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Annual Report 2019-20

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Annual Report 2019-20 FOR A HEALTHY AND PROSPEROUS INDIA ANNUAL REPORT 2019-20 Please find the online version of this report at http://investor.thyrocare.com/annual-report/ Corporate Statutory Financial Overview Reports Statements 01 10 92 Theme Introduction Board’s Report Standalone Financial Statements 02 39 147 Thyrocare: Pioneering Corporate Governance Consolidated Financial Contents Affordable and Accessible Report Statements Wellness and Preventive Care 04 58 205 Stepping up in Times Management Discussion 20th AGM Notice of Need and Analysis 06 83 Message from the Business Chairman Responsibility Report 08 Board of Directors 09 Corporate Information Revenue ` 400 Cr 8% FY 2019-20 EBITDA (normalised) Financial and Operational Highlights ` 168.41 Cr 9% Health crises have huge social and economic costs as witnessed in the recent COVID-19 pandemic. In PAT (normalised) India, however, healthcare has never been considered ` 112.08 Cr necessary until it is an emergency. It is estimated that 18% every 10% increase in noncommunicable diseases impacts annual economic growth rate by 0.5%. The rising healthcare costs and out-of-pocket expenditure, Free Cash Available along with increasing lifestyle-related diseases are ` 76.33 Cr further adding to the woes. At Thyrocare Technologies Limited (Thyrocare), we are strongly focussed on addressing this challenge Investigations by promoting preventive healthcare and making it Performed affordable and accessible to all. We have invested in a 11.04 Cr robust advanced technology-led laboratory that handles large sample volumes with highest accuracy, while 9% drastically reducing the costs, enabling us to provide tests at lowest prices. We have introduced innovative Samples test packages that enables individuals to undertake a Processed number of health check-ups at discounted prices. 1.92 Cr Further, we have established a robust B2B business 3% model whereby we have partnered with smaller laboratories, pharmacies, hospitals and doctors across the country to collect samples. This has allowed us to make available our services across the country, while also ensuring long-term business sustainability by enabling us to continuously grow volumes. This way, we have made preventive healthcare accessible to all citizens. Our testing infrastructure has also proved to be of great help to the nation in combating the COVID-19 pandemic, being selected as amongst the few laboratories to undertake tests. Annual Report 2019-20 I 1 THYROCARE TECHNOLOGIES LIMITED Thyrocare: Pioneering Affordable and Accessible Wellness and Preventive Care Thyrocare is one of the country’s leading laboratories We work on a low-cost business model to make wellness and preventive care promoting the use of preventive diagnostic tests. We affordable and accessible to all the operate the country’s largest and first fully automated citizens for promoting healthy living. We primarily operate on a B2B model clinical chemistry laboratory supported by 11 regional by servicing laboratories, hospitals, laboratories to ensure wider reach. With the use of doctors as well as cater to individual advanced instrumentation, automation systems and IT patients’ need. Over the years, we have expanded our gamut of offerings infrastructure, we have the reputation of delivering one to cancer, tuberculosis and prenatal of the fastest and most accurate test results. screening testing. OUR CERTIFICATIONS 1,333 796 44,645 ISO 9001:2008 Employees Cities Touchpoints NABL (National Accreditation Board for Testing and Calibration 4,410 20-24 Hours Laboratories) B2B partners Average sample processing time CAP (College of American Pathologists) 2 I Annual Report 2019-20 Corporate Overview Statutory Reports Financial Statements COMPETITIVE STRENGTH OTHER BUSINESS OFFERINGS State-of-the-art infrastructure and technology • Robust IT, automation and testing Nueclear Healthcare Limited and analyser infrastructure (100% subsidiary) facilitating high speed and quality • Undertakes cancer-related diagnostic testing control 18F-FDG (FluoroDeoxyGlucose) whole body PETCT Imaging service – at the • Use of virtual network for remote lowest prices which helps in determining cancer stage and expected efficiency connectivity with supply chain of treatment • 15 machines across 13 cities Navi Mumbai, Delhi, Hyderabad, Surat, Raipur, Vadodara, Mumbai, Jaipur, Aurangabad, Nashik, Bengaluru and Coimbatore Pan-India presence • Services in 796 cities through agents, owned laboratories and franchisees • Central Processing Laboratory in Navi Mumbai • Regional Processing Laboratories Focus TB in New Delhi, Bhopal, Kolkata, Hyderabad, Coimbatore, • Provides affordable TB testing services using the highly advanced and Bengaluru, Patna, Mumbai, Pune, inexpensive