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India’s MedPlus Health Services has announced a notable increase in its first-quarter profit, attributing the surge to strong growth in the organised retail pharmaceutical sector. The company reported a consolidated net profit of ₹143.6 million ($1.7 million) for the quarter ending June 30, marking a remarkable 3.8-fold increase compared to the same period last year.
The substantial profit growth is a result of expanding operations and enhanced performance in the retail pharmaceutical segment. MedPlus, which operates both online and through physical retail stores, has benefited from improvements in medical infrastructure and better access to pharmaceutical platforms. Analysts believe this positive trend in the retail pharmaceutical sector is expected to continue, driven by advancements in healthcare and new product launches.
Revenue from operations for MedPlus increased by nearly 16% to ₹14.89 billion, primarily due to a 15.3% rise in its retail business, which constitutes the majority of the company’s total revenue. While the company did not break down sales figures for over-the-counter versus prescription medicines, the growth reflects a strong performance across its retail operations.
The retail pharmaceutical market in India remains competitive, with MedPlus facing rivals such as Reliance-owned Netmeds and Apollo Pharmacies, both of which are unlisted. Despite the competition, MedPlus’s strategic focus on expanding its retail footprint and leveraging advancements in medical technology has contributed significantly to its financial success.
In addition to MedPlus, other pharmaceutical companies like Mankind Pharma and Dr. Reddy’s have also reported revenue growth for the June quarter, attributing their success to the launch of new drugs and medical devices.