Dr Lal Pathlabs Ltd

Dr. Lal PathLabs is engaged in the business of running laboratories for carrying out pathological investigations of various branches of bio-chemistry, hematology, histopathology, microbiology, electrophoresis, immunochemistry, immunology, virology, cytology, and other pathological and radiological investigations.(Source : 201903 Annual Report Page No: 86)

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 24.23%
Company has been maintaining a healthy dividend payout of 21.06%
Cons:
Stock is trading at 12.45 times its book value

Peer Comparison Sector: Healthcare // Industry: Healthcare

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
208 220 249 278 263 267 292 318 292 301 335 366
160 170 184 200 206 203 217 231 227 235 240 257
Operating Profit 47 50 66 78 57 64 75 87 66 66 95 109
OPM % 23% 23% 26% 28% 22% 24% 26% 27% 22% 22% 28% 30%
Other Income 7 7 8 8 7 9 9 11 12 14 14 15
Interest 0 0 0 0 0 0 0 0 0 0 4 4
Depreciation 7 8 7 8 8 11 9 9 10 10 16 18
Profit before tax 47 49 66 78 56 62 75 88 68 69 89 102
Tax % 34% 35% 33% 35% 35% 35% 34% 35% 32% 32% 34% 21%
Net Profit 31 31 44 51 36 40 49 57 46 47 59 80
EPS in Rs 3.78 3.80 5.40 6.19 4.39 4.88 6.00 6.92 5.56 5.72 7.14 9.77
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
237 342 452 558 660 791 912 1,057 1,203 1,294
181 256 354 419 504 582 675 793 910 959
Operating Profit 57 87 98 139 156 210 238 264 294 336
OPM % 24% 25% 22% 25% 24% 26% 26% 25% 24% 26%
Other Income 2 2 3 8 12 20 27 31 46 55
Interest 1 3 0 0 0 0 1 1 1 8
Depreciation 14 20 20 27 28 28 28 33 38 54
Profit before tax 45 66 80 119 140 201 237 261 301 329
Tax % 34% 32% 31% 33% 31% 34% 34% 34% 33%
Net Profit 29 45 55 80 96 132 155 171 199 232
EPS in Rs 738.08 1,143.39 1,527.46 140.00 16.77 15.99 18.61 20.49 23.90 28.19
Dividend Payout % 19% 19% 9% 7% 9% 15% 16% 22% 25%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:16.62%
3 Years:15.00%
TTM:13.61%
Compounded Profit Growth
10 Years:%
5 Years:19.68%
3 Years:14.19%
TTM:27.16%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:9.87%
1 Year:82.09%
Return on Equity
10 Years:%
5 Years:26.17%
3 Years:24.23%
Last Year:21.98%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
5 5 5 80 81 83 83 83 83 83
Reserves 88 111 157 151 260 424 512 734 890 975
Borrowings 20 0 0 1 0 0 0 0 0 0
59 63 109 147 162 120 96 101 121 309
Total Liabilities 170 178 270 352 476 626 692 918 1,094 1,367
112 108 127 140 150 166 152 208 209 397
CWIP 0 6 1 0 1 4 18 10 3 4
Investments 1 5 55 9 38 64 106 145 185 168
57 58 88 204 287 392 416 556 697 798
Total Assets 170 178 270 352 476 626 692 918 1,094 1,367

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
42 68 88 98 122 159 171 197 219
-19 -26 -64 -89 -113 -163 -137 -172 -100
-22 -38 -15 -10 -1 0 -32 13 -55
Net Cash Flow 1 4 9 -2 8 -5 2 37 64

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 60% 58% 61% 49% 47% 43% 37% 33%
Debtor Days 15 15 16 16 17 17 17 14 16
Inventory Turnover 48.96 60.79 55.00 50.86 54.95 56.27 46.71 43.07