Dr. Lal Path Labs – Q1 Reflects Covid-19 Peak, Non-Covid Growth Flattish For Three Quarters: Dolat Capital

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Dr. Lal PathLabs Ltd.’s Q1 was a 31% beat to our estimates led by Covid-19 testing volumes (36% of total sales) while the non-Covid sales were flattish QoQ at Rs 3.8 billion, in-line with estimates.

Home collection contributes 13% of sales of which 50% revenues are related to Covid.

Swasthfit, wellness brand, was 10% of sales.

Revenue per patient stands higher at Rs 860 in Q1 versus Rs 760 YoY aided by better product and geography mix (Delhi-NCR contributed 28% of sales).

Realisation per patient for Covid has lowered to ~Rs 750 (peak of Rs 2,500) and could further go down to Rs 500.

To strengthen its West/South India clusters, Dr. Lal PathLabs has added two reference labs in Mumbai/Bengaluru and is already expanding the satellite lab network to support the reference labs.

Click on the attachment to read the full report:

Dolat Capital Dr. Lal PathLabs Q1FY22 Result Update.pdf


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