Poly Medicure (531768) Q4 98/99 earnings summary

Executive summary

• FY99 gross revenue rose to Rs. 650.29 lakh from Rs. 526.52 lakh; net loss was Rs. 5.47 lakh versus net profit of Rs. 4.51 lakh.

• Production increased 27% YoY to 65.12 lakh medical disposables, but 54% installed-capacity utilization and depreciation of Rs. 78.97 lakh left operating cash profit before depreciation below depreciation.

Financial highlights

• Gross revenue was Rs. 650.29 lakh versus Rs. 526.52 lakh; total expenditure was Rs. 486.74 lakh versus Rs. 363.98 lakh.

• Profit after interest but before depreciation and tax was Rs. 73.96 lakh, down from Rs. 77.10 lakh; net profit before tax was a Rs. 5.01 lakh loss versus Rs. 5.07 lakh profit.

• P&L reported product sales of Rs. 639.68 lakh, other income of Rs. 10.61 lakh and total income of Rs. 664.07 lakh; net loss was Rs. 5.47 lakh.

• Interest and finance charges were Rs. 92.88 lakh versus Rs. 85.44 lakh; depreciation was Rs. 78.97 lakh versus Rs. 72.03 lakh.

Outlook and guidance

• Management expected overall production and sales in 1999-2000 to exceed the prior year despite tough domestic and international competition.

• Strong response at MEDICA in Dusseldorf and HOSPIMEDICA in Singapore, plus CE Mark registration, was expected to support higher exports in the current year.