Oct 27 (Reuters) – Indian pharmacy chain MedPlus Health Services reported a slight increase in second-quarter profit on Tuesday, helped by higher demand at its retail unit and store network expansion.
Here are some more details:
• The company reported a consolidated net profit of 560.8 million rupees ($5.89 million) for the three months ended September 30, compared with 555.01 million rupees in the year-ago period
• Revenue rose 21% to 20.37 billion rupees, broadly in line with Nuvama analysts’ expectations of about 20% growth
• MedPlus, which competes with unlisted peers such as Tata 1mg, Apollo Pharmacy and Reliance Retail’s Netmeds, plans to open 800 new stores this financial year
• The company added a net 166 stores during the quarter
• India’s pharmacy retailers have seen steady demand for chronic therapies and the growing penetration of organized drug retail
• Companies are also seeing increased adoption of diabetes and obesity treatments, while focusing on private-label products to support margins
($1 = 95.1350 Indian rupees)
(Reporting by Puyaan Singh and Prerna Bedi in Bengaluru; Editing by Jochelle Mendonca and Shinjini Ganguli)
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