Poly Medicure (531768) Q4 97/98 earnings summary

Executive summary

• First operating-period results to 31 Mar 1998: gross revenue Rs 526.52 lakh and net profit Rs 4.51 lakh; commercial production began 9 Apr 1997.

• Production reached 51.06 lakh medical disposables, equal to 42.6% of installed capacity; products received ISO 9002 certification.

Financial highlights

• Gross revenue Rs 526.52 lakh; total expenditure Rs 363.98 lakh; interest and finance charges Rs 85.44 lakh.

• Profit after interest but before depreciation and tax was Rs 77.10 lakh; depreciation Rs 72.03 lakh; PBT Rs 5.07 lakh; net profit Rs 4.51 lakh.

• Product sales were Rs 512.06 lakh; other income Rs 14.46 lakh and increase in stocks Rs 26.69 lakh in the first P&L period.

• Net profit was Rs 4.51 lakh against prospectus projection of Rs 181 lakh; actual total income Rs 526.52 lakh versus projected Rs 1,530 lakh.

Outlook and guidance

• Management expected production and sales in 1998-99 to exceed the prior period despite tough competition in domestic and export markets.

• Blood-bag sales were expected to improve through direct supply to government blood banks.