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THYROCARE - Thyrocare Tech.

📊 NSE: THYROCARE 🏢 Healthcare 📅 Last Updated: 12/14/2025 14:22

📢 Recent Corporate Announcements

Thyrocare Allots 3,624 Equity Shares Under Employee Stock Option Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Mar 2026, 03:26 PM

Thyrocare Technologies has approved the allotment of 3,624 equity shares to employees who exercised their options under the company's ESOS. The allotment was finalized by the Nomination & Remuneration Committee on March 02, 2026. This exercise increases the total paid-up equity share capital from 15,91,61,691 to 15,91,65,315 shares. The new shares will rank equally with existing shares and are currently being processed for listing on the NSE and BSE.

Allotment of 3,624 equity shares of face value Rs. 10 each under ESOS
Total paid-up equity capital increased to Rs. 1,59,16,53,150
Total number of outstanding shares increased to 15,91,65,315
The dilution to existing shareholders is negligible at approximately 0.002%

💡 No action is required as this is a routine administrative allotment with no material impact on the company's financials or share value.

Thyrocare Infuses Additional USD 475,000 in Tanzania Subsidiary via CCPS

🔵 WATCH ⭐ 6/10

EXPANSION 📅 24 Feb 2026, 10:03 PM

Thyrocare Technologies has invested an additional USD 475,000 (approx. INR 4.33 Crores) into its subsidiary, Thyrocare Laboratories (Tanzania) Limited. This capital infusion was executed through Compulsorily Convertible Irredeemable Preference Shares (CCPS) to support working capital and business operations. The total investment in the Tanzanian venture now reaches approximately INR 10.02 Crores, against a board-approved limit of INR 15 Crores. While the subsidiary is scaling with a turnover of INR 1.84 Crores in 2025, it currently reports a negative net worth of INR 0.32 Crores.

Additional investment of USD 475,000 (INR 4.33 Crores) via subscription to CCPS.
Total cumulative investment in the Tanzanian subsidiary now stands at INR 10.02 Crores.
Thyrocare Tanzania reported a turnover of INR 1.84 Crores for the year ended December 31, 2025.
The company maintains a 57.25% equity stake and 100% CCPS holding in the joint venture.
Board approval allows for a total investment of up to INR 15 Crores in one or more tranches.

💡 Investors should monitor the turnaround and scaling of the Tanzanian operations, as the subsidiary currently has a negative net worth. While the investment amount is small relative to Thyrocare's balance sheet, it reflects the company's commitment to international expansion.

Thyrocare Q3 FY26: Revenue Grows 18% YoY; Pathology Up 20% with Record 10,300 Franchisees

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 05:04 PM

Thyrocare reported a strong Q3 FY26 with consolidated revenue growing 18% YoY, led by a 20% surge in the pathology segment. The company processed 49.6 million tests, a 22% increase, and expanded its active franchisee base to a record 10,300 partners. While the core franchisee business grew 12%, the partnership and insurance segments saw robust growth of 39% and 70% respectively. Management also highlighted achieving Six Sigma quality standards and the appointment of new leadership to drive further expansion.

Consolidated revenue grew 18% YoY, with the core pathology business increasing by 20%.
Total tests processed rose 22% YoY to 49.6 million, serving 4.5 million patients (up 14% YoY).
Active quarterly franchisee base reached an all-time high of 10,300, up from 9,165 in the previous year.
Partnership business revenue jumped 39% YoY, while the pre-policy medical checkup segment grew 70%.
Achieved Six Sigma quality benchmark with 3.2 complaints per million tests, a 43% YoY improvement.

💡 Investors should monitor the scaling of the partnership business and the path to breakeven for the Tanzania operations. The strong volume growth and record franchisee additions indicate robust market share gains and operational efficiency.

Thyrocare Releases Audio Recording of Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jan 2026, 08:26 PM

Thyrocare Technologies has informed the exchanges that the audio recording of its post-results earnings conference call is now available. The call, held on January 28, 2026, focused on the company's financial performance for the quarter and nine-month period ending December 31, 2025. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations. Investors can access the recording on the company's investor relations website, with a written transcript expected to follow shortly.

