InCred Equities - Dr. Lal Pathlabs Ltd.

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	22,266	24,614	27,477	30,932
Operating EBITDA (Rsm)	6,093	6,955	7,502	8,806
Net Profit (Rsm)	3,577	4,871	4,903	5,796
Core EPS (Rs)	42.8	58.3	58.6	69.3
Core EPS Growth	49.7%	36.2%	0.7%	18.2%
FD Core P/E (x)	66.52	48.85	48.53	41.05
DPS (Rs)	24.0	24.0	24.0	24.0
Dividend Yield	0.84%	0.84%	0.84%	0.84%
EV/EBITDA (x)	37.70	32.58	29.68	24.74
P/FCFE (x)	66.50	55.53	44.23	37.66
Net Gearing	(45.7%)	(52.8%)	(62.7%)	(71.5%)
P/BV (x)	12.87	10.95	9.69	8.42
ROE	20.3%	24.2%	21.2%	21.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	22,266	24,614	27,477	30,932
Gross Profit	17,752	19,799	21,899	24,591
Operating EBITDA	6,093	6,955	7,502	8,806
Depreciation And Amortisation	(1,436)	(1,419)	(1,440)	(1,470)
Operating EBIT	4,657	5,536	6,062	7,336
Financial Income/(Expense)	(294)	(223)	(200)	(150)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	692	934	950	850
Profit Before Tax (pre-EI)	5,055	6,247	6,812	8,036
Exceptional Items
Pre-tax Profit	5,055	6,247	6,812	8,036
Taxation	(1,432)	(1,325)	(1,839)	(2,170)
Exceptional Income - post-tax
Profit After Tax	3,623	4,922	4,973	5,866
Minority Interests	(46)	(51)	(70)	(70)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,577	4,871	4,903	5,796
Recurring Net Profit	3,577	4,871	4,903	5,796
Fully Diluted Recurring Net Profit	3,577	4,871	4,903	5,796

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	6,093	6,955	7,502	8,806
Cash Flow from Invt. & Assoc.
Change In Working Capital	357	60	262	232
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	692	800	950	950
Net Interest (Paid)/Received	(294)	(223)	(200)	(150)
Tax Paid	(1,494)	(2,038)	(2,659)	(2,940)
Cashflow From Operations	5,354	5,554	5,855	6,899
Capex	(503)	(436)	(600)	(600)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	260
Cash Flow From Investing	(243)	(436)	(600)	(600)
Debt Raised/(repaid)	(1,533)	(833)	125	19
Proceeds From Issue Of Shares	35	127
Shares Repurchased
Dividends Paid	(2,012)	(2,073)	(2,006)	(2,006)
Preferred Dividends
Other Financing Cashflow	(629)	(532)	1,075	869
Cash Flow From Financing	(4,139)	(3,311)	(807)	(1,119)
Total Cash Generated	972	1,807	4,449	5,180
Free Cashflow To Equity	3,578	4,285	5,380	6,318
Free Cashflow To Firm	5,405	5,341	5,455	6,449

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	9,441	11,654	15,778	20,689
Total Debtors	774	881	962	1,083
Inventories	373	361	467	495
Total Other Current Assets	679	739	824	928
Total Current Assets	11,267	13,635	18,031	23,195
Fixed Assets	3,807	3,393	2,553	1,683
Total Investments
Intangible Assets	8,525	7,992	7,992	7,992
Total Other Non-Current Assets	961	2,148	2,148	2,148
Total Non-current Assets	13,293	13,533	12,693	11,823
Short-term Debt	833
Current Portion of Long-Term Debt
Total Creditors	1,866	1,988	2,296	2,582
Other Current Liabilities	1,953	2,037	2,264	2,462
Total Current Liabilities	4,652	4,025	4,560	5,044
Total Long-term Debt			125	144
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,054	1,078	1,078	1,078
Total Non-current Liabilities	1,054	1,078	1,203	1,222
Total Provisions
Total Liabilities	5,706	5,103	5,762	6,266
Shareholders Equity	18,493	21,727	24,554	28,273
Minority Interests	361	338	408	478
Total Equity	18,854	22,065	24,962	28,751

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	10.4%	10.5%	11.6%	12.6%
Operating EBITDA Growth	24.4%	14.1%	7.9%	17.4%
Operating EBITDA Margin	27.4%	28.3%	27.3%	28.5%
Net Cash Per Share (Rs)	102.97	139.40	187.24	245.76
BVPS (Rs)	221.21	259.89	293.70	338.20
Gross Interest Cover	15.84	24.83	30.31	48.91
Effective Tax Rate	28.3%	21.2%	27.0%	27.0%
Net Dividend Payout Ratio	39.9%	32.4%	29.8%	25.2%
Accounts Receivables Days	12.15	12.27	12.24	12.06
Inventory Days	28.75	27.82	27.09	27.69
Accounts Payables Days	138.55	146.08	140.17	140.40
ROIC (%)	38.4%	49.0%	52.8%	70.6%
ROCE (%)	23.9%	26.5%	25.7%	27.2%
Return On Average Assets	22.3%	25.0%	24.2%	24.9%

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

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Market Data

Source: Bloomberg