THYROCARENSE23 January 2025

Thyrocare Technologies Limited has informed the Exchange about Investor Presentation

Thyrocare Technologies Limited

0 Thyrocare

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January 23, 2025

To, National Stock Exchange of India Limited Exchange Plaza Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 (SYMBOL: THYROCARE)

BSE Limited Phiroze Jeejeeboy Towers Dalal Street, Mumbai- 400 001 (SCRIP CODE 539871)

Sub: Presentation on Un‐audited Financial Results (Standalone and Consolidated)

for the Quarter and nine months ended December 31, 2024.

Ref: Disclosure under Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Dear Sir/Madam,

We are enclosing herewith a copy of the presentation to be made at the earnings conference call for analysts and investors, to be held today i.e. January 23, 2025, at 5.00 p.m. on the unaudited financial results (standalone and consolidated) of the Company for the quarter and nine months ended December 31, 2024.

The same is also being made available on the Company’s website www.thyrocare.com

We request you to please take the same on record.

For Thyrocare Technologies Limited

Ramjee Dorai Company Secretary and Compliance Officer

Encl: A/a

Thyrocare Technologies Limited

9 D-37 /1, TTC MIDC, Turbhe, Navi Mumbai- 400 703, Ind ia ii,'!r,j enquiry@thyrocare.com

(@www. thyrocare.com

(9 022- 3090 0000

Thyrocare Earnings Presentation Q3 FY25

Safe harbour statement

~ Thyrocare·

Tests you can trust

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. Important factors that could make a difference to the Company’s operations include,

among others, economic conditions affecting demand/supply and price conditions in the market, changes in or due to the

environment, Government regulations, laws, statutes, judicial pronouncements and/or incidental factors.

Agenda

Latest updates

Performance highlights

Financial performance

Going forward strategy

~ Thyrocare·

Tests you can trust

Delivered 23% YoY revenue growth in Q3 FY25 while maintaining highest quality standards

~ Thyrocare·

Tests yo u can trust

India’s first and only 100% NABL accredited national diagnostic laboratory chain

~ Thyrocare·

Tests you can trust

I i i i _______ !

I i i i i

!...--·

Financial Parameters

Operational Parameters

Quality Parameters

► Consolidated Revenue for Q3 FY25 is Rs 166 Cr (23% YoY)

► Franchise revenue for Q3 FY25 grew by 24% YoY

► Partnership revenue for

Q3 FY25 grew by 23% YoY

,2.i -'ail

~ Active Franchisees ~

9,100+ (+26% YoY)

Samples processed in NABL labs

98%* (+18 pps YoY)

r-,.

Samples

Patients

~ OB?

5.9 Mn (+15% YoY)

3.9 Mn (+13% YoY)

NflOL

e ...

- ½Ill

Tests conducted

39.0 Mn (+14% YoY)

* 100% NABL accreditation pertains to the accreditation of all 29 Thyrocare owned labs in India. It does not include Polo, Vimta Clinical Diagnostic labs and partner labs.

Our USPs

~ Thyrocare·

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Reports released within average TAT of

••• 3.65 I llt•IIJiJ-._, ~ of sample -.ii reaching the lab

First National Diagnostic Chain to have 100% of its Labs with NABL Accreditation#

tor

Reports verified by expert

•®i •) =Iii h·1 t·i • i ~if t

stationed in every Lab

trust that

Thyrocare reports are Accurate & Reliable*

# All 29 owned Thyrocare laboratories are NABL accredited * As per a survey on doctors’ perception of laboratory diagnostics (IJARIIT, 2023)

Nationwide network dedicated to serving the masses

~ Thyrocare·

Tests you can trust

Q3FY23

Thyrocare NABL network labs (29)

