Dr Lal PathLabs eyeing 18 per cent growth in FY17
New Delhi : Diagnostic services provider Dr Lal PathLabs is looking at around 18 per cent revenue growth this fiscal year as it undertakes initiatives to expand number of tests offered and its network across India.
The company had posted a revenue of Rs 791.3 crore for the fiscal year 2015-16.
"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 said.
Elaborating on how the company planned to achieve the target, he said, "we would be adding 15 labs and around 200 collection centres, which are mainly franchise outlets during the fiscal year. The investment we will be making is between Rs 35-40 crore."
The company will at the same time focus on providing better services,introducing new tests. It currently conducts nearly 2,000 tests, he added.
When asked how the company planned to fund the expansion, Manchanda said, "it will be through internal accruals. We have sufficient funds."
While deepening its presence in the North Indian market where it already has a strong presence, the company is also looking to scale up in other parts of the country as well.
"Banking on our leadership in northern India, we are assertively moving into other potentially good geographies, the first of which will be East and Central India," he added.
The company also plans to expand in to South and West India.
"In south and west we have selected two cities Bengaluru and Pune. In these cities we will develop critical mass and then expand," Manchanda said.
Dr LalPath Labs has 172 clinical labs and one central laboratory, over 1,500 collection centres and 4,967 pick-up points.