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.
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