MedPlus Health Services IPO - Investment Rationale, Financials, Key Risks, Concerns: KRChoksey
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KRChoksey Research's IPO Report
MedPlus Health Services Ltd. (founded in 2006 by Gangadi Madhukar Reddy) is the second largest pharmacy retailer in India in terms of revenue and number of stores as of FY21.
The company has 2,326 stores across the states of Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, West Bengal, Maharashtra and Orisha as of Q2 FY22.
Medplus supplies pharmaceutical and wellness products including medicines, vitamins, medical devices and tests kits, and fast moving consumer goods such as home and personal care products including toiletries, baby care products, soaps and detergents, and sanitizers.
The company focuses on scaling up its store network which has grown from initial 48 stores in Hyderabad in 2006 to over nearly 2,000 stores currently.
Medplus's share of the organised pharmacy retail market based on revenue of operations are 30%, 29%, 30% and 22% in Chennai, Bangalore, Hyderabad and Kolkata respectively as of FY21.
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