 "Medplus Health up 3% on stay against suspension order of Vikhroli store")
Medplus Health in focus: Shares of Medplus Health rose as much as 2.86 per cent to hit an intraday high of Rs 707.50 per share.
The surge in Medplus Health shares came after the company announced that it has received a stay order against the suspension order of a store in Vikhroli, Maharashtra.
In an exchange filing, Medplus Health said, “The company has received a stay order against the suspension order dated May 22, 2024 of a store situated at Patidar Complex - Vikhroli, Maharashtra, from the appropriate authority.”
Financial performance
MedPlus Health Services reported a considerable increase in first-quarter (Q1FY25) profit, driven by growth in the organised retail pharmaceutical sector. For the quarter ending June 30, the company's consolidated net profit surged nearly 3.8 times to Rs 14.36 crore ($1.7 million).
The company's revenue from operations also rose, increasing almost 16 per cent to Rs 1,489 crore. This growth was primarily fueled by a 15.3 per cent boost in its retail business, which constitutes nearly the entirety of MedPlus' revenue.
More From This Section
MedPlus is a pharmacy retail chain, providing a diverse range of services. Established in Hyderabad in February 2006, the company now operates over 4,230 stores across 600 cities.
MedPlus offers both physical pharmacies and an online pharmacy platform. Additionally, the chain provides path labs and optical services, and engages in the manufacturing and contract manufacturing of private label pharmaceutical, wellness, and FMCG products.
It also handles the import and distribution of various products and runs diagnostic centres. MedPlus features the FlexiRewards program, which allows customers to select between cash discounts or complimentary products.
MedPlus competes with Reliance-owned Netmeds and Apollo Pharmacies, among other players in the Indian over-the-counter drugs market.
The market capitalisation of Medplus Health is Rs 8,297.17 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE500 category.
The 52-week high of Medplus Health stock is Rs 854.20 per share while its 52-week low is Rs 597.95 per share.
At 11:14 AM, shares of Medplus Health were trading 0.91 per cent higher at Rs 694.05 per share. In comparison, BSE Sensex was trading 0.08 per cent lower at 82,496.80 levels.