Q3FY24

Q3FY25

No of labs

NABL labs

Thyrocare Labs (29) : All NABL accredited

► West : Navi Mumbai, Mumbai (Kurla), Pune, Raipur,

Ahmedabad, Nagpur, Mumbai (Kandivali), Goa

► East : Kolkata, Bhubaneswar, Guwahati, Patna, Ranchi

► North : Bhopal, Jaipur, Delhi, Gurgaon, Lucknow, Varanasi,

Indore, Amritsar, Mohali

► South : Bangalore ZPL, Coimbatore, Kochi, Chennai,

Hyderabad, Bangalore SPL, Vizag

Other Labs : Partner labs (2), Labs from recent acquisitions (6), Tanzania (1)

'+t 02CPL

~ 19 RPL

'4, 02 ZPL

06 SPL

Central Processing Lab

Regional Processing Lab

Zonal Processing Lab

Satellite Processing Lab

India’s first and only 100% NABL accredited national diagnostic laboratory chain

~ Thyrocare·

Tests you can trust

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

i llil1r I

Cong ra tu/ations

Thyrocl!re For 1111, Elfc mplery A c h1cvcml'nls 01

11 •• 100'1,,

, 01;,1

HII

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Felicitation by NABL the groundbreaking achievement of becoming the first national diagnostic chain to have 100% of its labs NABL accredited.

in November 2024

for

► Implementing robust quality management systems

► Investing in cutting-edge technology & equipment

► Rigorous training programs for our staff

► Consistent participation in proficiency testing

► 73 highly focused pathologists working across India

► Enrolled in EQAS (External Quality Assurance System)

program of National and International Repute to assess and ensure Quality performance of analyzers : >98% success rate in EQAS Overall Pan India

Strategic initiatives for footprint expansion

Polo ·

Right Treatment Begins \tilth Right Diagnosis

~ Thyrocare·

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Clinical Diagnostics

► Thyrocare completed the acquisition of Polo Labs on July 29,

► On October 11, 2024, Thyrocare completed the acquisition of the

2024.

clinical diagnostic business of Vimta Labs.

► Polo Labs is a pathology diagnostic company based out of

Punjab with a wide presence in Punjab, Haryana and Himachal Pradesh, allowing Thyrocare to expand its footprint in North India

► Vimta Clinical Diagnostics has presence in Hyderabad, Varanasi, Vijayawada, Bhubaneswar, Delhi, Visakhapatnam, Chennai, Tirupati, Patna and Kolkata.

► This acquisition strengthens our footprint in southern India, enabling us to serve a broader customer base with high-quality, affordable diagnostics.

Thyrocare - ECG at Home

Thyrocare Laboratories (Tanzania)

► Now covering ECG at Home services in 1000+ pincodes in Q3FY25 vs 650 pincodes in Q1FY25 with a dedicated fleet of 125 ECG Phlebos.

► Actively serving insurance domains that require ECG and vitals measurement at home for both Pre-Policy Medical Checkups and Annual Health Checkups.

► Tanzania - Since going live in March 2024 and processing our first sample in April 2024, we have successfully partnered with over 100+ healthcare facilities in Dar Es Salaam.

Agenda

Latest updates

Performance highlights

Financial performance

Going forward strategy

~ Thyrocare·

Tests you can trust

Quarter health check - Financial Performance Q3 FY25

~ Thyrocare·

Tests you can trust

YoY TTL Consolidated Revenue

+23%

YoY Pathology Revenue*

+24%

YoY Radiology Revenue**

+13%

YoY Normalized # EBITDA

+42%

YoY Reported EBITDA

+32%

# Normalized EBITDA%

30%

* Pathology business excluding materials & others ** Radiology includes pulse hitech # Normalized EBITDA is at consolidated level and is before non-cash charge of parent group API ESOPs

Year to date health check - Financial Performance YTD FY25

~ Thyrocare·

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YoY TTL Consolidated Revenue

+20%

YoY Pathology Revenue*

+20%

YoY Radiology Revenue**

+16%

YoY Normalized # EBITDA

+24%

YoY Reported EBITDA

+27%

# Normalized EBITDA%

29%

* Pathology business excluding materials & others ** Radiology includes pulse hitech # Normalized EBITDA is at consolidated level and is before non-cash charge of parent group API ESOPs

Strong and consistent growth outlined by key metrics

Tests performed (Mn)

+14%

t 39.0

33.9

34.2

Patients (Mn)

+13%

-·-. . . .

