Poly Medicure shares jump 4 percent on Investec Buy rating

For the FY23-26 period, Investec projects an Earnings before interest, depreciation, taxes and amortisation (EBIDTA) of around 29 percent and an EPS CAGR of 31 percent.

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Shares of Poly Medicure gained by around 4 percent at opening on August 23, a day after brokerage firm Investec initiated coverage with a “Buy” rating on the stock and a target price of Rs 1,690. At 9:35 am, the shares were trading at a high of 1,555.40, up by around 8 percent from close on August 22.

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For the FY23-26 period, the brokerage firm report projects an Earnings before interest, depreciation, taxes and amortisation (EBIDTA) of around 29 percent and an EPS CAGR of 31 percent. This growth, according to the report, will be on the back of the China plus one strategy and government support initiatives.

At 11:30 am, the shares were trading at 1483.60 .

The financials

In Q1FY24, the medical device manufacturer reported a 28.92 percent Year-on-Year (YoY) increase in net sales to Rs 320.83 crore for the quarter ending June 2023. Net profit also grew by 132.53 percent to Rs 62.70 crore. The EBITDA for the quarter stood at Rs 100.30 crore, up from Rs 51.03 crore for the June 2022 quarter.

The New Delhi-based Poly Medicure is one of the leading consumer medical device exporters with manufacturing facilities both in India as well as overseas in Italy, China, and Egypt. The company product range includes infusion therapy, central venous catheters, blood management systems, surgery, and wound drainage, as well as devices for anaesthesia and dialysis, amongst others.

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