Indian diagnostic and healthcare service provider, Dr Lal PathLabs, has reported a year-on-year (YoY) profit after tax (PAT) increase of 54.8% for the third quarter of 2023, reaching ₹109.3 crore. This growth is attributed to reduced financial costs and a meticulous pursuit of growth drivers. Sequentially, both the company's revenue and PAT rose by 11.1% and 32.4%, respectively.
The firm's consolidated revenue also saw an uptick of 12.63%, rising to ₹601.3 crore as compared to ₹533.8 crore (INR100 crore = approx. USD12 million) in the second quarter of the fiscal year 2024.
Dr Lal PathLabs' Managing Director, Om Manchanda, pointed out steady revenue growth trends in the market, measured price increases by brands, and a return of rationality in the market.
The company's CEO, Bharath Uppiliappan, highlighted a significant rise in patient numbers from 7.5 million in Q2 to 14.4 million in H1 FY24. This surge is attributed to successful expansion into Tier-III+ towns.
Uppiliappan also revealed future plans for opening more new labs, particularly focusing on specialty and super-specialist portfolios in North and East strong markets.
Following these developments, Dr Lal PathLabs' share price rose by 3.30% to ₹2,455 on the Bombay Stock Exchange (BSE).
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