THYROCARENSE23 April 2025

Thyrocare Technologies Limited has informed the Exchange about Investor Presentation

Thyrocare Technologies Limited

April 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 Audited Financial Results

(Standalone and

Consolidated) for the quarter and year ended March 31, 2025.

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. April 23, 2025, at 6.00 p.m. on the audited financial results (standalone and consolidated) of the Company for the quarter and year ended March 31, 2025.

same

The https://investor.thyrocare.com/

is also being made available on

the Company’s website

We request you to please take the same on record.

Yours faithfully For Thyrocare Technologies Limited

Brijesh Kumar Company Secretary and Compliance Officer

Encl: A/a

Thyrocare Earnings Presentation Q4 and Annual Results FY25

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. 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

FY25 - A look back

Performance highlights

Financial performance

Going forward strategy

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% YoY)

► Franchise revenue for FY25 grew by 18% YoY

► Partnership revenue

excluding API for FY25 grew by 36% YoY

Active Franchisees

11,000+ (+16% YoY)

Vials processed in NABL labs

99%* (+5 pps YoY)

Patients

16.7 Mn (+11% YoY)

Tests conducted

167.9 Mn (+14% YoY)

* 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.

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)

Nationwide network dedicated to serving the masses

Thyrocare NABL network labs (29)

Q4FY23

Q4FY24 No of Thyrocare labs

Q4FY25

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 (10) : New lab opened in FY25 (1), Partner labs (2), Labs from recent acquisitions (6), Tanzania (1)

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

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

► 78 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 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

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 southern India, which enables us to serve a broader customer base with high-quality, affordable diagnostics.

► We have shifted the operations of Vimta clinical diagnostic from their Hyderabad & other regional labs to Thyrocare labs resulting in cost optimization.

Thyrocare - ECG at Home

Thyrocare Laboratories (Tanzania)

► Now covering ECG at Home services in 1,150 pincodes in Q4FY25 vs 650 pincodes in Q1FY25 with a dedicated fleet of 170 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 test in April 2024, we have successfully partnered with over 150+ healthcare facilities in Dar Es Salaam.

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 a panel of esteemed doctors to gain insights on enhancing our quality milestones

► Doctors witnessed our cutting-edge technologies and

stringent protocols, reinforcing our commitment to diagnostic excellence

► Regularly hosted channel partner meets to reward and strengthen

our relationship with our leading partners

► These events provides an opportunity to engage with our partners,

exchange ideas, and explore ways to further strengthen our collaboration

Agenda

FY25 - A look back

Performance highlights

Financial performance

Going forward strategy

Quarter health check - Financial Performance Q4 FY25

YoY TTL Consolidated Revenue

+21%

YoY Pathology Revenue*

+23%

YoY Radiology Revenue**

+7%

YoY Normalized EBITDA

+78%

YoY Reported EBITDA

+70%

Normalized EBITDA%

35%

* 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

Annual health check - Financial Performance FY25

YoY TTL Consolidated Revenue

+20%

YoY Pathology Revenue*

+21%

YoY Radiology Revenue**

+14%

YoY Normalized EBITDA

+37%

YoY Reported EBITDA

+37%

Normalized EBITDA%

31%

* 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)

Patients (Mn)

Active franchisees (#)

+14%

167.9

141.4

147.0

15.4

15.1

+11%

16.7

+16%

9,481

9,696

11,249

FY23

FY24

FY25

FY23

FY24

FY25

FY23

FY24

FY25

Revenue per test (INR)

Revenue per patient (INR)

Tests per patient (#)

+6%

+9%

367

336

301

+3%

10.0

9.7

9.2

FY23

FY24

FY25

FY23

FY24

FY25

FY23

FY24

FY25

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%

154.2

156.9

177.4

165.9

187.2

138.8

138.6

157.2

147.4

170.1

50.7

49.3

44.7

43.5

50.7

47.1

36.7

35.8

65.3

62.5

12.8

13.0

14.2

13.4

13.7

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q4FY25

0.9

1.3

0.0

2.3

2.8

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q4FY25

N. EBITDA%

24% 29% 29% 30% 35%

YoY Growth% Pathology* +23% Radiology +7%

YoY Growth% Pathology* +75% Radiology +196%

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

Pathology

Radiology

Materials & Others

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)

