Stockrabit · Analysts
Questions across 12 calls

Prakash Kapadia

Spark PMS

Dr. Lal Path Labs Ltd.

Dr. Lal Path Labs Ltd. CC-Aug25.pdf · 2025-07-31
Yes. Thanks for the opportunity. A couple of questions from my end. In the last, I think, 3 odd years, we have launched the Bangalore Reference Lab as well as the Mumbai Reference Lab. Historically, we have seen the sales growth is much higher in these markets when the reference lab is launched, be it east, be it north. Towards the lat ter half of the year, would we expect west and specifically south Bangalore side to have revenue growth faster than the company average growth, because that is what I think the trend shows and all the efforts which we typically put once the reference lab is there, they generally fructify and in addition to that, from a revenue side, also, I think last call you had alluded, Shank ha, the patient service centers we have invested. So, if I see that last 2-3 years, they are up by 40 %, pickup points are up by, I think, 17%, 18%. When does the step up in revenue happen for us? Obviously, we are growing better than industry, but still the step up in revenue say 15 % revenue growth, when do some of these things fructify as we move forward?
And this, Shankha, you said would happen over a period of time. So, that would take more time in the Tier-III, Tier-IV markets where we are focusing since the last few years because there I think penetration, habits, awareness would take time. What would be that inflection point, which we have to monitor to see we have got there in terms of the faster revenue growth, which seems to be missing as of now? Obviously, it is better than what others or industry players are doing. But how does that step up happen? Is it habit change? Is it awareness? Is it per capita?
Dr. Lal Path Labs Ltd. CC-Mar25.pdf · 2025-04-25
Yes. Thanks. A couple of questions from my end. So, at a time when most estimates for the diagnostic industry are showing an 8 % - 9% growth, our growth has been 10%. So just wanted to understand, you know, what it will take at our end to grow at faster than the current rate. So, you know, because we have been expanding and derisking from North, we have expanded to East, to West is now almost 14% - 15% of contribution. I guess with scale, you know, the low cost and the quality assurance and branding should ensure slightly offer better growth than this. This is obviously better than industry, but what will it take for us to grow still higher than the current growth rate? So is it going to be a specialized test? Is it going to be some specific region contribution where we are very low or weaker ? So, some cards on that will help.
Okay. And anything you want to call out on the contribution of specialized test ? Is that a focus area given our legacy and experience in the industry? Can that be a big contribution going forward?
Dr. Lal Path Labs Ltd. CC-Dec24.pdf · 2025-01-30
Two questions from my end. Any comments on how are smaller players in the industry doing, any specific trends you witnessed in terms of consolidation or regional players performance that would help? And secondly, any price increases on the anvil because s ome of the larger players are contemplating price increases? Those are my questions.
And lastly, Dr., in this context of what you just mentioned, is it possible directionally we should grow faster than some of the other players, given that we are spreading geographically, we've been one of the earlier players in Tier 3-4 cities, so when do you know some of these initiatives fructify and lead to still higher sales growth for us?
Dr. Lal Path Labs Ltd. CC-Sep24.pdf · 2024-10-23
A couple of questions from my end. On Swasthfit, if you could give us some sense how much of this is a doctor recommended, how much is directly and is there a scope to increase this contribution in Tier-3, Tier-4 cities also? Given the work we have done over the last two years now in Suburban, so is it fair to assume now Suburban will continue to grow higher than the company average from here on? And lastly from a higher revenue growth perspective if I were to just guess the drivers in the medium term, will it be market share gain from smaller players, will it be higher number of patients or will it be more revenue from patients or you see Tier-3, Tier-4 contribution increasing, what could be the pecking order in terms of just trying to assess the potential revenue over the medium-term?
Lastly, Shankha, you mentioned about the growth drivers for a higher kind of revenue growth. Historically we had seen post -COVID lot of these new labs had sprung up. Any sense on these unorganized or these players getting marginalized because I guess over the mid-to-long term that also would aid growth and now should translate or show into higher growth, is that happening on the ground, not happening if you could give us some sense that would be helpful.
Dr. Lal Path Labs Ltd. CC-Jun24.pdf · 2024-08-07
Could you give us some sense of specialized test as a percentage of overall revenues maybe last year and do we see that as a differentiator going forward because we seem to be investing in R&D, we seem to be doing a lot of work on newer tests, so where ar e we in our journey? Secondly is on Suburban, what will it take to get that inflection point because it's almost now 3 years and we have been investing in process, we have built the infra we have transitioned from being a doctor advocacy to a consumer brand and I think we are still #3 in Mumbai, what will it take for us to grow Suburban faster than the company average?
That would be Shankha, from Mumbai only or this Pune or Goa initiative will get us there?
Dr. Lal Path Labs Ltd. CC-Mar24.pdf · 2024-05-10
I have two questions. If I look at the Swasthfit contribution. It has been increasing. It has been doing well for us. So is it currently just a few top cities or metro specific, is there a scope to take this beyond some of the top cities? That's my first question. And secondly, if I look at where the industry is, given that some of the price increase has happened, competitive intensity has stabilized or decreased. So from year on, if I were to build a scenario of doubling our patient count of 27.5, 28 million over the next few years, what are the key variables which will get us there? Is it convenience? Is it accuracy? Is it increased genomics contribution? Is it do ctor advocacy, if you could give some direction on those parts will be helpful?
I get to the point of price increases, not the route. But in terms of the patient volume growth, I'm just trying to envisage a scenario what will that one or two variables be? Because in terms of branding, we are one of the oldest companies. In terms of co st per sample, we are amongst one of the best. So why is that volume growth not really coming through for us? So , is it going to be some of the newer tests, which will contribute more or some specific convenience factor from a consumer standpoint? I was more trying to understand that.

