MedPlus eyes Rs 2,800 crore turnover during FY20

India's leading pharmacy MedPlus on Wednesday said it expects over 24 per cent growth in revenues to close 2019-20 with Rs 2,800 crore turnover.

The company, which had clocked Rs 2,250 crore revenues during 2018-19, eyes robust growth during the current financial year.

Madhukar Gangadi, Chief Executive Officer, MedPlus Health Services Pvt Ltd, told reporters here that the company also expects to end the year with a net profit of Rs 50 crore.

The second largest pharmacy chain in India is also planning to come up with an Initial Public Offer (IPO). He plans to raise Rs 700 crore through the IPO for the company's expansion.

Gangadi, who is the promoter of MedPlus, has 77 per cent stake in the company while Wipro Chairman Azim Premji's Premji Invest and others have 13 per cent and 10 per cent stakes respectively.

He said MedPlus would be expanding its network of stores rapidly by taking the total number to 3,100 by 2023. He said barring Jammu and Kashmir, parts of Uttar Pradesh, Bihar and North East, it would have presence across the country.

With 28 per cent market share in organized pharmacy retail, MedPlus currently has 1,700 stores across seven states and 300 cities.

He was talking to reporters on the sidelines of an event to announce an exclusive distribution partnership with Jamieson Wellness Inc., Canada's leading manufacturer and marketer of high-quality natural health products.

MedPlus will sell Jamieson brand products through its pharmacies as well as other offline and online retailers.

Mark Hornick, President and CEO of Jamieson Wellness said that the 100-year-old company manufactures a range of vitamins, minerals and other natural health supplements. Its products are sold in over 40 countries.