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Dolat Capital Report
Poly Medicure Ltd.'s sales grew 12% YoY driven by higher sales in export market. Domestic sales contribution is also increasing from 30% in FY21 to 38% in H1 FY22.
Higher raw material prices restricted gross margins at 63% (down 719 basis points YoY and 344 bps QoQ).
Due to change in product mix (higher domestic contribution) Ebitda margins stands lower at 24% in H1 FY22 by at 28% in FY21.
Profit after tax at Rs 386 million was up 9% YoY, 19% lower versus our estimate of Rs 310 million.
In Q2, product mix changed resulting into 65% of revenue from exports and 35% from domestic markets.
Poly Medicure reiterated its guidance of 17-18% revenue growth with sustained Ebitda margin for FY22E.
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