Polymers Chain Reaction (PCR) technology that expedites results, Bhubaneswar and Chennai ensures quality and affordability • Laboratory equipped with advanced and fully automated RTPCR machines which also aids in diagnosis of HIV, HBV and HCV qualitative and quantitative methodologies • Certified for TB drug susceptibility testing by the National Mycobacteriology Low cost scalable business model Certification System of Central TB Division, Ministry of Health & Family Welfare, • Lowest test prices with high volume Government of India • Targets all non-sick people in the price conscious bottom of pyramid • Biochemistry focussed that is scalable and fast growing COVID-19 Testing Wide portfolio • Perform COVID-19 tests using RT-PCR technology in India as well as in Bahrain • Range of individual clinical tests and Muscat through affiliates • Unique bundled package offering • 5,000 and 10,000 daily sample processing capacity of Thyrocare and its under industry-defining Aarogyam affiliates respectively brand Annual Report 2019-20 I 3 THYROCARE TECHNOLOGIES LIMITED Stepping up in Times of Need Thyrocare Technologies became the single largest contributing laboratory supporting the nation’s fight against COVID-19 pandemic. PROVIDING NOVEL CORONAVIRUS Besides India, our affiliates in Bahrain TESTING and Muscat have also been at the COVID-19 pandemic has spread rapidly forefront of providing the COVID-19 across the globe, causing immense testing. The combined capacity of social and economic disruption. In India these affiliates stands at 10,000 swabs 5,000 too, its impact has been severe with per day to help these nations curb the Daily test processing capacity number of cases rising exponentially. spread of novel coronavirus. in India At such times, Thyrocare Technologies has come forward to help the nation ENSURING SUPPLY CHAIN SAFETY in its fight against the pandemic. We We have equipped our people and were amongst the first few laboratories swab collection agents with necessary to be authorised by the Indian Medical protective kits to ensure their safety. Council of Research (ICMR) to We are also working in coordination perform COVID-19 tests using RT-PCR with local health departments while 1.85 Lakhs technology. Our robust infrastructure practicing all necessary protocols for Tests processed in India as enables us to process 5,000 samples collection, handling and testing of on August 15, 2020 on daily basis and deliver faster reports clinical specimen. with accuracy to enable patients to take necessary action. We have processed over 1,50,000 swabs until July 31, 2020. We are also amongst the most economical laboratories in the country to process swabs. Thyrocare has been rated amongst the best by Viral Research and Diagnostic Laboratory, Kasturba Hospital for its quality being certified as ‘100% concordant’ in interlaboratory comparison and occupies the top 10% laboratories in India in speed of reporting. 4 I Annual Report 2019-20 Corporate Overview Statutory Reports Financial Statements THYROCARE SETS A PRECEDENCE IN MUMBAI’S DHARAVI SLUM Thyrocare has been selected as a preferred private laboratory by Municipal Corporation of Greater Mumbai (MCGM) for performing COVID-19 tests using RT-PCR technology. While we have performed tests for all major MCGM affiliated hospitals to help them contain the spread of virus, our team has moved with great agility to isolate cases in Dharavi, one of Asia’s largest slums. Our response helped contain the outbreak of virus in this densely populated slum and has been acknowledged by MCGM. Annual Report 2019-20 I 5 THYROCARE TECHNOLOGIES LIMITED Message from the Chairman Dear Shareholders, It is my privilege to once again report to you our Company’s performance. As I write to you, the world is tackling its biggest crisis in recent times – the COVID-19 pandemic. It has unleashed an unprecedented socioeconomic disruption and forced many of us into lockdown. While the global science community is working tirelessly to develop a vaccine, which will take some time, the world is likely to face a very challenging period. Nonetheless, humanity has seen through many such crises in the past and each time it has come out stronger. Adversity they say is a great teacher. I Performance 2019-20 have learnt and experienced this across The financial year 2019-20 has my entire life, career and business. been the most challenging for There are some who give up in fear and businesses. It started off with a panic, and yet there are others who learn muted macroeconomy scenario due from them, stay resilient and convert to liquidity crisis and weak global them into opportunity. At Thyrocare, we markets. This resulted in weak are confident that we shall not only tide consumer sentiment and thus lower through the challenge, but also emerge discretionary
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