged in the business of water food and other environment and hygiene testing. While Rs. 10 crores were paid by cash for another Rs.10 crore Thyrocare Technologies transferred its Water Testing business on a slump sale basis valued at Rs.10 crore. Equinox has issued 429185 numbers of equity shares of the company constituting 30% of their paid-up Equity Share capital and Thyrocare Technologies is entitled to have two directors as nominees on their Board. Thus Equinox became an Associate company of Thyrocare Technologies as defined in the Companies Act 2013.During the year under review Thyrocare Technologies' revenue from imaging business grew at rapid pace than the pathology business mainly on account of newly added PETCT centers ramping up operations and gaining market control in the respective regions.During the year 2019 the Company bought back 958900 equity shares for an aggregate amount of Rs 63 crore being 1.78% of the total paid-up equity share capital at an average price of Rs 656.90 per equity share. The equity shares bought back were extinguished on 12 October 2018 and 22 October 2018.In FY 2019 the Company has given Loan aggregating to Rs 39 Crores to Nueclear Healthcare Limited under the provisions of Section 186 of the Companies Act 2013 read with Companies (Meetings of Board and its Powers) Rules 2014