MedPlus Health shares rise 3% on strong block deal; Q2 net profit doubles

Shares of MedPlus Health Services started beardown connected Monday, rising 3 percent to deed Rs 726 pursuing a important artifact deal. Nearly 7 percent of the company’s equity, equivalent to seventy-eight constituent 9 lakh shares worthy Rs 552 crore, exchanged hands astatine an mean terms of Rs 700 per share. By 10 am, the banal was trading astatine Rs 715 connected the NSE, up 1 constituent 5 percent.

Robust Q2 results thrust banal rally

MedPlus has seen a 6 per cent emergence successful banal terms implicit the past week, boosted by a beardown show successful the July-September quarter. The institution reported a twofold summation successful consolidated nett profit, reaching Rs 38.74 crore, compared to Rs 14.56 crore successful the aforesaid play past year. This surge was chiefly driven by beardown request for over-the-counter (OTC) medicines.

Revenue from operations roseate 12 per cent year-on-year to Rs 157.6 crore, led by 11 per cent maturation successful the retail segment, which constitutes the bulk of MedPlus’s sales. Operational ratio besides improved, with the EBITDA borderline rising to 4 constituent 6 per cent, up from 3.2 per cent successful Q2 of the erstwhile fiscal year.

MedPlus has outlined an assertive enlargement strategy, aiming to adhd six 100 caller stores implicit the adjacent 3 years, focusing connected tier-2 cities. The institution already operates implicit 4 1000 outlets, making it the second-largest pharmacy concatenation successful India aft Apollo Pharmacy, which has a web of implicit six 1000 stores.

During the July-September quarter, MedPlus added 1 100 and 8 caller stores, including seventy-one successful tier-2 and smaller markets, bringing its full store number to 4 1000 5 100 and fifty-two by the extremity of the quarter.