ANNUAL REPORT 2015-16 Contents
Corporate Information 02 The Story in Numbers 04 Thyrocare – A Snapshot 06 Board of Directors 12 Chairman's Review 14 `LHYZVM Translating Vision Into Reality 18 Translating Strategies Into Volumes 20 Translating Technologies to Gain Velocity 22 Accelerating Through Brands 24 Nurturing Intellectual Capital 26 Board's Report 27 Corporate Governance Report 49 CEO Certificate on Code of Conduct 58 CEO and CFO Certification 58 Management Discussion & Analysis 59 Financial Statements 81 Standalone Financial Statements 86 Consolidated Financial Statements 119 16th Annual General Meeting Notice 157 Thyrocare Technologies Limited
3H[L:T[:\TH[OP=LS\THUP -VYTLY5VU,_LJ\[P]L+PYLJ[VY;O`YVJHYL;LJOUVSVNPLZ3PTP[LK (December 17, 1960 to February 13, 2016)
Your life has been an inspiration to all of us with the passion and focus you demonstrated in every task that you undertook. We remain thankful for your invaluable contribution towards the growth of the Company. While you may not be with us today, your memories shall always remain in our hearts as a cherished treasure. We will continue to move steadfastly towards achieving the higher goals you had set for our Company, your vision and values guiding us all at Thyrocare.
0UMVUKTLTVY` From the entire team of Thyrocare *VYWVYH[L6]LY]PL^ Statutory Reports Financial Statements
Corporate Information
9LNPZ[LYLK6MÄJL Thyrocare Technologies Limited D/37-1, TTC Industrial Area, MIDC Turbhe, Navi Mumbai - 400 703. Tel: +91 22 2762 2762 | Fax: +91 22 2768 2409 Website: www.thyrocare.com | E-mail: [email protected] Corporate Identity Number: U85110MH2000PLC123882
*VYWVYH[L6MÄJL Thyrocare Technologies Limited D/37-3, TTC Industrial Area, MIDC Turbhe, Navi Mumbai - 400 703.
9LNPZ[YHY :OHYL;YHUZMLY(NLU[ Link Intime India Private Limited C-13, Pannalal Silk Mills Compound, L.B.S. Marg, Bhandup (West) Mumbai - 400 078, Maharashtra, India. Tel: +91 22 6171 5400 | Fax: +91 22 2596 0329 Website: www.linkintime.co.in E-mail: [email protected]
)HURLYZ Axis Bank Limited IDBI Bank Limited ICICI Bank Limited Citibank
:[H[\[VY`(\KP[VYZ B S R & Co. LLP, Chartered Accountants 5th Floor, Lodha Excelus, Apollo Mills Compound N.M. Joshi Marg, Mahalaxmi, Mumbai - 400 011. Tel.: +91 22 4345 5300 | Fax: +91 22 4345 5399
02 Thyrocare Technologies Limited
It has been 20 years since we commenced operations as a healthcare service provider with a vision.
(]PZPVU that focussed on providing wellness and preventive diagnostic services to the common man at the most affordable rates; enabled us to disrupt the dynamics of the industry through focus on high volumes, low pricing, franchising concept, use of advanced technologies and speed of delivery; propelled us to become the undisputed leader in the segment; contributed to our exponential growth during these years.
However, at Thyrocare, our vision is not just about the destination that we have arrived at. It is about the journey that we made to come here, the path that we took and the challenges we faced and more importantly, it is about our passion to become the world's largest preventive care laboratory that provides world-class quality to the masses.
