India's MedPlus Health posts Q1 profit surge on strong organised sector growth

MedPlus Health Services

02/08/2024 14:20

BENGALURU, Aug 2 (Reuters) - India's MedPlus Health
Services  MEDP.NS  reported a surge in first-quarter profit on
Friday, driven by growth in the organised retail pharmaceutical
sector.
    MedPlus, which sells medicines online and in retail stores,
said consolidated net profit rose 3.8 times to 143.6 million
rupees ($1.7 million) for the quarter ended June 30.
    Growth in the retail pharmaceutical sector has improved and
is expected to sustain, according to analysts, as an improvement
in medical infrastructure has resulted in better access to these
platforms.
    Analysts also pointed to the launch of new drugs and medical
devices for the profit jump. Mankind Pharma  MNKI.NS , which
makes condoms and pain-relieving medicine, and generic
drug-maker Dr Reddy's  REDY.NS  both attributed their revenue
growths in the June quarter to new launches.
    Medplus' revenue from operations rose almost 16% to 14.89
billion rupees, led by a 15.3% jump in its retail business,
which accounts for nearly all of the company's total revenue.
    The company did not specify the sales break-up of
over-the-counter and prescription medicines.
    MedPlus competes with Reliance-owned  RELI.NS  Netmeds and
Apollo Pharmacies, both unlisted, among other retail pharmacies
in the Indian over-the-counter drugs market.
    
($1 = 83.7200 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru; Editing by Janane
Venkatraman)
 ((Kashish.Tandon@thomsonreuters.com; 8800437922;))