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10 Dec 2019, Edition - 1610, Tuesday

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Poly Medicure Limited (POLYMED) PAT Jumps 48% to Rs. 20.18 Crores in Q1 FY20

Covai Post Network

Poly Medicure Limited announced Financial Results for its Q1 FY 19-20 ended June 30, 2019. The company has reported a 15.74% increase in total income at Rs. 156.53 crores during the period ended June 30, 2019 (Q1, 2020) as compared to Rs. 134.70 crores during the period ended March 31, 2019 (Q4, 2019).

 

Highlight of Quarter Performance

  • Revenue (turnover) increase by 15.74% from Rs. 134.7 crores to Rs. 156.53 crores

  • EBIDTA increase by 18.23% from Rs. 34.62 crores to Rs. 40.93 crores

  • Profit After Tax increased by 48.16% from Rs. 13.62 crores to Rs. 20.18 crores

 

Mr. Himanshu Baid, Managing Director, Poly Medicure Limited

 

The company continued its growth phase with a solid business performance in the first quarter. Mr. Himanshu Baid, Managing Director, Poly Medicure Limited said, “The company acknowledges the Government of India’s initiative to promote Make in India products and also thank the Government for reducing custom duty on parts/raw materials to make Dialyzer (artificial kidney) used in Dialysis treatment. This initiative will help in reduction of manufacturing cost for dialyzers (artificial kidney) and in turn reduce cost of Dialysis treatment to patients. The company is expanding its reach in Tier 2 and Tier 3 cities where demand is set to grow multifold due to implementation of Ayushman Bharat program (PMJAY)."

 

The company is also setting up a new plant in Mahindra SEZ zone near Jaipur for expansion of manufacturing activities and expand its reach in the markets of Europe and Asia.

 

Poly Medicure Limited (POLYMED), is a leading Indian Medical Device Company with over 20 years of experience in manufacturing high quality medical devices, with the gross turn over INR 600+ crore. It is one of the leading manufacturer and exporter of medical devices with focus on innovation, safety and quality. The company has been awarded as the “India Medical Devices Company of the Year” by Department of Pharmaceutical Ministry of Chemical & Fertilizer, Government of India. The company has recently set up a facility to make Renal Care/Dialysis products in India which are 100% import substitution. The Company has 5 domestic (3 Faridabad and one each in Jaipur & Haridwar) and 3 overseas (China, Egypt & Italy) manufacturing facilities.

 

With its strong R&D initiatives, the Company have successfully been granted 230+ product and process patents globally and have also filed for grant of an additional 210+ patents.

Source: Newsvior

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