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DR. LAL PATHLABS 2021-22 Annual Report Analysis
Tue, 14 Jun

DR. LAL PATHLABS has announced its results for the year ended March 2022. Let us have a look at the detailed performance review of the company during FY21-22.

DR. LAL PATHLABS Income Statement Analysis

  • Operating income during the year rose 32.0% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 28.5% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 26.9% in FY22 as against 27.6% in FY21.
  • Depreciation charges increased by 40.0% and finance costs increased by 88.6% YoY, respectively.
  • Other income grew by 2.4% YoY.
  • Net profit for the year grew by 18.2% YoY.
  • Net profit margins during the year declined from 18.7% in FY21 to 16.8% in FY22.

DR. LAL PATHLABS Income Statement 2021-22

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Net Sales Rs m 15,813 20,874 32.0%
Other income Rs m 513 525 2.4%
Total Revenues Rs m 16,326 21,400 31.1%
Gross profit Rs m 4,363 5,607 28.5%
Depreciation Rs m 772 1,081 40.0%
Interest Rs m 160 302 88.6%
Profit before tax Rs m 3,944 4,750 20.4%
Tax Rs m 979 1,247 27.3%
Profit after tax Rs m 2,965 3,503 18.2%
Gross profit margin % 27.6 26.9
Effective tax rate % 24.8 26.3
Net profit margin % 18.7 16.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



New Research: 2 stocks to buy as Nifty50 heads towards 40,000

DR. LAL PATHLABS Balance Sheet Analysis

  • The company's current liabilities during FY22 stood at Rs 5 billion as compared to Rs 3 billion in FY21, thereby witnessing an increase of 82.3%.
  • Long-term debt stood at Rs 2 billion as compared to Rs 1 million during FY21, a growth of 140065.5%.
  • Current assets fell 24% and stood at Rs 9 billion, while fixed assets rose 195% and stood at Rs 14 billion in FY22.
  • Overall, the total assets and liabilities for FY22 stood at Rs 23 billion as against Rs 16 billion during FY21, thereby witnessing a growth of 42%.

DR. LAL PATHLABS Balance Sheet as on March 2022

No. of Mths Year Ending 12 Mar-21* 12 Mar-22* % Change
Networth Rs m 12,053 14,498 20.3
 
Current Liabilities Rs m 2,743 5,000 82.3
Long-term Debt Rs m 1 1,668 140,065.5
Total Liabilities Rs m 16,333 23,162 41.8
 
Current assets Rs m 11,452 8,752 -23.6
Fixed Assets Rs m 4,881 14,410 195.2
Total Assets Rs m 16,333 23,162 41.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



DR. LAL PATHLABS Cash Flow Statement Analysis

  • DR. LAL PATHLABS's cash flow from operating activities (CFO) during FY22 stood at Rs 4 billion, an improvement of 12.2% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY22 stood at Rs -4 billion, an improvement of 111.9% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY22 stood at Rs 1 billion, an improvement of 198% on a YoY basis.
  • Overall, net cash flows for the company during FY22 stood at Rs 1 billion from the Rs 476 million net cash flows seen during FY21.

DR. LAL PATHLABS Cash Flow Statement 2021-22

Particulars No. of months 12 12 % Change
Year Ending Mar-21 Mar-22
Cash Flow from Operating Activities Rs m 3,982 4,467 12.2%
Cash Flow from Investing Activities Rs m -2,120 -4,492 -
Cash Flow from Financing Activities Rs m -1,386 1,365 -
Net Cash Flow Rs m 476 1,339 181.4%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for DR. LAL PATHLABS

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 42.0, an improvement from the EPS of Rs 35.6 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 2,033.9, stands at 48.4 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 11.7 times, while the price to sales ratio stands at 8.1 times.
  • The company's price to cash flow (P/CF) ratio stood at 59.2 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-21* 12 Mar-22*
Sales per share (Unadj.) Rs 189.7 250.5
TTM Earnings per share Rs 35.6 42.0
Diluted earnings per share Rs 35.6 42.0
Price to Cash Flow x 60.4 59.2
TTM P/E ratio x 76.1 48.4
Price / Book Value ratio x 14.0 18.7
Market Cap Rs m 168,365 271,229
Dividends per share (Unadj.) Rs 20.0 12.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for DR. LAL PATHLABS

