India's MedPlus Health posts two-fold surge in Q4 profit on strong sales
BENGALURU (Reuters) - India's MedPlus Health Services 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 posted a nearly seven-fold increase, Cipla Ltd reported a 45% jump, and Lupin Ltd 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)