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Dolat Capital Report
Poly Medicure Ltd.'s sales grew 24% YoY driven by higher share of domestic markets aided by Covid-19 (lower demand of hospital led surgery products was offset by respiratory and diagnostics kits).
Higher polymer prices continued in Q1 as well but ability to pass prices to customers aided gross margins at 66% (flat YoY, up 100 basis points QoQ).
Higher freight charges restricted Ebitda margins at 26%.
Profit after tax at Rs 376 million was up 41% YoY, 30% higher versus our estimate of Rs 282 million, aided by higher net interest income.
In Q1, product mix changed resulting into 62% of revenue from exports and 38% from domestic markets.
Poly Medicure's management reiterated its guidance of 17-18% revenue growth with sustained Ebitda margin for FY22E.
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