InCred Equities - Dr. Lal Pathlabs Ltd.

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue (Rsm)	20,169	22,266	24,716	27,768
Operating EBITDA (Rsm)	4,899	6,093	7,044	8,120
Net Profit (Rsm)	2,389	3,577	4,388	5,271
Core EPS (Rs)	28.6	42.8	52.5	63.0
Core EPS Growth	(30.7%)	49.7%	22.7%	20.1%
FD Core P/E (x)	106.43	71.08	57.95	48.24
DPS (Rs)	12.0	24.0	24.0	24.0
Dividend Yield	0.39%	0.79%	0.80%	0.80%
EV/EBITDA (x)	51.09	40.50	34.58	29.42
P/FCFE (x)	426.61	71.06	54.21	42.33
Net Gearing	(25.2%)	(40.4%)	(51.3%)	(63.8%)
P/BV (x)	15.26	13.75	12.18	10.54
ROE	15.1%	20.3%	22.3%	23.4%
% 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	24,716	27,768
Gross Profit	15,697	17,752	19,773	22,215
Operating EBITDA	4,899	6,093	7,044	8,120
Depreciation And Amortisation	(1,502)	(1,436)	(1,500)	(1,500)
Operating EBIT	3,397	4,657	5,544	6,620
Financial Income/(Expense)	(375)	(294)	(250)	(250)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	417	692	800	950
Profit Before Tax (pre-EI)	3,439	5,055	6,094	7,320
Exceptional Items
Pre-tax Profit	3,439	5,055	6,094	7,320
Taxation	(1,028)	(1,432)	(1,706)	(2,050)
Exceptional Income - post-tax
Profit After Tax	2,411	3,623	4,388	5,271
Minority Interests	(22)	(46)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,389	3,577	4,388	5,271
Recurring Net Profit	2,389	3,577	4,388	5,271
Fully Diluted Recurring Net Profit	2,389	3,577	4,388	5,271

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
EBITDA	4,899	6,093	7,044	8,120
Cash Flow from Invt. & Assoc.
Change In Working Capital	355	357	(47)	536
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	417	692	800	950
Net Interest (Paid)/Received	(375)	(294)	(250)	(250)
Tax Paid	(736)	(1,494)	(2,256)	(2,750)
Cashflow From Operations	4,560	5,354	5,291	6,607
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)	800	950
Cash Flow From Financing	(2,832)	(4,139)	(1,201)	(1,076)
Total Cash Generated	(1,145)	972	3,490	4,931
Free Cashflow To Equity	596	3,578	4,691	6,007
Free Cashflow To Firm	2,062	5,405	4,941	6,257

(Rs mn)	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Total Cash And Equivalents	6,654	8,303	11,543	16,224
Total Debtors	708	774	865	972
Inventories	338	373	420	472
Total Other Current Assets	531	679	741	833
Total Current Assets	8,231	10,129	13,569	18,501
Fixed Assets	7,622	6,513	5,613	4,713
Total Investments
Intangible Assets	5,498	5,482	5,482	5,482
Total Other Non-Current Assets	2,120	1,650	1,650	1,650
Total Non-current Assets	15,240	13,645	12,745	11,845
Short-term Debt	1,533	833	833	833
Current Portion of Long-Term Debt
Total Creditors	1,561	1,866	1,903	2,232
Other Current Liabilities	1,624	1,977	2,093	2,551
Total Current Liabilities	4,718	4,676	4,830	5,616
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	5,435	6,221
Shareholders Equity	16,663	18,493	20,880	24,125
Minority Interests	332
Total Equity	16,995	18,493	20,880	24,125

	Mar-23A	Mar-24A	Mar-25F	Mar-26F
Revenue Growth	(3.4%)	10.4%	11.0%	12.3%
Operating EBITDA Growth	(12.6%)	24.4%	15.6%	15.3%
Operating EBITDA Margin	24.3%	27.4%	28.5%	29.2%
Net Cash Per Share (Rs)	51.29	89.36	128.11	184.11
BVPS (Rs)	199.32	221.21	249.76	288.58
Gross Interest Cover	9.06	15.84	22.18	26.48
Effective Tax Rate	29.9%	28.3%	28.0%	28.0%
Net Dividend Payout Ratio	29.3%	39.9%	33.2%	27.7%
Accounts Receivables Days	14.13	12.15	12.10	12.07
Inventory Days	35.18	28.75	29.28	29.32
Accounts Payables Days	123.86	138.55	139.15	135.89
ROIC (%)	24.7%	34.2%	47.7%	61.4%
ROCE (%)	17.8%	24.1%	27.0%	28.4%
Return On Average Assets	16.4%	22.6%	25.3%	26.7%

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

(91) 22 4161 1552 praful.bohra@incredresearch.com

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Market Data

Source: Bloomberg