Neutral on Dr. Lal Pathlabs, target price Rs 1890: Edelweiss

neutral on dr lal pathlabs target price rs 1890 edelweiss

Edelweiss has neutral call on Dr. Lal Pathlabs with a target price of Rs 1890. The current market price of is Rs 2295.

Dr. Lal Pathlabs Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 19084.31 Crore) operating in Hospitals & Allied Services sector.

Financials For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 465.90 Crore, up 4.74 % from last quarter Total Income of Rs 444.80 Crore and up 36.35 % from last year same quarter Total Income of Rs 341.70 Crore. Company reported net profit after tax of Rs 95.90 Crore in latest quarter. Investment RationaleDr Lal has been ahead of the curve in de-risking from the competitive Delhi-NCR region (now 35% of group) by focusing on non-core regions, particularly South and West. It plans to set up reference labs in Mumbai and Bangalore while continuing to scout for inorganic growth. This, we believe, will be challenging: penetration may take longer than expected given the competitive intensity. Rising investments and sales from franchisee centres are likely to impact near-term margins.
Promoter/FII HoldingsPromoters held 56.3 per cent stake in the company as of Sept 30, 2020, while FIIs held 24.2 per cent, DIIs 7.8 per cent and public and other 12.7 per cent…

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