Diagnostic services provider Dr Lal PathLabs on Tuesday posted a 10.6 per cent increase in its consolidated profit after tax (PAT) at Rs 96.3 crore for the second quarter ended September 30.
The company had reported a PAT of Rs 87.1 crore in July-September in the year-ago period.
Operating revenue of the company increased by 15.4 per cent in Q2 FY22 to Rs 498.4 crore as compared with Rs 431.9 crore in Q2 FY21, Dr Lal PathLabs (LPL) said in a regulatory filing.
The company's board approved 100 per cent acquisition of Suburban Diagnostics (India) Pvt Ltd in an all-cash deal for an enterprise value of Rs 925 crore. The deal shall be funded through the existing cash reserves of the company, it added.
''Our joining hands with Suburban Diagnostics is a significant step in LPL's endeavor to expand our footprint in Western India. I am confident that our combined strengths and a similar DNA of both the companies- led by doctor promoters, will lead to new heights in serving our customers across Western India,'' Dr Lal PathLabs Executive Chairman Arvind Lal noted.
Suburban Diagnostics (India) Founder Sanjay Arora said one of his missions has been to unburden healthcare and add value to medical outcomes.
''By coming together with LPL, I will get the right platform to make this impact at a national level. The core of any healthcare organisation is to add medical value while continuing to drive good governance and positive commercial success,'' he added.
The deal is expected to close within one month.
(With inputs from PTI)
