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Equity Bottom-Up

<ul><li>Dr Lal Pathlabs (DLPL) is expected to sustain steady revenue growth, led by (1) patient and sample volume growth, with no price test increase in the near term, (2) increasing traction from its wellness segment (Swasthfit share at 24% in 9MFY25 vs 21% in FY24), and (3) an expansion strategy to drive volumes</li><li>We expect DLPL’s future growth to be driven by a combination of strengthening its operations in core metro and Tier-1 cities, penetration in Tier-3/4 cities in the North and East, and building clusters in the South and West regions</li><li>The company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription shares</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Dr Lal Pathlabs (DLPL) is expected to sustain steady revenue growth, led by (1) patient and sample volume growth, with no price test increase in the near term, (2) increasing traction from its wellness segment (Swasthfit share at 24% in 9MFY25 vs 21% in FY24), and (3) an expansion strategy to drive volumesWe expect DLPL’s future growth to be driven by a combination of strengthening its operations in core metro and Tier-1 cities, penetration in Tier-3/4 cities in the North and East, and building clusters in the South and West regionsThe company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription sharesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dr. Lal Pathlabs: Focus on volume-led growth and margin. Maintain ADD

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-lal-pathlabs-ltd" target="_blank" data-smartkarma-citation="entities:26927:1" rel="noopener">Dr Lal PathLabs Ltd (DLPL IN)</a> reported 10% revenue growth in Q2, driven by volume. The bottomline surge of 18% has again outpaced revenue growth, resulting in margin expansion.</li>
<li>There has been a significant improvement in Suburban’s revenue growth rate at 12%, with EBITDA margin reaching 20%. The company maintained 10% revenue growth target for the current financial year.</li>
<li>The operating environment is becoming conducive. Competitive intensity in terms of predatory pricing, promotional offer, and cash burning to acquire customers, have come to an end.</li>
</ul>



Dr Lal PathLabs Ltd (DLPL IN) reported 10% revenue growth in Q2, driven by volume. The bottomline surge of 18% has again outpaced revenue growth, resulting in margin expansion.
There has been a significant improvement in Suburban’s revenue growth rate at 12%, with EBITDA margin reaching 20%. The company maintained 10% revenue growth target for the current financial year.
The operating environment is becoming conducive. Competitive intensity in terms of predatory pricing, promotional offer, and cash burning to acquire customers, have come to an end.


Dr Lal PathLabs Ltd (DLPL IN): Volume Driven Topline Growth and Margin Improvement Continued in Q2

Thematic (Sector/Industry)

<ul>
<li>FDA has confirmed the primary endpoints for Neuren Pharmaceuticals’ planned Phase 3 pivotal clinical trial of NNZ-2591 in Phelan-McDermid syndrome. Eisai has ultimately received its long-waited European approval for Leqembi.</li>
<li>Chugai Pharmaceutical’s outlicensed oral GLP-1 drug candidate orforglipron has shown positive topline Phase 3 results. Telix announced preliminary results from the Phase 2 study of TLX101 in recurrent high-grade glioma.</li>
<li>Biocon secured market entry date for Yesafili, an interchangeable biosimilar to Eylea in the U.S. FDA has issued Form 483 with 11 observations for Aurobindo Pharma’s North Carolina inhaler plant.</li>
</ul>


FDA has confirmed the primary endpoints for Neuren Pharmaceuticals’ planned Phase 3 pivotal clinical trial of NNZ-2591 in Phelan-McDermid syndrome. Eisai has ultimately received its long-waited European approval for Leqembi.
Chugai Pharmaceutical’s outlicensed oral GLP-1 drug candidate orforglipron has shown positive topline Phase 3 results. Telix announced preliminary results from the Phase 2 study of TLX101 in recurrent high-grade glioma.
Biocon secured market entry date for Yesafili, an interchangeable biosimilar to Eylea in the U.S. FDA has issued Form 483 with 11 observations for Aurobindo Pharma’s North Carolina inhaler plant.


APAC Healthcare Weekly (April 20)- Neuren, Chugai, Eisai, Telix, Biocon, Aurobindo Pharma

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-lal-pathlabs-ltd" target="_blank" data-smartkarma-citation="entities:26927:1" rel="noopener">Dr Lal PathLabs Ltd (DLPL IN)</a> has maintained its 10% revenue growth target for the current financial year, mainly driven by 6–7% growth in patient volume.</li>
<li>The operating environment is becoming conducive. Competitive intensity in terms of predatory pricing, promotional offer, and cash burning to acquire customers, have come to an end.</li>
<li>As of Q1FY25, DLPL has net cash position of INR10B. The company is looking for small or mid-sized acquisitions in South and West India and expanding in small towns.</li>
</ul>



Dr Lal PathLabs Ltd (DLPL IN) has maintained its 10% revenue growth target for the current financial year, mainly driven by 6–7% growth in patient volume.
The operating environment is becoming conducive. Competitive intensity in terms of predatory pricing, promotional offer, and cash burning to acquire customers, have come to an end.
As of Q1FY25, DLPL has net cash position of INR10B. The company is looking for small or mid-sized acquisitions in South and West India and expanding in small towns.


Dr Lal PathLabs Ltd (DLPL IN): Poised for Next Level of Growth Amid Easing Price Competition

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>Indonesia has been the recipient of significant investment flows for foreign investors with more of a "risk on" environment with a large portion flowing into Indonesian banks. </li>
<li>Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.</li>
<li>Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. </li>
</ul>


Indonesia has been the recipient of significant investment flows for foreign investors with more of a "risk on" environment with a large portion flowing into Indonesian banks. 
Indonesia stacks up from an investment perspective with a stable political environment, solid GDP growth of around 5% YoY, rising flows of FDI, and a more stable IDR.
Despite the JCI knocking on all-time highs, valuations continue to look attractive with prospects of a better 2H2024 and lower interest rates. Top picks: Banks, property, consumer, and selective elsewhere. 


Indonesia Strategy - Caught in a Perfect Updraft?

India

Dr. Lal PathLabs Limited operates clinical laboratories. The Company offers medical diagnostic, cardiology, radiology, pathology and imaging, health checkup, blood test, and customer care services. Dr. Lal PathLabs conducts its business in India.

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Dr Lal PathLabs Ltd (DLPL IN)

Dr. Lal Pathlabs: Focus on volume-led growth and margin. Maintain ADD

The company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription...

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