Slide 1: Exchange filing cover letter for earnings presentation
April 23, 2025 To, National Stock Exchange of India Limited BSE Limited Exchange Plaza Phiroze Jeejeeboy Towers Bandra Kurla Complex, Dalal Street, Bandra (E), Mumbai - 400 051 Mumbai- 400 001 (SYMBOL: THYROCARE) (SCRIP CODE 539871) Sub : Presentation on Audited Financial Results (Standalone and Con
Slide 2: Thyrocare Earnings Presentation Q4 and Annual Results FY25
Thyrocare Earnings Presentation Q4 and Annual Results FY25
Slide 3: Safe harbour statement
Safe harbour statement Statements in this presentation describing the Company’s performance may be “forward looking statements” within the meaning of applicable security laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Impor
Slide 4: Agenda
Agenda FY25 - A look back 01 FY25 - A look back Performance highlights 02 Performance highlights Financial performance 03 Financial performance Going forward strategy 04 Going forward strategy 02
Slide 5: Delivered 20% YoY revenue growth in FY25 while maintaining highest quality standards
Delivered 20% YoY revenue growth in FY25 while maintaining highest quality standards India’s first and only 100% NABL accredited national diagnostic laboratory chain Financial Parameters Operational Parameters Quality Parameters ► Consolidated Revenue for FY25 is Rs 687 Cr (20% 11,000+ Vials Active
Slide 6: Our USPs
Our USPs # 100% NABL accreditation pertains to the accreditation of 29 Thyrocare owned labs in India. It excludes Polo, Vimta Clinical Diagnostic labs, partner labs and newly opened owned lab in Mar25. * As per a survey on doctors’ perception of laboratory diagnostics (IJARIIT, 2023) 04
Slide 7: Nationwide network dedicated to serving the masses
Nationwide network dedicated to serving the masses Thyrocare NABL network labs (29) 29 29 29 29 25 15 Q4FY23 Q4FY24 Q4FY25 No of Thyrocare labs NABL labs Thyrocare Labs (29) : All NABL accredited ► West : Navi Mumbai, Mumbai (Kurla), Pune, Raipur, Ahmedabad, Nagpur, Mumbai (Kandivali), Goa ► East :
Slide 8: India's first and only 100% NABL accredited national diagnostic laboratory chain
India’s first and only 100% NABL accredited national diagnostic laboratory chain This remarkable achievement is a testament to the highest standards and stringent benchmarks for quality, accuracy and safety Felicitation by NABL for 100% NABL accreditation Our journey to NABL accreditation involved ►
Slide 9: Strategic initiatives for footprint expansion during FY25
Strategic initiatives for footprint expansion during FY25 ► Thyrocare completed the acquisition of Polo Labs on July 29, ► On October 11, 2024, Thyrocare completed the acquisition of the clinical 2024. diagnostic business of Vimta Labs. ► Polo Labs is a pathology diagnostic company based out of ► Vi
Slide 10: Strengthening our relationships with doctors and channel partners
Strengthening our relationships with doctors and channel partners Advisory Board Meeting with doctors Conducting channel partner meets ► Hosted frequent Advisory Board Meetings during FY25 with ► Regularly hosted channel partner meets to reward and strengthen a panel of esteemed doctors to gain insi
Slide 11: Agenda
Agenda FY25 - A look back 01 FY25 - A look back Performance highlights 02 Performance highlights Financial performance 03 Financial performance Going forward strategy 04 Going forward strategy 09
Slide 12: Quarter health check - Financial Performance Q4 FY25
Quarter health check - Financial Performance Q4 FY25 YoY TTL Consolidated YoY Pathology Revenue +21% Revenue* +23% YoY Radiology YoY Normalized Revenue** +7% EBITDA +78% YoY Reported EBITDA +70% Normalized EBITDA% 35% * Pathology business excluding materials & others ** Radiology includes pulse hite
Slide 13: Annual health check - Financial Performance FY25
Annual health check - Financial Performance FY25 YoY TTL Consolidated YoY Pathology Revenue +20% Revenue* +21% YoY Radiology YoY Normalized Revenue** +14% EBITDA +37% YoY Reported EBITDA +37% Normalized EBITDA% 31% * Pathology business excluding materials & others ** Radiology includes pulse hitech
Slide 14: Strong and consistent growth outlined by key metrics
Strong and consistent growth outlined by key metrics Tests performed (Mn) Patients (Mn) Active franchisees (#) +14% +11% +16% 167.9 16.7 141.4 147.0 15.4 15.1 11,249 9,481 9,696 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Revenue per test (INR) Revenue per patient (INR) Tests per patient (#) +6% +9
Slide 15: 21% YoY revenue growth in overall business and 78% YoY growth in Normalized EBITDA
21% YoY revenue growth in overall business and 78% YoY growth in Normalized EBITDA in Q4 FY25 Consolidated Revenue (INR Cr) Normalized EBITDA (INR Cr) +21% +78% 187.2 177.4 65.3 165.9 154.2 156.9 50.7 49.3 44.7 36.7 157.2 170.1 138.6 147.4 62.5 138.8 50.7 47.1 43.5 35.8 12.8 13.0 14.2 13.4 13.7 0.9
Slide 16: Franchise revenue grew by 22% YoY and Partnership (excluding API) grew by 40% YoY
