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Last Updated on: 21 July, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo
Stock Ticker - BSE: 539871 | NSE: THYROCARE

Fundamental Analysis of Thyrocare Technologies Ltd

Basic Stock Data

Last Updated: July 20, 2024, 10:29 pm

Market Cap 3,370 Cr.
Current Price 636
High / Low723/507
Stock P/E47.4
Book Value 97.0
Dividend Yield2.83 %
ROCE18.6 %
ROE13.8 %
Face Value 10.0
PEG Ratio-21.55

Data Source: screener.in

Competitors of Thyrocare Technologies Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Apollo Hospitals Enterprise Ltd 91,763 Cr. 6,3826,874/4,726102 4820.25 %15.6 %13.7 % 5.00
Dolphin Medical Services Ltd 2.91 Cr. 1.933.25/1.41 6.670.00 %0.83 %0.99 % 10.0
Aspira Pathlab & Diagnostics Ltd 31.9 Cr. 31.049.5/25.0 9.850.00 %15.9 %29.7 % 10.0
Chennai Meenakshi Multispeciality Hospital Ltd 26.3 Cr. 35.254.6/21.0 0.440.00 %9.34 %% 10.0
Lotus Eye Hospital & Institute Ltd 135 Cr. 64.7111/44.146.2 28.60.77 %6.97 %4.97 % 10.0
Industry Average16,553.28 Cr930.4951.50101.370.24%11.29%10.36%8.63

Quarterly Result

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Sales139159169110123119125117125124136123141
Expenses88898274868596911029010092108
Operating Profit51718736373430262333373134
OPM %36%44%52%33%30%28%24%22%18%27%27%25%24%
Other Income2321211120223
Interest0111111111111
Depreciation667798899991110
Profit before tax47678229292722181524282125
Tax %25%28%26%22%31%24%35%28%33%31%28%28%23%
Net Profit35486123202014131017201519
EPS in Rs6.689.1511.454.273.853.802.702.391.883.163.832.813.63

Last Updated: July 11, 2024, 10:12 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: July 10, 2024, 10:45 pm

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales134150180235298332370401474562486524
Expenses7181109140182193222233304330371390
Operating Profit64697195115139148168171232115134
OPM %47%46%40%40%39%42%40%42%36%41%24%26%
Other Income187136-162114-3512757
Interest000100011354
Depreciation3611111212142021283439
Profit before tax78697389871481471121612078198
Tax %27%33%33%34%46%35%35%29%26%27%30%28%
Net Profit57464959479695791201525771
EPS in Rs52.0442.289.7510.948.6917.8718.0415.0122.6528.7410.7613.43
Dividend Payout %0%0%157%91%115%56%111%33%110%52%167%134%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)-19.30%6.52%20.41%-20.34%104.26%-1.04%-16.84%51.90%26.67%-62.50%24.56%
Change in YoY Net Profit Growth (%)0.00%25.82%13.89%-40.75%124.59%-105.30%-15.80%68.74%-25.23%-89.17%87.06%

Growth

Compounded Sales Growth
10 Years:13%
5 Years:7%
3 Years:3%
TTM:8%
Compounded Profit Growth
10 Years:4%
5 Years:-5%
3 Years:-15%
TTM:29%
Stock Price CAGR
10 Years:%
5 Years:8%
3 Years:-21%
1 Year:9%
Return on Equity
10 Years:20%
5 Years:21%
3 Years:18%
Last Year:14%

Last Updated: July 17, 2024, 5:04 pm

Balance Sheet

Last Updated: July 10, 2024, 10:45 pm

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Equity Capital111151545454535353535353
Reserves149195229322364400403325393468468461
Borrowings252500000910212139
Other Liabilities111414392631325573557068
Total Liabilities197246293414444485488442528597612620
Fixed Assets7587839389103108112119149157159
CWIP1066120148211
Investments77119162266299315289239274259274291
Other Assets3433425554688988127186180169
Total Assets197246293414444485488442528597612620

