Poly Medicure Q4 Review - Robust FY21, PLI Execution Key Catalyst: Dolat Capital

A worker affixes components to the rear of a control panel for a Constant Positive Airway Pressure, C-PAP, ventilation device. (Photographer: Waldo Swiegers/Bloomberg).

Poly Medicure Q4 Review - Robust FY21, PLI Execution Key Catalyst: Dolat Capital

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Dolat Capital Report

Poly Medicure Ltd.'s sales grew 24% YoY driven by exports (lower demand of hospital led surgery products was offset by respiratory and diagnostics kits).

However, higher polymer prices led to compression in gross margins at 65% (down 300 basis points YoY, 200 bps QoQ).

Cost efficiency measures aided Ebitda margins at 25%.

Reported profit after tax at Rs 388 million was up 71% YoY, 11% higher versus our estimate of Rs 347 million, aided by higher net interest income.

In FY21, company reported 18% growth in sales, Ebitda margins at 27.3% (versus 24% in FY20) while the profit after tax growth has been stellar at 42% YoY, driven by sharp improvement in product mix aided by new launches.

Click on the attachment to read the full report:

Dolat Capital Poly Medicure Q4FY21 Result Update.pdf


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