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Last Updated on: 28 February, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Thyrocare Technologies Ltd

About the Company - Thyrocare Technologies Ltd

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

Thyrocare Technologies Ltd. Share Price Update

Share PriceValue
Today₹630.05
Previous Day₹621.50

Basic Stock Data of Thyrocare Technologies Ltd

Market Cap 3,398 Cr.
Current Price 642
High / Low695/415
Stock P/E55.0
Book Value 89.2
Dividend Yield2.80 %
ROCE15.3 %
ROE10.6 %
Face Value 10.0

Data Source: screener.in

Competitors of Thyrocare Technologies Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Aashka Hospitals Ltd 188 Cr. 80.584.0/41.4 40.30.00 %0.42 %2.70 % 10.0
Aster DM Healthcare Ltd 23,230 Cr. 465487/21763.8 87.60.00 %9.21 %11.0 % 10.0
Narayana Hrudayalaya Ltd 28,395 Cr. 1,3891,445/72336.8 1220.18 %31.6 %33.1 % 10.0
Apollo Hospitals Enterprise Ltd 94,928 Cr. 6,6026,874/4,168120 4530.23 %14.5 %13.7 % 5.00
Max India Ltd 899 Cr. 208234/76.0 1230.00 %0.53 %1.81 % 10.0
Industry Average29,528.00 Cr1,748.9044.12165.180.08%11.25%12.46%9.00

Thyrocare Technologies Ltd Quarterly Results

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales132139159169110123119125117125124136123
Expenses8388898274868596911029010092
Operating Profit49517187363734302623333731
OPM %37%36%44%52%33%30%28%24%22%18%27%27%25%
Other Income3232121112022
Interest0011111111111
Depreciation66677988999911
Profit before tax46476782292927221815242821
Tax %26%25%28%26%22%31%24%35%28%33%31%28%28%
Net Profit34354861232020141310172015
EPS in Rs6.486.689.1511.454.273.853.802.702.391.883.163.832.81

Thyrocare Technologies Ltd Quarterly Chart

Thyrocare Technologies Ltd Profit & Loss

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales109134150180235298332370401474562486508
Expenses607181109140182193222233304330371385
Operating Profit4964697195115139148168171232115123
OPM %45%47%46%40%40%39%42%40%42%36%41%24%24%
Other Income5187136-162114-3512756
Interest0000100011353
Depreciation23611111212142021283438
Profit before tax5278697389871481471121612078188
Tax %33%27%33%33%34%46%35%35%29%26%27%30%
Net Profit3557464959479695791201525762
EPS in Rs32.3252.0442.289.7510.948.6917.8718.0415.0122.6528.7410.7611.68
Dividend Payout %0%0%0%157%91%115%56%111%33%110%52%167%

Thyrocare Technologies Ltd Profit & Loss Yearly Chart

YoY Net Profit Growth
Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)62.86%-19.30%6.52%20.41%-20.34%104.26%-1.04%-16.84%51.90%26.67%-62.50%
Change in YoY Net Profit Growth (%)0.00%-82.16%25.82%13.89%-40.75%124.59%-105.30%-15.80%68.74%-25.23%-89.17%

Thyrocare Technologies Ltd Growth

Compounded Sales Growth
10 Years:14%
5 Years:8%
3 Years:7%
TTM:5%
Compounded Profit Growth
10 Years:0%
5 Years:-10%
3 Years:-19%
TTM:-8%
Stock Price CAGR
10 Years:%
5 Years:2%
3 Years:-13%
1 Year:30%
Return on Equity
10 Years:21%
5 Years:22%
3 Years:22%
Last Year:11%

Thyrocare Technologies Ltd Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital11111151545454535353535353
Reserves92149195229322364400403325393468468419
Borrowings25252500000910212142
Other Liabilities10111414392631325573557056
Total Liabilities137197246293414444485488442528597612571
Fixed Assets207587839389103108112119149157154
CWIP01066120148211
Investments2477119162266299315289239274259274226
Other Assets933433425554688988127186180190
Total Assets137197246293414444485488442528597612571

Thyrocare Technologies Ltd Reserves and Borrowings Chart

Thyrocare Technologies Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 37464636678911297136111106120
Cash from Investing Activity -18-88-52-21-19-40-48-327-53-12-32
Cash from Financing Activity 010-23-45-48-65-96-163-58-87-88
Net Cash Flow19-42-6-731-1-31061

Thyrocare Technologies Ltd Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days119129117101114346063
Inventory Days645454475464665460505463
Days Payable7213584231962483052
Cash Conversion Cycle686153515768534612378474
Working Capital Days911922521528114-994938
ROCE %47%50%33%27%27%29%33%31%36%37%41%15%

Thyrocare Technologies Ltd Financial Efficiency Indicators Chart

Thyrocare Technologies Ltd 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

Thyrocare Technologies Ltd Shareholding Pattern Chart

No. of Thyrocare Technologies Ltd Shareholders

Thyrocare Technologies Ltd Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)
Nippon India Small Cap Fund17781650.24108.49
Nippon India Pharma Fund17658381.56107.74
ICICI Prudential India Opportunities Fund11841310.4572.25
ICICI Prudential Pharma Healthcare & Diagnostics (P.H.D) Fund7650471.3146.68
Nippon India Retirement Fund - Wealth Creation Scheme3219030.6719.64
ICICI Prudential Bharat Consumption Fund2302810.6414.05
ICICI Prudential Retirement Fund - Pure Equity126310.140.77
ICICI Prudential Retirement Fund - Hybrid Aggressive11860.020.07
Motilal Oswal S&P BSE Healthcare ETF1630.10.01

