Poly Medicure Q4 Profit Falls 28% YoY, Margins Contract

$POLYMED 📰 Key Highlights Net Profit: ₹663M vs ₹918M YoY → -28% decline Revenue: ₹5.3B vs ₹4.4B YoY → +20% growth EBITDA: ₹1.1B vs ₹1.2B YoY → -8% decline EBITDA Margin: 20.7% vs 27% YoY → margin contraction of ~630 bps 📊 Fundamentals & Ratios PE Ratio (TTM): ~29x (slightly above medical devices sector average ~25x). ROE: ~12% (down from ~15% last year). Debt-to-Equity: ~0.4 (manageable leverage). Dividend Yield: ~0.9%. 🏥 Business Focus Leading manufacturer of medical devices and disposables (IV cannulas, dialysis consumables, infusion therapy). Strong presence in domestic hospitals and exports to 110+ countries. Expanding into critical care and diagnostic consumables. Focus on innovation and R&D in medical technology. ⚠️ Risks Margin pressure from rising raw material costs and competitive pricing. Regulatory risks in medical device approvals. Dependence on hospital demand cycles and government tenders. Currency volatility impacting exports. 📈 Outlook Revenue growth momentum encouraging, supported by domestic demand and exports. Margin contraction highlights need for cost optimization and product mix improvement. Poly Medicure remains a key player in India’s medical devices sector, but profitability recovery will be crucial.