 

 

 

 

 

 

 

 

 

 

 

Player Focus States Focus Cities

Apollo Tamil Nadu, Telangana, Karnataka, Andhra | Hyderabad, Bangalore, Chennai, Kolkata, Vizag,

Pharmacy Pradesh, West Bengal, Delhi Ahmedabad, Delhi - NCR, Mumbai - MMR

MedPlus Karnataka, Andhra Pradesh, West Bengal, | Hyderabad, Bangalore, Chennai, Kolkata, Pune,
Orissa, Tamil Nadu, Telangana, | Bhubaneshwar, Vijayawada, Cuttack, Nagpur, Mysore
Maharashtra

Wellness Maharashtra Mumbai — MMR, Nasik, Pune

Forever

Zeno Health Maharashtra Mumbai - MMR.

Emami Frank | West Bengal Kolkata

Ross

Medkart Gujarat Ahmedabad, Vadodara

Thulasi Tamil Nadu Coimbatore, Chennai, Tiruchirappalli

Pharmacy

 

 

Source: Primary Research, Secondary Research, Company filings, Technopak Analysis

REVENUE

As of financial year 2021, MedPlus accounted for the second-highest revenue from operations amongst major pharmacy
retailers in India. The table below sets forth the revenue from operations in 2 crores for the five key pharmacy retailers, as of
financial years 2019, 2020 and 2021, and the CAGR in revenue from operations between financial years 2019 and 2021.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Player FY 2019 FY 2020 FY 2021 (FY Saisoeeny
Apollo Pharmacy 3,886, 4,821 5,610* 20.2%
MedPlus 2,273 2,871 3,069 16.2%
Wellness Forever 677 863 924 16.8%

API Holdings N/A 668 2,335 N/A

Tata 1 mg 202 358 309 23.7%
Emami Frank Ross 405 447 NA NA
Netmeds 302.0 217.4 NA NA
Thulasi Pharmacy 125 139 NA NA

 

 

Source: Primary Research, Secondary Research, Company filings, Technopak Analysis
* Revenue for Apollo Pharmacy for FY2021 reported on like-for-like basis to its FY 2020 revenue without taking into consideration the restructuring that the
company undertook in September 2020

Note: 1 crore = 10 million

AVERAGE REVENUE PER STORE

The table below sets out the average revenue per store in 2 crores for key pharmacy retailers in India for financial years 2019,
2020 and 2021, and CAGR from financial years 2019 to 2021.

 

 

 

 

 

 

 

 

Player FY 2019 FY 2020 FY 2021 (FY caren 1)
Apollo Pharmac 1:21 1.34 1.42# 8.7%
MedPlus 1.45 1.67 1.59 4.9%
Wellness Forever 5.50 5.55 4.68 -7.8%

 

 

 

Source: Primary Research, Secondary Research, Company filings, Technopak Analysis

Average revenue per store computed as revenue for the financial year divided by average store count for the financial year (Average store count for the year
= Store count at the beginning of the year + Store count at the end of year)/2)

* Average revenue per store for Apollo Pharmacy for FY2021 reported on like-for-like basis to its FY 2020 average revenue per store without taking into
consideration the restructuring that the company undertook in September 2020

Note: 1 crore = 10 million
OPERATING EBITDA AND OPERATING EBITDA MARGINS

The table below sets out the Operating EBITDA in 2 crores and Operating EBITDA margins for key pharmacy retailers in India
for financial years 2019, 2020 and 2021, and CAGR from financial years 2019 to 2021.

 

FY 2019 FY 2020 FY 2021 CAGR

 

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