Annual Report 2015-16 03 *VYWVYH[L6]LY]PL^ Statutory Reports Financial Statements The story in numbers
Income from EBITDA operations growth growth 30.6% 28.8% Over 2014-15 Over 2014-15 CAGR FY12-16 CAGR FY12-16
PAT Samples growth growth 20.8% 27.5% Over 2014-15 Over 2014-15 CAGR FY12-16 CAGR FY12-16
Total investigations Total assets growth growth 28.6% 41.3% Over 2014-15 Over 2014-15 CAGR FY12-16 CAGR FY12-16
Promoters' Earnings per holding share (`) as on as on March 31, 2016 March 31, 2016
04 Thyrocare Technologies Limited
INCOME FROM OPERATIONS (` in Mn) EBIDTA (` in Mn)
FY16 FY15 FY14 FY13 FY12 FY16 FY15 FY14 FY13 FY12
PAT (` in Mn) NET WORTH (` in Mn)
FY16 FY15 FY14 FY13 FY12 FY16 FY15 FY14 FY13 FY12
SAMPLES PROCESSED (in ‘000) TOTAL INVESTIGATIONS (in ‘000)
FY16 FY15 FY14 FY13 FY12 FY16 FY15 FY14 FY13 FY12
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Thyrocare - a snapshot Thyrocare is a reputed and reliable pan-India diagnostic solutions provider, offering high quality services at affordable prices. Steered by deep domain expertise and well-established competencies, the Company has emerged among India’s fastest growing and leading companies in the healthcare sector.
A combination of strong vision, disruptive business ideas, and sharp entrepreneurial skills has spearheaded the success of the Company. The Company positions itself as a front-end laboratory that uses state-of-the-art equipment with a robust back-end IT system to manage its extensive volume of business and provide value- added services to customers. Driven by a team of skilled and dedicated employees, the Company continues to reinforce the trust and belief reposed by its expanding customer base.
06 Thyrocare Technologies Limited
3,.(*@ p Founded in 1996 by the visionary Dr. A Velumani (an ex-scientist at Bhabha Atomic Research Centre) p Currently valued at more than USD 400 million p Private equity investors include Agalia Private Limited, Samara Capital, Norwest Venture Partners and Emerging India Fund p Listed in the National Stock Exchange and Bombay Stock Exchange
=0:065 p Thyrocare should serve to 50% of world's population, 50% of their diagnostic needs at 50% of the costs p Thyrocare should be the biggest client for top 20 diagnostic manufacturing companies in the globe
40::065 p Being in the healthcare industry, it is the patient who is both our primary customer and concern p Ensuring that the right value is given at the right time to the right patient is the test we undergo everyday successfully
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2,@6--,905.: The Company leveraged its experience and expertise in the diagnostic testing industry to develop the brand. It took this initiative a step further by creating various brands to provide a wide range of tests and profiles for testing. These brands include:
Services offered +PHNUVZ[PJ;LZ[PUN Metabolic disorders and Thyroid testing
Services offered >LSSULZZHUK7YL]LU[P]L*HYL Liver, cholesterol, kidney, thyroid, iron deficiency, testosterone, cardiac markers, pancreas, electrolytes, arthritis, folic acid, toxic elements, diabetic screening, complete hemogram and vitamin deficiency profile
Services offered *HUJLYTVUP[VYPUN Full body and Brain scans
Services offered >H[LY;LZ[PUN Physical and chemical contaminants, elements, microbiology, pesticides and volatile organic compounds testing
(**9,+0;(;065:
ISO 9001:2008 NABL (National CAP (College of American Pathologists) Accreditation Board for Testing and Calibration Laboratories)
08 Thyrocare Technologies Limited
.,6.9(7/0*:79,(+
Headquartered in Navi Mumbai
Six operational Regional Processing Laboratories (RPLs) in New Delhi, Bhopal, Kolkata, Hyderabad, Coimbatore and Bengaluru
Note: Map not to scale
Thyrocare is driven by the goal to make available affordable diagnostic services a reality for every Indian. As of date, the network includes presence of 1,041 authorised service providers (ASPs) in 566 cities scattered across the country, to cater to the requirements of clients even in remote areas of the country. The Company is continually exploring new formats to further expand its business model. p Headquartered in Navi Mumbai (India) with a state-of-the-art fully automated 200,000 sq. ft. Central Processing Laboratory (CPL) having the most advanced testing equipment p Six operational Regional Processing Laboratories (RPLs) in New Delhi, Bhopal, Kolkata, Hyderabad, Coimbatore and Bengaluru
05-9(:;9<*;<9,(5+;,*/5636.@7(9;5,9: Thyrocare houses some of the most advanced testing and automation equipment, which are either developed in-house with the assistance of third party vendors as per specific requirements or procured from leading international technology suppliers like Siemens, Transasia Bio Medicals and Roche Diagnostics India.
