For the
quarter ending Dec 2021, standalone net sales (including other operating income) of Dr Lal Pathlabs has declined 1.08% to Rs 422.50 crore compared to quarter ended Dec 2020.
Operating profit margin has declined from 30.67% to 23.55%, leading to 24.05% decline in operating profit to Rs 99.50 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 24.07% to 24.47%. Employee cost increased from 15.29% to 19.20%. Other expenses rose from 29.97% to 32.78%. Selling and administration expenses fell from 13.91% to 12.62%. Other income fell 22.60% to Rs 11.3 crore. PBIDT fell 23.90% to Rs 110.8 crore. Provision for interest up 135.14% to Rs 8.7 crore. PBDT fell 28.05% to Rs 102.1 crore. Provision for depreciation rose 6.18% to Rs 18.9 crore. Profit before tax down 32.96% to Rs 83.20 crore. Provision for tax was expense of Rs 21.5 crore, compared to Rs 31.4 crore. Effective tax rate was 25.84% compared to 25.30%. Profit after tax fell 33.44% to Rs 61.70 crore. Promoters’ stake was 55.23% as of 31 December 2021 ,compared to 55.23% as of 31 December 2020 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Dr Lal Pathlabs has increased 34.19% to Rs 1,457.80 crore. Operating profit margin has jumped from 27.06% to 27.81%, leading to 37.89% rise in operating profit to Rs 405.40 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 25.53% to 24.35%. Employee cost decreased from 17.14% to 16.46%. Other expenses rose from 30.27% to 31.38%. Selling and administration expenses rose from 13.21% to 14.53%. Other income up 4.97% to Rs 40.1 crore. PBIDT rose 34.11% to Rs 445.5 crore. Provision for interest up 59.63% to Rs 17.4 crore. PBDT rose 33.24% to Rs 428.1 crore. Provision for depreciation rose 3.66% to Rs 53.8 crore. Profit before tax grew 38.94% to Rs 374.30 crore. Provision for tax was expense of Rs 95.4 crore, compared to Rs 68 crore. Effective tax rate was 25.49% compared to 25.24%.Profit after tax rose 38.48% to Rs 278.90 crore. Promoters’ stake was 55.23% as of 31 December 2021 ,compared to 55.23% as of 31 December 2020 .
Full year results analysis
Net sales (including other operating income) of Dr Lal Pathlabs has increased 17.03% to Rs 1,490.50 crore. Operating profit margin has jumped from 25.74% to 27.33%, leading to 24.28% rise in operating profit to Rs 407.40 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 22.53% to 25.09%. Employee cost decreased from 18.22% to 17.27%. Other expenses fell from 33.51% to 30.31%. Selling and administration expenses rose from 13.32% to 13.47%. Other income fell 10.94% to Rs 51.3 crore. PBIDT rose 19.02% to Rs 458.7 crore. Provision for interest up 0.68% to Rs 14.8 crore. Loan funds remained nil. Inventories declined from Rs 55.00 crore as of 31 March 2020 to Rs 38.90 crore as of 31 March 2021. Sundry debtors were higher at Rs 63.50 crore as of 31 March 2021 compared to Rs 50.30 crore as of 31 March 2020. Cash and bank balance rose to Rs 888.70 crore as of 31 March 2021 from Rs 549.20 crore as of 31 March 2020. Investments declined from Rs 252.80 crore as of 31 March 2020 to Rs 170.60 crore as of 31 March 2021. PBDT rose 19.75% to Rs 443.9 crore. Provision for depreciation rose 2.65% to Rs 69.8 crore. Fixed assets increased to Rs 288.70 crore as of 31 March 2021 from Rs 287.30 crore as of 31 March 2020. Intangible assets declined from Rs 20.50 crore to Rs 20.40 crore. Profit before tax grew 23.59% to Rs 374.10 crore. Provision for tax was expense of Rs 94 crore, compared to Rs 79.5 crore. Effective tax rate was 25.13% compared to 26.26%. Profit after tax rose 25.49% to Rs 280.10 crore. Promoters’ stake was 55.23% as of 31 March 2021 ,compared to 56.77% as of 31 March 2020 . Cash flow from operating activities increased to Rs 373.40 crore for year ended March 2021 from Rs 271.90 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 35.00 crore, compared to Rs 49.40 crore during the year ended March 2020.
Other Highlights
Covid and Allied contributed 11.8% to Revenue in Q3 FY22
with 5.8 lakh RTPCR tests.
