Dr. Lal PathLabs Ltd (NSE: LALPATHLAB), a leading provider of diagnostic and related healthcare services, has reported lower revenues and earnings for the first quarter of 2023. The company also announced an interim dividend of ₹6 per share.
First-quarter revenues dropped 17% year-over-year to ₹502.7 crores, hurt by a sharp decline in COVID & Allied revenues. Meanwhile, non-COVID revenue increased 25% to ₹481.8 crores.
Reflecting the weak top-line performance, the company’s total comprehensive income declined to ₹57.7 crores from ₹133.6 crores in the prior-year quarter. On a per-share basis, earnings were ₹6.96, down 56%.
Read management/analysts’ comments on quarterly reports
“The industry has more than adequate headroom to grow in FY23, where with an effective vaccination drive and improved patient care infrastructure, India has successfully met the challenges posed during the pandemic. Dr. Lal PathLabs is committed to control the epidemic of non-communicable diseases or lifestyle diseases that are responsible for nearly 65% deaths in India,” said Dr. Arvind Lal, executive chairman of the company.