With Covid numbers on the dip, diagnostic labs which made a lot of money when the virus ruled for the past two years, are now unhappy.
Dr,Lal Pathlabs, announced its earnings for Q4FY22 yesterday; it reported a 14% (YoY) dip in consolidated net profit at Rs.73 crore, this was despite a 13% increase in operating revenue at Rs.485 crore wherein Covid and allied contributed 14% to the revenue.
EBITDA margin fell from 25.7% to 19.4%.
The stock had hit a new 52-week low yesterday at Rs.2151.05 and today once again, it hit another new low at Rs.2019.10.
Another diagnostic company, Metropolis Healthcare too hit a new low today at Rs.1754.70; this is purely on disappointing numbers of Dr.Lal Path as it is to declare its Q4 earnings on the 25th of May. Thyrocare also hit a new low today at Rs.681.80.