MedPlus Health Shares Surge 20% After Q4 Profit More Than Doubles

MedPlus Health Services Ltd.'s shares surged the most in over a year after its fourth-quarter profit more than doubled and revenue beat analysts' estimates.

Consolidated net profit in the quarter ended March jumped 127% to Rs 27 crore, while revenue gained 30% to Rs 1,253 crore, as per an exchange filing.

MedPlus Health Services Q4 FY23 (Consolidated, YoY)

• Revenue up 30% at Rs 1,253 crore (Bloomberg estimate: Rs 1,242.13 crore).

• Operating profit is up 56% at Rs 82 crore (Bloomberg estimate: Rs 72.37 crore).

• Ebitda margin at 6.5% vs. 5.4% (Bloomberg estimate: 5.8%)

• Net profit up 127% at Rs 27 crore.

• The company received a deferred tax benefit of Rs 18.78 crore during the March quarter.

Shares of the company surged 17.88% to close at Rs 813.1 per share, while the benchmark Nifty 50 was gained 0.97%.

The stock gained as much as 20%, the most in over a year.

The total traded quantity so far in the day stood at 61.6 times the 30-day average volume. All seven analysts tracking the stock maintain a 'buy' rating, as per Bloomberg. The consensus price target implies a potential upside of 1.9%.