|
For
the quarter ending March 2023, consolidated Net sales (including other operating income) of Dr Lal Pathlabs has increased 1.13% to Rs 491 crore compared to quarter ended Mar 2022.Operating profit margin has declined from 24.94% to 23.54%, leading to 4.54% decline in operating profit to Rs 115.60 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 23.46% to 21.57%. Employee cost decreased from 20.08% to 18.84%. Other expenses rose from 31.51% to 36.05%. Selling and administration expenses rose from 11.99% to 14.01%. Other income rose 18.33% to Rs 14.2 crore. PBIDT fell 2.48% to Rs 129.8 crore. Provision for interest fell 24.37% to Rs 9 crore. Loan funds declined from Rs 532.70 crore as of 31 March 2022 to Rs 419.50 crore as of 31 March 2023. Inventories declined from Rs 52.40 crore as of 31 March 2022 to Rs 33.80 crore as of 31 March 2023. Sundry debtors were lower at Rs 70.80 crore as of 31 March 2023 compared to Rs 85.40 crore as of 31 March 2022. Cash and bank balance rose to Rs 665.40 crore as of 31 March 2023 from Rs 617.60 crore as of 31 March 2022. Investments rose to Rs 149.90 crore as of 31 March 2023 from Rs 65.50 crore as of 31 March 2022 . PBDT fell 0.33% to Rs 120.8 crore. Provision for depreciation fell 0.27% to Rs 37.6 crore. Fixed assets declined from Rs 840.40 crore as of 31 March 2022 to Rs 762.20 crore as of 31 March 2023. Intangible assets increased from Rs 543.50 crore to Rs 547.80 crore. Profit before tax down 0.36% to Rs 83.20 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 26.3 crore, compared to Rs 21.4 crore. Effective tax rate was 31.61% compared to 25.63%. Minority interest decreased 75% to Rs 0.20 crore. Net profit attributable to owners of the company decreased 7.50% to Rs 56.70 crore. Equity capital increased from Rs 83.30 crore as of 31 March 2022 to Rs 83.40 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 55.03% as of 31 March 2023 ,compared to 55.23% as of 31 March 2022 .
Full year results analysis.
Net sales (including other operating income) of Dr Lal Pathlabs has declined 3.38% to Rs 2016.9 crore. Operating profit margin has declined from 26.86% to 24.29%, leading to 12.63% decline in operating profit to Rs 489.90 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 24.06% to 22.17%. Employee cost increased from 17.48% to 18.67%. Other expenses rose from 31.59% to 34.87%. Selling and administration expenses rose from 13.63% to 13.98%. Other income fell 20.57% to Rs 41.7 crore. PBIDT fell 13.31% to Rs 531.6 crore. Provision for interest rose 24.17% to Rs 37.5 crore. Loan funds declined from Rs 532.70 crore as of 31 March 2022 to Rs 419.50 crore as of 31 March 2023. Inventories declined from Rs 52.40 crore as of 31 March 2022 to Rs 33.80 crore as of 31 March 2023. Sundry debtors were lower at Rs 70.80 crore as of 31 March 2023 compared to Rs 85.40 crore as of 31 March 2022. Cash and bank balance rose to Rs 665.40 crore as of 31 March 2023 from Rs 617.60 crore as of 31 March 2022. Investments rose to Rs 149.90 crore as of 31 March 2023 from Rs 65.50 crore as of 31 March 2022 . PBDT fell 15.25% to Rs 494.1 crore. Provision for depreciation rose 38.95% to Rs 150.2 crore. Fixed assets declined from Rs 840.40 crore as of 31 March 2022 to Rs 762.20 crore as of 31 March 2023. Intangible assets increased from Rs 543.50 crore to Rs 547.80 crore. Profit before tax down 27.58% to Rs 343.90 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 102.8 crore, compared to Rs 124.6 crore. Effective tax rate was 29.89% compared to 26.24%. Minority interest decreased 60% to Rs 2.20 crore. Net profit attributable to owners of the company decreased 30.71% to Rs 238.90 crore. Equity capital increased from Rs 83.30 crore as of 31 March 2022 to Rs 83.40 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00. Promoters’ stake was 55.03% as of 31 March 2023 ,compared to 55.23% as of 31 March 2022 . Cash flow from operating activities increased to Rs 456.00 crore for year ended March 2023 from Rs 446.70 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 44.60 crore, compared to Rs 476.10 crore during the year ended March 2022. Other Highlights
Board recommendation of final dividend of
Rs 6 per equity share on a face value of Rs 10 per share, for the year ended
March 31, 2023.
