MedPlus Health Services shares surged over 16% on Friday’s trade after the omnichannel retail pharmacy reported a two-fold increase in fourth-quarter earnings on Thursday, led by robust sales in its primary retail division. Medplus Health Services share price opened at ₹689.85 apiece on BSE.
The company’s consolidated net profit stood at ₹26.58 crore for the quarter ended March 31, from ₹11.73 crore a year ago.
The company’s consolidated revenue from operations increased 30% as a result of increased consumer accessibility because it now sells pharmaceuticals both online and through its physical stores all throughout the nation.
The retail division’s sales, which makes up almost half of the total revenue, increased by about 29% to ₹1,241 crore due to new product launches and increased production of already-existing products.
Gross store additions of 284 stores were made in Q4 FY23, according to the company’s exchange filing. With an impressive Store Level EBITDA margin of 10.3% and an overall EBITDA margin of 5%, our stores older than 12 months have continued to mature along their current trend.
On the technical front, the stock touched an intraday high of ₹823.65 and low of ₹720.00. The stock has gained nearly 47% from its 52-week low levels of 548.2 recorded on December 1, 2022.
Post a strong gap up opening , prices are seeing followup buying and now the prices are up more than 12% backed with strong volumes.
“We expect this upmove can continue where the levels of around 880 – 950 can be expected in the near term. Traders can hence opt to buy in any marginal dips. As far as levels are considered immediate support is at 750 followed by 690,” said Rajesh Bhosale – Equity Technical and Derivative Analyst, Angel One.
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