The two-decade old company currently has four verticals-- diagnostic, preventive care, cancer scan and recently-added water testing. Sources told dna that the company management has concrete plans of adding two more verticals in the near future.
Thyrocare, one of India's leading diagnostics chain, is looking to diversify its business by adding a few more test verticals to the current bouquet of offerings.
The two-decade old company currently has four verticals-- diagnostic, preventive care, cancer scan and recently-added water testing. Sources told dna that the company management has concrete plans of adding two more verticals in the near future.
"Air and food are the two new areas identified and the Thyrocare management is seriously looking to add these to its existing portfolio within 12 months from now. The new verticals will be launched under new brands like they have for water analysis under the banner 'Whaters'," sources said.
When asked, A Sundararaju, executive director and CFO of IPO-bound Thyrocare Technologies Ltd, said, "We are not in a position to make futuristic statements as this stage."
Thyrocare will be hitting the capital market on April 27, 2016, to raise Rs 480 crore through an initial public offering (IPO). The public offer has been launched mainly to provide exit to an existing private equity investor CX Partners, which had invested in the company through its subsidiary Agalia Pvt Ltd. The public offer comprising 10,744,708 equity shares at a price band of Rs 420 to Rs 446 per equity share will close on April 29, 2016.
Launched in 2015 under the brand 'Whaters', Thyrocare's water analysis service is used by the manufacturing and services sector so far. However, the company is gradually building this vertical and envisages increased participation from other segments including housing societies, farmers, individuals, etc going forward.
According to the company, water analysis is currently done by 6,000-odd unorganised laboratories at a rate of roughly around Rs 6,000 to Rs 12,000 per test. Clients for water testing typically include hotels and hospitals and to some extent educational institutions and housing societies among others.
A Velumani, chairman, Thyrocare Technologies Ltd, said at a recent IPO meet, "Water business is analytical chemistry and nt pathology and we believe this to become a very large category in the coming years. India has a population of over a billion people and there are probably a million water providers and its good that water is tested for dissolved particles, toxin elements and pesticides. We have developed this test which is not very capital intensive. While the segment is very small at present, we think it will be able to contribute between 10% and 20% of total revenues 5-10 years from now."
Water testing as a phenomenon, company executives had said, can be a monthly or a quarterly affair depending on who wants it tested. While water filter makers will use it extensively to be able to sell their filters to households, a lot of export-focused food processing units have to do water analysis regularly. Similarly, in case of fisheries the water used for aquaculture needs to be tested as well.
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