LALPATHLAB · Healthcare
Dr. Lal Path Labs Ltd. reported revenue of ₹603 cr for January to March 2025, +10.6% on the year and +1.0% on the quarter. Over the last four quarters revenue comes to ₹2,462 cr, +10.6% on the four before.
Operating profit (EBITDA) was ₹169 cr, a margin of 28.0%, +142 bps on the year and +223 bps on the quarter. Over the last 8 quarters the margin has ranged from 25.8% to 30.6%, averaging 27.8%. Operating costs grew +8.5% against revenue growth of +10.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹156 cr, +81.4% on the year and +59.2% on the quarter, with earnings per share of ₹9.26. Profit before other income, one-offs and tax grew 24.5%, so 57 points of the headline growth came from outside the core business. The tax rate was −1% against an average of 28% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹493 cr, +35.8% on the four before.
On earnings per share of ₹29.14 over the last four quarters, the stock at ₹2,016.50 trades at 69.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹539 cr | ₹545 cr | ₹602 cr | ₹660 cr | ₹597 cr | ₹603 cr | ₹670 cr | ₹731 cr | ₹660 cr | ₹703 cr | ₹798 cr | ₹874 cr |
| YoY | — | — | +11% | +10% | +11% | +11% | +11% | +11% | +11% | +17% | +19% | +20% |
| EBITDA margin | 26.2% | 26.6% | 28.2% | 30.6% | 25.8% | 28.0% | 28.7% | 30.6% | 27.1% | 26.6% | 31.1% | 32.0% |
| Other income, % of PBT | 16% | 15% | 14% | 12% | 18% | 17% | 15% | 12% | −5% | 15% | 14% | 13% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 28% | 28% | 29% | 29% | −1% | 26% | 25% | 26% | 17% | 25% | 26% |
| Net profit | ₹82.0 cr | ₹86.0 cr | ₹108 cr | ₹131 cr | ₹98.0 cr | ₹156 cr | ₹134 cr | ₹152 cr | ₹91.0 cr | ₹132 cr | ₹170 cr | ₹194 cr |
| YoY | — | — | +29% | +18% | +20% | +81% | +24% | +16% | −7% | −15% | +27% | +28% |
| Core profit YoY | — | — | +24% | +20% | +15% | +25% | +19% | +11% | +15% | +7% | +29% | +26% |
| EPS | ₹4.87 | ₹5.06 | ₹6.37 | ₹7.73 | ₹5.78 | ₹9.26 | ₹7.90 | ₹8.99 | ₹5.40 | ₹7.84 | ₹10.11 | ₹11.55 |
| Flags | · | · | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Dr. Lal Path Labs Ltd. reported revenue of ₹603 cr (+10.6% on the year) and net profit of ₹156 cr (+81.4% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +24.5% on the year, against +81.4% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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