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Dolat Capital Report
Poly Medicure Ltd.'s Q3 FY23 revenues and operating performance were in line while earnings was above our estimates on higher other income.
Revenues stood at Rs 2.8 billion (in line) grew by 24%/4% YoY/QoQ. Gross margin was higher than expected at 64% expanded 346 bps/257 bps YoY /QoQ on softening of input cost while higher than expected other expenses led Ebitda to fall inline.
Poly Medicure's Ebitda at Rs 710 million (in line) grew by 39%/10% YoY/QoQ with Ebitda margin at 24.9% expanded 270 bps/139 bps YoY/QoQ.
We upgrade our estimates by 0.6%/0.6%/0.8% in FY23E/FY24E/FY25E on back of assuming higher other income offset by higher interest cost on increasing working capital requirement.
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