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ICICI Securities Report
Dr. Lal Pathlabs Ltd.'s Q4 FY21 performance was above estimate with strong growth recovery in the ex-Covid-19 business and higher revenue from Covid-19 related tests.
Though, Covid-19 and allied tests contribution dropped to 11.2% of sales (21.6% in Q3 FY21).
Base business revenues grew 28.6% YoY. Overall, revenue grew 42.9%, Ebitda margin was up 930 basis points YoY to 28.3% and adjusted profit after tax was up 157% to Rs 834 million.
The base business has seen good recovery QoQ since Q2 FY21 and we expect healthy growth in coming quarters to continue.
The second wave of Covid-19 may have some impact on base business in Q1 FY22, however the longer term outlook remains strong.
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