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Dolat Capital Report
Poly Medicure Ltd.'s revenues stood at Rs 2.5 billion (in line) grew by 17% YoY aided by strong export business. Gross margins was slightly better than expected at 62.8% contracted 330 basis points YoY due to higher input cost but expanded by 232 bps QoQ.
Ebitda at Rs 465 million (below our estimate) declined by 16.0%/16.6% YoY/QoQ with Ebitda margin at 18.7%. Excluding unrealised mark-to-market on valuation differences for the treasury investments, Ebitda margin is at 22% in line with our estimates.
Poly Medicure's profit after tax declined by 28%/25% YoY/QoQ to Rs 270 million due to lower operating performance.
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