While PI Opportunities Fund offloaded its entire stake, SBI Mutual Fund sold another 10 lakh shares on Monday. The stock of Medplus Health ended Monday’s session at ₹ 719.05 on NSE, up 2.1% from the previous close.
Among buyers, Invesco Mutual Fund and Kotak Mahindra Mutual Fund acquired 2.6% each, while Franklin Templeton Mutual Fund bought another 1.3% of equity.
Morgan Stanley Asia picked up the remaining 1.4 lakh shares. PI Opportunities Fund—the private equity fund managed by Premji Invest held 8.23% of the company as of June 2024, which was reduced to 5.8% by September 2024, according to shareholding data on the NSE.
Other companies in which the PI Opportunities Fund holds stakes include Aditya Birla Capital (3.05%) and Sagar Cements (10.1%).
The net profit of Medplus Health surged over twofold to ₹39 crore in the September quarter, driven by strong demand for over-the-counter (OTC) medicines. The revenue for the quarter stood at ₹1,576 crore, up 12% from a year ago period. Around 99% of Medplus revenue is contributed by its pharmacy operations.
During the September quarter, MedPlus added 108 stores, including 71 in Tier-2 and smaller markets, taking its total store count to 4,552 by the end of the period. As far as the network age of MedPlus is concerned, around 30% of its stores are operational for less than two years, whereas the remaining 70% stores have been operational for more than two years.
MedPlus Health Services operates a chain of retail pharmacies. The company offers prescription medicines, beauty, personal care, nutrition, and health care products, as well as provides diagnostic lab services for the prevention, detection, and management of various illnesses.
(Edited by : Ajay Vaishnav)
