The board of directors of the company is scheduled to meet on Wednesday, October 28, 2020, to consider financial results of the company for Q2FY21
Shares of Thyrocare Technologies
rallied 10 per cent to hit a record high of Rs 1,163 on the BSE in intra-day trade on Monday on expectation of strong July-September quarter (Q2FY21) earnings. The stock of the diagnostic company surpassed its previous high of Rs 1,150 touched on October 12, 2020.
At 11:37 am, Thyrocare Technologies
was trading 6 per cent higher at Rs 1,121, as compared to 0.60 per cent decline in the S&P BSE Sensex. Trading volumes on the counter doubled with a combined 920,000 equity shares changing hands on the NSE and BSE till the time of writing of this report.
The board of directors of the company is scheduled to meet on Wednesday, October 28, 2020, to consider financial results of the company for the quarter ended September 30, 2020, and to consider and decide on payment of interim dividend, if any, for the financial year 2020-21.
In the past one month, the stock has outperformed the market by surging 50 per cent after the company, on October 6, said it reported nearly 37 per cent year-on-year and over 100 per cent sequential growth in aggregate revenue for Q2FY21. In comparison, the S&P BSE Sensex was up 8 per cent during the period.
"Q2FY21 has witnessed motivating numbers and increased turnover of Covid-PCR and Covid-Antibody testing, and the aggregate revenue for the quarter, has increased by about 37 per cent compared to Q2FY20. The low revenue in Q1FY21 has bounced back in Q2FY21 with a very healthy growth of 171 per cent over trailing quarter," Thyrocare Technologies
said in statement.
"The company has done more than 4 lakh Covid-19 RT-PCR test and more than 3.20 lakh Covid antibody test as on September 30, 2020. The Company has also started RT-PCR tests from its laboratory situated at Gurgaon, Delhi and will create the same kind of facilities at Banglore and Kolkata. With non-Covid tests coming back to track, we anticipate a need for more capacity and facilities," it said.
Edelweiss Securities expects top-line to increase 40 per cent YoY after falling 50 per cent in Q1FY21 led by significant ramp up in Covid-19 testing starting only in June, increased anti-body testing to further improve volumes and non-covid testing operating at 80-85 per cent of pre-covid levels. "Because of the heavy variable cost nature of the overall business, this is likely to lift EBITDA margins back to normal levels of 38-39 per cent, however still lower by 600bps YoY due to weak seasonality," the brokerage firm said.
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