Earnings conference call held on January 28, 2026, at 5:30 P.M. IST.
Covers financial results for the quarter and nine months ended December 31, 2025.
Audio recording link made available on the company's official investor portal.
Compliance disclosure under Regulation 30 of SEBI Listing Regulations.
Written transcript of the earnings call to be shared with exchanges shortly.

💡 Investors should review the audio recording or wait for the transcript to gain insights into management's commentary on volume growth and margin sustainability.

Thyrocare Updates Insider Trading Code of Conduct for Designated Persons

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 28 Jan 2026, 04:38 PM

Thyrocare Technologies has amended its Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons (PIT Code) following a board meeting on January 28, 2026. The revised code strictly defines 'Designated Persons' and 'Immediate Relatives' to prevent the misuse of Unpublished Price Sensitive Information (UPSI). It covers promoters, directors, and senior employees up to two levels below the CEO, including those in material subsidiaries. This update ensures the company remains compliant with the latest SEBI (Prohibition of Insider Trading) Regulations.

Board approved the amended PIT Code on January 28, 2026, to align with SEBI regulations.
Code applies to employees up to two levels below the CEO and those in material subsidiaries with a 10% turnover/net worth threshold.
Defines 'Material Financial Relationship' as transactions involving 25% or more of a Designated Person's annual income.
Introduces an 'Insider Trading Compliance Tool' to automate the monitoring and reporting of trades by insiders.

💡 This is a routine regulatory update focused on corporate governance and requires no specific action from shareholders. It reflects the company's commitment to maintaining transparency and preventing insider trading.

Thyrocare Q3 FY26 Results: Consolidated PAT Jumps 47% YoY to ₹27.9 Cr; Revenue Up 18%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 04:34 PM

Thyrocare Technologies reported a strong performance for Q3 FY26, with consolidated revenue growing 18% YoY to ₹195.5 crore. The company's profitability saw a significant boost as Reported EBITDA rose 38% YoY to ₹57.6 crore and Profit After Tax (PAT) surged 47% to ₹27.9 crore. Operational metrics remained robust with a 22% increase in tests conducted (49.6 million) and a 14% rise in patient volume. While the radiology segment saw a 7% revenue decline due to strategic exits from non-profitable centers, the core pathology business and partnership segments (up 39%) drove overall growth.

Consolidated Revenue increased 18% YoY to ₹195.53 crore, driven by 20% growth in standalone pathology.
Reported EBITDA grew 38% YoY to ₹57.64 crore, with margins expanding from 25% to 29%.
Net Profit (PAT) surged 47% YoY to ₹27.91 crore; excluding exceptional items, PAT grew 80% to ₹34.07 crore.
Operational volume reached 49.6 million tests (+22% YoY) and 4.5 million patients (+14% YoY).
Partnership revenue grew by 39% YoY, while the active franchisee base expanded by 12% to approximately 10,300.

💡 The company demonstrates strong operational leverage and volume-led growth in its core pathology segment. Investors should maintain a positive outlook given the margin expansion and robust partnership growth, while monitoring the impact of the new brand ambassador on retail market share.

Thyrocare Q3 FY26 Results: PAT Surges 47% YoY to ₹27.91 Cr, Revenue Up 18%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 04:25 PM

Thyrocare Technologies reported a robust Q3 FY26 with consolidated revenue growing 18% YoY to ₹195.53 crore, primarily driven by a 20% growth in the pathology segment. Profit After Tax (PAT) jumped 47% YoY to ₹27.91 crore, while EBITDA increased by 38% YoY to ₹57.64 crore, reflecting strong operational efficiency. The company processed a record 49.6 million tests, marking a 22% YoY volume growth. Additionally, partnership revenue, including PharmEasy, saw a significant 39% YoY increase, further strengthening its market position.

