Medplus Health Services Limited — PPTs, 12-11-2024: Investor Presentation

**Financial Highlights:** MedPlus reported revenue of ₹15,762m for Q2 FY2025, marking an 11.9% increase year-on-year and a 5.9% uplift sequentially. Gross margin improved to ₹3,743m with a margin of 23.7%, reflecting a 160 bps rise quarter-over-quarter. The company achieved an operating EBITDA of ₹738.7m, an 80.2% increase year-on-year, resulting in an operating EBITDA margin of 4.7%.

**Strategic Initiatives and Growth Drivers:** The company is focusing on expanding its existing cluster-based network, enhancing its omni-channel presence, and increasing the share of private label products, which currently exceeds 1,100 SKUs. MedPlus plans to leverage its in-house tech for improved delivery and operational efficiencies.

**Business Developments:** MedPlus added 108 stores in the latest quarter, totaling 4,552 outlets. This includes a strong performance in tier-two markets, with 94 net store additions outside tier-one cities over the past year.

**Market Position and Competitive Advantage:** As India's second-largest pharma retailer, MedPlus boasts strong unit economics with a return on capital employed (ROCE) exceeding 55%. Its extensive store network enables a robust omni-channel strategy, giving it an edge over purely online competitors.

**Investor Implications:** The current trends suggest a positive outlook for MedPlus with sustained revenue growth and enhanced profitability. The focus on private label expansion and omni-channel logistics could position the company favorably within the rapidly growing pharmacy retail segment.