Poly Medicure (531768) Q4 02/03 earnings summary

Executive summary

• FY 2002-03 sales and other income rose 38% YoY to Rs. 4,226.75 lakh; PBT increased 44% to Rs. 530.08 lakh and PAT reached Rs. 391.54 lakh.

• Export revenue grew 74% to Rs. 2,868.16 lakh, supported by higher volumes, technology upgrades and improved operations.

Financial highlights

• Operating profit was Rs. 835.58 lakh vs. Rs. 642.76 lakh; interest and finance charges declined to Rs. 108.16 lakh from Rs. 120.90 lakh.

• Revenue from sales was Rs. 4,223.11 lakh; PAT was Rs. 391.54 lakh vs. Rs. 284.60 lakh in FY 2001-02.

• Current tax provision rose to Rs. 135.75 lakh from Rs. 19.00 lakh; deferred tax charge was Rs. 2.79 lakh vs. Rs. 62.81 lakh.

Outlook and guidance

• FY 2003-04 was expected to benefit from capacity expansion and potentially improved profitability; completion was targeted by year-end.

• Medical disposables capacity planned to increase from 500 lakh to 900 lakh units annually; project cost Rs. 1,250 lakh.

• The Egypt joint venture was expected to begin commercial production during FY 2003-04.