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Systematix Research Report
Q4 FY23 has been another strong quarter for Poly Medicure Ltd. in terms of revenue growth coupled with margin expansion. Poly Medicure's reported profit after tax at Rs 588 million was 5.6% above our estimate.
In Q4 FY23, Poly Medicure's revenue grew at ~20% led by growth in European exports. Growth in the European market and softening input prices have aided Ebitda margin expansion of 218 basis points QoQ.
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Company expects an equally strong FY24 performance with 20% growth and Ebitda margin between 25-27%. During the quarter, Poly Medicure has received U.S. Food and Drug Administration approval for two new product categories and will start exporting these products from Q2 FY24 onwards.
To support the strong growth expected ahead, Poly Medicure has commercialised one plant and expects to commission another three plants in Q2 FY24/Q3 FY24. These new facilities will double capacities and support growth over the next three years.
The key growth drivers in FY24 would be base business volume growth, foray into U.S., scale-up in renal segment (dialysis consumable and dialysis machines), expand reach in corporate chain hospitals and venturing into high value critical care segment.
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