The pharmacy operator and diagnostics services provider reported a consolidated net profit of 137.3 million rupees ($1.7 million) for the quarter ended Dec. 31, up 2.4% from a year earlier.

This is the slowest profit growth for the company since the March quarter in 2023.

MedPlus reported a 21% growth in its revenue from operations to 14.41 billion rupees, driven mainly by a strong performance at its retail business, which contributed 98% to the total.

Total expenses grew 20% in the quarter to 14.31 billion rupees, and tax-related costs jumped two-fold.

Shares of MedPlus, which competes with the likes of Reliance-owned Netmeds and Apollo Pharmacies, closed 1.2% lower ahead of results.

($1 = 82.8780 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Varun H K and Mrigank Dhaniwala)