"Labs" on a new high

Thyrocare Technologies hit a new high today at Rs.1038.60, surging up 17.5% and with an over 8-times jump in volumes. Lalpath Labs also hit a new high at Rs.2180 and so did Metropolis Healthcare at Rs.2117.55.

These companies are probably one of the biggest beneficiaries of the ongoing pandemic as RT-PCR testing is only on the increase on a day-to-day basis. Thyrocare announced yesterday that it has done over 4 lakh COVID-19 RT-PCR tests and more than 3.20 Lakh COVID antibody tests as at 30th Sept, 2020. It has enhanced the capacity to do 400 RT-PCR tests, per hour and got approvals for new facility at Gurgaon, Delhi by NABL and creating new facilities for COVID testing in Bangalore and Kolkata, to meet the expected demand. Giving an update, it said that its Q2FY21 turnover rose 37% on a YoY and 171% on a QoQ.

On the other hand, Metropolis had given an update on Monday stating that it has achieved highest ever Quarterly Revenue in Q2FY21 and conducted approximately 4.35mn tests v/s 2.65mn in Q1FY21 and 5.17mn in Q2FY20. It said that it has reached 85% of last year revenue levels in Q2FY21 for Non-Covid business and in comparison to 71% in Q1FY21.