Dr Lal PathLabs on May 11 reported a 7.5 percent year-on-year drop in net profit at Rs 56.7 crore for the March quarter of FY23. The Street was estimating net profit at Rs 65.7 crore for the quarter.
The diagnostic player's revenue increased by 1.1 percent YoY to Rs 491 crore versus Street's estimate of Rs 522 crore.
On the operating front, EBITDA (earnings before interest, taxes, depreciation and amortization) decreased by 4.5 percent to Rs 115.6 crore, and margin decreased to 23.5 percent from 24.9 percent in the year-ago period.
Non-Covid revenue increased by 14.4 percent in Q4 to Rs 480 crore while 'Covid & Allied' revenue fell over 83 percent to Rs 11 crore from the year-ago period, said the company in a press release.
"In order to enhance our performance trajectory, we will continue to extend our network into tier 2 and 3 regions of India. Furthermore, our expansion in the West, mainly Mumbai and other large cities, will emanate from increasing the density of our collection centers," Dr. Om Manchanda, managing director, Dr Lal Pathlabs said.
Going forward, the company plans to evaluate best fit inorganic opportunities in South, and leverage expertise of 'Suburban' brand in West. It is also planning deeper penetration within the North, East and Central Indian markets, as per the press release.
At 3 pm, Dr LalPathlabs share price was trading at Rs 1,910 on the NSE, lower by 2 percent from previous close. The stock took a knock after both topline and bottomline numbers failed to meet Street estimates.
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