Covid and Allied
contributed 2% to Revenue in Q4 FY23.
In Q4 FY23, non-COVID
business grew by 14.4% on YoY basis and Covid & Allied business fell by 83.4%
on YoY.
In FY23, non-COVID
business grew by 15.5% on YoY basis and Covid & Allied business fell by
84.1% on YoY.
In FY23, B2B
business contributed 28% to total revenue and B2C 72%.
Management Comments :
Commenting on the results announcement, (Hony) Brig. Dr. Arvind Lal,
Executive Chairman said: “Today, Dr Lal PathLabs is in a unique position to
both facilitate and reap the advantages of rapid progress in the utilization of
diagnostic services. Reliable diagnostic tools are now increasingly vital in
various stages of treatment, from health monitoring, disease detection,
prognosis, diagnosis, and treatment planning, to post[1] treatment
monitoring. As a result, we are committed to investing in an efficient,
technology-enabled network that can handle the growing number of samples. Dr
Lal PathLabs has continued to make advancement across strategic focus areas of
geographical extension, expanding the portfolio, and strengthening the digital
infrastructure. I am confident that these pillars will not only drive growth
for us in the future, but also ensure better accessibility and affordability
for our patient customers.”
Dr. Om Manchanda, Managing Director said:
“Our belief is that the brands that have made comprehensive investments in
network creation, infrastructure scale up, and patient services will be the
frontrunners of growth. Within healthcare, patients are increasingly aligning
themselves with trustworthy brands, and therefore, it is crucial that we
improve our on-the[1]ground presence and
experience. 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. To achieve this, we are
deploying hub labs as a means to amplify our capabilities. These labs will
provide support to a cluster of collection centers in the surrounding areas,
resulting in improved cost efficiency and faster turnaround times.”
Mr. Bharath Uppiliappan, Chief Executive
Officer said: “In the quarter being evaluated, we provided diagnostics services
to 6.3 million patients, generating a total revenue of Rs. 491 crore. We
actively utilized mix[1]management methods to
increase the composition of high-value tests to our portfolio and revenue. Our
flagship programme ‘SwasthFit’ achieved newer heights this year with
contribution increasing to 20% in FY23 , against 17% last year. Our Super
Specialty portfolio led by Genevolve, L-CORD and LACE is achieving the growth
rates similar to SwasthFit. This is a result of our efforts and focus of
building a high-quality bundled package that is affordable and competitively
priced, to meet the requirements of patients and clinicians. We are very well
poised and are taking appropriate measures to establish sustainable industry
leading growth rates.”
| Dr Lal Pathlabs : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 491.00 | 485.50 | 1.13 | 2,016.90 | 2,087.40 | -3.38 | | OPM (%) | 23.54 | 24.94 | -140 bps | 24.29 | 26.86 | -257 bps | | OP | 115.60 | 121.10 | -4.54 | 489.90 | 560.70 | -12.63 | | Other Inc. | 14.20 | 12.00 | 18.33 | 41.70 | 52.50 | -20.57 | | PBIDT | 129.80 | 133.10 | -2.48 | 531.60 | 613.20 | -13.31 | | Interest | 9.00 | 11.90 | -24.37 | 37.50 | 30.20 | 24.17 | | PBDT | 120.80 | 121.20 | -0.33 | 494.10 | 583.00 | -15.25 | | Depreciation | 37.6 | 37.7 | -0.27 | 150.2 | 108.1 | 38.95 | | PBT | 83.20 | 83.50 | -0.36 | 343.9 | 474.9 | -27.58 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 83.2 | 83.5 | -0.36 | 343.9 | 474.9 | -27.58 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 83.2 | 83.5 | -0.36 | 343.9 | 474.9 | -27.58 | | Taxation | 26.3 | 21.4 | 22.90 | 102.8 | 124.6 | -17.50 | | PAT | 56.9 | 62.1 | -8.37 | 241.1 | 350.3 | -31.17 | | Minority Interest (MI) | 0.2 | 0.8 | -75.00 | 2.2 | 5.5 | -60.00 | | Net profit | 56.7 | 61.3 | -7.50 | 238.9 | 344.8 | -30.71 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 56.7 | 61.3 | -7.50 | 238.9 | 344.8 | -30.71 | | EPS (Rs)* | 6.80 | 7.35 | -7.50 | 28.65 | 41.35 | -30.71 | | | * EPS is on current equity of Rs 83.38 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
|