India’s TTK Healthcare Ltd on Friday reported a more than two-fold increase in quarterly profit, fueled by higher sales of medical devices and contraceptives.
Profit from continuing operations rose to 79.1 million Indian rupees ($959,625.37) for the three months ended September 30, from Rs 37.5 million a year ago.
Shares of the company climbed nearly 3% to hit two-week highs.
The increasing prevalence of chronic medical conditions has led to the development of various advanced medical treatments, resulting in a greater demand for medical devices.
Revenue from operations grew 12.8% to Rs 1.7 billion, driven by a 14.7% increase in revenue from its medical devices segment.
Revenue from its protective equipment segment, which scores its condom brand, climbed nearly 33% as it launched new products. Recently, it also won a contract to supply contraceptive devices to an international agency by July 2023.
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