Poly Medicure (531768) Q4 04/05 earnings summary

Executive summary

• FY2004-05 production reached a record 91.56 million medical disposables; net sales were Rs. 6,449.29 lakh and net profit was Rs. 608.30 lakh.

• Products were exported to more than 40 countries; exports accounted for 86.4% of sales, up from 83.8% in FY2003-04.

Financial highlights

• Net sales rose 31.2% YoY to Rs. 6,449.29 lakh from Rs. 4,914.13 lakh; other income was Rs. 54.45 lakh.

• Operating profit was Rs. 1,192.38 lakh vs. Rs. 903.75 lakh; PBT rose 23.8% to Rs. 765 lakh from Rs. 618.25 lakh.

• PAT increased 40.4% to Rs. 608.30 lakh from Rs. 433.33 lakh; EPS was Rs. 11.42 vs. Rs. 8.17.

• Interest and finance charges were Rs. 162.24 lakh vs. Rs. 113 lakh; depreciation was Rs. 265.14 lakh vs. Rs. 172.50 lakh.

Outlook and guidance

• FY2005-06 was expected to benefit from expanded production capacity; outlook was described as reasonably bright, subject to competition, currency moves and economic conditions.

• A further expansion was underway and expected to finish by mid-FY2005-06 at a projected cost of Rs. 14.50 crore.