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 1.8x during FY22, from 4.2x during FY21. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 16.7x during FY22, from 25.6x during FY21. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 24.2% during FY22, from 24.6% during FY22. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 31.2% during FY22, from 34.0% during FY21. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at 16.4% during FY22, from 19.1% during FY21. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-21* 12 Mar-22*
Current ratio x 4.2 1.8
Debtors’ Days Days 15 15
Interest coverage x 25.6 16.7
Debt to equity ratio x 0.0 0.1
Return on assets % 19.1 16.4
Return on equity % 24.6 24.2
Return on capital employed % 34.0 31.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how DR. LAL PATHLABS has performed over the last 5 years, please visit here.

DR. LAL PATHLABS Share Price Performance

Over the last one year, DR. LAL PATHLABS share price has moved down from Rs 3,216.1 to Rs 2,033.9, registering a loss of Rs 1,182.3 or around 36.8%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 21,699.0 (up 0.4%). Over the last one year it has moved down from 25,503.7 to 21,699.0, a loss of 3,805 points (down 14.9%).

Overall, the S&P BSE SENSEX is up 1.1% over the year.

(To know more, check out historical annual results for DR. LAL PATHLABS and quarterly results for DR. LAL PATHLABS)

Annual Report FAQs

What is the current share price of DR. LAL PATHLABS?

DR. LAL PATHLABS currently trades at Rs 2,262.7 per share. You can check out the latest share price performance of DR. LAL PATHLABS here...

What was the revenue of DR. LAL PATHLABS in FY22? How does it compare to earlier years?

The revenues of DR. LAL PATHLABS stood at Rs 21,400 m in FY22, which was up 31.1% compared to Rs 16,326 m reported in FY21.

DR. LAL PATHLABS' revenue has grown from Rs 10,881 m in FY18 to Rs 21,400 m in FY22.

Over the past 5 years, the revenue of DR. LAL PATHLABS has grown at a CAGR of 18.4%.

What was the net profit of DR. LAL PATHLABS in FY22? How does it compare to earlier years?

The net profit of DR. LAL PATHLABS stood at Rs 3,503 m in FY22, which was up 18.2% compared to Rs 2,965 m reported in FY21.

This compares to a net profit of Rs 2,276 m in FY20 and a net profit of Rs 2,005 m in FY19.

Over the past 5 years, DR. LAL PATHLABS net profit has grown at a CAGR of 19.5%.

What does the cash flow statement of DR. LAL PATHLABS reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of DR. LAL PATHLABS reveals:

  • Cash flow from operations increased in FY22 and stood at Rs 4,467 m as compared to Rs 3,982 m in FY21.
  • Cash flow from investments decreased in FY22 and stood at Rs -4,492 m as compared to Rs -2,120 m in FY21.
  • Cash flow from financial activity increased in FY22 and stood at Rs 1,365 m as compared to Rs -1,386 m in FY21.

Here's the cash flow statement of DR. LAL PATHLABS for the past 5 years.

(Rs m)FY18FY19FY20FY21FY22
From Operations1,9712,1852,8393,9824,467
From Investments-1,723-997-261-2,120-4,492
From Financial Activity125-553-1,904-1,3861,365
Net Cashflow3736356734761,339

What does the Key Ratio analysis of DR. LAL PATHLABS reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of DR. LAL PATHLABS reveals:

  • Operating profit margins witnessed a fall and stood at 26.9% in FY22 as against 27.6% in FY21.
  • Net profit margins declined from 18.7% in FY21 to 16.8% in FY22.
  • Debt to Equity ratio for FY22 stood at 0.1 as compared to 0.0 in FY21.

Here's the ratio/financial analysis of DR. LAL PATHLABS for the past 5 years.

 FY18FY19FY20FY21FY22
Operating Profit Margin (%)25.024.425.827.626.9
Net Profit Margin (%)16.316.717.118.716.8
Debt to Equity Ratio (x)0.00.00.00.00.1

Read: Latest Annual Report Analysis of DR. LAL PATHLABS

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