InCred Equities - Dr. Lal Pathlabs Ltd.

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	20,169	22,266	24,715	27,775
Operating EBITDA (Rsm)	4,899	6,093	6,871	7,888
Net Profit (Rsm)	2,389	3,577	4,320	5,055
Core EPS (Rs)	28.6	42.8	51.7	60.5
Core EPS Growth	(30.7%)	49.7%	20.8%	17.0%
FD Core P/E (x)	87.38	58.36	48.33	41.30
DPS (Rs)	12.0	24.0	24.0	24.0
Dividend Yield	0.48%	0.96%	0.97%	0.97%
EV/EBITDA (x)	41.50	32.85	28.70	24.45
P/FCFE (x)	350.27	58.35	49.23	35.82
Net Gearing	(34.1%)	(46.5%)	(55.9%)	(67.2%)
P/BV (x)	12.53	11.29	10.06	8.80
ROE	15.1%	20.3%	22.0%	22.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Net Revenues	20,169	22,266	24,715	27,775
Gross Profit	15,697	17,752	19,852	22,248
Operating EBITDA	4,899	6,093	6,871	7,888
Depreciation And Amortisation	(1,502)	(1,436)	(1,405)	(1,420)
Operating EBIT	3,397	4,657	5,466	6,468
Financial Income/(Expense)	(375)	(294)	(233)	(250)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	417	692	906	900
Profit Before Tax (pre-EI)	3,439	5,055	6,139	7,118
Exceptional Items
Pre-tax Profit	3,439	5,055	6,139	7,118
Taxation	(1,028)	(1,432)	(1,760)	(1,993)
Exceptional Income - post-tax
Profit After Tax	2,411	3,623	4,380	5,125
Minority Interests	(22)	(46)	(60)	(70)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,389	3,577	4,320	5,055
Recurring Net Profit	2,389	3,577	4,320	5,055
Fully Diluted Recurring Net Profit	2,389	3,577	4,320	5,055

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	4,899	6,093	6,871	7,888
Cash Flow from Invt. & Assoc.
Change In Working Capital	355	357	(105)	553
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	417	692	800	950
Net Interest (Paid)/Received	(375)	(294)	(233)	(250)
Tax Paid	(736)	(1,494)	(2,493)	(2,713)
Cashflow From Operations	4,560	5,354	4,841	6,428
Capex	(360)	(503)	(600)	(600)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(2,513)	260
Cash Flow From Investing	(2,873)	(243)	(600)	(600)
Debt Raised/(repaid)	(1,091)	(1,533)
Proceeds From Issue Of Shares	9	35
Shares Repurchased
Dividends Paid	(1,030)	(2,012)	(2,001)	(2,026)
Preferred Dividends
Other Financing Cashflow	(720)	(629)	906	900
Cash Flow From Financing	(2,832)	(4,139)	(1,095)	(1,126)
Total Cash Generated	(1,145)	972	3,146	4,703
Free Cashflow To Equity	596	3,578	4,241	5,828
Free Cashflow To Firm	2,062	5,405	4,474	6,078

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	8,153	9,441	12,460	16,862
Total Debtors	708	774	865	972
Inventories	338	373	420	472
Total Other Current Assets	531	679	741	833
Total Current Assets	9,730	11,267	14,486	19,140
Fixed Assets	7,622	6,513	5,708	4,888
Total Investments
Intangible Assets	5,498	5,482	5,482	5,482
Total Other Non-Current Assets	621	512	512	512
Total Non-current Assets	13,741	12,507	11,702	10,882
Short-term Debt	1,533	833	833	833
Current Portion of Long-Term Debt
Total Creditors	1,561	1,866	1,875	2,213
Other Current Liabilities	1,624	1,977	2,063	2,529
Total Current Liabilities	4,718	4,676	4,771	5,575
Total Long-term Debt	833
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	925	605	605	605
Total Non-current Liabilities	1,758	605	605	605
Total Provisions
Total Liabilities	6,476	5,281	5,376	6,180
Shareholders Equity	16,663	18,493	20,752	23,711
Minority Interests	332		60	130
Total Equity	16,995	18,493	20,812	23,841

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	(3.4%)	10.4%	11.0%	12.4%
Operating EBITDA Growth	(12.6%)	24.4%	12.8%	14.8%
Operating EBITDA Margin	24.3%	27.4%	27.8%	28.4%
Net Cash Per Share (Rs)	69.22	102.97	139.08	191.74
BVPS (Rs)	199.32	221.21	248.23	283.63
Gross Interest Cover	9.06	15.84	23.46	25.87
Effective Tax Rate	29.9%	28.3%	28.7%	28.0%
Net Dividend Payout Ratio	29.3%	39.9%	33.3%	28.7%
Accounts Receivables Days	14.13	12.15	12.10	12.07
Inventory Days	35.18	28.75	29.77	29.46
Accounts Payables Days	123.86	138.55	140.43	135.00
ROIC (%)	25.9%	38.4%	52.1%	66.1%
ROCE (%)	17.8%	24.1%	26.7%	27.9%
Return On Average Assets	16.4%	22.6%	25.5%	26.2%

(91) 22 4161 1566 yogesh.soni@incredresearch.com

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Market Data

Source: Bloomberg