Consolidated revenue grew 18% YoY to ₹195.53 crore, led by 20% growth in Pathology.
PAT surged 47% YoY to ₹27.91 crore; EBITDA rose 38% YoY to ₹57.64 crore.
Test volumes increased by 22% YoY to 49.6 million tests processed in Q3.
Partnership revenue (including PharmEasy) recorded robust 39% YoY growth.
Achieved Six Sigma quality standards with complaints reduced to 3.2 per million tests.

💡 Investors should view these results positively as the company demonstrates strong volume growth and margin expansion. The significant growth in partnership revenue and operational benchmarks suggests a sustainable competitive advantage in the diagnostic space.

Thyrocare Q3 FY26 Net Profit Rises 37% YoY to ₹26.15 Cr; Revenue Up 20%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 04:14 PM

Thyrocare Technologies reported a strong performance for the quarter ended December 31, 2025, with revenue from operations growing 19.6% YoY to ₹182.48 crore. Net profit increased by 36.9% YoY to ₹26.15 crore, even after accounting for an exceptional charge of ₹5.97 crore related to new labor code compliance and capital restructuring. The company successfully executed a 2:1 bonus issue during the quarter, which resulted in the allotment of over 10.61 crore new shares. For the nine-month period, the company has shown robust growth with a net profit of ₹105.23 crore compared to ₹73.96 crore in the previous year.

Revenue from operations increased 19.6% YoY to ₹182.48 crore from ₹152.55 crore.
Net Profit grew 36.9% YoY to ₹26.15 crore; 9M FY26 profit stands at ₹105.23 crore.
Exceptional item of ₹5.97 crore includes ₹4.01 crore for gratuity adjustments under New Labour Codes.
Successfully completed a 2:1 bonus share allotment on December 1, 2025, increasing paid-up capital to ₹159.16 crore.
Restated Basic EPS for the quarter stands at ₹1.64 compared to ₹1.18 in the year-ago period.

💡 Investors should take note of the strong double-digit growth in both revenue and profitability, indicating improved operational efficiency. The completion of the bonus issue and the one-time nature of the labor code impact suggest a clean slate for future earnings growth.

Thyrocare Appoints Madhuri Dixit as Brand Ambassador to Drive Preventive Healthcare Awareness

🟢 POSITIVE ⭐ 4/10

OTHER 📅 27 Jan 2026, 07:14 PM

Thyrocare Technologies has onboarded legendary actor Madhuri Dixit as its brand ambassador to strengthen its position in the preventive healthcare segment. The company aims to leverage her mass appeal to encourage routine health check-ups across its 10,000+ franchise network. In Q2FY26, Thyrocare processed over 53.3 million diagnostic investigations, demonstrating significant operational scale. This marketing push is intended to drive volume growth and improve brand recall in a highly competitive diagnostic market.

Onboarded Madhuri Dixit as Brand Ambassador to boost brand trust and visibility across India.
Processed 53.3 million+ diagnostic and screening investigations in Q2FY26.
Operates an extensive network with a quarterly active franchise count of 10,000+.
Strategic focus on shifting consumer behavior from reactive treatment to proactive health management.

💡 Investors should monitor if this branding push translates into higher retail volumes and B2C market share in upcoming quarters. The move reinforces Thyrocare's strategy to lead through high-volume, affordable diagnostics.

Thyrocare Wins Best Diagnostic Lab Chain and Patient-Centric Company Awards 2026

🟢 POSITIVE ⭐ 3/10

ROUTINE 📅 22 Jan 2026, 09:32 PM

Thyrocare Technologies has been honored with two prestigious awards at the 4th Edition of National Diagnostics Forum & Awards 2026. The company secured the titles of 'Best Diagnostic Lab Chain of the Year' and 'Patient-Centric Diagnostic Company of the Year'. These accolades, presented by Voice of Healthcare on January 21, 2026, validate the company's operational excellence and focus on affordable diagnostics. Such recognition enhances brand equity and market positioning in the competitive Indian diagnostic landscape.