Indegene Limited

Indegene Limited CC-Mar25.pdf · 2025-04-29
A couple of questions from my end. Given the environment, Manish, which you alluded to in the opening comments in terms of some of the FDA -related challenges or issues, which could slow decision-making in terms of AI getting adoption being slower or decision -making being slower. So in this environment, what kind of organic revenue growth could we expect in FY '26? And if you could give some insights into specific geographies, U.S. o r Europe, that would be helpful?
Okay. And what kind of a capex are we planning to do in FY '26? And what could be technology spend, if you could share that number?

Star Health and Allied Insurance Company Limited

Star Health and Allied Insurance Company Limited CC-Dec24.pdf · 2025-01-29
Thanks for the opportunity. If I were to look at nine months combined ratio it is 101.8 versus. 98.2. This is largely due higher loss ratios and you know, this quarter we have seen OPEX and commission being higher, you partly alluded to the 1/N impact which is, started recently. What I wanted to understand is we are already following 1/365. What is the impact of 1/N for us and from here on how does the trajectory of combined ratios look forward on a ‘26 or you know near term basis for us because, we were already 1/365 in terms of revenue recognition, so with 1/N is the impact still there, lesser? Are we better off? If you could give some insights that will be helpful.
Are you saying that for Q3, if I were to take this impact, it is higher by 1.6%.
Star Health and Allied Insurance Company Limited CC-Sep24.pdf · 2024-10-30
Two questions from my end. Earlier, we were targeting combined ratio being lower and we were also looking at retail growth being higher than SAHI players and industry. So, what are we are missing as a leader? Is it just the seasonality impact or underwriting? And from here on, if I were to look at slightly medium term, obviously, you have your target of longer term profitability and GWP doubling, so profitability tripling. In the medium term, how do we evaluate you? Is it going to be a slowdown in business and the trade-off of profitability? What is the game plan because it's slightly confusing, despite the leadership we have, we've not been able to get better combined ratios or profitability. Are we okay in slowing down growth in the near term and focusing on profitability or we think the balance of profitability and growth will be there, How do we look at say the next few quarters from here on?
All of us know group business always is the trade-off between lower expense ratio, but higher claims ratio. Would you still continue to grow group at a low base obviously for us, but would the growth rate continue?

Bajaj Finserv Limited

Bajaj Finserv Limited CC-Sep24.pdf · 2024-10-25
A couple of questions from my end. On the health side, typically, when we are looking to scale up, what are the combined ratios on the retail and group side or what are thresholds for scaling that business, what has been your experience on the government side of the health business? Because if I try and look at our GDPI growth, in the first 6 months, it's degrown partly due to health TP and crop business not growing. So what will bring back GDPI growth in the medium term for us?
Are we comfortable with the government health side of the business, what has been our experience?

United Spirits Limited

Central Depository Services (India) Limited