Dr Lal PathLabs shares advanced over 5 per cent intraday on Monday after the company said it is eyeing to attain around 18 per cent growth in its top-line in the ongoing financial year 2016-17 as it undertakes initiatives to expand number of tests offered and its network across India.
At 10.51 am, shares of Dr Reddy Labs were trading 3.04 per cent up at Rs 842.80. The scrip opened at Rs 814.50 and has touched a high and low of Rs 861.75 and Rs 806, respectively, in trade so far. Sensex was almost flat at 26,398.01.
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Dr Lal Pathlabs would be adding 15 labs and around 200 collection centres, which are mainly franchise outlets during the fiscal year. Moreover, the company is likely to invest around Rs 40 crore for the same.
The company is also planning to expand in to South and West India. In south and west it has selected two cities Bengaluru and Pune. In these cities, it will develop critical mass and then expand.
“We are aiming for around 18 per cent growth in the current fiscal. We have been growing at that rate and will like to keep the momentum,” Dr Lal PathLabs CEO Om Manchanda told PTI.
Dr LalPath Labs has 172 clinical labs and one central laboratory, over 1,500 collection centres and 4,967 pick-up points. It currently conducts nearly 2,000 tests. The company had posted a revenue of Rs 791.3 crore for the fiscal year 2015-16.