98.9

95.0

101.6

+22%

40.1

43.7

46.3

41.6

43.8

YoY%

+9%

83.5

46.8

28.2

8.5

88.5

41.5

28.6

8.6

48.6

33.8

9.6

43.2

29.6

9.1

58.2

39.4

+24%

+40%

10.3

+22%

15.7

15.8

8.6

1.6

8.9

1.5

18.5

11.0

1.7

15.8

9.0

1.5

20.7

+32%

11.5

+34%

1.6

+2%

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q4FY25

Q4FY24

Q1FY25

Q2FY25

Q3FY25

Q4FY25

138.8 Cr

138.6 Cr

157.2 Cr

147.4 Cr

170.1 Cr +23%

57.4 L

61.0 L

66.6 L

58.9 L

66.1 L

+15%

Note: Pathology revenue and vials includes Polo, Vimta Clinical Diagnostics and Think Health Care. Please note that minor variation would be noted in the above charts between Q3FY25 and Q4FY25 Earnings Presentation due to regrouping of revenue amounting to Rs 0.8 Cr and vials of 0.2 lakhs from D2C to Franchise in Q3FY25 figures.

Sustained franchise success driving superior industry growth

Franchise Cohorts : Revenue per retained franchise from FY21 to FY25, rebased to 1

Year

FY21

FY22

FY23

FY24

FY25

1.0x

1.7x

2.6x

2.4x

2.6x

1.3x

3.4x

3.3x

1.6x

4.1x

2.0x

► Revenue per retained franchise has been consistently growing for the franchise added post FY22. The

initiatives causing the growth are:

► Slab based pricing model which increased motivation amongst franchisee to add volume

► Improved quality and achieved 100% NABL accreditation

► Strengthening our relationships with doctors and channel partners

► Test menu expansion

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

Particulars (INR Cr)

Organic revenue (A)

Inorganic revenue (B)

Consolidated revenue (A+B)

187.2

154.2

Q4FY25 vs Q4FY24

FY25 vs FY24

Q4FY25

Q4FY24

Contribution%

FY25

FY24

Contribution%

182.8

154.0

4.4

0.3

19%

21%

676.3

11.0

687.3

571.6

0.3

571.9

18%

20%

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

FY25 - A look back

Performance highlights

Financial performance

Performance highlights

Financial performance

Going forward strategy

Income statement - TTL Standalone : Increase in Normalized EBITDA by 72% 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 Exceptional item Profit after tax incl. exceptional item Profit after tax excl. exceptional item

Gross margin % Normalized EBITDA% Reported EBITDA% PAT incl. exceptional item% PAT excl. exceptional item%

YoY 23%

31%

72%

65%

90%

13% 72%

Quarter Q4FY25 Q4FY24 173.9 141.2 (47.0) (44.1) 126.9 97.1 (24.3) (22.2) (39.7) (33.1) (0.2) (5.4) 36.4 62.7 (2.9) (7.4) 55.3 33.5 (10.4) (11.8) (0.9) (0.6) 2.8 4.6 25.0 47.5 (5.8) (14.6) 0.0 (11.2) 19.2 21.7 19.2 32.9

73% 36% 32% 12% 18%

69% 26% 24% 13% 13%

YoY 21%

24%

38%

39%

53%

33% 49%

Annual

FY25 FY24 633.1 524.0 (180.1) (157.6) 453.0 366.4 (99.8) (87.3) (146.4) (121.1) (1.1) (8.6) 205.7 149.4 (15.3) (19.7) 134.1 186.0 (39.1) (46.5) (3.7) (2.6) 7.2 13.3 98.5 150.2 (27.2) (44.0) 0.0 (11.2) 71.3 95.0 71.3 106.2

72% 32% 29% 15% 16%

70% 29% 26% 13% 13%

Pathology revenue grew by 23% YoY, Franchise grew by 22%; Partnerships excluding API grew by 40%

Gross margin% improved by 426 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 1,026 Basis Points primarily due to improved margin and operating leverage.

Exceptional item of INR 11.2 Cr pertains to reversal of deferred tax asset created in previous years against the impairment of investment in NHL.

Note: Refer Annexure on ESOP on slide 27. Normalized EBITDA is EBITDA before non-cash charge of parent group API ESOPs. ESOP cost is ESOPs granted from parent group API Holdings to Thyrocare employees, recognized as share-based payment in the P&L and in the balance sheet as Equity contribution from the parent. Estimated ESOP cost by year - FY25 : Rs 19.7 Cr, FY26 : Rs 21.0 Cr, FY27 : Rs 8.1 Cr, FY28 : Rs 3.5 Cr and FY29 : Rs 1.2 Cr.