Received 'Best Diagnostic Lab Chain of the Year' award at the 4th National Diagnostics Forum & Awards
Named 'Patient-Centric Diagnostic Company of the Year' for its focus on quality and affordability
Awards were organized by Voice of Healthcare (VOH) and presented on January 21, 2026
Recognition reflects the company's mission to provide accessible diagnostic services through innovation

💡 This is a sentiment-positive update that reinforces Thyrocare's brand strength. Investors should continue to monitor if this brand recognition translates into higher sample volumes and market share growth.

Thyrocare Schedules Q3FY26 Earnings Conference Call for January 28, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 20 Jan 2026, 04:22 PM

Thyrocare Technologies Limited has scheduled a conference call for analysts and investors on Wednesday, January 28, 2026, at 5:30 PM IST. The management will discuss the company's unaudited financial results for the third quarter and nine months ended December 31, 2025. The call will be led by senior management, including MD & CEO Rahul Guha and CFO Vikram Gupta. This is a routine regulatory notification following the conclusion of the reporting period.

Earnings conference call scheduled for January 28, 2026, at 5:30 PM IST
Focus on Unaudited Financial Results for Q3 and 9M ended December 31, 2025
Senior management participation includes MD & CEO Rahul Guha and CFO Vikram Gupta
Universal dial-in numbers provided: +91 22 6280 1408 and +91 22 7115 8296
Webcast and early registration links have been made available for participants

💡 Investors should attend or review the transcript of the call to understand management's commentary on volume growth and margins. No immediate action is required as this is a standard scheduling announcement.

Thyrocare Statutory Auditor M S K A & Associates Converts to LLP

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Jan 2026, 09:39 PM

Thyrocare Technologies has informed the exchanges that its statutory auditor, M S K A & Associates, has converted from a partnership firm into a Limited Liability Partnership (LLP). The firm is now known as M S K A & Associates LLP with a new ICAI Firm Registration Number W101187. This change is purely administrative and does not involve any resignation or appointment of a new auditor. The company confirmed that there is no change in audit responsibilities or the ongoing engagement.

Statutory Auditor M S K A & Associates converted to an LLP effective January 17, 2026
New entity name is M S K A & Associates LLP with LLPIN ACT-3789
ICAI Firm Registration Number updated from 105047W to W101187
The conversion does not constitute a resignation or a new appointment of auditors
Audit responsibilities and engagement remain uninterrupted and unchanged

💡 No action is required from investors as this is a routine administrative update regarding the legal structure of the company's auditor. It has no impact on the company's fundamentals or financial reporting.

Thyrocare Reports 100% Dematerialized Shareholding for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 06:09 PM

Thyrocare Technologies has submitted its quarterly compliance certificate under SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The company's Registrar and Share Transfer Agent, MUFG Intime India, confirmed that the entire shareholding of the company is already in dematerialized form. No requests for rematerialization were received from any members during the quarter. This is a standard regulatory filing confirming the integrity of the company's shareholding structure.

Compliance certificate filed for the quarter ended December 31, 2025
Registrar confirms 100% of company shares are held in demat form
Zero requests for rematerialization received during the three-month period
Certificate issued by MUFG Intime India Private Limited (formerly Link Intime)

💡 This is a routine compliance matter with no impact on business operations or stock valuation. Investors should continue to monitor the company's operational performance and upcoming quarterly financial results.

Thyrocare Appoints Industry Veteran Rajdeep Panwar as Chief Commercial Officer

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 05 Jan 2026, 11:16 AM

Thyrocare Technologies has appointed Mr. Rajdeep Panwar as its Chief Commercial Officer, effective January 05, 2026. Mr. Panwar brings over 21 years of deep industry experience, having held leadership roles at major diagnostic players including Dr. Lal PathLabs, Apollo Diagnostics, and Medanta Labs. His expertise in P&L management and laboratory network expansion is expected to drive the company's commercial growth and market penetration. This appointment strengthens the senior management team as the company looks to scale its diagnostic operations across India.

