Diagnostic laboratory chain Thyrocare Technologies is targeting revenue of Rs 1,000 crore by 2020 and plans to invest Rs 50 crore every year till then.
The company was expanding its network of laboratories, said A Velumani, chairman, Thyrocare Technologies.
Speaking to reporters on the sidelines of TiECON Chennai 2016, he said, “I have 1,200 franchisees, I want to take them to 5,000 by 2020 and I visualise a Rs 1,000 crore turnover by then.”
Franchisees will mainly cover taluk headquarters and cities. One franchisee is needed for 500,000 people.
By the end of 2020, Diagnostic laboratory plans to have a network of 25 laboratories across the country.
Thyrocare Technologies now has a laboratory each in Delhi, Mumbai, Kolkata, Hyderabad, Bhopal, Bengaluru and Coimbatore. Velumani said that going forward company would add five laboratories every year and invest Rs 50 crore per year to support the planned business growth.
Thyrocare Technologies expects to end the financial year with a profit after tax of Rs 100 crore. The company’s turnover in 2015-16 stood at Rs 250 crore, which is expected to climb to Rs 300 crore in the current year.