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HDFC Securities Retail Research
Being a market leader in infusion therapy, Poly Medicure Ltd. is poised to grow at robust pace by tapping strong demand in both domestic and international markets, given wide scale of operations across geographies.
Since 70% of the medical devices are imported currently, we see huge opportunity in the domestic market. In addition, new capacity expansion will drive incremental growth. With higher focus on the domestic market and overall demand expected to remain robust for medical disposables, dialysis and diagnostics, operating margin could see steady improvement in the coming years.
We estimate revenue/Ebitda/profit after tax compound annual growth rate of 19.5%/22.5%/22.5% over FY22-25E.
We believe industry tailwinds, changing regulatory landscape in domestic market, new capacity additions in renal and diagnostic, steady infusion therapy growth and scale up of U.S. business would drive the earnings growth.
Pick up in elective surgeries, new product launches, better capacity utilization and operating leverage would lead to strong revenue growth along with margin expansion over the next three years.
Polymed has a healthy balance sheet, robust margin profile, and strong return ratios. Polymed enjoys three tailwinds – growing base of hospital beds, market share gains and import substitution. The dialysis market offers a large scope in a country like India where the current installed number of such machines is limited.
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