India's MedPlus Health posts two-fold surge in Q4 profit on strong sales

MedPlus Health Services

25/05/2023 12:25

BENGALURU, May 25 (Reuters) - India's MedPlus Health
Services  MEDP.NS  reported a two-fold surge in fourth-quarter
profit on Thursday, driven by strong sales in its key retail
segment.
    The omnichannel retail pharmacy said its consolidated net
profit rose to 265.8 million rupees ($3.21 million) for the
quarter ended March 31, from 117.3 million rupees a year ago.
    The company's consolidated revenue from operations rose 30%,
thriving on the back of improved accessibility among consumers -
the company sells medicines online as well as through its retail
outlets across the country. 
    Revenue from its retail business, which accounts for almost
all total revenue, jumped about 29% to 12.41 billion rupees, on
the back of new launches and scaled-up production of existing
products.
    Its expenses grew 29% during the quarter. 
    The company said its gross store additions during the
quarter stood at 284 stores.
    Medplus' peers also reported fourth-quarter profit jumps,
thanks to higher demand. Alembic Pharmaceuticals Ltd  ALEM.NS 
posted a nearly seven-fold increase, Cipla Ltd  CIPL.NS 
reported a 45% jump, and Lupin Ltd  LUPN.NS  swung to a profit.
    MedPlus shares had risen ~6% in the January-March quarter
and settled 0.7% lower ahead of results.

($1 = 82.7475 Indian rupees)

 (Reporting by Ashna Teresa Britto; Editing by Janane
Venkatraman)
 ((AshnaTeresa.Britto@thomsonreuters.com;))