Pharmacy retail MedPlus' net profit rises by 50 pc for FY22
The growth in MedPlus' bottomline was driven by healthy store expansion and gross profit margins.
Pharmacy retail chain has reported a 50 percent rise in net profit for FY22, driven by strong store expansion and healthy gross profit margins.
MedPlus reported a net profit of Rs 94.7 crore for FY22 as compared to Rs 63.1 crore for FY21, according to the filings by the company with the stock exchanges. The revenues during this period stood at Rs 3,779 crore, which was an annual growth of 23.1 percent when compared to FY21.
According to the company, there were 667 store net additions for FY22 and the pharmacy operating EBITDA was Rs 186 crore. The share of the private label was 12.7 percent.
However, the net profit for the fourth quarter of FY22 stood at Rs 11.4 crore, which was a drop of 37 percent as compared to the year-ago period, largely to tax and employee benefit expenses. However, the revenue rose by 20 percent to touch Rs 966 crore.
According to the company, during the fourth quarter of FY22, there were 271 store net additions. The pharmacy's operating EBITDA was Rs 39.5 crore and the share of private label was 13 percent.
MedPlus Health Services MD Gangadi Madhukar Reddy said, “In Q4FY22 we opened 288 new stores. This is a new record for MedPlus and is proof of our operational and supply chain capabilities. We will continue our growth plans in the coming quarters. Our stores greater than 12 months have delivered a store level EBITDA margin of 10.3 percent, thereby maintaining the trajectory of store maturity. In March, we launched our first full-service diagnostic centre and have received strong adoption from our existing and new customers.”
Edited by Kanishk Singh