Poly Medicure Q1 Review - Robust Quarter, Growth Story Intact: Dolat Capital

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .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. .Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Poly Medicure Q1 Review - Robust Quarter, Growth Story Intact: Dolat Capital