Annual Report 2015-16 09 *VYWVYH[L6]LY]PL^ Statutory Reports Financial Statements
1996 2001- 04 p Commenced operations under the name p Received ISO and CRISIL certification Thyrocare Diagnostics Pvt. Ltd. with only p Entered into agreement with Bayer seven tests in its menu Diagnostics (presently Siemens) for instrument supply and launched Thyroid tests by CLIA technology p Undertook various laboratory upgradation that include bi-directional interfacing system, unique barcoding system and procurement of advanced instruments 43 20cr 1997- 2000 (]LYHNL/LHK ;\YUV]LY p Introduced various new tests, upgraded *V\U[ systems and infrastructure p Moved to a 2,500 sq. ft. premises and added about 50 service providers to its network p Thyrocare Technologies Limited is incorporated 2005-2008 p Increased test menu to 50 and upgraded p Received accreditation from ‘NABL' infrastructure with ERP software and p Launched a comprehensive preventive care automation system profile under the brand Aarogyam p Launched integrated air-cargo logistics p Launched Direct Selling Associates (DSA) system with email reporting facility model for promoting preventive care profile p Launched the first monthly magazine in p Issued fully convertible debentures diagnostic industry aggregating ` 250 million to BCCL p Received accreditation from ‘CAP' p Shifted to a 50,000 sq. ft. Central Processing Laboratory with modern infrastructure p Introduced SugarScan glucose monitor for 2009-2010 Point of Care Diabetic screening p Launched Nueclear Healthcare Limited 217 44cr for providing detection and effective (]LYHNL/LHK ;\YUV]LY monitoring of cancer *V\U[ p Issued compulsorily convertible debentures aggregating ` 250 million to Agalia p Agalia acquired equity shares aggregating ` 1,250 million in a secondary transaction
370 58cr (]LYHNL/LHK ;\YUV]LY *V\U[ Our journey 10 Thyrocare Technologies Limited
2014 2015 p Installed Aptio, India's first and world's p Opened RPLs in Delhi, Coimbatore, longest track automation system at 93.5 Hyderabad and Kolkata metres from Siemens p Commissioned the brand “WHATERS” that p Commissioned cyclotron at Navi Mumbai focusses on testing water samples p Inaugurated PET-CT scanning centres in p Completed over 10,000 PET-CT scans each New Delhi and Hyderabad in 2014 at centres in New Delhi and Navi Mumbai p Franchisee network crossed 1,000 728 180cr (]LYHNL/LHK ;\YUV]LY 603 150cr *V\U[ (]LYHNL/LHK ;\YUV]LY *V\U[
2013 2016 p Thyrocare goes international with partners in Gulf, Bangladesh and Nepal p Went public with IPO being p Commenced operations at PET-CT scanning oversubscribed 75 times centre in Navi Mumbai p Launched RPLs in Bhopal and p EIF acquired equity shares aggregating to Bengaluru ` 250 million in a secondary transaction 858 235cr (]LYHNL/LHK ;\YUV]LY 559 134cr *V\U[ (]LYHNL/LHK ;\YUV]LY *V\U[
2011- 2012 p Migrated to ‘Total Laboratory Automation System' installed by Siemens p Moved to a 200,000 sq. ft. facility in Turbhe, Navi Mumbai p NVP acquired equity shares aggregating ` 1,200 million in a secondary transaction 492 109cr (]LYHNL/LHK ;\YUV]LY *V\U[
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Board of Directors
+Y(=LS\THUP 4Y(:\UKHYHYHQ\ Chairman & Managing Director Executive Director & and CEO Chief Financial Officer
12 Thyrocare Technologies Limited
4Y:VOPS*OHUK 4Y.VWHSRYPZOUH 4Y=PZO^HZ2\SRHYUP Non-Executive Nominee Director :OP]HYHT/LNKL Independent Director Independent Director
+Y5LL[PU+LZHP 4Y57HSHUPZHT` 4Z(TY\[H=LS\THUP Independent Director Independent Director Non-Executive Director (from 22-02-2016)
Annual Report 2015-16 13 *VYWVYH[L6]LY]PL^ Statutory Reports Financial Statements Chairman's review
Thyrocare, an innovative laboratory concept, has been serving the society by offering quality laboratory services at the most affordable cost for more than two decades now. Thyrocare as a unique organisation serves its clients at the lowest possible rates in the industry and yet offers great returns to its investors. It also continues to please almost all big global vendors in the diagnostic segment – by providing volumes to their fantasy. It continues to hire young talents, mostly freshers, trains them on tests and technologies and empowers them to lead their career and family. The organisation which started with a focus on Radioimmunoassays as the only Technology and Thyroid as the only disorder has added many technologies and metabolic disorders and also achieved many milestones in quality and turnaround time in these years, by disrupting the precedents set by conventional pathology laboratories before public