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Dr. Lal Pathlabs Ltd. reported an inline quarter with non Covid revenues up 14% YoY though excluding Suburban from Q2 numbers lead to 6% YoY rise in core company revenues. Suburban sales were largely flat QoQ despite a rise in collection infra though company expects better traction in H2.
Margin improved to ~27% and appears to be at peak for FY23 as H2 would typically be weaker in Ebitda generation compared to H1.
Dr. Lal Pathlabs refrained from providing any volume guidance even as prima facie there does appear to be some incremental loss of customer footfalls compared to pre-Covid run rate.
Given the thrust on expansion of collection network in Dr. Lal Pathlabs and Suburban, we continue to build in low double digit volume growth in FY24 albeit on a revised (lower) base of FY23 of ~27 million versus 33 million earlier.
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