Dr Lal PathLabs profit rises over 27 per cent in second quarter
Higher demand for preventive health packages and increased test volumes drove the growth in the laboratory operator's quarterly earnings.
Dr Lal PathLabs recorded a more than 27 per cent increase in its second-quarter profit, according to the Economic Times, on Wednesday. The company's consolidated net profit reached 1.92 billion rupees for the three months ending September 30, up from 1.51 billion rupees during the same period last year.
The laboratory operator reported that its consolidated revenue from operations grew by nearly 20 per cent to 8.74 billion rupees during the quarter. Following the announcement, the company's shares rose by 3.6 per cent.
The firm tested 13.6 per cent more samples in the second quarter compared to the previous year. As of March 31, the company operated 312 labs.
Group Chief Financial Officer and CEO of international business, Ved Goel, said the diagnostics industry is benefiting from rising healthcare awareness and the adoption of preventive health check-ups. Goel also stated that the organised diagnostics sector is seeing sustained consolidation, which creates opportunities for scaled players with nationwide reach and strong quality credentials.