Income statement - NHL Standalone : Increase in Normalized EBITDA by 112% YoY

Quarter

Annual

Gross margin % Normalized EBITDA% Reported EBITDA% PAT%

Q4FY25 11.9 (2.4) 9.5 (1.3) (5.8) (0.0) 2.4

YoY 6%

Q4FY24 11.2 (2.5) 8.7 (0.9) (6.7) 0.0 1.1 112%

66%

(0.5) (0.0) 1.1 (1.6) (0.1) 0.8 0.1 (0.1) 0.0

1.9 (1.5) (0.1) 0.9 1.2 (0.1) 1.1

80% 20% 16% 9%

78% 10% 10% 0%

FY25 47.6 (10.5) 37.1 (5.5) (26.6) (0.2) 4.8

FY24 YoY 43.2 10% (8.7) 34.5 (4.0) (26.5) (0.1)

3.8 26%

-3%

(1.0) (0.0) 3.9 (5.7) (0.5) 2.8 0.5 0.3 0.8

3.8 (7.1) (0.6) 3.3 (0.6) 0.6 (0.0)

78% 10% 8% 0%

80% 9% 9% 2%

NHL Revenue grew 6% YoY on account of increase in FDG sales and better realization per scan.

increased YoY on account of

GM% 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.

Note: Refer Annexure on ESOP on slide 27. Normalized EBITDA is EBITDA before non-cash charge of parent group API ESOPs. ESOP cost is ESOPs granted from parent group API Holdings to NHL employees, recognized as share-based payment in the P&L and in the balance sheet as Equity contribution from the parent. Estimated ESOP cost by year - FY25: Rs 1.0 Cr, FY26: Rs 1.1 Cr, FY27: Rs 0.4 Cr, FY28: Rs 0.2 Cr and FY29: Rs 0.1 Cr.

Income statement - TTL Consolidated : Increase in Normalized EBITDA by 78% 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 Share in profit in Associate & JV entity Tax expenses Exceptional item Profit after tax incl. exceptional item Profit after tax excl. exceptional item

YoY 21%

28%

78%

70%

Quarter Q4FY25 Q4FY24 187.2 154.2 (49.5) (46.6) 137.7 107.6 (25.9) (23.6) (46.2) (41.9) (0.3) (5.4) 36.7 65.3 (2.9) (7.9) 57.4 33.8 (13.1) (13.8) (1.1) (0.7) 3.5 4.6 47.5 (0.6) (14.4) (11.2) 21.3 32.5

23.1 105% (0.2) (5.7) 0.0 17.2 17.2

24% 88%

Gross margin % Normalized EBITDA% Reported EBITDA% PAT incl. exceptional tax% PAT excl. exceptional tax%

74% 35% 31% 11% 17%

70% 24% 22% 11% 11%

YoY 20%

22%

37%

52%

29% 45%

Annual

FY25 FY24 687.3 571.9 (191.1) (166.7) 496.2 405.2 (107.1) (92.2) (177.9) (151.2) (1.3) (8.7) 153.1 209.9 (15.3) (20.7) 137.8 189.2 (47.0) (55.3) (4.2) (3.0) 9.4 14.8 96.0 145.7 0.4 (1.4) (26.6) (43.1) 0.0 (11.2) 69.8 90.0 69.8 101.2

72% 31% 28% 13% 14%

71% 27% 24% 12% 12%

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

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

Gross margin improved by 28% YoY due to in volume and better negotiation.

increase

Normalized EBITDA improved by 78% YoY and Reported EBITDA by 70% YoY.

Profit before tax improved by 105% YoY and Profit after tax excl exceptional tax improved by 88% YoY.

Exceptional item of INR 11.2 Cr pertains to reversal of deferred tax asset created in previous years against the impairment of investment in NHL.

Note: Refer Annexure on ESOP on slide 27. Normalized EBITDA is EBITDA before non-cash charge of parent group API ESOPs. ESOP cost is ESOPs granted from parent group API Holdings to Thyrocare & NHL employees, recognized as share-based payment in the P&L and in the balance sheet as Equity contribution from the parent. Estimated ESOP cost by year - FY25 : Rs 20.7 Cr, FY26: Rs 22.1 Cr, FY27: Rs 8.5 Cr, FY28: Rs 3.7 Cr and FY29: Rs 1.2 Cr.

Balance Sheet - TTL Consolidated

Mar25

Mar24

INR crore Non-current assets Property, plant & equipment Capital work-in-progress Goodwill Other intangible assets Right of use assets Investment in associate and joint venture Financial assets (i) Other financial assets Deferred tax assets (net) Non-current tax assets (net) Other non-current assets Total non-current assets (i) Current assets Inventories Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than above (iv) Other financial assets Other current assets Total current assets (ii) Total assets (i+ii)

INR crore Equity Equity share capital Other equity Non-controlling interests Total equity (i) Non-current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities Provisions Total non-current liabilities (ii) Current liabilities Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables (iv) Other financial liabilities Contract liabilities Current tax liabilities (net) Provisions Other current liabilities Total current liabilities (iii) Total liabilities (iv=ii+iii) Total equity and liabilities (i+iv)

