Poly Medicure (531768) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 revenue rose 20% year-over-year to INR 385 crore, with EBITDA up 20% to INR 104 crore and PAT up 18% to INR 74 crore; board approved unaudited standalone and consolidated results showing strong growth.

• Several key appointments and re-appointments to the Board and senior management, subject to shareholder approval at the upcoming AGM.

• Statutory auditors to be changed, pending shareholder approval.

• Major capacity expansion completed, increasing annual output from 1.2 to 1.5 billion units, targeting 1.7-1.8 billion by year-end.

• Export business grew over 25% in Q1, now comprising 70% of sales, while domestic business grew 6%-7% due to lower government orders.

Financial highlights

• Q1 FY25 consolidated revenue: ₹38,477.64 lakhs (up from ₹33,394.49 lakhs YoY); EBITDA: INR 104 crore (up from INR 87 crore YoY); PAT: INR 74 crore (up from INR 62.7 crore YoY).

• EPS for Q1 FY25 stood at ₹7.71, up from ₹6.54 in Q1 FY24.

• Total comprehensive income for Q1 FY25 was ₹7,266.36 lakhs, compared to ₹6,245.67 lakhs in Q1 FY24.

• Q1 CapEx: INR 70 crore; full-year CapEx plan: INR 250 crore.

• Long-term debt: INR 7.5 crore (to be repaid by October); working capital debt: INR 150-160 crore.

Outlook and guidance

• FY25 revenue growth guidance maintained at 22%-24%, with domestic growth at 20%-22%.

• EBITDA margin expected to improve by 100-150 bps for the year.

• Export growth to remain strong, with Europe leading at 30%+ YoY growth.

• CapEx to continue at INR 400-500 crore annually for next few years to support new plants and technology.

• Management does not expect any material impact from recent tax demands and is evaluating all legal options.