offering was brought out. The nine months' period even the tech era actually began. FY 2015-16 has been the during IPO preparation has augmented our knowledge on how most exciting year for management, employees and also for investor community, stakeholders, corporate houses, financial our network – consisting of our service providers, laboratories, institutions, retail shareholders and our customers foresee the doctors and clients – when our organisation became the Company and its prospects. The opportunity to interact with second diagnostic company to be listed on the recognised our prospective shareholders during the course of preparation stock exchanges in India. As on May 2016, it was also the first of IPO has enabled us to understand as to how rigorously time in six years of stock market history since April 2010 that a we are being followed by various classes of the investment company managed to get this level of oversubscription. community. The escalation in the market capitalisation of the Company post the date of filing of red herring prospectus Since inception, your Company has been debt-free and has would not have been possible without the trust that has been been always enriched with sufficient cash flows to manage placed on us by the investor community, despite being the the business operations. It was with the objective of providing youngest amongst the organised players in the diagnostic an exit to the existing private equity investor, who were the industry. first to trust the Company and the management, the initial
14 Thyrocare Technologies Limited
Thyrocare as a unique organisation, During the year, your company grew serves its clients at the its annual revenues lowest possible rates by to in the industry and yet offers great returns ` million to its investors.
During the year, your Company grew its annual revenues by our ability to integrate men, machines and methods, the trust 30.6% to ` 2,351 million, while EBITDA grew by 28.8% to bestowed on us by small laboratories to use us as their backend ` 735 million. The CAGR over the last six fiscals was more than laboratory, the support rendered by tens of thousands of 24% and your Company aspires to carry the same momentum doctors, our volumes and its cost benefits have all made us one in the coming years by maintaining the margins to revenue of the most envied companies in the healthcare industry. at over 40%. The growth over the last several years, coupled with the operating margins that are continuously above the While the total revenue from operations of your Company industry average of the organised players in the diagnostic is well diversified from all the regions of the country, your space underscores the focus of the management and operating Company has focussed on strengthening its footprint in efficiencies evolved over the years. Your Company has newer geographies. With specimen load often touching continued to nurture its unique business model, successfully 50,000 specimens a night, accounting for more than 200,000 implemented and developed new business verticals through investigations, using multiple technologies and multiple innovative marketing to augment the business volumes. Our analysers for each technology and winding up in time is a capability to provide utmost quality in every stage of service, challenge the growth has thrown on our operations team. our efficiency to control and monitor all operations through IT, The first of its kind innovative track automation – Aptio from
Annual Report 2015-16 15 *VYWVYH[L6]LY]PL^ Statutory Reports Financial Statements
Siemens, a technological marvel – which runs for 93.5 metres on our floor, the longest in the world, has helped us to take up the volume challenge error-free and stress-free.
Your Company through its subsidiary Nueclear Healthcare Limited, had ventured into Cancer Screening and Monitoring (Nuclear medicine) and within a span of less than three years, it has managed to capture a sizeable market share. The PET-CT Imaging network driven by our Medical Cyclotron at a crucial location is likely to place Nueclear at the top of this business segment too. Nueclear has performed more than 29,000 cancer imaging scans since its inception, of which more than 15,000 are reported in the fiscal 2016. Our focus on nuclear medicine diagnostic business is likely to lead us to two-fold growth in terms of revenue and margins in the coming years. Presently, Nueclear operates Imaging centres at Navi Mumbai, New Delhi and Hyderabad and soon will be launching in the states of Gujarat, Rajasthan and Chhattisgarh.