Appointment of Mr. Rajdeep Panwar as Chief Commercial Officer effective January 05, 2026
Mr. Panwar brings over 21 years of experience in healthcare and diagnostics industry leadership
Previous experience includes Director at Medanta Labs and roles at Apollo Diagnostics and Dr. Lal PathLabs
Expertise spans P&L management, digital diagnostics, and large-scale laboratory network expansion
The appointment was approved by the Board via circular resolution on January 05, 2026

💡 Investors should view this as a positive step in strengthening Thyrocare's commercial leadership; monitor for improvements in market share and network expansion in upcoming quarters.

Thyrocare Appoints Rajdeep Panwar as Chief Commercial Officer

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 05 Jan 2026, 11:14 AM

Thyrocare Technologies has appointed Mr. Rajdeep Panwar as its Chief Commercial Officer, effective January 05, 2026. Mr. Panwar is a seasoned professional with over 21 years of experience in the diagnostics and healthcare industry, having previously served as Director at Medanta Labs. His career includes leadership roles at major competitors such as Dr. Lal PathLabs and Apollo Diagnostics. This appointment is expected to bolster Thyrocare's commercial strategy and laboratory network expansion across India.

Appointment of Mr. Rajdeep Panwar as Chief Commercial Officer effective January 05, 2026
Over 21 years of industry experience in healthcare, diagnostics, and laboratory operations
Previous leadership roles at Medanta Labs, Apollo Diagnostics, and Dr. Lal PathLabs
Expertise in P&L management, digital diagnostics, and scaling operations in metro and non-metro markets

💡 Investors should view this as a positive step towards strengthening the management team with industry-specific expertise. Monitor the company's commercial execution and network expansion progress over the next few quarters.

View All THYROCARE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Pathology revenue grew 24% YoY in Q2 FY26, while the Radiology business saw a modest 3% YoY growth. Within Pathology, the Franchisee business grew 20% YoY (INR 125 Cr) and the Partnership business grew 35% YoY. The API PharmEasy Diagnostics segment grew 46% YoY. For FY2025, diagnostic testing services contributed 89.22% of total revenue with a growth rate of 20.71%.

Geographic Revenue Split

The company primarily operates in India, with a recent strategic foray into Africa through Thyrocare Laboratories (Tanzania) Limited, a 50% joint venture. Specific regional percentage splits within India are not disclosed, but the company is 'going deeper into India' with 10,100+ active franchisees.

Profitability Margins

Standalone gross margin improved to 71.6% in Q2 FY26, up 100 basis points YoY. Standalone net profit margin for FY2025 was 15.13% compared to 13.58% in FY2024. Consolidated net profit margin stood at 13.20% in FY2025.

EBITDA Margin

Standalone normalized EBITDA margin reached 36% in Q2 FY26, an improvement of 470 basis points YoY. Consolidated normalized EBITDA margin was 34.8% in Q2 FY26, with normalized EBITDA growing 49% YoY. FY2025 consolidated EBITDA margin was 27.69%.

Capital Expenditure

The company has an acquisition cap of INR 15-20 crore per deal, aligned to 12-month post-deal ROIC projections. It has invested heavily in cold chain logistics and a dedicated phlebotomy fleet of 1,900 personnel to support growth.

Credit Rating & Borrowing

The company is debt-free as of Q2 FY26. It maintains a strong liquidity position with net cash and cash equivalents (including short-term mutual funds) exceeding INR 190 crore on a consolidated basis.

⚙️ Operational Drivers

Raw Materials

Reagents and diagnostic consumables (categorized as cost of materials consumed) represent approximately 28.4% of standalone revenue (INR 57.36 Cr cost against INR 202.23 Cr revenue in Q2 FY26).

Import Sources

Not specifically disclosed, though procurement is managed through volume-based negotiations with vendors to achieve savings.

Key Suppliers

Not disclosed by name, but the company leverages its high volumes to negotiate harder with vendors for procurement savings.

Capacity Expansion

The company processed 53.3 million tests in Q2 FY26 (up 21% YoY) and served 5 million patients (up 12% YoY). It is expanding its network by adding 100 to 150 net franchisees every month.

