Poly Medicure (531768) Q3 24/25 earnings summary

Executive summary

• Consolidated Q3 FY25 revenue grew 24.9% year-over-year to ₹424.2 crores, with EBITDA up to ₹116.3 crores and PAT rising to ₹85.2 crores.

• Nine-month FY25 revenue reached ₹1,229 crores, up 23.2% year-over-year, with EBITDA margin improving by 95 bps to 27.4%.

• PAT increased 31.1% in Q3 and 29.9% for 9M FY25 year-over-year.

• Net cash stands at ₹1,074 crores as of December 31, 2024, including QIP proceeds.

• Regulatory approval received for drug-eluting stent (DES/DEB), with commercialization imminent.

Financial highlights

• Q3 FY25 consolidated revenue: ₹424.2 crores (up from ₹339 crores YoY); EBITDA: ₹116.3 crores (up from ₹91 crores); PAT: ₹85.2 crores (up from ₹65 crores).

• Nine-month FY25 EBITDA: ₹336.7 crores (up from ₹264 crores YoY); PAT: ₹246.7 crores (up from ₹190 crores YoY).

• Gross margin for 9M FY25: 66.9% (up from 64.8% YoY); EBITDA margin improved to 27.4%.

• EPS for 9M FY25: ₹25.2 (up 27.3% YoY).

• Devices sold in Q3: 32 crores (up from 26 crores YoY); nine-month devices sold: 96 crores (up from 81 crores YoY).

Outlook and guidance

• FY25 revenue growth guidance maintained at 22%-24%, with EBITDA margin improvement of 100-150 bps.

• Domestic business expected to end FY25 with over 20% growth; exports projected to grow 28% for Europe and 27% for rest of world.

• CapEx for FY25 targeted at ₹300 crores, with new plants to be commissioned in 18-20 months.

• Focus on inorganic growth through alliances, R&D in transformative areas, and global expansion.

• Margin improvement of 50-100 bps per year expected over the next 3-5 years.