India's Dr Lal PathLabs posts higher quarterly profit on strong diagnostic test demand
India's Dr Lal PathLabs posts higher quarterly profit on strong diagnostic test demand Nov 4 (Reuters) - Dr Lal PathLabs DLPA.NS posted a more than 27% rise in second-quarter profit on Wednesday, helped by higher test volumes and demand for preventive health packages.
The Indian lab operator's consolidated net profit for the three months ended September 30 rose to 1.92 billion rupees ($20.27 million), from 1.51 billion rupees a year earlier.
Shares of the company were up 3.6%
Dr Lal reported a near 20% increase in consolidated revenue from operations to 8.74 billion rupees during the quarter
"The diagnostics industry continues to benefit from increasing healthcare awareness, rising adoption of preventive health check-ups, and expanding access to diagnostic services across India," said Group Chief Financial Officer and CEO, international business, Ved Goel
The company, which operated 312 labs as of March 31, tested 13.6% more samples in the second quarter
"The organized diagnostics sector is also witnessing sustained consolidation, creating opportunities for scaled players with strong quality credentials and nationwide reach," Goel said
($1 = 94.7100 Indian rupees)
(Reporting by Puyaan Singh in Bengaluru; Editing by Shilpi Majumdar)
((Puyaan.Singh@thomsonreuters.com;))
Recent news on Dr. Lal PathLabs
See all newsIndia's Dr Lal PathLabs falls despite strong earnings as lofty valuation weighs
India's Dr Lal PathLabs posts higher quarterly profit on strong diagnostic test demand
Brief: Lal Pathlabs Sept-Quarter Consol Net Profit 1.92 Billion Rupees
Brief: Lal Pathlabs Says Unit Acquired Remaining 30% Equity Stake In Centrapath Labs Private Limited
India's Dr Lal PathLabs rises as Axis Securities initiates with 'buy'