India's MedPlus posts muted Q3 profit growth as expenses weigh

MedPlus Health Services

02/02/2024 13:19

BENGALURU, Feb 2 (Reuters) - India's MedPlus Health
Services  MEDP.NS  reported a marginal growth in third-quarter
profit on Friday, as a surge in costs and tax expenses ate into
growing revenue.
    The pharmacy operator and diagnostics services provider
reported a consolidated net profit of 137.3 million rupees ($1.7
million) for the quarter ended Dec. 31, up 2.4% from a year
earlier.
    This is the slowest profit growth for the company since the
March quarter in 2023. 
    MedPlus reported a 21% growth in its revenue from operations
to 14.41 billion rupees, driven mainly by a strong performance
at its retail business, which contributed 98% to the total.
    Total expenses grew 20% in the quarter to 14.31 billion
rupees, and tax-related costs jumped two-fold.
    Shares of MedPlus, which competes with the likes of
Reliance-owned  RELI.NS  Netmeds and Apollo Pharmacies, closed
1.2% lower ahead of results. 
        

($1 = 82.8780 Indian rupees)

    

 (Reporting by Kashish Tandon in Bengaluru; Editing by Varun H K
and Mrigank Dhaniwala)
 ((Kashish.Tandon@thomsonreuters.com;))