Slides
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Q2 FY2027 INVESTOR PRESENTATION October 2026 MEDPLUS HEALTH SERVICES LIMITED
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This presentation and the accompanying slides (the “Presentation”), which have been prepared by MedPlus Health Services Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the healthcare industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. Safe Harbour 1
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The MedPlus Story Overview 2 31k+ Employees Store level Unit economics with ROCE of over 70% ~1,600 Outlets which are < 24M, upon maturity are P&L accretive Serving the Customers of ~860 Cities Well curated SKU’s at Outlets and ~51k SKU’s across warehouses 2nd Largest Pharma Retailer in the country with pioneer in omni channel Marked presence of 20 years with network of 5,640+ Stores Spread across 13 states and 1 union territory Cluster based expansion strategy: ‘Continue deeper penetration vs. Wider reach’ Q2FY27
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Q2 FY2027 Highlights (1/2) ₹ 20,371m Revenue • ₹ 3,578m increase over Q2FY26 21.3% yoy • ₹ 1,575m increase over Q1FY27 8.4% qoq • 0.6% decrease in private label over Q2FY26 ₹ 5,108m Gross Margin • 25.1% GM%, lower by 110 bps yoy, increase by 60 bps qoq 166 Store Net Additions • 219 gross additions • 101 net additions beyond Tier-One • 5,642 stores as on 30-Sep-26 Stores > 12 months • 13.2% revenue growth over Q2FY26 • 11.7% Store Level EBITDA margin • 72.0% Store Level Operating ROCE ₹ 885m Pharmacy Operating EBITDA • 4.4% Operating EBITDA margin in Pharmacy, increased by 120 bps qoq • ₹ 981m Company Operating EBITDA ₹ 370m Operating Cash Flow • 37.7% OCF/ Operating EBITDA • ₹ 5,439m closing cash, bank balance & investments (including ₹ 818m in investments) Results Update 3Q2FY27
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Q2 FY2027 Highlights (2/2) Revenue, ₹m Results Update 4 887 968 1,076 651 981 5.3% 5.4% 5.8% 3.5% 4.8% Consolidated Operating EBITDAGross Margin 16,793 18,061 18,644 18,796 20,371 26.1% 26.2% 26.5% 24.5% 25.1% 16,440 17,715 18,266 18,399 19,935 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 25.0% 25.1% 25.3% 23.3% 23.9% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 1,663 1,769 1,898 1,531 1,906 EBITDA, ₹m 1,616 1,688 1,803 1,426 1,774 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Operating EBITDA ₹m Operating EBITDA margin 839 925 1,022 588 885 5.1% 5.2% 5.6% 3.2% 4.4% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Pharmacy Q2FY27
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H1 FY2027 Highlights ₹ 39,167m Revenue • ₹ 6,947m increase over H1FY26 21.6% yoy • 0.7% decrease in private label over H1FY26 ₹ 9,712m Gross Margin • 24.8% GM%, decreased by 130 bps yoy 312 Store Net Additions • 441 gross additions • 226 net additions beyond Tier-One Stores > 12 months • 14.9% revenue growth over H1FY26 • 11.1% Store Level EBITDA margin ₹ 1,473m Pharmacy Operating EBITDA • 3.8% Operating EBITDA margin in Pharmacy (decreased by 100 bps over H1FY26) • ₹ 1,632m Company Operating EBITDA ₹ 1,622m Operating Cash Flow • 99.4% OCF/ Operating EBITDA • ₹ 5,439m closing cash, bank balance & investments (including ₹ 818m in investments) Results Update 5Q2FY27
