India's Dr. Lal PathLabs posts 54% jump in Q3 profit on flu, COVID tests

Metropolis Healthcare

01/02/2024 09:00

BENGALURU, Feb 1 (Reuters) - Dr. Lal PathLabs  DLPA.NS ,
India's biggest diagnostics firm by revenue, posted a higher
profit for the third straight quarter on Thursday, due to more
diagnostics and tests in the monsoon and winter seasons as well
as an increase in COVID cases.
    The company's consolidated net profit jumped 54%
year-over-year to 813 million rupees (nearly $10 million) in the
third quarter.
    Its total revenue climbed by 10% to 5.39 billion rupees
    The October-December quarter encompasses the tail end of the
monsoon as well as winter, which brings with them ailments such
as influenza and stomach flu. 
    Moreover, a resurgence in COVID-19 cases towards the end of
December also boosted the demand for tests.
    That benefited Dr. Lal PathLabs and its rivals, including
Metropolis Healthcare  METP.NS  and Thyrocare Technologies
 THYO.NS .
    Thyrocare's results are due later in the day, and Metropolis
will report its results on Friday.
    The stock prices of all three companies were little changed
on the day.
    Dr. Lal PathLabs's shares climbed 14% in 2023, sandwiched
between Metropolis' 26% rise and Thyrocare's 4% bump.
 
 ($1 = 82.9746 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru; Editing by Savio
D'Souza)
 ((varunvyas.hebbalalu@thomsonreuters.com;))