Q3FY24: MedPlus Health Services profit up 2.4%

India’s MedPlus Health Services, reported a marginal growth in third-quarter profit on Friday, as a surge in costs and tax expenses ate into growing revenue.

The pharmacy operator and diagnostics services provider reported a consolidated net profit of 137.3 million rupees ($1.7 million) for the quarter ended Dec. 31, up 2.4% from a year earlier.

This is the slowest profit growth for the company since the March quarter in 2023.

MedPlus reported a 21% growth in its revenue from operations to 14.41 billion rupees, driven mainly by a strong performance at its retail business, which contributed 98% to the total.

Total expenses grew 20% in the quarter to 14.31 billion rupees, and tax-related costs jumped two-fold.

Shares of MedPlus, which competes with the likes of Reliance-owned, opens new tab Netmeds and Apollo Pharmacies, closed 1.2% lower ahead of results. Reuters