Dr Lal PathLabs Sees Profit Jump Despite Leadership Changes

Dr Lal PathLabs reported an 18% increase in consolidated profit to Rs 131 crore for Q2 2024. Revenue rose to Rs 660 crore. Om Prakash Manchanda is stepping down as Managing Director but will remain an advisor. Shares fell 1.96% after the announcement.

Dr Lal PathLabs announced on Wednesday that its consolidated profit after tax surged by 18% year-on-year, reaching Rs 131 crore for the second quarter ending September 30, 2024.

This marks a significant increase from the Rs 111 crore profit after tax recorded in the same period of the previous fiscal year. Additionally, the company's revenue grew to Rs 660 crore in the current quarter, up from Rs 601 crore year-on-year, as stated in their official report.

Despite a fruitful quarter, shares dipped 1.96% to Rs 3,252.50 on the BSE, following news that Om Prakash Manchanda would step down as Managing Director by March 2025, although he will continue to serve as an advisor post-tenure. The board has also declared a second interim dividend of Rs 6 per equity share for FY 2024-25.

(With inputs from agencies.)