Franchise revenue grew by 22% YoY and Partnership (excluding API) grew by 40% YoY in Q4 FY25 Pathology Revenue (Rs Cr) YoY% Pathology Vials (Lakhs) YoY% 46.3 43.7 43.8 98.9 101.6 41.6 95.0 +22% 40.1 +9% 88.5 83.5 58.2 +24% 48.6 20.7 46.8 43.2 18.5 +32% 41.5 39.4 15.8 15.8 +40% 15.7 33.8 28.2 28.6 29
Slide 17: Sustained franchise success driving superior industry growth
Sustained franchise success driving superior industry growth Franchise Cohorts : Revenue per retained franchise from FY21 to FY25, rebased to 1 Year Y1 Y2 Y3 Y4 Y5 FY21 1.0x 1.7x 1.3x 1.6x 2.0x FY22 1.0x 2.6x 3.4x 4.1x FY23 1.0x 2.4x 3.3x FY24 1.0x 2.6x FY25 1.0x ► Revenue per retained franchise has
Slide 18: Strong organic growth with a potential to expand further with M&A
Strong organic growth with a potential to expand further with M&A Comparison of organic and consolidated revenue of Q4FY25 vs Q4FY24 and FY25 vs FY24 Q4FY25 vs Q4FY24 FY25 vs FY24 Particulars (INR Cr) Q4FY25 Q4FY24 Contribution% FY25 FY24 Contribution% Organic revenue (A) 182.8 154.0 19% 676.3 571.6
Slide 19: Agenda
Agenda FY25 - A look back 01 FY25 - A look back Performance highlights 02 Performance highlights Financial performance 03 Financial performance Going forward strategy 04 Going forward strategy 17
Slide 20: Income statement - TTL Standalone: Increase in Normalized EBITDA by 72% YoY
Income statement - TTL Standalone : Increase in Normalized EBITDA by 72% YoY Quarter Annual Pathology revenue grew by 23% YoY, INR crore Q4FY25 Q4FY24 YoY FY25 FY24 YoY Franchise grew by 22%; Partnerships Revenue from operations 173.9 141.2 23% 633.1 524.0 21% excluding API grew by 40% Cost of mater
Slide 21: Income statement - NHL Standalone: Increase in Normalized EBITDA by 112% YoY
Income statement - NHL Standalone : Increase in Normalized EBITDA by 112% YoY Quarter Annual NHL Revenue grew 6% YoY on account INR crore Q4FY25 Q4FY24 YoY FY25 FY24 YoY of increase in FDG sales and better Revenue from operations 11.9 11.2 6% 47.6 43.2 10% (2.4) (2.5) (10.5) (8.7) realization per sc
Slide 22: Income statement - TTL Consolidated: Increase in Normalized EBITDA by 78% YoY
Income statement - TTL Consolidated : Increase in Normalized EBITDA by 78% YoY Quarter Annual Revenue from operations include Pulse INR crore Q4FY25 Q4FY24 YoY FY25 FY24 YoY Revenue from operations 187.2 154.2 21% 687.3 571.9 20% Hitech, Think Health and Polo Labs and Cost of materials consumed/sold
Slide 23: Balance Sheet - TTL Consolidated
Balance Sheet - TTL Consolidated INR crore Mar25 Mar24 INR crore Mar25 Mar24 Non-current assets Equity Property, plant & equipment 148.7 168.4 Equity share capital 53.0 53.0 Capital work-in-progress 14.2 2.6 Other equity 493.8 473.8 Goodwill 108.2 104.0 Non-controlling interests 0.3 0.9 Other intang
Slide 24: Cash Flow Statement - TTL Consolidated
Cash Flow Statement - TTL Consolidated : Operating Cash flow generated in FY25 was INR 191.3 Cr Annual INR crore FY25 FY24 Operating activities : Incremental cash A. Cash flow from operating activities generated from the operating activities Profit before tax 146.9 95.6 by INR 23.7 Cr, i.e, 14% over
Slide 25: Agenda
Agenda FY25 - A look back 01 FY25 - A look back Performance highlights 02 Performance highlights Financial performance 03 Financial performance Going forward strategy 04 Going forward strategy 23
Slide 26: Vision & Mission
Vision & Mission Global in our reach, excellence in our experience To make good quality diagnostics affordable to all 24
Slide 27: Going forward - Key pillars of growth
Going forward - Key pillars of growth ► Going deeper into ► Expanding our Strengthening our India with focused partnerships towards presence in Tanzania test menu insurance and ECG at to deliver accessible, ► Strengthening our home high-quality, and existing franchise ► Strengthen and further afford
Slide 28: Our strategy remains to be a B2B service provider with an affordable value driven model
Our strategy remains to be a B2B service provider with an affordable value driven model based on scale efficiencies Franchise Partnerships ► Mom & Pop collection centres ► Online diagnostic aggregators ► Local labs ► Healthcare platforms 63% ► Nursing homes & hospitals ► Employee wellness platforms
Slide 29: Annexure: Relevance of Normalized EBITDA over Reported EBITDA
Annexure: Relevance of Normalized EBITDA over Reported EBITDA Consolidated Profit & Loss (extract) ► Accounting provision Annual Under Indian Accounting Standard 102 (Share-based Payment), if a INR crore FY25 FY24 parent issues its own shares for a share-based payment plan of its 687.3 571.9 subsidi
Slide 30: Thank You
Q Thyrocare Tests you can trust For Any queries, please reach out to investor_relations@thyrocare.com Thank You Disclaimer This presentation is for information purposes only and it contains general background information about the Company’s activities. The Company assumes no responsibility to public