By going public, your Company is now at the beginning of a p Your Company did a stellar performance on the listing new age where responsibilities are casted on the management day with surging demands for the equity shares of your to grow the organisation better than the industry average, Company that pushed the prices upwards, which helped maintain the profitability margin higher than the industry the investors to augment returns of more than 40% on the standards, develop all business segments of your Company first day of listing itself and within less than 4 days from and the subsidiary. Your Company has been on the leading the date of allotment edge over the past several years on various fronts like that of p Your Company has processed more than 115 lakh tests yearly growth, profitability, innovative marketing, statutory and performed over 615 lakh investigations in the compliances, etc. and the management is confident to prevail fiscal 2016, setting new benchmark for the years through newer challenges expected in the new age by focussing to come on the core strengths of this organisation. p The first two PET-CT centres at Navi Mumbai and New The last fiscal carried a lot of memories of your Company and Delhi have crossed 13,000 scans each since inception of I take this opportunity to share some of these with you: which 6,500 scans each were performed in fiscal 2016. The PET-CT centre at Hyderabad has crossed over 2,400 p Your Company did a marathon run when it completed its PET scans since inception of which more than 1,700 PET maiden IPO and got itself listed on the recognised stock scans were performed in fiscal 2016 exchanges. The response gave enough excitement to all Thyrocareans when the issue was oversubscribed more than p Your Company has completed setting up five regional 74 times higher than the highest oversubscribed IPO in the processing laboratories during this fiscal to cater to the previous 6 six years needs of the respective regions
16 Thyrocare Technologies Limited
During the most memorable fiscal of your Company, we lost our most valuable resource – Mrs. Sumathi Velumani – co- Your Company has processed more than founder, who mothered this organisation from the inception till it filed its papers for the IPO. On behalf of your Company and all Thyrocareans, I wish to recognise the dedicated efforts SHRO put in by her, in closely knitting the promoters, employees, tests and performed over franchisees, vendors, clients and well-wishers seamlessly to chase the organisation's goals. SHRO investigations in the fiscal 2016 I believe, I have raised the expectations of all stakeholders on the performance of Thyrocare and that makes me to look forward for your support and encouragement to fulfil it. I would also place on record my sincere thanks to all our well-wishers, associates, vendors, customers and employees who were/are with us over several years and contributed With warm regards, to the success of your Company. Lastly, I would also like to thank all Thyrocareans for their loyalty and continuous focus that made us one of the most valuable companies +Y(=LS\THUP in the eyes of lakhs of investors in this country and Chairman and Managing Director abroad. June 11, 2016
Annual Report 2015-16 17 *VYWVYH[L6]LY]PL^ Statutory Reports Financial Statements
`LHYZVM Translating Vision Into Reality Thyrocare revolutionised the healthcare services industry with a novel vision to become a leader and make facilities affordable to the masses.
Thyrocare is more than just a leading diagnostics service provider. It is a pioneer that entered the segment with a revolutionary vision and created several disruptions to achieve it. It broke the conventional ways of doing business and earned a reputation for introducing a number of innovative solutions for the first time in the country. It is a Company that has always been way ahead of its time, every time.
