Poly Medicure Ltd

About

Poly Medicure Limited is an India-based manufacturer and exporter of medical devices. The Company exports plastic medical disposables/surgical devices.[1]

Key Points

Product Portfolio
The company is a top exporter of plastic medical disposables/ surgical Items.
It has a portfolio of over 130 SKUs of disposable medical devices across 9 different product verticals.[1]

See full details
  • Market Cap 8,650 Cr.
  • Current Price 902
  • High / Low 1,165 / 449
  • Stock P/E 61.8
  • Book Value 99.5
  • Dividend Yield 0.28 %
  • ROCE 21.4 %
  • ROE 18.6 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 22.19% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 21.41%

Cons

  • Stock is trading at 9.07 times its book value
  • Promoter holding has decreased over last 3 years: -3.99%

Peer comparison

Sector: Healthcare Industry: Healthcare

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
147 149 160 152 163 171 159 161 190 194 203 203
112 118 124 116 123 127 121 116 136 138 150 149
Operating Profit 34 31 36 37 41 45 38 45 54 56 53 54
OPM % 24% 21% 22% 24% 25% 26% 24% 28% 28% 29% 26% 27%
Other Income 4 4 5 4 5 4 5 3 4 5 7 10
Interest 6 -1 2 3 1 5 8 3 3 5 -2 3
Depreciation 9 9 9 10 10 10 9 11 11 12 12 13
Profit before tax 23 26 29 28 34 33 26 35 44 44 50 49
Tax % 37% 36% 26% 28% 21% 26% 22% 27% 24% 24% 26% 26%
Net Profit 14 17 21 20 27 25 21 26 33 34 37 36
EPS in Rs 1.64 1.91 2.43 2.29 3.06 2.78 2.34 2.90 3.77 3.80 3.87 3.76

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
134 169 208 252 312 373 393 439 507 586 646 746 790
106 132 162 199 238 288 307 345 386 452 483 536 572
Operating Profit 29 37 46 52 74 85 86 94 122 134 162 210 217
OPM % 21% 22% 22% 21% 24% 23% 22% 21% 24% 23% 25% 28% 28%
Other Income 1 0 1 0 11 28 8 13 14 16 19 19 26
Interest 5 5 8 7 9 10 10 8 11 13 20 10 8
Depreciation 7 9 10 12 14 18 20 23 28 36 39 46 48
Profit before tax 18 24 29 34 62 84 65 76 96 100 122 173 187
Tax % 10% 9% 33% 29% 31% 27% 27% 26% 27% 34% 24% 25%
Net Profit 16 22 19 24 43 61 47 56 70 66 92 130 140
EPS in Rs 1.87 2.46 2.19 2.73 4.88 6.92 5.36 6.37 7.96 7.51 10.47 13.51 15.20
Dividend Payout % 17% 15% 17% 9% 20% 18% 28% 39% 25% 27% 19% 19%
Compounded Sales Growth
10 Years: 16%
5 Years: 14%
3 Years: 14%
TTM: 21%
Compounded Profit Growth
10 Years: 19%
5 Years: 22%
3 Years: 22%
TTM: 43%
Stock Price CAGR
10 Years: 38%
5 Years: 35%
3 Years: 64%
1 Year: 84%
Return on Equity
10 Years: 22%
5 Years: 21%
3 Years: 20%
Last Year: 19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
11 11 11 11 22 22 22 44 44 44 44 48
Reserves 49 67 82 100 122 170 202 225 290 336 385 906
Borrowings 33 41 46 49 67 76 79 97 127 150 194 126
33 33 41 52 71 87 73 83 93 103 117 107
Total Liabilities 125 152 180 212 282 354 376 449 555 633 740 1,187
58 65 82 89 120 161 177 201 260 272 328 389
CWIP 4 8 5 8 20 10 14 20 18 19 25 21
Investments 7 7 7 7 6 6 6 6 18 42 58 385
56 73 86 108 137 178 180 222 258 300 330 392
Total Assets 125 152 180 212 282 354 376 449 555 633 740 1,187

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
22 22 33 38 65 63 62 55 76 113 127 116
-13 -23 -26 -30 -58 -57 -30 -54 -87 -104 -106 -434
-9 1 -7 -8 6 -9 -31 -1 14 -10 -22 319
Net Cash Flow 0 -1 0 0 13 -2 1 0 3 -1 -1 1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 61 57 57 61 53 58 75 79 81 77 68 73
Inventory Days 198 176 184 144 140 146 105 193 207 138 241 202
Days Payable 110 111 125 100 102 103 77 136 130 93 144 104
Cash Conversion Cycle 149 121 116 105 91 101 103 136 157 123 165 172
Working Capital Days 73 76 78 71 52 58 81 99 109 95 90 105
ROCE % 26% 28% 29% 27% 33% 30% 26% 25% 26% 23% 25% 21%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
48.76 48.75 48.75 48.75 48.76 48.76 48.76 48.76 48.76 44.88 44.77 44.77
4.90 5.01 5.01 5.01 3.68 2.90 2.36 2.86 3.75 12.61 12.82 13.68
0.02 0.07 0.07 0.08 0.13 0.18 0.24 0.25 0.26 2.51 2.89 2.87
46.32 46.17 46.17 46.16 47.43 48.16 48.64 48.13 47.23 40.00 39.52 38.68

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