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Systematix Research Report
Poly Medicure Ltd. Q4 revenue (Rs 3781 million) were ahead of our estimates, while net earnings (Rs 684 million) were inline. Exports market grew 30% +, while the domestic market growth was relatively weaker at 18%.
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 80 people 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.
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