Thyrocare Technologies Ltd

Dear Shareholders

First, I want to thank Thyrocare stakeholders for an extremely warm welcome, I feel at home already in the short time I have been here. It gives me great pleasure to present to you our first annual report since the Company's rebranding into a more dynamic, vibrant, technologically-driven and quality- focussed avatar. More regional labs, more certifications, more tests, more partnerships and more geographies - the transformed Thyrocare Technologies Limited comes to you with a whole lot of new offerings packaged in the best-in-class quality quotient. The transformation is encapsulated in our new tagline of ‘Tests You Can Trust', which underlines our promise of uncompromising quality, backed by reliability and affordability.

With 300 more diagnostic tests added to our portfolio, 26 laboratories including fully automated centralised processing laboratory, 3 zonal processing laboratories, 22 regional processing laboratories (1 COVID RTPCR mobile van) and presence in 3,000+ pin codes, we have emerged as a complete pathological healthcare provider. The message is loud and clear - we are not just a thyroid testing company but a diagnostic service offering the full gamut of pathological tests, certified to the highest quality standards in the industry.

The transition into the new avatar has been both smooth and challenging - the latter mainly because of the extensive efforts we had to put into reviving the non- COVID part of our business to push our growth back on the track of pre-pandemic levels. Unfortunately, our revenues took a hit during the first half of the year, when the focus was mainly on COVID testing amid the second wave of the pandemic. However, we have, over the past few months, been working actively on driving our non-COVID testing volumes across price points. Our efforts have yielded positive results, leading to an all-time non- COVID testing revenue in the last quarter of March. We hope to build on top of this. As a company, we had 18% y-o-y increase in our revenue from operations for FY22 on a standalone basis, while our consolidated revenue grew about 19% in the same period.

Going forward, we shall aim at further consolidating our non- COVID revenues to keep our growth trajectory on the upcurve. Our concerted focus on upgradation of our technological infrastructure and processes to assure the best of quality remains central to this strategic proposition.

I am happy to share that three of our additional labs are NABL certified and five more expected to complete this certification soon. Our central processing lab has recently completed renewal of its NABL and CAP accreditation. These certifications underscore the importance we accord to quality across our systems and processes.

Our value proposition is centred around being an affordable option to all patients with good quality and on-time reports. On on-time, our ATAT (Analytical TAT) is already less than 6 hours. We are selectively expanding our network and really using technology to optimise our mid-mile operations to reduce PTAT (Pre-Analytical TAT) with a goal of same day reports. We are already there in several markets. With our current RPL network and investments in ensuring multiple pickups, our current overall TAT (ATAT + PTAT) is 18 hours for local samples and 24 hours for non-local cities that the regional processing lab covers. We have been working continuously to improve our overall TAT and are targeting getting to a same-day report in all the pin- codes that we service, and all our investments and efforts have been to drive this. We are now virtually covering all technologies and diagnostics, through 22 regional processing labs across the country.

Our strategic roadmap for the future is also driven by the expertise and extensive customer base of the API Group, which we shall be leveraging actively to grow faster and better, going forward. Beyond API Group too, we are actively seeking to be the partner for any Health-tech player looking to add diagnostics as part of their service offering. We will continue our geographic expansion journey and maintain our focus on the health and preventative products portfolio under the brand ‘Aarogyam' to maintain our leadership.

We see immense opportunities for growth for an organised and established player like us, and will work hard to maximise the same in the long-term interest of our business and that of our various stakeholders.

In conclusion, I would like to thank the Board of Directors, the Government of India, our Business Associates, customers, and shareholders, without whom Thyrocare would not be where it is today. And most importantly, I would like to extend my heartfelt gratitude to our people, whose dedication and hard work have helped steer our journey of many successes and milestones.

I look forward to their continued support.

Warm regards,

Chairman.