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© GeoNames, Microsoft, TomTom Powered by Bing 728 941 764 1048 1145 193 644 57 63 46 1 1 Cluster Based Network Enables Profitable Omni-Channel Service Overview Strong Cluster Based Network Strong network of 5,642 stores across Metros, Tier-One, Tier-Two and beyond. Ability to service 100% market – acute + chronic As opposed to online only players that largely cater to only chronic segment (37%1 of the market) 2- hour delivery Online only players cannot match this proposition given lack of hyperlocal store presence Lower customer acquisition cost As existing stores act as branding sites Lower delivery costs Because of the hyperlocal presence of MedPlus’ 5,642 stores 1. For 2020; Proportion of domestic pharmaceutical market. Technopak Advisors (2021). Pharmacy Retail in India 2. Stores in Puducherry and Delhi are not represented in the map above. As on 30-Sep-26 we have 10 stores in Puducherry and 1 store in Delhi Stores As On Sep-26 5,642 stores 6Q2FY27 Metro Tier-One Tier-Two Tier-Three+
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Scale Allows A Large Private Label Basket: 1750+ SKUs Overview Pharma Over 900 products covering Chronic, Acute, OTC & Other Pharmaceutical products Non-Pharma Over 850 products covering, packaged food, baked goods, dry goods, cleaning products, cosmetics and toiletries Q2FY27 7
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Poised for Growth Overview Key Pillars Of Growth Growth in existing clusters and develop new clusters MedPlus has an established base of operations in 13 states and 1 union territory. Therefore, we will: • Further grow in cities where we have market leadership. Metro and Tier - One followed by Tier - Two and beyond • Replicate our leadership in markets where we have entered but yet to attain market leadership A Leverage our leadership in omni-channel MedPlus has built an extensive in-house technology platform. On the back of that, we will: • Expand our target addressable market via omni-channel offering • Increase retention via omni-channel • Operationally extend <2 hour delivery to more locations B Expand share of private label: Higher margins and higher share of wallet MedPlus has a curated private label range of 1750+ SKUs. From these, we will: • Increase private label contribution in pharma products, especially in sub-chronic and chronic ailments • Increase private label contribution in FMCG products, including nutrition and wellness C 8Q2FY27
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© GeoNames, Microsoft, TomTom Powered by Bing 651 875 753 1022 1099 187 610 43 47 35 1 1 © GeoNames, Microsoft, TomTom Powered by Bing 728 941 764 1048 1145 193 644 57 63 46 1 1 712 Stores Added In Last 12 Months As On Sep-25 As On Mar-26 As On Sep-26 5,642 stores 5,330 stores 4,930 stores Presence We are present in 13 states and 1 union territory. The key urban centers are: Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, Nagpur, Pune, Visakhapatnam We are present in 860+ cities Results Update Metro Tier-One Tier-Two Tier-Three+ 1. Stores in Puducherry and Delhi are not represented in the maps above. As on 30-Sep-26 we have 10 stores in Puducherry and we have 1 store in Delhi 2. Color index for pie-chart as below: 9Q2FY27 © GeoNames, Microsoft, TomTom Powered by Bing 569 781 691 997 1014 179 587 33 45 26 1 1
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© GeoNames, Microsoft, TomTom Powered by Bing 8 18 2 6 1 14 1 3 © GeoNames, Microsoft, TomTom Powered by Bing 51 8 28 6 27 9 5 41 32 8 166 Stores Added In Last Quarter Q2 FY27 Openings Q2 FY27 Closures Q2 FY27 Closure Reasons Metro Tier-One Tier-Two Tier-Three+ 219 stores Average age (years) 1. Color index for pie-chart as below We opened 219 stores in Q2FY27 There were 53 closures Results Update 10 Relocation Franchisee withdrawn Others 14 23 16 5.2 1.2 Q2FY27 53 stores 8.3
