Poly Medicure

Strong performance

Oct 26, 2020 03:10 IST capital market

Poly Medicure reported 15% increase in net sales to Rs 199.63 crore in Q2FY20 compared to Q2FY19. Operating margins of the company rose 420 bps to 28.3%. Operating profits as a result rose 35% to Rs 56.52 crore. Cost of material consumed as a percentage of net sales rose 40 bps to 32.8% while purchase of stock in trade was 0.4% compared to nil. Employee benefit expense fell 260 bps to 17.5%. Research & Development Expense decreased 10 bps to 1.5% and other expenses decreased 160 bps to 20.7%.

Interest cost was up 75% to Rs 2.77 crore while depreciation rose 12% to Rs 11.44 crore resulting 30% increase in PBT to Rs 45.54 crore. Tax expense rose 55% to Rs 10.6 crore leading a 24% growth in PAT to Rs 34.58 crore. Considering share of profit of associate net profit was up 23% to Rs 35.01 crore.

For half year ended Sep20 net sales rose 10% to Rs 370 crore. Operating margins improved 440 bps 27.7% leading a 31% growth in operating profits to Rs 102.37 crore. Interest cost rose 15% to Rs 5.56 crore while depreciation rose 11% to Rs 22.42 crore resulting 30% increase in PBT to Rs 81.09 crore. Tax provision increased 37% to Rs 20.5 crore. PAT was up 28% to Rs 60.59 crore. Considering share of profit of associate net profit was up 28% to Rs 61.72 crore

Currently the shares are quoting at around Rs 487 at BSE.

Poly Medicure: Results

 

Particulars 2009 (3) 1909 (3) Var. (%) 2009 (6) 1909 (6) Var. (%) 2003 (12) 1903 (12) Var. (%)
Sales 199.63 173.88 15 370.00 335.47 10 687.24 610.83 13
OPM (%) 28.3 24.1 27.7 23.3 23.9 21.2
OP 56.52 41.84 35 102.37 78.25 31 163.96 129.45 27
Other income 3.23 5.02 -36 6.70 9.20 -27 18.46 18.27 1
PBIDT 59.75 46.86 28 109.07 87.45 25 182.42 147.72 23
Interest 2.77 1.58 75 5.56 4.83 15 18.31 11.75 56
PBDT 56.98 45.28 26 103.51 82.62 25 164.11 135.97 21
Depreciation 11.44 10.25 12 22.42 20.23 11 40.53 37.29 9
PBT before EO 45.54 35.03 30 81.09 62.38 30 123.58 98.68 25
EO 0.00 0.00 0.00 0.00 0.00 0.00
PBT after EO 45.54 35.03 30 81.09 62.38 30 123.58 98.68 25
Tax expense 10.96 7.08 55 20.50 15.00 37 29.33 33.79 -13
PAT 34.58 27.96 24 60.59 47.39 28 94.25 64.89 45
Share of Profit of Associate 0.43 0.44 -3 1.13 0.82 38 2.14 1.40 53
MI 0.00 0.00 0.00 0.00 0.00 0.00
Net Profit 35.01 28.40 23 61.72 48.21 28 96.39 66.29 45
PPA 0.00 0.00 0.00 0.00 0.51 0.89 1
Net Profit after PPA 35.01 28.40 23 61.72 48.21 28 95.88 65.40 47
EPS (Rs)* # # # # 10.9 7.5
* Annualised on current equity of Rs 44.12 crore. Face Value: Rs 5
# EPS not calculated due to seasonality of business
LP: Loss to Profit PL: Profit to Loss
EO: Extraordinary items
EPS excludes EO and relevant tax
Figures in Rs crore
Source: Capitaline Corporate Database

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