๐
Period Covered: Q4 FY25 & FY25
๐ข Company: Dr. Lal PathLabs Ltd.
๐ CMP: โน2,831 | PE Ratio: ~48.4x (based on normalized FY25 EPS)
Revenue: โน603 Cr (โ10.5% YoY)
EBITDA: โน169 Cr (โ16.9% YoY), Margin 28.1%
PAT (Reported): โน156 Cr (โ81.4% YoY, includes one-time tax benefit)
PAT (Normalized): โน115 Cr (โ33.8% YoY), Margin 25.8%
EPS (Normalized): โน13.6 (โ34.1% YoY)
SwasthFit Bundled Test Contribution: 26% of revenue
Sample Volumes: 20.9 Mn (โ9.5% YoY)
Patients Served: 6.8 Mn (โ3.8% YoY)
SwasthFit Program: 22% YoY growth in Q4 FY25. Extended to illness-based segments.
Lab Expansion: 18 new labs added in FY25, with focus on Tier-3 and Tier-4 towns.
Geographic Revenue Mix (FY25):
Delhi NCR: 31%
UP & Uttarakhand: 19%
East India: 15%
West India: 14% (โ contribution)
South India: 6%
Others: 2%
Short-Term:
Targeted expansion into Tier-3/4 regions will aid volume growth.
Digital backbone (Microsoft D365, Starlims) to streamline efficiencies.
Normalization of patient volumes to pre-COVID baselines continuing.
Medium to Long-Term:
Rising chronic & geriatric diseases offer diagnostic demand tailwinds.
Specialized testing (genomics, amyloid typing) to increase wallet share.
Integrated national presence enhances brand recall and access.
Dr. Lal PathLabs has delivered a robust FY25 performance, outpacing industry averages with double-digit revenue growth and strong margin expansion. With a zero-debt balance sheet, aggressive Tier-3 expansion, and bundled test adoption, the company is structurally positioned for sustainable long-term growth. Continued investment in digital platforms and specialization augments future scalability.
This report is intended for educational purposes only and does not constitute financial advice or a recommendation to buy/sell any securities.