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Store Network: 29% Less Than 2 Years Old Results Update Pharmacy: Age Structure of Stores1 78% 77% 76% 73% 71% 11% 9% 7% 8% 8% 11% 14% 17% 19% 21% Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Year 2+ Year 2 Year 1 Pharmacy: Count 4,813 4,930 5,112 5,330 5,476 117 182 218 146 166 0 1,000 2,000 3,000 4,000 5,000 6,000 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 145 228 295 222 219 28 46 77 76 53 117 182 218 146 166 Openings Closures + Conv. Net Additions Openings Maintaining steady store openings 4.930Stores 5,112 5,330 5,476 5,642 1. Store age, as on end of period 11Q2FY27
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Results Update Profitable Older Stores: 12+ Months 12 Store Level Revenue Growth1 Store Level EBITDA Margin Store Level Operating ROCE2,3 2.2% 10.5% 17.8% 15.3% 13.2% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 11.8% 12.4% 13.1% 10.4% 11.7% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 68.6% 77.7% 80.0% 62.6% 72.0% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Operating EBITDA, ₹m Operating EBITDA Margin 877 967 1,133 707 945 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 5.6% 5.8% 6.7% 4.3% 5.4% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q2FY27 1. Growth is yoy 2. See Glossary for definition 3. Annualized by multiplying the quarterly computation by 4
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65.9% 64.9% 65.4% 66.9% 66.5% 9.2% 9.6% 9.5% 9.4% 9.2% 12.2% 11.9% 11.6% 11.0% 10.7% 9.8% 10.9% 11.0% 9.8% 10.7% 2.9% 2.7% 2.5% 2.9% 2.9% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 B. Pharma B. Non-Pharma PL. Pharma PL. Others Others Revenue Mix: Share of Private Label Results Update Revenue Mix: By Product Category Revenue Mix3: By Location of Stores 47% 46% 46% 45% 45% 15% 16% 16% 16% 16% 24% 24% 24% 24% 24% 14% 14% 15% 15% 15% Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Metro Tier-One Tier-Two Tier-Three+ 1. Prefix of “B” implies Branded, Prefix of “PL” implies Private Label 2. “Others” includes revenue from Optical, Diagnostics and membership/service fee 3. Only revenue from pharmacy stores 13Q2FY27
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Results Update Omni-channel: Profitable With Negligible Acquisition Costs Channel Revenue Channel Delivery Pincodes1 and Delivery Hubs 0% 20% 40% 60% 80% 100% 882 904 927 1,037 1,112 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 400 500 600 700 800 900 1,000 1,100 1,200 Revenue, ₹m Share of Tot. Rev. (RHS) Store Pickup Home Delivery 3,043 3,021 3,077 3,223 3,441 690Hubs 699 711 727 735 Store Pickup Home DeliveryOmni-Channel Our online presence grows on the back of our rapid store additions 1. For Online Orders 14Q2FY27
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Income Statement Results Update Snapshot of Income Statement, ₹m 15 Q2FY26 Q1FY27 Q2FY27 Q2FY27 vs. Q2FY26 (yoy) Q2FY27 vs. Q1FY27(qoq) 6m FY26 6m FY27 6m FY27 vs. 6m FY26 (yoy) Revenue 16,793.3 18,796.0 20,371.1 21.3% 8.4% 32,219.6 39,167.1 21.6% Gross Margin 4,390.8 4,603.1 5,108.5 16.3% 11.0% 8,419.8 9,711.6 15.3% Gross Margin 26.1% 24.5% 25.1% 26.1% 24.8% Expenses 3,504.2 3,951.9 4,127.4 17.8% 4.4% 6,805.2 8,079.3 18.7% Operating EBITDA 886.5 651.2 981.1 10.7% 50.7% 1,614.6 1,632.3 1.1% Operating EBITDA 5.3% 3.5% 4.8% 5.0% 4.2% Rental Expenses 674.9 773.9 807.5 19.7% 4.3% 1,316.7 1,581.4 20.1% ESOP Expenses (9.6) 1.4 (0.8) -91.7% -155.6% (21.5) 0.6 -102.9% Interest Income 111.3 104.1 118.2 6.2% 13.6% 210.8 222.3 5.5% EBITDA 1,663.2 1,530.7 1,906.0 14.6% 24.5% 3,120.7 3,436.7 10.1% EBITDA 9.9% 8.1% 9.4% 9.7% 8.8% Depreciation & Amortisation (685.6) (779.2) (838.3) 22.3% 7.6% (1,341.8) (1,617.6) 20.6% Finance Costs (288.2) (332.7) (366.2) 27.1% 10.1% (561.8) (698.9) 24.4% PBT 689.4 418.8 701.5 1.8% 67.5% 1,217.0 1,120.2 -8.0% PAT 555.0 331.7 560.7 1.0% 69.1% 978.5 892.4 -8.8% PAT 3.3% 1.8% 2.8% 3.0% 2.3% Q2FY27
