India`s Dr. Lal PathLabs posts 54% jump in Q3 profit on flu, COVID tests
Dr. Lal PathLabs, India's biggest diagnostics firm by revenue, posted a higher profit for the third straight quarter on Thursday, due to more diagnostics and tests in the monsoon and winter seasons as well as an increase in COVID cases.
The company's consolidated net profit jumped 54% year-over-year to 813 million rupees (nearly $10 million) in the third quarter.
Its total revenue climbed by 10% to 5.39 billion rupees
The October-December quarter encompasses the tail end of the monsoon as well as winter, which brings with them ailments such as influenza and stomach flu.
Moreover, a resurgence in COVID-19 cases towards the end of December also boosted the demand for tests.
That benefited Dr. Lal PathLabs and its rivals, including Metropolis Healthcare and Thyrocare Technologies.
Thyrocare's results are due later in the day, and Metropolis will report its results on Friday.
The stock prices of all three companies were little changed on the day.
Dr. Lal PathLabs's shares climbed 14% in 2023, sandwiched between Metropolis' 26% rise and Thyrocare's 4% bump. ($1 = 82.9746 Indian rupees)
