TTK Healthcare Q2 Results: Profit more than doubles on higher sales of medical devices

India's reported a more than two-fold rise in quarterly profit on Friday, boosted 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 Sept. 30, from 37.5 million rupees a year earlier.

Shares of the company rose nearly 3% to hit a two-week high.

The rising prevalence of chronic medical conditions has led to development of various advanced medical treatments, resulting in higher demand for medical devices.

Revenue from operations rose 12.8% to 1.7 billion rupees, helped by a 14.7% increase in revenue in its medical devices segment.

Revenue from its protective devices segment, which houses its Skore condom brand, climbed nearly 33% as it launched new products. Recently, it also won a contract to supply contraceptive devices to an international agency till July 2023.