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A NNUAL REPO RT 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
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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: investor_relations@thyrocare.com
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: rnt.helpdesk@linkintime.co.in

)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
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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

Annual Report 2015-16 07


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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
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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

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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


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1996
p Commenced operations under the name
2001- 04
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

1997- 2000
p Introduced various new tests, upgraded
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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
p Increased test menu to 50 and upgraded
2005-2008
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


for providing detection and effective
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p Issued compulsorily convertible debentures


aggregating ` 250 million to Agalia
p Agalia acquired equity shares aggregating
` 1,250 million in a secondary transaction

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Our
10
journey
Thyrocare Technologies Limited

2014
p Installed Aptio, India's first and world's
2015
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

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2013
p Thyrocare goes international with partners
2016
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

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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

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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)

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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  to


by
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


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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

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`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

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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.

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`LHYZVM

Translating
Strategies
Into Volumes
Thyrocare created a price disruption in the industry which helped in
amplifying the volumes.

62
million
` 1,091
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

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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.

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`LHYZVM

Translating
Technologies
To Gain Velocity
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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

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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.

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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
of Thyrocare, is engaged in the business of Cancer Imaging,
and Hyderabad provides
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
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Annual Report 2015-16 


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Thyrocare Technologies Limited
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Annual Report 2015-16 


Corporate Overview Statutory Reports Financial Statements

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Annual Report 2015-16 


Corporate Overview Statutory Reports Financial Statements

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Annual Report 2015-16 


Corporate Overview Statutory Reports Financial Statements

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Annual Report 2015-16 


Corporate Overview Statutory Reports Financial Statements

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Annual Report 2015-16 


Corporate Overview Statutory Reports Financial Statements

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Annual Report 2015-16 


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Annual Report 2015-16 


Corporate Overview Statutory Reports Financial Statements

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Annual Report 2015-16 


Corporate Overview Statutory Reports Financial Statements

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Website: www.thyrocare.com
E-mail: investor_relations@thyrocare.com
CIN: U85110MH2000PLC123882