Net Profit up 52.4% to Rs 109.3 crore

Diagnostics player Dr. Lal PathLabs on November 2 reported a 52.4 percent year-on-year rise in consolidated net profit at Rs 109.3 crore for the July-September quarter of the current financial year.

The company had reported a profit of Rs 72.4 crore in the same period last year.

Our expansion program in Tier3+ towns continues to show encouraging results. On the back of this response, we are planning to accelerate this journey by opening more new labs in Tier3+towns, said Chief Executive Officer, Bharath Uppiliappan, in a press statement.

Revenue came in at Rs 601 crore, up 12.6 percent from the year-ago quarter numbers of Rs 533.8 crore. Revenue excluding RTPCR increased by 14.4 percent in Q2 FY24

The company’s reported earnings before interest, taxes, depreciation and amortisation (EBITDA) were at Rs 177.8 crore, up from Rs 143.8 crore in the year-ago period. The EBITDA margin was at 29.6 percent against 26.9 percent in the year-ago period.

“DLPL continues to move levers in order sustain performance momentum. From focus on Tier 3 and 4 towns in strong markets of North and East to emphasizing upon specialty and super specialist portfolio; we have meticulously pursued growth drivers in this endeavor. We continue to build Suburban in key markets of West like Mumbai, Pune and Goa, there’s a clear focus on driving top line while optimizing laboratory infrastructure between our two brands,” said Dr. Om Manchanda, Managing Director in a press statement.

The company served 1.4 million patients in by processing over 40 million samples in the first half of FY 24. The company’s cash balance was 86 percent higher in this quarter at Rs 780 crore, compared with Q2 of FY 23.

Shares of the company traded 2.19 percent higher on NSE at 1.56 pm at Rs 2,432.85 after the results were announced.

(This is a developing story, please check back for updates)