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity 464636678911297136111106120155
Cash from Investing Activity -88-52-21-19-40-48-327-53-12-32-80
Cash from Financing Activity 10-23-45-48-65-96-163-58-87-88-84
Net Cash Flow-42-6-731-1-31061-9

Free Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow39.0044.0071.0095.00115.00139.00148.00159.00161.00211.0094.0095.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days912911710111434606328
Inventory Days5454475464665460505463106
Days Payable21358423196248305283
Cash Conversion Cycle615351576853461237847451
Working Capital Days1922521528114-994938106
ROCE %50%33%27%27%29%33%31%36%37%41%15%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters66.14%66.14%71.22%71.18%71.18%71.18%71.14%71.14%71.14%71.14%71.14%71.11%
FIIs20.54%13.19%12.10%12.02%12.68%12.82%10.42%10.13%9.99%3.44%3.46%3.35%
DIIs7.18%6.38%6.59%6.71%6.88%7.15%9.14%8.68%8.45%13.46%13.33%13.89%
Public6.14%14.29%10.09%10.09%9.26%8.85%9.29%10.04%10.40%11.95%12.08%11.64%
No. of Shareholders44,72253,14062,93665,76966,31566,43171,41275,82274,38676,29272,00068,844

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Small Cap Fund1,778,1650.24108.491632024-07-201090798.77%
Nippon India Pharma Fund1,765,8381.56107.741632024-07-201083236.2%
ICICI Prudential India Opportunities Fund1,184,1310.4572.251632024-07-20726360.74%
ICICI Prudential Pharma Healthcare & Diagnostics (P.H.D) Fund765,0471.3146.681632024-07-20469253.99%
Nippon India Retirement Fund - Wealth Creation Scheme321,9030.6719.641632024-07-20197386.5%
ICICI Prudential Bharat Consumption Fund230,2810.6414.051632024-07-20141176.69%
ICICI Prudential Retirement Fund - Pure Equity12,6310.140.771632024-07-207649.08%
ICICI Prudential Retirement Fund - Hybrid Aggressive1,1860.020.071632024-07-20627.61%
Motilal Oswal S&P BSE Healthcare ETF1630.10.011632024-07-200%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)13.4212.1633.3021.4116.74
Diluted EPS (Rs.)13.4012.1433.2521.3716.71
Cash EPS (Rs.)21.9319.2539.7327.1422.67
Book Value[Excl.RevalReserv]/Share (Rs.)99.65101.1299.5480.8169.39
Book Value[Incl.RevalReserv]/Share (Rs.)99.65101.1299.5480.8169.39
Revenue From Operations / Share (Rs.)108.0099.50111.3293.5582.18
PBDIT / Share (Rs.)27.7224.2749.9334.7434.11
PBIT / Share (Rs.)18.8516.9643.5329.0228.07
PBT / Share (Rs.)18.0516.5143.0828.8526.48
Net Profit / Share (Rs.)13.0511.9433.3321.4116.63
NP After MI And SOA / Share (Rs.)13.3612.1633.3021.4016.73
PBDIT Margin (%)25.6624.3944.8537.1341.50
PBIT Margin (%)17.4417.0439.1031.0134.15
PBT Margin (%)16.7116.5938.7030.8332.21
Net Profit Margin (%)12.0811.9929.9422.8920.23
NP After MI And SOA Margin (%)12.3712.2229.9122.8720.35
Return on Networth / Equity (%)13.4312.0433.4526.4824.11
Return on Capital Employeed (%)18.0316.1542.3934.0338.11
Return On Assets (%)10.9810.1728.9820.7318.77
Long Term Debt / Equity (X)0.020.000.000.000.01
Total Debt / Equity (X)0.040.000.000.000.01
Asset Turnover Ratio (%)0.890.790.980.940.87
Current Ratio (X)3.083.544.182.501.86
Quick Ratio (X)2.553.183.802.261.61
Inventory Turnover Ratio (X)4.385.826.807.446.03
Dividend Payout Ratio (NP) (%)0.00123.2945.0246.69149.32
Dividend Payout Ratio (CP) (%)0.0076.9837.7636.84109.71
Earning Retention Ratio (%)0.00-23.2954.9853.31-49.32
Cash Earning Retention Ratio (%)0.0023.0262.2463.16-9.71
Interest Coverage Ratio (X)34.9554.67111.45211.1497.43
Interest Coverage Ratio (Post Tax) (X)17.4527.8975.40131.1452.06
Enterprise Value (Cr.)3118.272246.854079.234758.172609.92
EV / Net Operating Revenue (X)5.454.276.939.626.01
EV / EBITDA (X)21.2417.4915.4425.9014.48
MarketCap / Net Operating Revenue (X)5.484.326.959.656.03
Retention Ratios (%)0.00-23.2954.9753.30-49.32
Price / BV (X)5.954.267.7711.177.14
Price / Net Operating Revenue (X)5.484.326.959.656.03
EarningsYield0.020.020.040.020.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: 652.45

