STOCK: Dr Lal Path labsSECTOR:Pharmacetuical

BSE code: 539524 52 WK LOW/HIGH: 696.50-------------1,280Face value:10.00Book Value(Rs)57.82Industry P/E:53.77Dividend(%)24.50

Glances at the company from its roots :

Late Dr. Major S.K. Lal, commenced the business of providing pathology services and maintaining a blood bank in the year 1949 through sole proprietorship M/s Central Clinical Laboratory and M/s Blood Bank Transfusion Centre. The business of diagnostic and related healthcare tests and services now continues to be provided by our Company.

Dr. Lal Pathlabs Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of

₹ 8781.43 Cr.) operating in Pharmaceuticals and health care sector.

Dr. Lal Pathlabs Ltd. key Products/Revenue Segments include Hospital Services which contributed ₹

765.34 Cr to Sales Value (99.99 % of Total Sales) and Scrap which contributed ₹ .06 Cr to Sales

Value (0.00 % of Total Sales)for the year ending 31-Mar-2016.

For the quarter ended 30-09-2016, the company has reported a Consolidated sales of ₹ 262.16 Cr.,

up 17.65 from last quarter Sales of ₹ 222.83 Cr. and up 21.53 from last year same quarter Sales of ₹

215.71 Cr. Company has reported net profit after tax of ₹ 52.85 Cr. in latest quarter.

The company’s CEO is Brig.(Hony) Dr.Arvind Lal. It's Board of Directors include Brig.(Hony) Dr.Arvind

Lal, Dr.Murugan Rajaram Pandian, Dr.Om Prakash Manchanda, Dr.Saurabh Srivastava, Dr.Vandana

Lal, Mr.Anoop Mahendra Singh, Mr.Arun Duggal, Mr.Harneet Singh Chandhoke, Mr.Rahul Sharma,

Mr.Rajat Kalra, Mr.Sandeep Singhal, Mr.Sunil Varma, Mr.Dilip Bidani, Mr.Rajat Kalra. Company has

its registered office at Eskay House 54, Hanuman Road, New Delhi, 110001, Delhi. Company has S R

Batliboi & Co. LLP as its auditors. As on 30-09-2016, the company has a total of 82,776,997 shares

outstanding. The company focuses on providing patients quality diagnostic healthcare services in India. Through our network, we offer patients convenient locations for their diagnostic healthcare services and efficient service. With over 3,368 diagnostic and related healthcare tests and services offered, we believe we are capable of performing substantially all of the diagnostic healthcare tests and services currently prescribed by physicians in India.

Companies key competitive strengths are:

Business model focused on the patient as a customer and an established consumer healthcare brand associated with quality services, in a market where patients generally choose their diagnostic healthcare service provider.

1

Well-positioned to leverage upon one of the fastest-growing segments of the Indian healthcare industry. A network whose growth yields greater economies of scale, combined with a “hub and spoke” model that is scalable for further growth. Centralized information technology platform that fully integrates our network and is scalable. Attractive financial performance, financial profile and return on invested capital. Experienced leadership team with strong industry expertise and successful track record.

Many of their clinical laboratories participate in numerous externally administered quality

surveillance programs, including the National Accreditation Board for Testing and Calibration

Laboratories prescribed program. As of June 30, 2015, 27 of our laboratories were accredited by

the NABL in accordance with ISO 15189.

Some of their laboratories have achieved International Organization for Standardization, or ISO,

certification for their quality systems. Our National Reference Laboratory has obtained ISO

9001:2008 certification (for the performance of routine and advanced diagnostic pathology

testing services, including clinical trials), ISO 15189:2007 (for quality management in medical

laboratories), ISO 15189:2012 certification (in the field of medical testing) and ISO 27001:2013

certification (for establishing an effective information management system that maintains and

processes information security at our data center).One of India's Top Diagnostic Chains

DR LAL PATHLABS TEAM

“As one of India’s top Diagnostic firms, Dr Lal PathLabs has a very strong focus on hiring and

retaining top quality manpower to drive theri different departments within and outside the labs.

Despite their size, They maintain an environment that nurtures some of the top thinkers in India

in their respective fields of expertise.

Over 3000 individuals work at the Dr Lal PathLabs in India with over 55 percent of the staff in

laboratory functions. They have a qualified team of 147 Pathologists, 8 Radiologists, 13

Microbiologists , 5 Biochemists and 11 specialists with doctorate degrees. Also, there is a

growing pool of young leadership from top institutions like AFMC, IIMs, IITs , XLRI, SP JAIN

amongst others.”

PEERS OF DR lal:

1. Sakar Heathcare LTD.

2. Naryana Hrudayalay

3. Thyrocare Technologies

4. Healthcare Global Enterpr

5. Indraprastha Med

6. Apollo Hospital

7. Fortis Health

8. Lotus Eye Hosp

9. SUNPharm

10. Lupin

11. Dr.Reddys laba

12. Cipla

13. Aurobindo Pharma

14. Koval Medical Center

15. Tejnaksh Heathcare

16. DR.Agrawals Eye Hsp

17. Emed.Com Tech

18. KMC Speciality

19. Medinova diagnostic

20. Dhanvantrijeevan Rek

21. Secunderabad Health

22. Chennain Meena Multi

3

23. Dolphin medical Serv

24. Transege Bioteck

25. Kaya LTD

26. Centeninal Surgical.

Dr. Lal Pathlabs Ltd Share HoldingCategory No. of shares PercentagePromoters 48,516,165 58.61Others 19,651,273 23.74Foreign Institutions 4,652,531 5.62NBFC and Mutual Funds 4,230,890 5.11 General Public 2,134,924 2.58Financial Institutions 2,042,311 2.47

TECHINCALS:

BSE NSE52 WEAK LOW/HIGH=550------1278.55 52 WEAK LOW/HIGH= 696.50---------1280.00L/U PRICE BAND= 848.65-----------1272.95 L/U PRICE BAND=853.55----------1280.25

Tg: 1280-1300

Time frame- long- medium

DAYS BSE NSE30 1110.73 1111.8150 1128.75 1130.38150 1038.31 1039.19200 1017.82 1018.70

Chart Comparison with PEERS

5

International Associated Partners

Middle East

Saudi Arabia

Oman

Qatar

Kuwait

UAE

7

Africa

Tanzania

Nigeria

South East Asia

Bangladesh

Nepal

Bhutan

Sri Lanka

Myanmar

Malaysi

International Associated Partners

Middle East

Saudi Arabia

Oman

Qatar

Kuwait

UAE

Africa

Tanzania

Nigeria

South East Asia

Bangladesh

Nepal

Bhutan

Sri Lanka

Myanmar

Malaysi

International Associated Partners

Middle East

Saudi Arabia

Oman

Qatar

Kuwait

UAE

9

Africa

Tanzania

Nigeria

South East Asia

Bangladesh

Nepal

Bhutan

Sri Lanka

Myanmar

Malaysi

International Associated Partners

Middle East

Saudi Arabia

Oman

Qatar

Kuwait

UAE

Africa

Tanzania

Nigeria

South East Asia

Bangladesh

Nepal

Bhutan

Sri Lanka

Myanmar

Malaysi

International Associated Partners

Middle East

Saudi Arabia

Oman

Qatar

Kuwait

UAE

11

Africa

Tanzania

Nigeria

South East Asia

Bangladesh

Nepal

Bhutan

Sri Lanka

Myanmar

Malaysi

International Associated Partners

Middle East

Saudi Arabia

Oman

Qatar

Kuwait

UAE

Africa

Tanzania

Nigeria

South East Asia

Bangladesh

Nepal

Bhutan

Sri Lanka

Myanmar

Malaysi

International Associated Partners

Middle East

Saudi Arabia

Oman

Qatar

Kuwait

UAE

13

Africa

Tanzania

Nigeria

South East Asia

Bangladesh

Nepal

Bhutan

Sri Lanka

Myanmar

Malaysi

International Associated Partners

Middle East

Saudi Arabia

Oman

Qatar

Kuwait

UAE

Africa

Tanzania

Nigeria

South East Asia

Bangladesh

Nepal

Bhutan

Sri Lanka

Myanmar

Malaysi

International Associated Partners

Middle East

Saudi Arabia

Oman

Qatar

Kuwait

UAE

15

Africa

Tanzania

Nigeria

South East Asia

Bangladesh

Nepal

Bhutan

Sri Lanka

Myanmar

Malaysi

Small Brief About Company:

Dr Lal Pathlabs , provider of diagnostic related healthcare tests and servicesin India. Through their integrated, nationwide network, they offer patients and healthcare providers a broad range of diagnostic and related healthcare tests. They also provide services for use in core testing, patient diagnosis and the prevention. They are also monitoring the treatment of disease and other health conditions. Dr Lal Path labs customers include individual patients, hospitals , other healthcare providers and corporate customers. In Fiscal Year 2015, they collected and processed approximately 21.8 million samples from approximately 9.9 million patients. Diagnostic healthcare testing is an essential element in the delivery of healthcare services, as it provides healthcare service providers with useful information for the diagnosis and treatment of diseases. According to CRISIL Research, the size of the Indian diagnostic healthcare services industry was approximately ` 377 billion (US$6.0 billion) in Fiscal Year 2015, and it is projected to grow to over ` 600 billion (US$9.6 billion) by

Fiscal Year 2018. They believe that the increasing prescription of diagnostic tests and services by healthcare providers in India, combined with the growing focus on early detection and prevention of chronic and lifestyle diseases, such as diabetes, hypertension, heart disease and cancer, creates a significant market opportunity for them. They focus on providing patients quality diagnostic and related healthcare tests and services. Their focus on the patient as a customer is a critical differentiator in the diagnostic and healthcare industries .The companybelieves in the brand’s recognition for quality diagnostic services which has resulted in individuals and healthcare providers choosing this company as their diagnostic healthcare service provider. This is because (i) in India, patients generally choose their diagnostic healthcare service provider and (ii) patients and healthcare providers seek quality healthcare service providers due to what the company believes is a range in quality and reliability of diagnostic healthcare services in India. For example, from Fiscal Year 2013 to Fiscal Year 2015, walk-in patients to the clinical laboratories and patient service centres, as well as home collection patients, increased significantly and were a primary driver to their overall growth. With over 3,368 diagnostic and related healthcaretests and services offered, company believes that they are capable of performing substantially all of the diagnostic healthcare tests and services currently prescribed by physicians in India. Their diagnostic and related healthcare tests and services include (i) “routine” clinical laboratory tests — such as blood chemistry analyses and blood cell counts; (ii) “specialized” testing services — such as histopathology analyses, genetic marker-based tests, viral and bacterial cultures and infectious disease tests; and (iii) preventive testing services — such as screenings for hypertension, heart disease and diabetes. They perform these tests and services in their clinical laboratories using sophisticated and computerized instruments.

Overall view:

Dr lal Path labs with promoter share holding in company around 58.61, indicates strong management commitments towards the future growth of the company. Being India’s promising diagnostic & related healthcare tests services, company looks promising an ideal investment idea for long term investors who believe in staying invested in good business and pick up good value company with outstanding and promising Business Model.

17

We cannot time the market; the best idea is to be invested in good companies, with promising business model .

Report by ,

Poonam Y Jadhav

Independent Investor

Team RDR