Nov 4 (Reuters) – Dr Lal PathLabs 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)
