Dr Lal PathLabs Looking to Buy Diagnostic Firms in South India
Dr. Lal PathLabs is scouting for domestic targets to expand its chain of clinical laboratories.
(Bloomberg) -- Dr. Lal PathLabs Ltd. is scouting for domestic targets to expand its chain of clinical laboratories as ebbing Covid-19 cases boost its diagnostic revenue from other ailments.
“We are definitely looking at acquisitions in south India,” Group Chief Financial Officer Ved Prakash Goel told Bloomberg TV on Monday, adding that Dr. Lal PathLabs was also increasing its presence in smaller Indian cities in the northern and eastern regions. The Gurgaon-based firm acquired Suburban Diagnostics (India) Pvt. last year, boosting its footprint in western India.
Revenue will “soon reach pre-Covid levels,” he said, as easing movement curbs enable people to walk into its collection centers for imaging, radiology and overall health check ups. Dr LalPathlabs reported a better-than-expected revenue of 4.97 billion rupees ($66 million) in the quarter ended Dec. 31 but missed estimates on net income, which came in at 573 million rupees.
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