Poly Medicure Q1 Results Review - On Path To Achieve Accelerated Growth: Systematix

Systematix Research Report

Poly Medicure Ltd.'s Q1 revenue (Rs 3848 million) and net earnings (Rs. 740 million) were inline with our estimates. Exports market grew 25%+, while the domestic market growth was relatively weaker at 7%. Domestic market growth should pick up meaningfully in FY25 led by accelerated growth in renal segment and recent foray into cardiology and critical care.

The sales force in India has been expanded to add about 100 people (FY25 target) to adequately support the cardiac and critical care division launch. The cardiac and critical care markets are currently dominated by MNC names. Poly Medicure is ready with a product basket in these categories and is confident of building a share for itself as they look to leverage on the broad access to the hospitals they have built over time through their core (vascular and infusion portfolio).

In the renal segment, the company has started to witness accelerated growth as increased regulatory standards set by the Indian regulator has led to a decline in imports. Company dialysis machines are now BIS certified and they are looking at more than doubling sales in FY25.

In the export markets, they continue to expand their product basket and customer base. Substitution of Chinese supplies is the core theme that is supporting Poly Medicure and allowing them to chase high growth in Europe (~30% YoY).

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