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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 ₹26.58 crore for the quarter ended March 31, from ₹11.73 crore a year ago.
The company's consolidated revenue from operations rose 30 per cent, thriving on the back of improved accessibility among consumers - the company sells medicines online as well as through its retail outlets across the country.
Also read: Reliance on top of $150-billion Indian e-commerce market: Report
Revenue from its retail business, which accounts for almost all total revenue, jumped about 29 per cent to ₹1,241 crore, on the back of new launches and scaled-up production of existing products.
Its expenses grew 29 per cent 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 per cent jump, and Lupin Ltd swung to a profit.
MedPlus shares had risen nearly 6 per cent in the January-March quarter and settled 0.7 per cent lower ahead of results.
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