18 Thyrocare Technologies Limited
0;0:;/,-09:;65,05;/, /,(3;/*(9,:,*;69¶ p WR LQWURGXFH WKH FRQFHSW RI UPNO[ [PTL WYVJLZZPUN. In the initial days, samples were collected in the day and processed at night for a quick turnaround. Later on, the same concept was adopted when the Company started procuring specimens from across the country, flying them to the state-of-the-art CPL at Mumbai the same night, enabling report delivery the next day. The idea was feasible as transporting huge specimen volume resulted in significantly lower logistics cost per specimen. p WR DGRSW YL]VS\[PVUHY` [LJOUVSVNPLZ. The Company's CPL is amongst the most advanced in the country housing advanced automation equipment driven by a robust IT system through bar-coding and bi-directional interfacing that enhances operational efficiencies. The bi-directional system facilitates interaction between the analysers and the IT serves through an indigenously developed Laboratory Information System (LIS), thus ensuring minimal human intervention. The bar-coded vials are put in an automatic sample sorter, which segregates the samples as per the technologies. Once loaded onto the automated track, the specimen travels on it to different analysers connected to the track and is automatically picked up by them with a robotic arm. Then, the LIS transmits information to the analysers on the test to be conducted against a particular bar-coded vial. Post analysis, the results are automatically sent back to the LIS as reports. The service providers connect to the CPL servers through a p WRLQWURGXFHWKHMYHUJOPZLLI\ZPULZZTVKLS that focussed on username/password access which allows these reports to be partnering with entrepreneurs across the country on a margin instantly accessed by them. Moreover, the customers can sharing basis. These service providers act as aggregators of also get their e-reports immediately through the mobile or test specimens and send it to the CPL for processing. web application developed by the Company. p WRIRFXVRQWKHWYL]LU[P]LOLHS[OJHYL testing concept (rather These technologies enable the Company to handle huge than sick care) to enable customers benefit from timely volumes, reduce overheads substantially, achieve faster detection of diseases, if any. This in turn enhances the turnaround and reduce pre-analytical and analytical errors. effectiveness of their treatment.
The result: Thyrocare's valuation grew from scratch to above USD 400 million in just 20 years. Besides, the business model works on the concept of advance payment collection resulting in a significant fund flow, zero debt and cash profit generation of ` 60-70 odd Crores yearly.
Annual Report 2015-16 19 *VYWVYH[L6]LY]PL^ Statutory Reports Financial Statements
`LHYZVM Translating Strategies Into Volumes Thyrocare created a price disruption in the industry which helped in amplifying the volumes.
62 ` 1,091 million million
The number of Revenue from tests processed Preventive Care in a year Segment
Thyrocare took the specimen testing industry by storm as it focussed on high volumes and low margins as compared to the contrary followed by others. It was a concept which the industry players believed would not be sustainable. However, a prudent combination of advanced automation systems (a 93.5-metre long automated track equipped with robotic arms to handle vials, bar code scanners), robust IT infrastructure (a bi-directional system allowing the analysers and the computers to interact) and efficient logistics management enabled the Company to develop a business model that could smoothly handle large scale of volumes from across the country and provide testing services at the lowest cost to make healthcare services affordable for a common man.
20 Thyrocare Technologies Limited
;/,050;0(;0=,:<5+,9;(2,5 )@;/,*647(5@;6.,5,9(;, =63<4,:05*3<+,! p )RFXVVHGRQWKHZHOOQHVVDQGSUHYHQWLYHFDUHFRQFHSWUDWKHU than sick care concept. Under the sick care concept, the customer comes for testing only when they are ill, resulting in limited number of customers as well as the number of tests done by each customer. Whereas, the Company's concept focussed on preventive care, where the sick as well as healthy customers would come for tests. The Company was quick to recognise that changing lifestyle and rising awareness of preventive healthcare that promotes the benefits of timely diagnosis would drive the business in future. Further, the Company provided various packages comprising a number of tests. Thus, the model not only enhanced customer volume, it also generated more test volumes from each customer.
p 8QGHUWRRN %% PDUNHWLQJ WKURXJK W\LQJ XS ZLWK YDULRXV laboratories across the country for conducting tests on specimens provided by them at a discounted rate. It also focussed on B2C marketing through tie-ups with corporates, developing franchisee partners and direct marketing of Aarogyam test packages.
The result: The sample volumes processed by the Company grew manifolds from 4.64 million in FY 2010-11 to 11.60 million in FY 2015-16. The Company's Aarogyam brand accounts to nearly 44% of the total revenues.
Annual Report 2015-16 21 *VYWVYH[L6]LY]PL^ Statutory Reports Financial Statements
`LHYZVM Translating Technologies To Gain Velocity ;O`YVJHYLYLKLÄULK[OLPUK\Z[Y`UVYTZ[OYV\NOP[Z\UTH[JOLK]LSVJP[` of operations.
A fast turnaround time is one of the most sought after laboratory services and is a key parameter to evaluate laboratory performance. Thyrocare's unique logistics model (collecting samples at various hubs and flying them to CPL), high adoption of process automation and a 24x7 operational laboratory has earned it the reputation of being the fastest specimen processor in the entire country. At a time when 2-3 days was considered a normal turnaround time for providing test results, the Company created disruption by reducing it to just one day.
