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