Thyrocare Q2 Profit Slips 68% YoY To ₹15 Cr Due To ₹45 Cr Exceptional Expense
PharmEasy-backed Thyrocare’s net profit for the September quarter (Q2 FY27) slumped 68.2% year-on-year (YoY) to ₹15.2 Cr from ₹47.8 Cr in the year-ago period. This also marks a 70% dip from ₹51.3 Cr profit in the previous quarter.
The company’s bottom line was weighed by an exceptional impairment loss of about ₹45 Cr on its investment in radiology and diagnostic-imaging subsidiary Nueclear Healthcare Limited (NHL).
The company’s board approved the sale of its entire stake in the wholly owned subsidiary to Trovera Healthcare for about ₹141.4 Cr on September 21. The impairment costs come at the behest of the definitive term sheet for the proposed sale of the business.
“Thyrocare has issued a postal ballot seeking shareholders’ approval for the proposed divestment of its Nuclear Imaging business, enabling the company to sharpen its focus and allocate capital towards its Pathology business, which offers a stronger growth trajectory, higher margins and better return on capital employed (ROCE),” the company said in a statement.
Meanwhile, the company’s operating revenue rose 25% YoY and 13% QoQ to ₹270.8 Cr in the quarter. In this, revenue from diagnostic testing services rose 26% YoY to ₹256.7 Cr, while revenue from imaging services declined 5% to ₹13.6 Cr.
Including other income of ₹3.6 Cr, total income for the quarter stood at ₹274.4 Cr.
Meanwhile, expenses for the quarter stood at ₹196.6 Cr. Tax expense for the quarter stood at ₹18.4 Cr.
Without the impairment charge, Thyrocare’s profit before tax spiked about 25% YoY to ₹77.8 Cr. The company’s reported EBITDA for the quarter also increased 25% YoY to ₹89.3 Cr.
On the operational front, Thyrocare said that it processed 61.6 Mn tests in the quarter, up 27% YoY. The company also said that it worked on further improving its service quality, with customer complaints declining 24% YoY to 2.9 per Mn tests.
Alongside its core pathology business, it is also expanding into specialty diagnostics, starting with allergy testing and genomics. The company entered the genomics business with the launch of non-invasive prenatal testing (NIPT) and plans to expand its specialty test portfolio.
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