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Yes Securities Report
Acquisition of Suburban Diagnostics overshadowed what was an inline quarter for Dr. Lal Pathlabs Ltd. with Covid-19 revenues on the wane and expected QoQ fall in margin.
Suburban clocked FY20 revenues of Rs 1.7 billion though FY21 sales at Rs 3 billion was bolstered heavily by Covid-19.
With both the leading listed diagnostic companies being active acquirers, it does seem organic growth appears a challenge in new geographies; albeit, we would be cautious of such acquisitions given the size as any misstep can be an overhang on premium valuation.
Unwillingness of regional promoters to equity swaps also highlights the intense mergers and acquisitions environment.
Patient volume growth in Dr. Lal Pathlabs rebounded to 30% plus in Q2 even as realisation per patient remained elevated.
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