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Income Statement: Business Segments Results Update Snapshot of Income Statement, ₹m Q1FY27 Q2FY27 Pharmacy Retail Diagnostic Others Total Pharmacy Retail Diagnostic Others Total Revenue 18,398.7 370.8 26.5 18,796.0 19,935.4 410.5 25.2 20,371.1 COGS and Expenses 17,810.6 304.8 29.4 18,144.8 19,050.0 312.7 27.3 19,390.0 Operating EBITDA 588.1 65.9 (2.8) 651.2 885.4 97.9 (2.2) 981.1 Operating EBITDA 3.2% 17.8% -10.6% 3.5% 4.4% 23.8% -8.6% 4.8% Rental Expenses1 773.9 807.5 ESOP Expenses 1.4 (0.8) Interest Income 104.1 118.2 EBITDA 1,530.7 1,906.0 EBITDA 8.1% 9.4% 16Q2FY27 1. Rental Expenses are net of Gain on de-recognition of Right-of-use assets amounting to ₹12.5m and ₹11.1m for Q1FY27 and Q2FY27 respectively
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Income Statement: Ind AS Adjustments Results Update Snapshot of Income Statement: Ind AS Adjustments, ₹m 17 Q1FY27 Q2FY27 Reported Ind AS Impact Ind AS Adjusted Reported Ind AS Impact Ind AS Adjusted Revenue 18,796.0 - 18,796.0 20,371.1 - 20,371.1 Gross Margin 4,603.1 - 4,603.1 5,108.5 - 5,108.5 Gross Margin 24.5% 24.5% 25.1% 25.1% Expenses 3,178.0 (773.9) 3,951.9 3,319.9 (807.5) 4,127.4 Operating EBITDA 1,425.2 773.9 651.2 1,788.6 807.5 981.1 Operating EBITDA 3.5% 4.8% ESOP Expenses 1.4 - 1.4 (0.8) - (0.8) Interest Income 104.1 23.8 80.3 118.2 25.1 93.1 EBITDA 1,530.7 797.7 732.9 1,906.0 832.6 1,073.4 EBITDA 8.1% 9.4% Depreciation & Amortisation (779.2) (565.4) (213.8) (838.3) (609.7) (228.6) Finance Costs (332.7) (332.7) (0.1) (366.2) (366.0) (0.2) PBT 418.8 (100.3) 519.1 701.5 (143.1) 844.6 PAT 331.7 (100.3) 432.0 560.7 (143.1) 703.8 PAT 1.8% 2.8% Q2FY27
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Operating EBITDA Deep Dive Results Update Operating EBITDA Bridge: From 12+ Months Stores to Consolidated, ₹m 18 945 14 -73 885 98 -2 981 12+ Months Stores < 12 Months Stores* Pre-Operative Pharmacy Diagnostics Others ConsolidatedOperating EBITDA Q2FY27 * Includes all Franchisee stores
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Balance Sheet Results Update Key Balance Sheet items, ₹m 19 Sep-25 Mar-26 Jun-26 Sep-26 Assets PPE and CWIP 3,078.5 3,503.4 3,602.6 3,818.6 Inventories 12,807.4 13,816.9 14,395.6 15,210.9 Cash 6,085.0 5,942.1 6,218.8 4,621.5 Investments - - - 817.8 Liabilities Trade payables 3,393.4 3,069.5 3,595.5 3,641.6 Q2FY27 1. Cash includes cash, bank balances and bank deposits
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Capital Productivity Results Update Working Capital Cycle, days 37 35 36 37 35 33 34 30 33 34 19 17 15 17 16 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Inventory: All Stores Inventory: Warehouse Payables Year 1 Stores 86 days inventory (on Year 1 stores revenue) 1. Inventory and Payables (as on end of period) computed on period Revenue 2. Annualized by multiplying the quarterly computation by 4 Stores Older Than 12 months 34 days inventory (on revenue of stores older than 12 months) 53NWC (days) 53 53 54 54 ROCE2: Operating EBIT/ Avg. Capital Employed 22.5% 24.2% 26.3% 12.6% 20.7% 20Q2FY27