Raw Material Costs

Cost of materials consumed was INR 109.96 Cr for H1 FY26 compared to INR 90.71 Cr in H1 FY25. Gross margins improved by 101 basis points YoY due to procurement savings and operational efficiencies like reduced repeat rates and wastages.

Manufacturing Efficiency

Efficiency is driven by higher asset utilization in Pathology and a 'slab-based pricing model' that encourages franchisees to increase volumes to reach higher margin tiers.

Logistics & Distribution

The company employs a dedicated fleet of 1,900 phlebotomists and has invested heavily in cold chain logistics to ensure sample integrity, which differentiates it from competitors who route orders through franchises.

📈 Strategic Growth

Expected Growth Rate

18-22%

Growth Strategy

Growth will be achieved by going deeper into India with a focused test menu, strengthening the franchise network (10,100+ active centers), expanding partnerships in insurance and 'ECG at home', and scaling the international foray into Africa. The company also uses a 'pay-for-performance' structure for franchisees to drive volume growth.

Products & Services

Pathology testing services, Radiology imaging, preventive healthcare packages (Aarogyam), and phlebotomy services.

Brand Portfolio

Thyrocare, Aarogyam, Nueclear Healthcare, Pulse Hitech, Think Health.

New Products/Services

Expansion of the Aarogyam portfolio and new partnership-led services like 'ECG at home' are expected to drive incremental growth. Pathology contributes 89% of current business.

Market Expansion

Targeting deeper penetration in India and international expansion in Africa (Tanzania). The company adds 100-150 franchisees monthly to expand its reach.

Market Share & Ranking

The company reports outperforming the pathology diagnostic industry, which grows at early-to-mid teen rates, while Thyrocare grows at high-teen to early 20% rates.

Strategic Alliances

Joint venture in Tanzania (50% stake); partnerships with API PharmEasy (46% growth) and insurance companies.

🌍 External Factors

Industry Trends

The diagnostic industry is evolving toward preventive healthcare (Aarogyam is 36% of pathology sales) and digital integration. Thyrocare is positioning itself as a low-cost, high-volume player with a dedicated phlebotomy fleet to capture the shift toward home collection.

Competitive Landscape

Competes with national diagnostic chains and local labs. Competitors are challenged by Thyrocare's slab-based pricing and integrated logistics.

Competitive Moat

Moat is built on cost leadership, a massive network of 10,100+ franchisees, and a unique dedicated phlebotomy fleet of 1,900 people. This scale allows for procurement savings that are difficult for smaller players to replicate.

Macro Economic Sensitivity

Sensitive to healthcare spending trends and government regulations. The company passed on GST benefits to customers but also received GST benefits, keeping margins stable.

Consumer Behavior

Shift toward preventive health (Aarogyam growing 16%) and home-based testing (Partnership business growing 35%).

Geopolitical Risks

Operational risks associated with the international foray into Africa, including changing laws and government policies in foreign jurisdictions.

⚖️ Regulatory & Governance

Industry Regulations

Subject to the Companies Act 2013, SEBI regulations, and Ministry of Corporate Affairs guidelines. Compliance includes Internal Financial Controls (IFC) under Section 134(5)(e).

Taxation Policy Impact

The company follows Indian Accounting Standards (Ind AS). Effective tax rates are not explicitly detailed but PAT grew 82% YoY in Q2 FY26, outpacing revenue growth.

Legal Contingencies

The company monitors risks related to changing laws, rules, and government policies. Specific pending court case values are not disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

Seasonality (Q3 softness), potential failure of IT/technological systems, and risks associated with the nascent Radiology/molecular imaging business which is capex-intensive.

Geographic Concentration Risk

Primarily concentrated in India; expansion into Africa introduces new geographic and regulatory risks.

Third Party Dependencies

High dependency on franchisees and B2B partners (aggregators/insurance) for revenue generation.

Technology Obsolescence Risk

Introduction of new technologies could reduce demand for traditional pathology services; the company mitigates this by investing in digital transformation and automation.

Credit & Counterparty Risk

Bad debt recovery contributed to the 470 bps improvement in standalone normalized EBITDA margin in Q2 FY26, indicating active management of receivables.