Thyrocare soars 9% at the bourses, witnesses fresh buying at lower levels

The diagnostic leader has a testing time on the bourses last month wherein it shed almost 23.2% from the levels of Rs 812.25 to Rs 659 per share.

Shares of Thyrocare logged their fresh 52-week low at the start of this month at Rs 627.55 on June 2. At the low of Rs 627.55, it has corrected 42.8% from its 52-week high of Rs 1465.90.

In today’s intraday trades, the diagnostic company has surged 9% from the previous close of Rs 633.75 an intraday high of Rs 692. The shares of Thyrocare are witnessing fresh buying at the lower levels as the valuations turn attractive at a P/E multiple of 20.26.

Thyrocare Technologies is an India-based healthcare service provider. The company operates with a centralised processing laboratory (CPL) in Mumbai, India for esoteric tests, and regional processing laboratory in metro cities of India and other parts of Asia. The diagnostic company had reported strong growth in the Pandemic while it clocked the highest Revenue in Q2FY22, mainly driven by the B2G Business with Covid RTPCR testing for NHM, MCGM, and Goa. However, the growth momentum was lost in the subsequent quarters as Covid cases dropped significantly and normalcy returned.

In the recently concluded Q4FY22, the company posted weak performance wherein the net revenue at Rs 130.56 crore dropped by 11.09% YoY and Net profit declined by 44.85% to Rs 37.57 crore.

Given the renewed worries about the resurgence of Covid cases, the diagnostic company may be able to regain some revenue growth and continue to be on investors' radar.

At 1.00 pm the shares of Thyrocare were quoting at Rs 676.95, up by 6.82% or Rs 43.20 on NSE.