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ICICI Securities Report
Dr. Lal Pathlabs Ltd.'s Q1 FY21 was impacted significantly due to lockdown across the country. However, Covid-19 tests helped in arresting revenue decline to 20.6% against estimated decline of 37.6%.
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Covid-19 tests contributed approximately 21% to revenue and we expect it to drop in ensuing quarters. The volumes in regular (ex-Covid) business has recovered to approximately 90% of pre-Covid levels and we estimate flattish volumes YoY in Q2 FY21.
The volume decline in ex-Covid business was 32.6% in number of patients and realisation dropped 7% as samples per patient fell.
We believe Dr. Lal Pathlabs would benefit the most with multiple growth levers such as faster shift of unorganized business to organized players in current scenario, potential consolidation in industry via inorganic or partnership route (Dr. Lal has cash balance of over Rs 7 billion as on March 2020) and upside from Covid-19 related reverse transcription polymerase chain reaction (RT-PCR) and anti-body tests.
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