Diagnostics firm Dr Lal PathLabs on Friday reported an over 2.5 times rise in its consolidated net profit to Rs 85.1 crore for the quarter ended March 31, 2021, mainly on account of a rise in the non-COVID-19 business.
The company had posted a net profit of Rs 32.6 crore for the corresponding period of the previous financial year, Dr Lal PathLabs said in a regulatory filing.
Its consolidated revenue from operations stood at Rs 431 crore for the quarter under consideration. It was Rs 301.7 crore for the same period a year ago, it added.
Dr Lal PathLabs Executive Chairman Arvind Lal said, "Even though the concluding quarter of FY21 was marked by the second wave of COVID-19 pandemic in India, we have ensured that our non-COVID-19 business has shown growth." The COVID-19 business started increasing by the end of the quarter due to the growing caseload of coronavirus cases, he added.
Its non-COVID-19 business achieved a phenomenal increase with 26.8 percent growth year-on-year; COVID-19 testing surged again in March as caseloads rose across the country, Dr Lal PathLabs said.
For the financial year ended March this year, the company posted a net profit of Rs 296.5 crore as against Rs 227.6 crore for the year-ago fiscal, the filing said.
The firm's revenue from operations stood at Rs 1,581.3 crore for the financial year ended March 2021. It was Rs 1,330.4 crore for the previous fiscal year, it added.
In a separate filing, Dr Lal PathLabs said its board has approved recommendation of a final dividend of Rs 8 per equity share of a face value of Rs 10 per share for the year ended March 31, 2021.
Shares of Dr Lal PathLabs were trading at Rs 2,833.65 per scrip on the BSE, down 0.73 per cent from its previous close.