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]

Read More
  • Market Cap 9,940 Cr.
  • Current Price 1,037
  • High / Low 1,165 / 449
  • Stock P/E 66.3
  • Book Value 106
  • Dividend Yield 0.24 %
  • ROCE 21.8 %
  • ROE 19.3 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 22.88% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 21.01%

Cons

  • Stock is trading at 9.77 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

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
155 172 162 174 180 171 170 200 204 213 212 223
124 138 125 132 135 131 125 143 146 159 157 172
Operating Profit 30 34 36 42 46 40 46 57 58 54 55 51
OPM % 20% 20% 23% 24% 25% 23% 27% 28% 28% 25% 26% 23%
Other Income 4 7 5 5 4 6 4 4 6 8 11 13
Interest -1 2 3 2 5 8 3 3 5 -2 3 0
Depreciation 10 10 10 10 11 9 11 11 13 13 13 14
Profit before tax 26 29 28 35 34 29 36 46 46 52 50 50
Tax % 37% 27% 29% 20% 26% 22% 26% 24% 23% 25% 25% 24%
Net Profit 16 22 20 28 25 23 27 35 35 39 38 38
EPS in Rs 1.82 2.44 2.24 3.22 2.84 2.57 3.03 3.97 4.00 4.05 3.92 3.99

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
135 173 217 259 322 390 411 454 519 610 687 785 852
107 135 169 206 246 304 323 361 397 479 520 569 634
Operating Profit 28 38 48 53 76 86 88 93 122 131 166 216 218
OPM % 21% 22% 22% 20% 24% 22% 21% 21% 23% 22% 24% 28% 26%
Other Income 2 0 0 0 11 28 8 14 16 20 21 22 38
Interest 5 5 8 7 9 10 10 8 12 14 20 11 6
Depreciation 8 9 12 13 14 19 21 24 29 37 41 48 51
Profit before tax 18 23 29 33 63 85 65 75 97 100 126 180 198
Tax % 10% 10% 33% 30% 30% 27% 27% 27% 27% 35% 24% 25%
Net Profit 16 22 19 24 45 62 48 55 71 65 96 136 150
EPS in Rs 1.80 2.46 2.21 2.75 5.11 7.07 5.47 6.25 8.00 7.41 10.86 14.17 15.96
Dividend Payout % 17% 15% 17% 9% 20% 18% 27% 40% 25% 27% 18% 18%
Compounded Sales Growth
10 Years: 16%
5 Years: 14%
3 Years: 15%
TTM: 18%
Compounded Profit Growth
10 Years: 20%
5 Years: 23%
3 Years: 24%
TTM: 37%
Stock Price CAGR
10 Years: 41%
5 Years: 40%
3 Years: 69%
1 Year: 112%
Return on Equity
10 Years: 22%
5 Years: 21%
3 Years: 20%
Last Year: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
11 11 11 11 22 22 22 44 44 44 44 48 48
Reserves 49 67 82 101 124 174 207 227 294 337 391 918 970
Borrowings 33 29 46 49 67 79 82 101 133 161 207 137 136
33 47 42 53 73 89 76 85 94 112 126 121 182
Total Liabilities 127 153 182 214 286 364 387 457 565 654 767 1,224 1,336
64 70 85 92 123 165 182 207 265 306 363 426 441
CWIP 4 8 5 8 20 10 14 20 18 19 25 21 20
Investments 2 2 2 4 3 4 4 3 17 8 25 354 372
57 74 89 110 140 185 187 227 264 321 354 422 503
Total Assets 127 153 182 214 286 364 387 457 565 654 767 1,224 1,336

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
21 22 33 39 66 63 63 56 75 106 128 119
-12 -24 -26 -31 -58 -59 -31 -56 -88 -101 -107 -436
-9 1 -6 -8 5 -6 -31 -0 16 -5 -21 317
Net Cash Flow 0 -1 0 0 13 -2 1 0 3 1 1 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 60 57 56 61 52 59 74 77 79 77 68 73
Inventory Days 200 178 145 149 142 148 114 194 161 186 241 217
Days Payable 112 114 96 99 101 101 76 131 96 123 142 111
Cash Conversion Cycle 148 121 106 111 94 106 111 140 144 139 166 179
Working Capital Days 73 50 79 71 52 61 81 98 109 97 92 108
ROCE % 25% 29% 30% 27% 33% 30% 26% 24% 26% 22% 25% 22%

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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