Dr. Lal PathLabs - Valuation Running Way Ahead Of Fundamentals: Prabhudas Lilladher
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Prabhudas Lilladher Report
Dr. Lal PathLabs Ltd. Q1 FY22 earnings were higher than our estimates solely driven by additional volumes, due to large number of patients in the second wave.
Business in core portfolio grew 15% YoY given-
all collection centers and labs resumed operations much earlier than expected
high revenue contribution from other regions than Delhi-NCR and
bundled test (unimpacted in lockdown) contributed 10% of revenue.
However, Dr. Lal PathLabs' Q1 FY21 witnessed lower realisation with revenue/patient (excluding-Covid-19 test) of Rs 648 versus Rs 686 QoQ and test/patient of 2.75 versus 2.42.
We remain positive on the entire diagnostic chain on back of-
premium players to gain market share,
B2B to offer more sick-care tests and
elasticity of higher volume at lower realisation level (revenue/patient).
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