3.9

3.7

3.5

~ Thyrocare·

Tests you can trust

Active franchisees (#)

+26%

9,158

7,171

7,284

Q3FY23

Q3FY24

Q3FY25

Q3FY23

Q3FY24

Q3FY25

Q3FY23

Q3FY24

Q3FY25

Revenue per test (INR)

Revenue per patient (INR)

Tests per patient (#)

+9%

·-·, . . •

+9%

··-·'t . . .

373

+1%

··-·· ' '

9.8

t 9.9

341

300

9.2

Q3FY23

Q3FY24

Q3FY25

Q3FY23

Q3FY24

Q3FY25

Q3FY23

Q3FY24

Q3FY25

23% YoY revenue growth in overall business ; 42% YoY growth in Normalized EBITDA

~ Thyrocare·

Tests you can trust

Consolidated Revenue (INR Cr)

Normalized EBITDA (INR Cr)

+23%

154.2

156.9

-. -. -. -. -. -. -. -. -. -. -. -. -. -. -. -. -. -. -. -. ' . . . . . •

177.4

+42%

-. -. -. -. -. -. -. -. -. -. -. -. -.... -. -. -. -. ' . . . . . . . .

... 49.3

165.9

50.7

44.7

134.7

118.6

138.8

138.6

157.2

147.4

34.7

36.7

33.6

35.8

43.5

50.7

47.1

11.9

12.8

13.0

14.2

13.4

1.0

0.9

1.3

0.0

2.2

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

N. EBITDA%

26% 24% 29% 29% 30%

YoY Growth% Pathology* +24% Radiology +13%

* Pathology business excluding materials & others # Radiology includes pulse hitech

YoY Growth% Pathology* +40% Radiology +115%

Pathology

Radiology

Materials & Others

Franchise revenue grew by 24% YoY ; Partnerships grew by 23% YoY

~ Thyrocare·

Tests you can trust

Pathology Revenue (Rs Cr)

YoY%

Pathology Workload (Lakhs) 46.2

YoY%

43.6

-------· ----------·-----. [_)

+13%

41.4

[ +24%

)

36.6

40.1

76.0

- - - -

88.5

94.2

83.5

98.6

____ ___...--____...-•

------------·-------.. .. . ~ . .................

....................... ........

29.6 ······•

41.5

48.6

33.7

28.6

43.2

46.8

28.2

35.2

23.8

............ 7.4

8.5

8.6

10.0

)

( +23%

.. [---] [--]

+24% --- - - -

+34%

10.0

15.7

8.6

15.8

8.9

18.5

15.8

11.0 ••••••••••••• ••••••••••••

········• ···············• ···

1.5

1.8

13.3

......... 6.7 1.3

[ +19% ( +33% [ +28%

1 ) )

8.9 ···• 1.7

1.6 • Q4FY24

Q3FY24

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q3FY24

Q1FY25

Q2FY25

Q3FY25

118.6 Cr

138.8 Cr

138.6 Cr

157.2 Cr

[ 147.4 Cr +24%

)

51.2 L

57.4 L

61.0 L

66.6 L

58.9 L

[ +15%

]

---- Franchise

---- Partnership

- •--"- D2C

·· • ·· Partners hi p (Excluding API )

Note: Pathology revenue and workload includes Polo, Vimta Clinical Diagnostics and Think Health Care.

Strong organic growth with a potential to expand further with M&A

~ Thyrocare·

Tests you can trust

Consolidated Revenue

Particulars (INR Cr)

Organic revenue (A)

Inorganic revenue (B)

Consolidated revenue (A+B)

Q3FY25

160.9

5.0

165.9

Comparison of organic and consolidated revenue of Q3FY25 with Q3FY24

Particulars (INR Cr)

Organic revenue (A)

Inorganic revenue (B)

Q3FY25

Q3FY24

Contribution%

160.9

134.7

5.0

19%

23%

Consolidated revenue (A+B)

165.9

134.7

The strong organic growth reflects both high customer loyalty and the outstanding performance of our team, dedicated to delivering exceptional customer success.

