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Please find appended response from thyrocare:

1. Could you provide Capex guidance for next 2-3 years ? How much it costs to setup per

Each RPL costs around Rs 2.8 to 3 Crores of Capex, The run rate of RPLs is 4 per
year, till we reach 20 Rpls. We have so far established 6 RPLs , all of which are live and
operational. We will have 10 more and then review for further expansion.


What is your growth guidance for the next 2 years? Growth from top 10 clinical tests?

We are expecting to continue the 30 % YoY

next 5 years


+/- 2 % growth in the topline for the

What is the revenue share from 4 brands, and their growth?

Diagnostic chains, which constitute the organized market, have emerged in recent
years. The CRISIL Research Report defines the organized market as constituting
diagnostic service providers that offer pathology and imaging services and operate
out of more than one center, with large chains that have a pan-India presence. These
players adopt the hub and spoke model of business operations and utilize modern
logistics and information management systems to operate their network. According
to the CRISIL Research Report in 2014 - 15, the share of diagnostic chains in the
overall diagnostic market in India was approximately 15%. It is expected that the
share of diagnostic chains in the overall diagnostic market in India will grow at a
approximately 21-23% to reach 16% in the fiscal year 2017-2018.

Diagnostic chains can be further categorized into large pan-India chains and regional
chains. Currently, there are approximately seven large diagnostic chains in India,
based on their revenues. These chains had an estimated 35-40% of the diagnostic

chains market share in the fiscal year 2014-2015. Regional chains are diagnostic
chains with centers concentrated in a single city or state in India. Regional chains
had approximately 60-65% of the diagnostic chains market share in India in the fiscal
year 2014-2015. In the fiscal year 2017-2018, it is expected that pan-India diagnostic
chains will grow to about 37-42% of the diagnostic chains market share.


What is the revenue breakup between B2B and walk-in customers?

Basis the data of last 8 Quarters, the ratio is 80 : 20 , where 80 is B2B and 20 is B2C


Any plans on increasing hiring to sustain growth? Will it affect employee expenses?

Yes the manpower of the Company, will grow commensurate with growth of the
company to support the volumes, new engagements, tie-ups , complaints etc The
hiring will be gradual and sustainable. Having said that we are targeting 1000 Head
counts by end of this FY.


Who are the main suppliers for raw material?

(Raw material purchase forming 25% of sales) Is it diversified or single supplier? Your
guidance for cost of raw materials and sensitivity to foreign exchange fluctuations?
Currently, our floor largely comprises of analyzers and automations from Siemens,
hence as colorally our supplies are mainly from Siemens Ltd upto 70 %

7) Details regarding the convertible debentures like the date of conversion, conversion ratio,
coupon rate etc.

Pursuant to the First Investment Agreement, our Investor Agalia Private Ltd
subscribed to 377,500 Agalia CCDs for an aggregate consideration of 250 million.
The CCDs were convertible into 4 equity shares per CCD held, on or before 23rd
December, 2014 as per the terms of the investment agreements. Pursuant to the
conversion of the said CCDs, 1,510,000 Equity Shares were allotted at a conversion
price of 165.56 per Equity Share without payment of any additional consideration
the same has been done before IPO .

8) What is the strategy behind huge investment in mutual fund?

The Company is cash rich with close to Rs 8 Million hitting the bank everyday The
surplus is thereby invested in Liquid/UST/Medium term funds. The same funds are
used for either paying dividends, taxes , capex funding etc

9) As yours is a franchise based model what is the revenue sharing model used?
Our Franchisees are independent businesses whom we give a pre-defined rate list for
the tests/profiles which they send us for processing There is no revenue sharing
arrangement since we operate on principal to principal basis and we have not say in
what they charge to their clients

10) Are there plans for any acquisitions in future?

We have surplus cash in the balance sheet, We have been pre-dominantly growing
organically till date However we do intend to acquire businesses in future provided
we get good valuations and business