MedPlus Health posts 18% increase in Q1 profit

India’s MedPlus Health Services reported a 18.3% rise in first-quarter profit on Monday as increased presence of the pharmacy helped drive its retail sales.

The company’s consolidated net profit rose to 37.9 million rupees ($458,277.41) in the three months ended June 30, from 32 million rupees, a year earlier.

MedPlus Health was benefited from the increased accessibility of its pharmacies through online channels and retail stores in the country.

Its revenue rose 29.2% to 12.84 billion rupees in April-June quarter, which managed to offset a 29% rise in expenses.

Revenue from its retail segment, which accounts for nearly 99% of the company’s business, rose 28.2% to 12.70 billion rupees, while revenue from its diagnostic services business more than quadrupled to 139 million rupees.

Shares of MedPlus Health closed 1.4% higher ahead of reporting its results. Reuters