Poly Medicure (531768) Q2 24/25 earnings summary

Executive summary

• Revenue for H1 FY25 grew 23% year-over-year, with consistent all-round growth in revenue, EBITDA, PBT, and PAT over the last three fiscal years and H1 FY25.

• All four new plants are operational at about 50% capacity, supporting growth.

• Export sales comprised over 70% of total revenue in H1 FY25, with Europe and the US as key growth drivers.

• Domestic business saw a 22-23.09% year-over-year growth in H1 FY25.

• Board approved unaudited standalone and consolidated financial results for Q2 and H1 ended 30 September 2024.

Financial highlights

• Q2 EBITDA margin improved to 28.06% from 25.82% in Q2 last year and 27.5% in Q1.

• Q2 PAT rose to ₹87.22 crore (₹8,745.47 lakh) from ₹59.21 crore (₹6,218.91 lakh) year-over-year.

• H1 consolidated revenue from operations was ₹80,479.15 lakh, up from ₹65,812.39 lakh year-over-year.

• H1 consolidated net profit after tax was ₹16,149.43 lakh, compared to ₹12,488.60 lakh in H1 FY24.

• Earnings per share (basic) for Q2 FY25 was ₹9.01, up from ₹6.48 in Q2 last year.

Outlook and guidance

• Full-year revenue growth guidance of 22-24% reaffirmed.

• Domestic business expected to grow 20%+; export business to maintain 25-27% growth.

• Plans to invest ₹500 crore over the next two years for expansion of three manufacturing facilities.

• Proceeds from QIP issue of ₹99,999.98 lakh allocated to working capital repayment and liquid mutual funds.

• Margin improvement guidance of 100-150 basis points maintained.