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ICICI Securities Report
According to the brokerage ICICI Securities, Dr Lal PathLabs Ltd.s Q1 FY27 performance was a beat on all fronts.
The brokerage believes that the benefits of network additions are now kicking in, with patient volumes growing a strong 8.2% YoY and sample volumes up 10.7%.
Higher contributions from specialised tests and a CGHS price revision (~2-3%) boosted a ~10% YoY increase in average revenue per patient.
While the company has reported strong growth for the last two quarters, sustainability of the run-rate in Q2 FY27 could indicate a trend change.
Management has upgraded FY27 revenue growth guidance to the mid-teens range, though the Ebitdea margin outlook is unchanged.
ICICI Securities has raised FY27/28E earnings per share by ~9/5% to factor in better growth and margins; downgrade to Hold with a higher target price of Rs 1,690 from Rs 1,460.
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