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Yes Securities Report
Dr. Lal Pathlabs Ltd. reported largely in line quarter as sample growth yet again outpaced volume expansion. Swasthfit share continues to rise YoY which is driving large part of realization improvement.
Margin strength is consistently evident even as management alluded to higher opex in H2 leading to lower projected margin for the second half.
With no visible price hike in FY25, expect bulk of the per patient realization to come from mix change and small contribution from geography/product mix.
We marginally tweak our realization and 50 basis points higher gross margin resulting in 3-4% change to FY25 and FY26 estimates.
Retain 'Sell' based on unchanged 40 times as reckon there is unlikely to be a revenue surprise in the near term that precludes meaningful upgrades.
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