Poly Medicure Limited Q3 and 9 months FY-24 Earnings Call February 02, 2024

• We see that we should be able to grow 20% over also in the next fiscal year

• In the current 9 months, we have seen that domestic business has grown by around 18%, and export business has grown to close to 24%

• We should grow by over 50% for the next year because we now see the traction. We are already investing in new capacity build-up, which will help us reach this new revenue number of INR140 crores to INR145 crores for the next fiscal year.

• Earlier, the machines are around 35% made in India content. And now the new machines, the next generation of machines are around 50% made of made-in-India content. This is a big milestone because this will allow us to now participate as a top-tier supplier and a lot of government contracts. After all, there’s a preference for companies with 50% local content.

• The Italian subsidiary has done well. And Italian subsidiary has grown the business by around 50%. And also the company has generated approximately a PAT of around INR7 crores over 9 months. In the same period last year, it had a loss of around INR65 lakhs. So I think there’s a big turnaround with an increase in revenue and also the profitability. And I think we will continue with the same momentum. And next year also, I think we have plans to grow the company by around 35% to 40%

• We have launched our critical care division in India. There is a soft launch already done. Also, we’ll be doing a soft launch of our cardiology business this month

• We have done close to around INR185 crores of capex for the first 9 months. And key plants are already ready, and they have started functioning, and we’ll be in a ramp-up phase now. The fourth tranche will be ready by early next year, early next year means the financial year, maybe in April, or May.

• We have grown again 40% in quarter 3 in export in Europe business, which is, by far, still the biggest market almost 40% to 42% of revenue comes from Europe for exports. So if you are splitting the revenue again, we still maintain the same split of 1/3 India, 1/3 Europe, and 1/3 rest of the world.

• In the last 9 months, we have been granted 19 additional patents. The patent portfolio is now over 375 patents

• In 2024, we plan to launch around 8 to 9 new products. Already the work has been going on for these products