24x7 A 24x7 operational laboratory has earned it the reputation of being the fastest specimen processor in the entire country.
22 Thyrocare Technologies Limited
;/,050;0(;0=,:<5+,9;(2,5)@;/,*647(5@;6796=0+, <54(;*/,+(5+:<:;(05()3,:7,,+:>0;/40504(3)<--,9 (5+/0./,:;(**<9(*@05*3<+,! p &RPSOHWH DXWRPDWLRQ RI SURFHVVHV ULJKW IURP VSHFLPHQ p 7KH&RPSDQ\ VPDVVLYHVFDOHRIRSHUDWLRQVPDNHVLWIHDVLEOH collection to processing to generating reports. The Company to transport huge volumes of specimen from across the pioneered the concept of pre-bar-coded specimen vials country via air cargo at the lowest cost per unit. This allows that allowed the collection centres to input the customers the specimen to be delivered to the CPL on the same day personal information and type of test to be conducted against before midnight. The Company also has Regional Processing that particular barcode right at the time of sample collection. Laboratories (RPLs) in New Delhi, Bhopal, Kolkata, This information is immediately received by the CPL through Hyderabad, Coimbatore and Bengaluru, equipped with network even before the specimen reaches it. At the CPL, necessary infrastructure that facilitates specimen processing the use of advanced bi-directional IT tools and automation for certain types of test. This enables the Company to quickly systems enables data sorting and processing without any process specimen acquired from remote locations at the human interface, with minimal errors. A combination of RPLs rather than sending them to CPL, saving time and costs. these factors resulted in Thyrocare achieving the fastest turnaround time.
The result: More than 80% of the specimen reaches the lab floor within 4-8 hours and reports are generated within 2-3 hours of receipt of samples. This speed and accuracy has enhanced the Company's brand value and made it one of the most trusted players in the industry.
Annual Report 2015-16 23 *VYWVYH[L6]LY]PL^ Statutory Reports Financial Statements Accelerating through brands The Company has ventured into the business of cancer diagnosis and water testing through its brands Nueclear and Whaters respectively. Despite the compelling urgency to make cancer diagnostic facilities easily available, cancer diagnosis centres have grown very slowly in India and remain elusive for many patients given the high costs involved. Thus, the Company aims to provide accessible and affordable cancer diagnostic facility by expanding operations based on the parent Company's philosophies of high volumes and low cost. The low-cost model would provide many patients an opportunity for diagnosis and reduce the shortfall in cancer diagnostic services.
Water sample testing is again an important business area as most of the rural, semi-urban and even parts of urban areas in India do not have access to clean water resulting in widespread diseases and related deaths. This business is also designed to work on the concept of high volumes and low cost.
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5<,*3,(9/,(3;/*(9,3040;,+ Nueclear, with its present network of 5/3 Centres in the cities of Mumbai, Delhi NHL, incorporated in 2011, now a fully owned subsidiary and Hyderabad provides of Thyrocare, is engaged in the business of Cancer Imaging, using a fusion imaging technology i.e. PET-CT (Positron PET-CT Imaging services at Emission Tomography-Computed Tomography). Nueclear's objective and mission is to serve cancer patients in their ` only disease management by providing them a high-quality, reliable and affordable 18F-FDG (FluoroDeoxyGlucose) of cancer patients, most of the oncologists, therefore, Whole Body PET-CT Imaging service. The PET-CT Imaging hesitate and avoid recommending PET-CT investigations is undertaken primarily; to patients genuinely deserving and likely to benefit from p WRHVWDEOLVKKRZDGYDQFHGWKHFDQFHULVDQGZKHWKHULW the procedure. Nueclear, with its present network of has spread to other parts of the body centres in the cities of Mumbai, Delhi and Hyderabad p WRGHWHUPLQHHDUO\RQZKHWKHUFKHPRWKHUDS\RUUDGLDWLRQ provides PET-CT Imaging services at ` 9,999/- only, as on therapy or other treatments are effective as intended March 2016. p IRU SK\VLFLDQV DQG SDWLHQWV WR GHFLGH RQ FRXUVHV RI treatment that are tailored to patients' individual The immediate expansion plan of Nueclear is to have PET-CT conditions and needs Franchisee Collaborated Centres operational in additional p WRGHWHFWZKHWKHUWKHGLVHDVHLVUHFXUULQJDIWHUWUHDWPHQW cities across the country. Networked Imaging Centres is completed and help physicians in determining a site across locations, would require a good synergy between that is appropriate for biopsy, if necessary. Medical Cyclotron facility and the proposed PET-CT Centres. A cancer patient in India, today, spends on an average A single Cyclotron currently functioning at Navi Mumbai ` 20,000-25,000 for an 18F-FDG Whole Body PET-CT may not be able to cater to the entire FDG needs of the scan at a private diagnostic Centre or a Hospital. The cost country and thus would require geographically strategic of the scan being high and unaffordable by a large segment installation of 3 more Medical Cyclotron facilities in future.