Additionally, inorganic growth opportunities promise accelerated expansion and further growth potential

Agenda

Latest updates

Performance highlights

Financial performance

Performance highlights

Financial performance

Going forward strategy

~ Thyrocare·

Tests you can trust

Income statement - TTL Standalone : Increase in PAT by 29% YoY

INR crore Revenue from operations Cost of materials consumed/sold Gross margin Employee benefit expenses Other expenses Provision for receivables Normalized EBITDA ESOP cost Reported EBITDA Depreciation and amortisation Finance cost Other income PBT and exceptional items Tax expenses Profit after tax

Quarter

YoY 122.9 24% (36.4)

86.5 27%

(22.0) (30.3) (0.6) 33.6 41%

Q3FY24

Q3FY25 152.5 (42.4) 110.1 (25.8) (36.6) (0.3) 47.4 (7.2) (3.1) 40.2 (15.3) (0.5) 3.5 27.9 (8.8) 19.1

(10.9) (1.0) 2.1

20.7 35% (5.9) 14.8 29%

30.5 32%

YoY 20%

Year To Date YTDFY25 YTDFY24 382.8 (113.6)

459.2 (133.1) 326.1 (75.5) (106.6) (0.9) 143.2 (12.4) 130.8 (34.7) (2.0) 8.8 102.9 (29.3) 73.6

269.2 21% (65.3) (88.0) (3.1) 112.8 27% (12.3) 100.5 (28.7) (2.8) 4.4

30%

73.4 40%

52.0 42%

(21.4)

Gross margin % Normalized EBITDA% Reported EBITDA% PAT%

72% 31% 26% 12%

70% 27% 25% 12%

71% 31% 28% 16%

70% 29% 26% 13%

~ Thyrocare·

Tests you can trust ,------------------------------------------~ , ' \ I Pathology revenue grew by 24% YoY, Franchise grew by 24%; Partnerships grew by 23%.

Gross margin% improved by 181 Basis Points YoY.

Employee expenses increased YoY on account of annual increments and increase in headcount with new acquisitions.

Other expenses increased YoY largely driven by volume increase.

Normalized EBITDA% increased by 375 Basis Points primarily due to improved margin and operating leverage.

Depreciation expenses increased due to change in accounting estimates. , ~------------------------------------------;

Normalized EBITDA – EBITDA before non-cash charge of parent group API ESOPs Note: ESOP cost is ESOPs granted from parent group API Holdings to Thyrocare employees and recognized as share based payment in the P&L and appropriately recognized in the balance sheet as Equity contribution from the parent. Total value of the ESOPs granted are INR 90.97 Cr over the vesting period.

Income statement - NHL Standalone : Increase in revenue by 14% YoY

~ Thyrocare·

Tests you can trust

Gross margin % Normalized EBITDA% Reported EBITDA% PAT%

Quarter

Q3FY25 11.7 (2.6) 9.1 (1.4) (6.0) 0.1 1.9

Q3FY24

YoY 10.2 14% (1.8) 8.4 (1.1) (6.5) -

0.8 133%

(0.5)

1.4 (1.3) (0.1) 0.8 0.7 (0.2) 0.6

78% 16% 12% 4%

0.8 71%

(1.4) (0.1) 0.7 0.1 0.7 0.7

82% 8% 8% 6%

,' I

-------------------------------------------, NHL Revenue grew 14% YoY on account of increase in FDG sales and better realization per scan.

GM% decreased YoY on account of change in revenue mix.

Employee Benefit Expenses increased YoY on account of annual increments and new hiring.

Other expenses decreased YoY due to actualization of provision of CMC cost.