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Cash Management Cash Management, Q2FY27, ₹m 1,864 -1,256 -238 -436 55 -785-775 -2,000 -1,000 0 1,000 2,000 3,000 4,000 Operating Cash Flow ₹ 370m PBT+ D&A+ Int. of Lease Liability1 + Others2 Increase in Working Capital Taxes Capex Payment of lease liabilities Interest received & others Increase in cash and cash equiv.3 Free Cash Flow ₹ -840m 1. Computed as per IND AS-116 2. Other non-cash expenses, e.g. ESOP compensation expense 3. Additionally, during the quarter we have withdrawn ₹358m from fixed deposit/investments Results Update 21Q2FY27
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Appendix A. The Board of Directors and Key Managerial Personnel B. Glossary 22
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A. The Board of Directors and Management Team Mr. Gangadi Madhukar Reddy Chairman, Managing Director and Chief Executive Officer Appendix 23 Dr. Cherukupalli Bhaskar Reddy Whole Time Director and Chief Operation Officer Mr. Ajit Pandurang Rangnekar Non-Executive Independent Director Ms. Aparna Surabhi Non-Executive Independent Director Mr. Mohan Krishna Reddy Arvabumi Non-Executive Independent Director Mr. Sujit Kumar Mahato Chief Financial Officer Mr. Kandasamy Vairaperumal Head Supply Chain, Optival Mr. Thyagarajan Muralidharan Non-Executive Independent Director Mr. Subrahmanyam Sharma Tatapudi Chief Technology Officer, Optival Mr. Shrenik Soni Company Secretary & Compliance Officer
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B. Glossary Appendix Term Description City Categorization (internal) Metro: Bengaluru, Chennai (and Avadi), Hyderabad, Kolkata (and Howrah), Mumbai (and Thane) Tier One: Ahmednagar, Baramati, Kharagpur, Nagpur, Nashik, Panruti, Pune, Ranaghat, Vijayawada, Visakhapatnam Tier Two: Hundred and Thirty five cities, including Adilabad, Aurangabad, Coimbatore, Hooghly, Mysuru, Puri EBITDA EBITDA is a non-GAAP financial measure. EBITDA refers to our profit/(loss) for the period, as adjusted to exclude (i) Depreciation and Amortization Expenses, (ii) Finance Costs and (iii) Tax Expense. Free Cash Flow (FCF) Operating Cash Flow minus Capex minus Payment of lease liabilities GMV Gross Merchandising Value ( GMV = MRP- GST) NWC Net Working Capital. Inventory plus Receivables minus Trade Payables Operating Cash Flow (OCF) PBT plus non-cash expenditures minus increase in working capital minus taxes paid Operating EBITDA Operating EBITDA is non-GAAP financial measure adjusted for one – off expenses like ESOP Store(s) Our pharmacy stores. Unless specifically mentioned, this does not include our other outlets (e.g optical, clinic, lab, diagnostics, collection center) Store age: Year 1, Year 2, Year 2+ For the purpose of age categorization, we determine the age as per the last day of the reporting period. For example a store that has completed 24 months at on the last day of the reporting period, is categorized as Year 2+ Store Level Operating ROCE Store Level Operating ROCE is computed by dividing (Store Level Operating EBITDA minus depreciation) with Capital Employed. Capital Employed is computed as store level inventory at the end of the period + store level capex + refundable security deposit. Full – Service Center Full-service center refers to Integrated Diagnostic center with Pathology and Radiology (including MRI and CT) Level 2 center Level 2 center refers to diagnostic center with pathology and Radiology (without CT and MRI) 24
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Reg. Office: H. No: 11-6-56, Survey No: 257 & 258/1 Opp: IDPL Railway Siding Road, Moosapet, Kukatpally, Hyderabad, Telangana, India - 500037 INVESTOR RELATIONS Tanushree Chaurasia ir@medplusindia.com MEDIA AND PRESS ENQUIRIES marketing@medplusindia.com MEDPLUS HEALTH SERVICES LIMITED Website: www.medplusindia.com