Financials Dr. Lal PathLabs Limited

Equities

LALPATHLAB

INE600L01024

Healthcare Facilities & Services

Market Closed - NSE India S.E. Other stock markets 12:49:20 18/05/2024 pm IST			5-day change	1st Jan Change
2,536 ^INR	-0.53%		+1.66%	-1.63%

14/05	Nomura Upgrades Dr. Lal Pathlabs to Buy From Neutral, Adjusts Price Target to INR2,713 From INR2,505	MT
13/05	Dr. Lal Pathlabs' Fiscal Q4 Consolidated Net Profit Rises; Share Up 6%	MT

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	87,034	1,15,422	2,23,265	2,15,706	1,51,339	2,11,717	-	-
Enterprise Value (EV) ¹	80,283	1,08,088	2,13,412	2,12,332	1,45,552	1,87,931	2,01,941	1,97,645
P/E ratio	43.2 x	51.2 x	76.8 x	62.8 x	63.6 x	52.6 x	51 x	44 x
Yield	0.57%	0.86%	0.52%	0.46%	0.66%	0.66%	0.86%	0.9%
Capitalization / Revenue	7.23 x	8.68 x	14.1 x	10.3 x	7.5 x	8.44 x	8.48 x	7.61 x
EV / Revenue	6.67 x	8.12 x	13.5 x	10.2 x	7.22 x	8.44 x	8.08 x	7.11 x
EV / EBITDA	27.3 x	31.5 x	48.9 x	37.9 x	29.7 x	30.8 x	29.7 x	25.9 x
EV / FCF	43.7 x	45.6 x	58.9 x	60.2 x	34.7 x	48.5 x	40.7 x	34.2 x
FCF Yield	2.29%	2.19%	1.7%	1.66%	2.88%	2.06%	2.46%	2.92%
Price to Book	9.11 x	11.3 x	18.1 x	14.4 x	9.15 x	11.3 x	10.2 x	8.93 x
Nbr of stocks (in thousands)	83,342	82,344	82,475	82,624	82,785	83,051	-	-
Reference price ²	1,044	1,402	2,707	2,611	1,828	2,549	2,549	2,549
Announcement Date	17/05/19	18/05/20	21/05/21	17/05/22	11/05/23	10/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	12,034	13,304	15,813	20,874	20,169	22,266	24,978	27,815
EBITDA ¹	2,936	3,436	4,363	5,607	4,899	6,093	6,793	7,627
EBIT ¹	2,554	2,708	3,591	4,526	3,397	4,657	5,271	6,016
Operating Margin	21.22%	20.35%	22.71%	21.68%	16.84%	20.92%	21.1%	21.63%
Earnings before Tax (EBT) ¹	3,006	3,105	3,944	4,749	3,439	5,055	5,792	6,676
Net income ¹	2,005	2,276	2,916	3,448	2,389	3,577	4,176	4,842
Net margin	16.66%	17.11%	18.44%	16.52%	11.84%	16.06%	16.72%	17.41%
EPS ²	24.15	27.37	35.25	41.57	28.74	42.98	49.98	57.98
Free Cash Flow ¹	1,837	2,368	3,626	3,526	4,195	4,208	4,965	5,781
FCF margin	15.26%	17.8%	22.93%	16.89%	20.8%	18.84%	19.88%	20.78%
FCF Conversion (EBITDA)	62.57%	68.92%	83.1%	62.88%	85.63%	69.19%	73.08%	75.79%
FCF Conversion (Net income)	91.62%	104.04%	124.34%	102.26%	175.6%	118.2%	118.9%	119.4%
Dividend per Share ²	6.000	12.00	14.00	12.00	12.00	16.89	21.98	22.93
Announcement Date	17/05/19	18/05/20	21/05/21	17/05/22	11/05/23	10/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	4,524	4,310	6,066	4,984	4,969	4,855	5,027	5,338	4,894	4,910	5,410	5,898	5,588	5,469	6,091
EBITDA ¹	1,388	1,220	1,890	1,415	1,092	1,211	1,175	1,438	1,130	1,156	1,462	1,600	1,468	1,403	1,843
EBIT ¹	1,193	1,017	1,844	1,210	785	834	816	1,050	751	780	1,111	1,288	1,083	1,077	1,355
Operating Margin	26.37%	23.6%	30.4%	24.28%	15.8%	17.18%	16.23%	19.67%	15.35%	15.89%	20.54%	21.83%	19.38%	19.7%	22.25%
Earnings before Tax (EBT) ¹	1,289	1,108	1,793	1,306	815	835	814	1,028	765	832	1,175	1,335	1,200	1,099	1,623
Net income ¹	945	834	1,312	950	573	613	577	717	528	567	826	928.4	855.3	816.8	1,166
Net margin	20.89%	19.35%	21.63%	19.06%	11.53%	12.63%	11.48%	13.43%	10.79%	11.55%	15.27%	15.74%	15.31%	14.94%	19.14%
EPS ²	11.41	10.07	15.84	11.45	6.900	7.380	6.960	8.600	6.350	6.820	9.930	11.51	10.32	9.749	14.01
Dividend per Share ²	-	8.000	-	-	-	-	-	-	-	12.00	-	-	-	10.20	-
Announcement Date	29/01/21	21/05/21	30/07/21	26/10/21	10/02/22	17/05/22	28/07/22	08/11/22	02/02/23	11/05/23	27/07/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	6,751	7,334	9,853	3,374	5,787	7,681	9,775	14,071
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,837	2,368	3,626	3,526	4,195	4,208	4,965	5,781
ROE (net income / shareholders' equity)	23.1%	23%	25.6%	25.1%	15.1%	19.8%	21%	21.2%
ROA (Net income/ Total Assets)	20%	18.5%	19.2%	17.2%	10.1%	13.6%	15.3%	17%
Assets ¹	10,031	12,324	15,178	20,071	23,661	26,174	27,292	28,481
Book Value Per Share ²	115.0	124.0	149.0	181.0	200.0	226.0	250.0	285.0
Cash Flow per Share ²	26.20	34.10	48.10	53.90	54.70	55.20	62.30	74.90
Capex ¹	348	471	356	941	365	581	604	632
Capex / Sales	2.9%	3.54%	2.25%	4.51%	1.81%	2.6%	2.42%	2.27%
Announcement Date	17/05/19	18/05/20	21/05/21	17/05/22	11/05/23	10/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Dr. Lal PathLabs Limited

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,549 INR

Average target price

2,489 INR

Spread / Average Target

-2.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical & Diagnostic Laboratories

	1st Jan change	Capi.
DR. LAL PATHLABS LIMITED	-1.63%	2.54B
SONIC HEALTHCARE LIMITED	-16.99%	8.55B
RADNET, INC.	+65.23%	4.24B
SYNLAB AG	-10.68%	2.44B
GUANGZHOU KINGMED DIAGNOSTICS GROUP CO., LTD.	-41.76%	2.35B
NEOGENOMICS, INC.	-8.53%	1.89B
FLEURY S.A.	-19.29%	1.55B
DIAN DIAGNOSTICS GROUP CO.,LTD.	-39.61%	1.23B
METROPOLIS HEALTHCARE LIMITED	+9.54%	1.13B
VIJAYA DIAGNOSTIC CENTRE LIMITED	+19.57%	955M

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