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Yes Securities Report
Dr. Lal Pathlabs Ltd. reported 14% YoY growth in non-Covid revenue, and we reckon excluding Suburban, growth would have been in high single digit YoY in the non-Covid business.
Management conveyed a more positive outlook for FY24 for volumes after a tough FY23 which saw accelerated competition; while intensity still remains, a look at commentary of various players might suggest discounting may not be increasing further.
Dr. Lal Pathlabs has also taken a rare price increase in specialised and non-frequent rests in Feb which had a 1.5% impact in Q4 and ~2.5% impact for current year.
Volume growth in the form of patient footfall still remains tepid as it has been distributed across new entrants and incumbents.
We do not get comfort on volume growth beyond 8-9% for Dr. Lal Pathlabs even as growth comes in a similar range; so far, most incumbents have defended margins well and reckon that storm may have passed with pause on additional discounting, but volumes still remain a concern.
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