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 2.59% compared to the current price 636

Intrinsic Value: 638.10

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 0.33% compared to the current price 636

Last 5 Year EPS CAGR: -2.20%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 29.92%, which is a positive sign.
  2. The stock has a low average Working Capital Days of 28.67, which is a positive sign.
  3. The company has higher reserves (348.08 cr) compared to borrowings (12.50 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (345.50 cr) and profit (112.50 cr) over the years.
  1. The stock has a high average Cash Conversion Cycle of 53.92, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Thyrocare Technologies Ltd:
    1. Net Profit Margin: 12.08%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 18.03% (Industry Average ROCE: %)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 13.43% (Industry Average ROE: %)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 17.45
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 2.55
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 47.4 (Industry average Stock P/E: )
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0.04
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company

Thyrocare Technologies Ltd. is a Public Limited Listed company incorporated on 28/01/2000 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L85110MH2000PLC123882 and registration number is 123882. Currently Company is involved in the business activities of Activities of independent diagnostic/pathological laboratories. Company’s Total Operating Revenue is Rs. 561.53 Cr. and Equity Capital is Rs. 52.90 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Hospitals & Medical ServicesD/37-1, TTC Industrial Area, New Mumbai Maharashtra 400703investor_relations@thyrocare.com
http://www.thyrocare.com
Management
NamePosition Held
Mr. Rahul GuhaManaging Director & CEO
Mr. Dharmil ShethNon Executive Director
Mr. Hardik DedhiaNon Executive Director
Mr. Dhaval ShahNon Executive Director
Mr. Gopalkrishna Shivram HegdeIndependent Director
Dr. Indumati GopinathanIndependent Director
Dr. Neetin S DesaiIndependent Director

FAQ

What is the latest fair value of Thyrocare Technologies Ltd?

The latest fair value of Thyrocare Technologies Ltd is ₹652.45.

What is the Market Cap of Thyrocare Technologies Ltd?

The Market Cap of Thyrocare Technologies Ltd is 3,370 Cr..

What is the current Stock Price of Thyrocare Technologies Ltd as on 21 July 2024?

The current stock price of Thyrocare Technologies Ltd as on 21 July 2024 is 636.

What is the High / Low of Thyrocare Technologies Ltd stocks in FY 2024?

In FY 2024, the High / Low of Thyrocare Technologies Ltd stocks is 723/507.

What is the Stock P/E of Thyrocare Technologies Ltd?

The Stock P/E of Thyrocare Technologies Ltd is 47.4.

What is the Book Value of Thyrocare Technologies Ltd?

The Book Value of Thyrocare Technologies Ltd is 97.0.

What is the Dividend Yield of Thyrocare Technologies Ltd?

The Dividend Yield of Thyrocare Technologies Ltd is 2.83 %.

What is the ROCE of Thyrocare Technologies Ltd?

The ROCE of Thyrocare Technologies Ltd is 18.6 %.

What is the ROE of Thyrocare Technologies Ltd?

The ROE of Thyrocare Technologies Ltd is 13.8 %.

What is the Face Value of Thyrocare Technologies Ltd?

The Face Value of Thyrocare Technologies Ltd is 10.0.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Thyrocare Technologies Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE