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ICICI Securities Report
Poly Medicure Ltd.'s Q4 FY22 performance was a beat on our estimates. Revenues grew 20.9% YoY to Rs 2.6 billion (our estimate: Rs 2.4 billion) mainly due to strong growth in the domestic market.
Elevated costs pulled Ebitda margin downward by 380 bps to 21.6% (our estimate: 22.3%).
However, raw material and freight costs have started softening; hence, we expect improvement in margins FY23 onwards.
Adjusted profit after tax declined 6.9% YoY to Rs 362 million (our estimate: Rs 319 million).
We like Poly Medicure mainly due to its-
strong presence in the fast-growing medical disposable segment,
industry tailwinds,
leading market share in key categories,
entry into larger markets like the U.S.,
expansion into margin-accretive segments, and
strong financials.
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