YoY 11%

-7%

-25%

35.7 (8.1) 27.6 (4.2) (20.8) (0.1) 2.5

Year To Date YTDFY25 YTDFY24 32.0 (6.3) 25.7 (3.1) (19.8) (0.1) 2.7 - 2.7 (4.0) (0.3) 2.0 0.3 0.5 0.8

2.0 (5.6) (0.5) 2.4 (1.6) 0.6 (1.0)

(0.5)

77% 7% 6% -3%

80% 8% 8% 2%

'-------------------------------------------~

l ;

Income statement - TTL Consolidated : Increase in PAT by 30% YoY

~ Thyrocare·

Tests you can trust

Quarter

Year To Date Q3FY24 YoY YTDFY25 YTDFY24 417.6 (120.1)

134.7 23% (38.4)

YoY 20%

, ' I

Revenue include from operations Pulse Hitech, Think Health and Polo Labs and Vimta Clinical Diagnostics.

' \

96.3 25%

(23.3) (37.7) (0.6) 34.7 42%

31.6 32%

Q3FY25 165.9 (45.2) 120.7 (27.5) (43.7) (0.2) 49.3 (7.7) (3.1) 41.6 (16.9) (0.6) 4.0 28.1 (0.2) (9.0) 18.9

(13.5) (1.1) 2.7

19.7 42%

0.1 (5.2) 14.6 30%

500.2 (141.7) 358.5 (81.2) (131.6) (1.0) 144.7 (12.8) 131.9 (41.4) (2.4) 10.2 98.3 (0.9) (28.8) 68.6

Gross margin % Normalized EBITDA% Reported EBITDA% PAT%

73% 30% 25% 11%

71% 26% 23% 11%

72% 29% 26% 13%

297.5 21% (67.8) (109.3) (3.3) 117.1 24% (13.2) 103.9 27% (34.0) (3.1) 5.9

72.8 35%

31%

0.6 (20.8) 52.5

71% 28% 25% 12%

ESOPs program to retain talent at group level, it is a cashless charge and not a cash outflow.

Key highlights :

Gross Margin improved by 25% YoY due to increase in volume.

Normalized EBITDA improved by 42% YoY and Reported EBITDA by 32% YoY.

Profit Before Tax improved by 42% YoY and Profit After Tax improved by 30% YoY.

___________________________________________ ;

I ,

Agenda

Latest updates

Performance highlights

Financial performance

Going forward strategy

~ Thyrocare·

Tests you can trust

Vision & Mission

~ Thyrocare·

Tests you can trust

@ M" "

1,ss,1on

Global in our reach, excellence in our experience

To ensure everyone has access to quality & affordable diagnostics

Going forward - Key pillars of growth

~ Thyrocare·

Tests you can trust

►Going deeper into India with focused test menu

►Strengthening our existing franchise network with focus on large service providers

PUBLIC & PRIVATE PARTNERSHIPS

►Expanding our

partnerships towards insurance and ECG at home

►Strengthen and further grow our network of partner relationships ►Focus on PPP business

Strengthening our presence in Tanzania to deliver accessible, high-quality, and affordable diagnostic testing services

Our strategy remains to be a B2B service provider with an affordable value driven model based on scale efficiencies

~ Thyrocare·

Tests you can trust

~ Thyrocare·

Tests you can trust

I i i i i i i i r·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·J I I I I I I I I I I I

Franchise

I +

► Mom & Pop collection centres

62%

► Local labs

► Nursing homes & hospitals

I i i i i i i i L--·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-1 I I I I I I I I I I I

Partnership + B2G ► Online diagnostic aggregators

I +

► Healthcare platforms

► Employee wellness platforms

► Public & private partnerships

31%

Thyrocare is well placed to leverage best of both worlds

% Revenue contribution in pathology business

+ Direct to Consumer Business at 7%

0 Thyrocare

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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 publicly amend, modify or revise any forward looking statements on the basis of any subsequent development, information or events, or otherwise. This Presentation comprises information given in summary form and does not purport to be complete. This Presentation should not be considered as a recommendation to any investor to purchase the equity shares of the Company. This Presentation includes statements that are, or may be deemed to be, "forward-looking statements'~ By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future financial condition and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved. The past performance is not indicative of future results. This document has not been and will not be reviewed or approved by the statutory auditors or a regulatory authority in India or by any stock exchange in India.

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