India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/krsnaa-diagnostics-ltd" target="_blank" data-smartkarma-citation="entities:33795:1" rel="noopener">Krsnaa Diagnostics (KRSNAA IN)</a> expands into B2C, adds new pathology labs, and secures major government contracts for further growth.</li>
<li>Growth in PPP and retail sectors, improved margins, and expanding service offerings solidify market leadership.</li>
<li>Krsnaa's aggressive expansion strategy and diversification indicate strong long-term growth potential with new B2C trajectory and Asset Light Model Expansion.</li>
</ul>



Krsnaa Diagnostics (KRSNAA IN) expands into B2C, adds new pathology labs, and secures major government contracts for further growth.
Growth in PPP and retail sectors, improved margins, and expanding service offerings solidify market leadership.
Krsnaa's aggressive expansion strategy and diversification indicate strong long-term growth potential with new B2C trajectory and Asset Light Model Expansion.


The Beat Ideas- Krsnaa Diagnostics: B2C & Asset Light Flavor

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 2% and 8% revenue and net profit decline in Q3FY23, respectively. Q3 results were dragged by an 80% YoY decline in COVID-19 revenue.</li>
<li>While non-COVID revenue increased 9% YoY to INR4.78 billion, it declined 7% QoQ. In fact, Q3FY23 non-COVID revenue was the lowest over the last three quarters.</li>
<li>Although diagnostics is a big and attractive market opportunity in India, the sector is overcrowded, leading to heated price competition and declining realization per test.</li>
</ul>



Dr Lal PathLabs Ltd (DLPL IN) reported 2% and 8% revenue and net profit decline in Q3FY23, respectively. Q3 results were dragged by an 80% YoY decline in COVID-19 revenue.
While non-COVID revenue increased 9% YoY to INR4.78 billion, it declined 7% QoQ. In fact, Q3FY23 non-COVID revenue was the lowest over the last three quarters.
Although diagnostics is a big and attractive market opportunity in India, the sector is overcrowded, leading to heated price competition and declining realization per test.


Dr Lal PathLabs (DLPL IN): Losing Path Amid Competition; Non-COVID Growth Underwhelming

<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 revenue growth of 7% y/y in Q2FY23, driven by 15% y/y growth in non-COVID business, which clocked highest ever quarterly revenue.  </li>
<li>Although business growth was mainly driven by a double-digit patient volume growth, average realization per patient also increased 3% y/y to INR746.</li>
<li>Amid rising competition, the company reported sequential improvement in bottom-line. Normalized EBITDA increased 20% compared to Q1FY23. Normalized EBITDA margin improved 310 basis points sequentially.</li>
</ul>



Dr Lal PathLabs Ltd (DLPL IN) reported revenue growth of 7% y/y in Q2FY23, driven by 15% y/y growth in non-COVID business, which clocked highest ever quarterly revenue.  
Although business growth was mainly driven by a double-digit patient volume growth, average realization per patient also increased 3% y/y to INR746.
Amid rising competition, the company reported sequential improvement in bottom-line. Normalized EBITDA increased 20% compared to Q1FY23. Normalized EBITDA margin improved 310 basis points sequentially.


Dr Lal PathLabs (DLPL IN): Q2FY23 Review- Volume Driven Sales Growth; Sequential Margin Improvement

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Metropolis Healthcare Limited / Event-Driven

<ul>
<li>Several press reports regarding potential takeover speculations related to Indian diagnostics company <a href="https://www.smartkarma.com/entities/metropolis-healthcare-limited" target="_blank" data-smartkarma-citation="entities:27829:1" rel="noopener">Metropolis Healthcare Limited (METROHL IN)</a> have emerged in the Indian press over the last few days.</li>
<li>Metropolis Healthcare Limited currently has a total market capitalization of US$1bn.</li>
<li>Below is a closer look at the details of the situation.</li>
</ul>


Several press reports regarding potential takeover speculations related to Indian diagnostics company Metropolis Healthcare Limited (METROHL IN) have emerged in the Indian press over the last few days.
Metropolis Healthcare Limited currently has a total market capitalization of US$1bn.
Below is a closer look at the details of the situation.


Metropolis Healthcare (METROHL IN): Adani & Apollo Eyeing Majority Stake? Could Outperform Dr Lal

India

Krsnaa Diagnostics Limited provides diagnostic and medical treatment services. The Company offers radiology, MRI breast imaging, musculoskeletal, body and spine scan, pathology, hematology, microbiology, serology, and teleradiology services. Krsnaa Diagnostics serves patients in India.

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Krsnaa Diagnostics (KRSNAA IN)

The Beat Ideas- Krsnaa Diagnostics: B2C & Asset Light Flavor

Krsnaa Diagnostics expands into B2C, adds labs, secures govt contracts for growth. Aggressive strategy and diversification show strong long-term...

Sudarshan Bhandari

Dr Lal PathLabs (DLPL IN): Losing Path Amid Competition; Non-COVID Growth Underwhelming

India diagnostic sector is overcrowded, leading to price competition and declining realization per test. Currently, DLPL’s three-year patient...

Tina Banerjee

Dr Lal PathLabs (DLPL IN): Q2FY23 Review- Volume Driven Sales Growth; Sequential Margin Improvement

DLPL reported highest ever quarterly revenue from non-COVID business. The company reported sequential improvement in bottom-line. Price competition...

Tina Banerjee

Metropolis Healthcare (METROHL IN): Adani & Apollo Eyeing Majority Stake? Could Outperform Dr Lal

Metropolis Healthcare has been widely discussed as a potential M&A target and multiple potential suitors seem to be interested. This could act as a...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Beat Ideas- Krsnaa Diagnostics: B2C & Asset Light Flavor

​Krsnaa Diagnostics expands into B2C, adds labs, secures govt contracts for growth. Aggressive strategy and diversification show strong long-term...

Sudarshan Bhandari

Dr Lal PathLabs (DLPL IN): Losing Path Amid Competition; Non-COVID Growth Underwhelming

India diagnostic sector is overcrowded, leading to price competition and declining realization per test. Currently, DLPL’s three-year patient...

Tina Banerjee

Dr Lal PathLabs (DLPL IN): Q2FY23 Review- Volume Driven Sales Growth; Sequential Margin Improvement

DLPL reported highest ever quarterly revenue from non-COVID business. The company reported sequential improvement in bottom-line. Price competition...

Tina Banerjee

Metropolis Healthcare (METROHL IN): Adani & Apollo Eyeing Majority Stake? Could Outperform Dr Lal

Metropolis Healthcare has been widely discussed as a potential M&A target and multiple potential suitors seem to be interested. This could act as a...

Janaghan Jeyakumar, CFA

Krsnaa Diagnostics expands into B2C, adds labs, secures govt contracts for growth. Aggressive strategy and diversification show strong long-term...