In Q3 FY22, growth in non-COVID business stood at 28.1% on
YoY basis.
Management Comments :
Dr. Arvind Lal, Executive Chairman said: “I am glad to
share that we have completed the acquisition of Suburban Diagnostics. With
this, we have become one of the leading players in the fast-growing Western
region and endeavor to take our share even further. The objective is to
leverage the expertise and capabilities of both the companies to deliver
accurate diagnostics with better patient experience. As a process, our team
tracks latest technological innovations, and we deploy them on a timely basis
to stay ahead of the curve when it comes to digitization. Through this, we aim
to ensure a seamless and convenient experience for our patients, allowing them
to book tests and receive their reports at a touch of their fingers on their
smartphones, iPads, laptops, etc..”
Dr. Om Manchanda, Managing Director said: “The coming
months will see the fruition of our agreement to incorporate the Suburban
Diagnostics brand. We will be spending our energies on augmenting our brand
infrastructure. That is the lifeblood of our model. The consumer connect in
diagnostic services is paramount. It will be a prime objective to work with our
franchisee partners to bring the DLPL and Suburban Diagnostic brands closer to
patients. The coming quarters shall see revitalized approach to managing the
patient’s relationship with the brand digitally. We have dedicated teams
working on strengthening these processes and incremental improvements are
already being rolled out. Technology and interoperability with other constituents
in the healthcare stack will be key and as an entity, we will be prepared.”
Mr. Bharath Uppiliappan, Chief Executive Officer said:
“This strong growth in Non Covid revenue is led by patient volumes. I am glad
to share with you that our Non Covid business sees further acceleration in
growth momentum as compared to previous quarters. This is in line with our
stated direction to bring back our growth rates to pre-covid levels. Our
Service enhancement and market activation programs including new lab and
collection centre opening alongwith strong patient and channel partner
marketing programs continue to make good progress. During the quarter we have
successfully integrated Artificial Intelligence in prostate cancer reporting
leveraging FDA approved technology. This combines the strengths of humans and
machines to bring unparalleled patient care.”
| Dr Lal Pathlabs : Standalone Results | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 422.50 | 427.10 | -1.08 | 1,457.80 | 1,086.40 | 34.19 | 1,490.50 | 1,273.60 | 17.03 | | OPM (%) | 23.55 | 30.67 | -712 bps | 27.81 | 27.06 | 75 bps | 27.33 | 25.74 | 160 bps | | OP | 99.50 | 131.00 | -24.05 | 405.40 | 294.00 | 37.89 | 407.40 | 327.80 | 24.28 | | Other Inc. | 11.30 | 14.60 | -22.60 | 40.10 | 38.20 | 4.97 | 51.30 | 57.60 | -10.94 | | PBIDT | 110.80 | 145.60 | -23.90 | 445.50 | 332.20 | 34.11 | 458.70 | 385.40 | 19.02 | | Interest | 8.7 | 3.7 | 135.14 | 17.4 | 10.9 | 59.63 | 14.8 | 14.7 | 0.68 | | PBDT | 102.10 | 141.90 | -28.05 | 428.10 | 321.30 | 33.24 | 443.90 | 370.70 | 19.75 | | Depreciation | 18.9 | 17.8 | 6.18 | 53.8 | 51.9 | 3.66 | 69.8 | 68 | 2.65 | | PBT | 83.20 | 124.10 | -32.96 | 374.3 | 269.4 | 38.94 | 374.1 | 302.7 | 23.59 | | PBT before EO | 83.2 | 124.1 | -32.96 | 374.3 | 269.4 | 38.94 | 374.1 | 302.7 | 23.59 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 83.2 | 124.1 | -32.96 | 374.3 | 269.4 | 38.94 | 374.1 | 302.7 | 23.59 | | Taxation | 21.5 | 31.4 | -31.53 | 95.4 | 68 | 40.29 | 94 | 79.5 | 18.24 | | PAT | 61.7 | 92.7 | -33.44 | 278.9 | 201.4 | 38.48 | 280.1 | 223.2 | 25.49 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 61.7 | 92.7 | -33.44 | 278.9 | 201.4 | 38.48 | 280.1 | 223.2 | 25.49 | | EPS (Rs)* | 7.40 | 11.12 | -33.44 | 33.46 | 24.16 | 38.48 | 33.61 | 26.78 | 25.49 | | | * EPS is on current equity of Rs 83.34 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 |
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