MedPlus Health Q3 results: PAT up at Rs 45.8 cr on strong OTC drug demand

India's MedPlus Health Services reported a surge in third-quarter profit on Friday, driven by store expansions and strong demand for over-the-counter medicines.

The company's consolidated net profit more than tripled to Rs 45.88 crore ($5.3 million) in the quarter ended Dec 31.

MedPlus continued to benefit from strong sales of products under its private label brands in both the pharmaceuticals and consumer wellness categories, which analysts say contribute more to its margins.

The company's revenue from operations rose 8.3 per cent to Rs 1,561 crore, led by an 8 per cent jump in its retail business.

While MedPlus does not break up its revenue from OTC medicines and devices, etc, they are all part of its retail business, which makes up nearly all of the company's revenue.

The company currently has more than 4,000 outlets across the country, trailing only Apollo Pharmacy's count of nearly 6,000 stores. Last year, MedPlus said it plans to open 600 stores to increase its presence in smaller cities.

MedPlus competes with Reliance Industries' Netmeds and Apollo Pharmacy, both of which are unlisted, among other retail pharmacies in the Indian OTC drug retail market.