India's MedPlus Health Q3 profit triples on strong OTC drug demand

MedPlus Health Services

31/01/2025 12:24

Jan 31 (Reuters) - India's MedPlus Health Services
 MEDP.NS  reported a surge in third-quarter profit on Friday,
driven by store expansions and strong demand for
over-the-counter medicines.
    The company's consolidated net profit more than tripled to
458.8 million rupees ($5.3 million) in the quarter ended Dec.
31.
    MedPlus continued to benefit from strong sales of products
under its private label brands in both the pharmaceuticals and
consumer wellness categories, which analysts say contribute more
to its margins.
    The company's revenue from operations rose 8.3% to 15.61
billion rupees, led by an 8% jump in its retail business.
    While MedPlus does not break up its revenue from OTC
medicines and devices, etc, they are all part of its retail
business, which makes up nearly all of the company's revenue.
    The company currently has more than 4,000 outlets across the
country, trailing only Apollo Pharmacy's count of nearly 6,000
stores. Last year, MedPlus said it plans to open 600 stores to
increase its presence in smaller cities.
    MedPlus competes with Reliance Industries'  RELI.NS  Netmeds
and Apollo Pharmacy, both of which are unlisted, among other
retail pharmacies in the Indian OTC drug retail market.
 
 ($1 = 86.5830 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru; Editing by Savio
D'Souza)
 ((Kashish.Tandon@thomsonreuters.com; 8800437922;))