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Business News/ Markets / Stock Markets/  Healthcare stock is trading at a discount of 50% from 52-week-high, Board declares 18 per share dividend
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Healthcare stock is trading at a discount of 50% from 52-week-high, Board declares ₹18 per share dividend

With a market valuation of ₹2,365 Cr, Thyrocare Technologies is a small-cap company with operations in the healthcare industry.

Thyrocare Technologies Ltd is the first and most technologically advanced fully automated laboratory in India, with a significant presence in more than 2000 Indian cities and towns as well as abroad. Premium
Thyrocare Technologies Ltd is the first and most technologically advanced fully automated laboratory in India, with a significant presence in more than 2000 Indian cities and towns as well as abroad.

With a market valuation of 2,365 Cr, Thyrocare Technologies is a small-cap company with operations in the healthcare industry. Thyrocare Technologies Ltd is the first and most technologically advanced fully automated laboratory in India, with a significant presence in more than 2000 Indian cities and towns as well as abroad. Thyrocare is the first completely automated diagnostic lab in India. It has two processing facilities: a Centralized Processing Laboratory (CPL) for specialised testing in Mumbai, India; and Regional Processing Laboratories in major Asian metropolises.

“In continuation to our letter dated April 1, 2023 and in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors of the Company, at their meeting held on today, April 7, 2023, inter allia, have declared an interim dividend at the rate of INR 18/- (Rupees Eighteen only per share), (180% of the face value of INR 10/- each) for the financial year 2022-23. The Board has fixed, Thursday April 20, 2023 as the record date for the purpose of determining the entitlement of shareholders for the interim dividend," said Thyrocare Technologies in a stock exchange filing.

During the quarter ended December 2022, the company recorded a consolidated net income of 130.13 Cr compared to 118.80 Cr during the quarter ended December 2021. The company's net expenses reached 110.32 Cr during Q3FY23 compared to 89.40 Cr during Q3FY22 and its EBIT stood at 19.81 Cr compared to 29.40 Cr reported during the same quarter of FY22. The company said its consolidated net profit stood at 14.72 Cr during Q3FY23 compared to 21.50 Cr during Q3FY22 and its EPS stood at 1.89 during Q3FY23 as against 4.05 during Q3FY22. Thyrocare Technologies is yet to declare its Q4FY23 results.

Thyrocare Technologies has announced an equity dividend of 150.00% at a face value of 10 or 15 per share for the fiscal year that ended on March 31, 2022, or FY22. This generates a dividend yield of 3.36% at the current share price of 447.65. The company has a solid track record of dividend declarations during the past five years. Since September 1, 2016, Thyrocare Technologies Ltd. has announced ten dividends, as per the data of Trendlyne.

On Friday, the shares of Thyrocare Technologies closed on the NSE at 447.65 apiece level, up by 1.72% from the previous close of 440.10. The stock recorded a total traded volume of 52,461 shares compared to the 20-Day average volume of 82,943 shares. In the last 1 year the stock has fallen 49.73% and on a YTD basis it has fallen 26.79% so far in 2023. The stock touched a 52-week-high of 904.30 on (12-Apr-2022) and a 52-week-low of 415.40 on (29-Mar-2023), indicating that at the current market price, the stock is trading 50.49% below the 1 year high and 7.76% above the recent 1 year low. During Q3FY23, the company recorded a promoter shareholding of 71.14%, FIIs stake of 10.13%, DIIs stake of 8.68% and a public stake of 10.04%.

Commenting on the stock outlook, A R Ramachandran, Co-founder & Trainer-Tips2trades said "Even though Thyrocare technologies is fundamentally a very good stock with an excellent debt-equity ratio, a significant drop in sales and profit post end of COVID testing has led to an expectedly poor stock price returns this year. Technically, though, there is a positive divergence on the Daily charts. A daily close above 450 could lead to higher targets of 501-515 in the near term."

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ABOUT THE AUTHOR
Vipul Das
Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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Published: 08 Apr 2023, 04:11 PM IST
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