India's MedPlus Health reports 18% rise in Q1 profit on retail demand

MedPlus Health Services

07/08/2023 15:03

BENGALURU, Aug 7 (Reuters) - India's MedPlus Health
Services  MEDP.NS  reported a 18.3% rise in first-quarter profit
on Monday as increased presence of the pharmacy helped drive its
retail sales.
    The company's consolidated net profit rose to 37.9 million
rupees ($458,277.41) in the three months ended June 30, from 32
million rupees, a year earlier.  
    MedPlus Health was benefited from the increased
accessibility of its pharmacies through online channels and
retail stores in the country. 
    Its revenue rose 29.2% to 12.84 billion rupees in April-June
quarter, which managed to offset a 29% rise in expenses.
    Revenue from its retail segment, which accounts for nearly
99% of the company's business, rose 28.2% to 12.70 billion
rupees, while revenue from its diagnostic services business more
than quadrupled to 139 million rupees.   
    Shares of MedPlus Health closed 1.4% higher ahead of
reporting its results. 


($1 = 82.7010 Indian rupees)

 (Reporting by Varun Vyas and Biplob Kumar Das in Bengaluru;
Editing by Shweta Agarwal and Rashmi Aich)
 ((varunvyas.hebbalalu@thomsonreuters.com;))