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Poly Medicure Q2FY18: Net Sales & Profit to grow at a CAGR of 11% each over 2016 to 2019E; Overweight

Firstcall India Equity | 11 Jan, 2018  | Follow Author | Add to my Favourites 
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- Poly Medicure Ltd is engaged in the manufacturing and sale of medical devices. The Company is an exporter of plastic medical disposables/surgical devices.

- The company has achieved a turnover of Rs. 1349.26 mn for Q2 FY18 as against Rs. 1063.48 mn in Q2 FY17, an increase of 26.87%.

- During the quarter, EBIDTA stood at Rs. 367.17 mn as against Rs. 254.08 mn in the corresponding period of the previous year, up by 44.51%.

- PBT stood at Rs. 273.84 mn in Q2 FY18 against Rs. 178.79 mn in the corresponding quarter of the previous year.

- During the quarter, net profit stood at Rs. 185.86 mn as compared to Rs. 120.72 mn in the corresponding quarter ending of previous year.

- EPS of the company stood at Rs. 2.11 during Q2 FY18, as against Rs. 1.37 per share over previous year period.


- During the quarter, EBIDTA and PAT margins stood at 27.21% and 13.77%, respectively.

- Revenue for H1 FY18 was Rs. 2435.90 mn as against Rs. 2103.08 mn during the H1 FY17, up by 15.83%.

- During H1 FY18, Net Profit increased by 24.03% to Rs. 306.07 mn from Rs. 246.77 mn recorded during the previous year.

- Net Sales and Operating Profit of the company are expected to grow at a CAGR of 11% each over 2016 to 2019E.

Outlook and Valuation


At the current market price of Rs. 290.00, the stock P/E ratio is at 42.26 x F Y18E and 37.75 X F Y19E respectively.

Earning per share (EPS) of the company for the earnings for FY18E and FY19E is seen at Rs. 6.86 and Rs.7.68 respectively.

Net Sales and Operating Profit of the company are expected to grow at a CAGR of 11% each over 2016 to 2019E.

On the basis of EV/EBITDA, the stock trades at 21.50 x for F Y18E and 19.32 x for F Y19E.

Price to Book Value of the stock is expected to be at 8.03 X and 6.75 x for F Y18E and F Y19E respectively.

Hence, we say that, we are overweight in this particular scrip for medium to long term investment.

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About Firstcall India Equity

Firstcall India Equity of Firstcall India Equity Advisors Pvt. Limited (FIEA), is a leading financial services provider in India and a SEBI Registered Category-I Merchant Banker. FIEA is a culmination of a credible Equity Research Capabilities, Long Standing Relationship with leading FIIs, DFIs, MFs, Overseas Pension Funds etc. The company’s research caters to the needs of the largest news wire and media houses of the world namely Reuters, Thomson, Capital IQ,, Emerging Markets Euro money Publications-UK. The Company is among the major players in the Debt and Equity markets.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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