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Poly Medicure Limited (POLYMED) PAT jumps 48 pc to Rs 20.18 Crores in Q1 FY20

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| August 13, 2019 4:11:25 PM IST
New Delhi [India] August 13(ANI/NewsVoir): Poly Medicure Limited announced Financial Results for its Q1 FY 19-20 ended June 30, 2019.

The company has reported a 15.74 per cent 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 per cent from Rs 134.7 crores to Rs 156.53 crores

* EBIDTA increase by 18.23 per cent from Rs 34.62 crores to Rs 40.93 crores

* Profit After Tax increased by 48.16 per cent from Rs 13.62 crores to Rs 20.18 crores

The company continued its growth phase with a solid business performance in the first quarter.

"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)", said Himanshu Baid, Managing Director, Poly Medicure Limited.

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 Rs 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 and Fertilizer, Government of India.

The company has recently set up a facility to make Renal Care/Dialysis products in India which are 100 per cent import substitution. The Company has 5 domestic (3 Faridabad and one each in Jaipur and Haridwar) and 3 overseas (China, Egypt and Italy) manufacturing facilities.

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

This content is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

 
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