168.4

2.6 104.0 0.7 32.7 25.6

5.2 14.8 7.6 3.7 365.4

136.8 43.5 9.3 30.6 3.3 7.6 278.5 643.9

148.7 14.2 108.2 4.8 35.5 24.2

7.9 8.5 1.6 1.4 355.0

137.4 73.0 17.7 36.8 1.2 25.2 337.8 692.8

46.5

47.5

Mar25

Mar24

53.0 493.8 0.3 547.1

53.0 473.8

0.9 527.6

0.0 16.9 7.0 23.9

0.0 7.8 76.2 16.6 13.6 2.4 1.0 4.2 121.8 145.7 692.8

10.9 11.8 3.1 25.8

10.7 8.9 40.1 17.5 6.2 1.3 2.8 3.0 90.5

116.3 643.9

Cash Flow Statement - TTL Consolidated : Operating Cash flow generated in FY25 was INR 191.3 Cr

INR crore A. Cash flow from operating activities Profit before tax Non-cash items and other adjustments Changes in working capital Income tax paid (net of refunds) Net cash flow generated/(used) from operating activities (i)

B. Cash flow from investing activities Net (purchase)/sale of PPE, CWIP and capital advances Net (purchase)/sale of current investments and term deposits Consideration paid on purchase of Polo and Vimta Clinical Diagnostics Investment into Associates & Jointly Controlled Entity Interest received Net cash flow generated/(used) from investing activities (ii)

C. Cash flow from financing activities Net proceeds/(repayment) of borrowings Dividend paid to the shareholders Others Net cash flow generated/(used) from financing activities (iii)

Net increase/(decrease) in cash & cash equivalents (iv=i+ii+iii) Cash & cash equivalents at the beginning of the year (v) Cash & cash equivalents at the end of the year (iv+v)

Annual

FY25

FY24

146.9 73.3 12.5 (41.4) 191.3

(44.9) 1.6 (11.2) 0.0 2.0 (52.5)

(21.6) (95.3) (13.5) (130.4)

8.4 9.3 17.7

95.6 70.9 30.2 (29.0) 167.6

(60.9) (27.9) 0.0 (3.5) 1.0 (91.3)

21.6 (95.3) (11.1) (84.8)

(8.5) 17.8 9.3

Operating activities : Incremental cash generated from the operating activities by INR 23.7 Cr, i.e, 14% over FY24.

During FY25, generated from operating activities.

INR 191.3 Cr cash

Investing activities : Net capex invested in FY25 was INR 44.9 Cr on account of infrastructure expansion and replacement of machines.

Financing activities : Entire loan being repaid.

Agenda

FY25 - A look back

Performance highlights

Financial performance

Going forward strategy

Vision & Mission

Global in our reach, excellence in our experience

To make good quality diagnostics affordable to all

Going forward - Key pillars of growth

►Going deeper into India with focused test menu

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

►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

Franchise

► Mom & Pop collection centres

63%

► Local labs

► Nursing homes & hospitals

Partnerships ► Online diagnostic aggregators

► 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 6%

Annexure: Relevance of Normalized EBITDA over Reported EBITDA

Consolidated Profit & Loss (extract)

► Accounting provision

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

Annual

FY24 FY25 571.9 687.3 (166.7) (191.1) 405.2 496.2 (92.2) (107.1) (151.2) (177.9) (8.7) (1.3) 209.9 153.1 (20.7) (15.3) 137.8 189.2

ESOP cost is ESOPs granted from parent group API Holdings to Thyrocare & NHL employees, recognized as share-based payment in the P&L and in the balance sheet as Equity contribution from the parent. Estimated ESOP cost by year is mentioned on the table below:

INR crore ESOP cost

FY25 FY26 FY27 FY28 FY29 1.2 20.7 22.1

8.5

3.7

Under Indian Accounting Standard 102 (Share-based Payment), if a parent issues its own shares for a share-based payment plan of its subsidiary, and the subsidiary has no obligation to settle the payment, the arrangement is treated as an equity-settled share-based payment for the subsidiary. The subsidiary will record this by debiting employee expenses and crediting capital contribution from the parent.

► Effect in the financial statements of subsidiary

► Effect in P&L : Expense is recognized over the vesting period

► Effect in BS : Corresponding increase recorded under ‘Other

Equity’

► Effect in Cash flow : Being a non-cash expense, it is adjusted

within cash flow from the operating activities

► Accordingly, greater emphasis should be placed on Normalized

EBITDA rather than Reported EBITDA, which is impacted by ESOP cost incurred by the parent company (API Holdings). This is because:

► No cash outflow from Thyrocare & NHL

► No dilution of equity of Thyrocare & NHL

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