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ICICI Securities Report
Thyrocare Technologies Ltd.'s core business grew 18% YoY in Q4 FY24 driven by 13% YoY jump in sales from franchisee and 40% from partnerships (excluding API and B2G).
Ebitda margin at 21.9% was weaker (our estimate: 25.1%) as the company has inched up investments in marketing and promotion for new bundled test programmes like Jaanch, Her Check and Troponin I and for other initiatives.
Newly launched bundled test packages like Jaanch and Her Check have been well received by the market and are clocking monthly sales of Rs 10 million each.
Besides, Thyrocare has started operations in Tanzania in April 2024. Management expects mid-teen revenue growth with flattish Ebitda (ex-ESOP and provisions) margin in FY25.
We raise FY25/26E revenue by 3% each though cut earnings by 1-2%. Maintain Buy with higher target price of Rs 750.
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