Thyrocare Technologies Ltd's Q3FY19 consolidated net profit declines 6.93% yoy to Rs19.98cr : Misses Estimates

The company’s consolidated revenue stood at Rs96.29cr, up 14.81% yoy but down 7.31% qoq.

Feb 11, 2019 09:02 IST India Infoline Research Team

Thyrocare Technologies Ltd Q3FY19

Consolidated Results Q3FY19: (Rs. in cr)

Q3FY19 YoY (%)
Revenue 96.29 14.8
EBITDA 35.52 0.4
EBITDA Margin (%) 36.9 [530]
Net Profit (adjusted) 19.98 [6.9]
***EBITDA margin change is bps
Thyrocare’s revenue in Q3FY19 grew by 14.8% yoy to Rs96.3cr. EBITDA was flat at Rs35.5cr in Q3FY19 vs. Rs35.4cr in Q3FY18. EBITDA margins stood at 36.9% in Q3FY19 vs.41.4% in Q2FY19 vs. 42.2% in Q3FY18. The decline in the margins can be attributed to the higher other expenses, which grew by 33.3% yoy to Rs24.4cr in Q3FY19. PAT declined by 6.9% yoy to Rs20cr in Q3FY19 vs. Rs21.5cr in Q3FY18.
Other highlights
  • Pathology business grew 13.5% yoy to Rs87.4cr, while imaging business grew by 35% yoy to Rs8.2cr.
  • Overall gross margins declined from 75.2% in Q3FY18 to 73.1% in Q3FY19.
  • Employee cost as % of sales grew from 9.5% in Q2FY19 to 10.9% in Q3FY19. On yoy basis however, employee cost as % of sales declined from 11.3% inQ3FY18.
  • The EBITDA margin at 36.9% recorded in Q3FY19 is its lowest after Q4FY17.
  • This is also the sixth quarter in row that the company’s revenue has grown below 20% on yoy basis.
  • Company has bought back and extinguished total 9,58,900 shares for a total amount of Rs62.9cr (1.78% of its share capital) for an average price of Rs656.9 during the quarter.

Technical View:

Thyrocare Technologies Ltd is currently trading at Rs. 542.35, down by 7.15 points or 1.3% from its previous closing of Rs. 549.50 on the BSE.
The scrip opened at Rs. 538.50 and has touched a high and low of Rs. 542.35 and Rs. 538.50 respectively. So far 2,246 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

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