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POLY MEDICURE 2017-18 Annual Report Analysis
Sat, 31 Mar

POLY MEDICURE has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

POLY MEDICURE Income Statement Analysis

  • Operating income during the year rose 15.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 30.5% YoY during the fiscal. Operating profit margins witnessed a fall and down at 23.5% in FY18 as against 20.9% in FY17.
  • Depreciation charges increased by 23.3% and finance costs increased by 33.6% YoY, respectively.
  • Other income grew by 6.2% YoY.
  • Net profit for the year grew by 27.2% YoY.
  • Net profit margins during the year grew from 12.2% in FY17 to 13.4% in FY18.

POLY MEDICURE Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 4,482 5,192 15.8%
Other income Rs m 135 144 6.2%
Total Revenues Rs m 4,617 5,335 15.6%
Gross profit Rs m 935 1,220 30.5%
Depreciation Rs m 237 292 23.3%
Interest Rs m 87 116 33.6%
Profit before tax Rs m 746 955 28.0%
Tax Rs m 201 262 30.4%
Profit after tax Rs m 545 694 27.2%
Gross profit margin % 20.9 23.5
Effective tax rate % 26.9 27.4
Net profit margin % 12.2 13.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



New Research: 2 stocks to buy as Nifty50 heads towards 40,000

POLY MEDICURE Balance Sheet Analysis

  • The company's current liabilities during FY18 stood at Rs 1 billion as compared to Rs 1 billion in FY17, thereby witnessing an increase of 7.7%.
  • Long-term debt stood at Rs 791 million as compared to Rs 476 million during FY17, a growth of 66.1%.
  • Current assets rose 25% and stood at Rs 3 billion, while fixed assets rose 23% and stood at Rs 3 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 6 billion as against Rs 5 billion during FY17, thereby witnessing a growth of 24%.

POLY MEDICURE Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 2,715 3,379 24.4
 
Current Liabilities Rs m 1,139 1,226 7.7
Long-term Debt Rs m 476 791 66.1
Total Liabilities Rs m 4,569 5,648 23.6
 
Current assets Rs m 2,049 2,552 24.5
Fixed Assets Rs m 2,520 3,096 22.9
Total Assets Rs m 4,569 5,648 23.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



POLY MEDICURE Cash Flow Statement Analysis

  • POLY MEDICURE's cash flow from operating activities (CFO) during FY18 stood at Rs 750 million, an improvement of 33.7% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -880 million, an improvement of 58.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 157 million, an improvement of 5,653% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs 26 million from the Rs 1 million net cash flows seen during FY17.

POLY MEDICURE Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 561 750 33.7%
Cash Flow from Investing Activities Rs m -557 -880 -
Cash Flow from Financing Activities Rs m -3 157 -
Net Cash Flow Rs m 1 26 2,300.0%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for POLY MEDICURE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.9, an improvement from the EPS of Rs 6.2 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 250.1, stands at 34.2 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 7.1 times, while the price to sales ratio stands at 4.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 22.8 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 50.8 58.8
TTM Earnings per share Rs 6.2 7.9
Diluted earnings per share Rs 5.7 7.2
Price to Cash Flow x 33.4 22.8
TTM P/E ratio x 48.9 34.2
Price / Book Value ratio x 13.8 6.7
Market Cap Rs m 37,452 22,498
Dividends per share (Unadj.) Rs 2.5 2.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for POLY MEDICURE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 2.1x during FY18, from 1.8x during FY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 9.2x during FY18, from 9.6x during FY17. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company improved and stood at 20.5% during FY18, from 20.1% during FY18. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 25.7% during FY18, from 26.1% during FY17. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 14.3% during FY18, from 13.8% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 1.8 2.1
Debtors’ Days Days 778 791
Interest coverage x 9.6 9.2
Debt to equity ratio x 0.2 0.2
Return on assets % 13.8 14.3
Return on equity % 20.1 20.5
Return on capital employed % 26.1 25.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how POLY MEDICURE has performed over the last 5 years, please visit here.

POLY MEDICURE Share Price Performance

Over the last one year, POLY MEDICURE share price has moved down from Rs 272.2 to Rs 250.1, registering a loss of Rs 22.2 or around 8.1%.

Overall, the S&P BSE SENSEX is up 12.1% over the year.

(To know more, check out historical annual results for POLY MEDICURE and quarterly results for POLY MEDICURE)

Annual Report FAQs

What is the current share price of POLY MEDICURE?

POLY MEDICURE currently trades at Rs 1,588.8 per share. You can check out the latest share price performance of POLY MEDICURE here...

What was the revenue of POLY MEDICURE in FY18? How does it compare to earlier years?

The revenues of POLY MEDICURE stood at Rs 5,335 m in FY18, which was up 15.6% compared to Rs 4,617 m reported in FY17.

POLY MEDICURE's revenue has grown from Rs 4,148 m in FY16 to Rs 5,335 m in FY18.

Over the past 3 years, the revenue of POLY MEDICURE has grown at a CAGR of 13.4%.

What was the net profit of POLY MEDICURE in FY18? How does it compare to earlier years?

The net profit of POLY MEDICURE stood at Rs 694 m in FY18, which was up 27.2% compared to Rs 545 m reported in FY17.

This compares to a net profit of Rs 475 m in FY16.

Over the past 3 years, POLY MEDICURE net profit has grown at a CAGR of 20.9%.

What does the cash flow statement of POLY MEDICURE reveal?

The cash flow statement is the financial statement that presents the cash inflows and outflows of a company during a given period of time.

This statement is one of the most useful tools for judging a company's liquidity position. The ratios and parameters in this statement helps test a company's financial health.

The cash flow statement of POLY MEDICURE reveals:

  • Cash flow from operations increased in FY18 and stood at Rs 750 m as compared to Rs 561 m in FY17.
  • Cash flow from investments decreased in FY18 and stood at Rs -880 m as compared to Rs -557 m in FY17.
  • Cash flow from financial activity increased in FY18 and stood at Rs 157 m as compared to Rs -3 m in FY17.

Here's the cash flow statement of POLY MEDICURE for the past 3 years.

(Rs m)FY16FY17FY18
From Operations632561750
From Investments-314-557-880
From Financial Activity-308-3157
Net Cashflow11126

What does the Key Ratio analysis of POLY MEDICURE reveal?

Be it the company's profitability, operations effectiveness or utilization of funds, ratio analysis is an important tool which helps in making investment decisions.

The ratio/financial analysis of POLY MEDICURE reveals:

  • Operating profit margins witnessed a fall and down at 23.5% in FY18 as against 20.9% in FY17.
  • Net profit margins grew from 12.2% in FY17 to 13.4% in FY18.
  • Debt to Equity ratio for FY18 stood at 0.2 as compared to 0.2 in FY17.

Here's the ratio/financial analysis of POLY MEDICURE for the past 3 years.

 FY16FY17FY18
Operating Profit Margin (%)21.620.923.5
Net Profit Margin (%)11.712.213.4
Debt to Equity Ratio (x)0.10.20.2

Read: Latest Annual Report Analysis of POLY MEDICURE

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