MedPlus Health Services IPO - At Inflection Point: Prabhudas Lilladher

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Prabhudas Lilladher's IPO Report

We are optimistic about Medplus Health Services Ltd., a compelling omni- channel play in healthcare retailing as-

1. profitable operations despite higher discounts across omni-channel deliveries, given its fully integrated offerings and

2. huge scope to grow as industry moves from unorganised to organised omni- channel players (10% compound annual growth rate in Indian retail pharmacy market in next five years).

We expect Medplus will gain scale and profitability given-

1. faster pace of store expansion (60-70 new stores/month),

2. benefits of economic of scale and

3. faster break-even with increasing contribution of private labels over medium term.

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