24 Thyrocare Technologies Limited
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used to identify host of pollutants as well as life-threatening carcinogenic substances in the given water specimen. Whaters shares the Thyrocare logistics network to ensure >/(;,9: samples can be collected from all major towns and cities In 2015, the Company diversified its business into a new in the country. vertical with the launch of its water testing laboratory under the brand Whaters. Whaters conduct various tests on water The Whaters laboratory is fully automated and uses cutting- samples through advanced equipment for determining edge technology like Automated Wet Chemistry Analyser the level of contamination. In a country with a fast pace working under the principle of Continuous Flow Analysis of industrialisation and dense population, access to quality (CFA), Robotic Analyser, ICP (Inductively Coupled Plasma) drinking water has always been a challenge. For an accurate and GC (Gas Chromatography) with MS (Mass Spectrometry) measure of the quality of drinking water, a branded and cost- and FID (Flame Ionisation Detector). With availability effective service will prove to be successful. Whaters will of such advanced technologies in the laboratory, testing provide its tests across various parameters like physical and of varied parameters in water with utmost accuracy and chemical contaminants, elements, pathogens, pesticides sensitivity has become a possibility. During 2015-16, the and volatile organic compounds. Various technologies are Company conducted a total of 2,277 water tests.
Annual Report 2015-16 25 *VYWVYH[L6]LY]PL^ Statutory Reports Financial Statements
Nurturing intellectual capital The Company, being engaged in the space of bio-chemistry considers skilled and technically competent human resource as an important element contributing to its success. The Company has a strong team of committed employees, mostly freshers from reputed colleges and institutions who look forward to gain practical training through onsite experiences. Before 2015, the Company primarily focussed on hiring employees for its laboratories as there was no major requirement for field-staff. However, with the expanding scale of operations, the Company focussed on strengthening its field staff to market test packages.
/9050;0(;0=,:! p 9LJY\P[TLU[! The Company primarily recruits freshers from option plans to remunerate the loyal employees in line colleges and institutions. It has also tied-up with various with the growth of the Company. Special emphasis external consultancies and job hiring platforms to search for is laid on structured employee engagement through deserving candidates. organising various events (painting, chess and other athletic competitions), celebrating festivals and organising p ;YHPUPUN! The employees are regularly provided various unofficial meetings (Power Breakfast and Coffee Unclutter training right from the stage of induction focussed on with the CEO to enhance employee motivation.) enhancing their work skills and personal development. The Company maintains a pre-defined yearly training calendar under which every employee from each department are provided a minimum of four hours of training every month. Moreover, with any change in policies or processes and Our commitment to nurture young talent and introduction of new technologies, the Company ensures assist them in developing a strong career path has that the employees are provided the necessary training to made us an employer of choice that individuals upgrade their skills and knowledge. are proud to associate with. We shall continue to upgrade our HR practices to keep the team p 4V[P]H[PVU! The Company ensures that the employees motivated, driven and growing along with the are fairly remunerated as per industry norms and as per fast-paced growth of the Company. their performance. The Company has also devised stock
26 Thyrocare Technologies Limited
BOARD’S REPORT
TO THE MEMBERS
1. 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