Thyrocare Technologies Ltd ROCE Trend

Thyrocare Technologies Ltd EPS Trend

Thyrocare Technologies Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)12.1633.3021.4116.7415.95
Diluted EPS (Rs.)12.1433.2521.3716.7115.91
Cash EPS (Rs.)19.2539.7327.1422.6720.96
Book Value[Excl.RevalReserv]/Share (Rs.)101.1299.5480.8169.3982.42
Book Value[Incl.RevalReserv]/Share (Rs.)101.1299.5480.8169.3982.42
Revenue From Operations / Share (Rs.)99.50111.3293.5582.1876.32
PBDIT / Share (Rs.)24.2749.9334.7434.1131.10
PBIT / Share (Rs.)16.9643.5329.0228.0726.14
PBT / Share (Rs.)16.5143.0828.8526.4826.03
Net Profit / Share (Rs.)11.9433.3321.4116.6316.00
NP After MI And SOA / Share (Rs.)12.1633.3021.4016.7316.13
PBDIT Margin (%)24.3944.8537.1341.5040.74
PBIT Margin (%)17.0439.1031.0134.1534.25
PBT Margin (%)16.5938.7030.8332.2134.10
Net Profit Margin (%)11.9929.9422.8920.2320.96
NP After MI And SOA Margin (%)12.2229.9122.8720.3521.13
Return on Networth / Equity (%)12.0433.4526.4824.1119.56
Return on Capital Employeed (%)16.1542.3934.0338.1130.38
Return On Assets (%)10.1728.9820.7318.7717.93
Long Term Debt / Equity (X)0.000.000.000.010.01
Total Debt / Equity (X)0.000.000.000.010.01
Asset Turnover Ratio (%)0.790.980.940.870.76
Current Ratio (X)3.544.182.501.866.61
Quick Ratio (X)3.183.802.261.615.73
Inventory Turnover Ratio (X)5.826.807.446.036.33
Dividend Payout Ratio (NP) (%)123.2945.0246.69149.3231.54
Dividend Payout Ratio (CP) (%)76.9837.7636.84109.7124.13
Earning Retention Ratio (%)-23.2954.9853.31-49.3268.46
Cash Earning Retention Ratio (%)23.0262.2463.16-9.7175.87
Interest Coverage Ratio (X)54.67111.45211.1497.43269.15
Interest Coverage Ratio (Post Tax) (X)27.8975.40131.1452.06139.49
Enterprise Value (Cr.)2246.854079.234758.172609.922793.41
EV / Net Operating Revenue (X)4.276.939.626.016.93
EV / EBITDA (X)17.4915.4425.9014.4817.01
MarketCap / Net Operating Revenue (X)4.326.959.656.036.95
Retention Ratios (%)-23.2954.9753.30-49.3268.45
Price / BV (X)4.267.7711.177.146.44
Price / Net Operating Revenue (X)4.326.959.656.036.95
EarningsYield0.020.040.020.030.03

Thyrocare Technologies Ltd Profitability Ratios (%)

Thyrocare Technologies Ltd Liquidity Ratios

Thyrocare Technologies Ltd Liquidity Ratios (%)

Thyrocare Technologies Ltd Interest Coverage Ratios (X)

Thyrocare Technologies Ltd Valuation Ratios

Fair Value / Intrinsic Value of Thyrocare Technologies Ltd

Fair Value: ₹534.60

The stock is overvalued by 16.73% compared to the current price ₹642

*Investments are subject to market risks

Strength and Weakness of Thyrocare Technologies Ltd

StrengthWeakness
  1. The stock has a high average ROCE of 33.83%, which is a positive sign.
  2. The stock has a low average Working Capital Days of 27.42, which is a positive sign.
  3. The company has higher reserves (325.15 cr) compared to borrowings (13.69 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (326.08 cr) and profit (107.08 cr) over the years.
  1. The stock is trading at a high valuation with an average P/B ratio of 28.74 and average Dividend Yield of 31.11%.
  2. The stock has a high average Cash Conversion Cycle of 55.33, which may not be favorable.

Should I Buy Thyrocare Technologies Ltd Share Now?

  • Based on the analysis of various financial indicators, it may be worth considering investment in Thyrocare Technologies Ltd:
    1. Net Profit Margin: 11.99% (Higher values are generally favorable)
      • 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: 16.15% (Industry Average ROCE: 14.96%)
      • 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. Interest Coverage Ratio (Post Tax): 27.89 (Higher values, preferably > 2, are recommended)
      • 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.
    4. Quick Ratio: 3.18 (Higher values, preferably > 1, are recommended)
      • 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.
    5. ✓ Stock P/E: 54.1 (Industry average Stock P/E: 66.02)
      • 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.
    6. ✓ Total Debt / Equity: 0.00 (Lower values, preferably < 1, are preferred)
      • 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.
    While these metrics suggest potential opportunity, it's essential to conduct thorough research or seek advice from financial experts before making any investment decisions.

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