Poly Medicure

“And of course, we have already laid out very clearly that by FY30, we will double our revenues.”

“we expect that to go back, go into the mid-teens from a growth perspective.”

“And hopefully, we are very sure about meeting the expected range of EBITDA and revenue for the year.”

“Importantly, based on our Q2 performance, our annualized revenue run rate is already close to what is required to achieve our full-year guidance.”

“Out of this, INR124 crores in India business and INR15 crores in overseas businesses.”

“A lot of capex have been currently undergoing to balance those activities in different plants and capacity.”

“Some of these new projects are also coming in, where we're expanding our orthopaedic and cardiology business, which we started just 1, 1.5 years ago.”

“Our domestic business continues a strong growth trajectory with a growth of 22% in quarter and more than 19% for the half year, broadly in the lines of our guidance of around 20% given in the beginning of the year.”

“International revenue grew by 15% in quarter 2 versus 10% in quarter 1, reflecting improving growth trajectory.”

“Hopefully, the first project will go live in quarter 1, the second one, the quarter 4 of this current financial year, the next one in quarter 1, and then the third one is anticipated in quarter 3 of the next financial year.”

“We also see similar opportunities in other parts of Europe under India-EU trade agreement, which is going to be operationalized soon.”

“Renal business recovered well, growing 7.5% to INR94 crores in H1 and 20% to INR51 crores in Q2.”

“In international markets, we have added 30 new customers in last six months”

“there is a recent notification from Government of India, DGHS, to use medical devices only one time.”

“I think this will also increase the demand for the product in the long run.”

“Still 90% market is import-driven.”

“But from an underlying demand perspective, that remains quite strong.”

“We have effectively mitigated that risk by proactively managing inventory, taking calibrated price hikes, and focusing on selling high-value products.”

“We were successful to pass on the price hikes about 4%-5% in quarter 1.”

“Operating EBITDA was INR134 crores with EBITDA margin of 27.4% with an absolute growth of 20%.”

“PendraCare currently, because of the challenges on the revenue side, is currently making losses at the EBITDA level.”

“The other two subsidiaries, which is Citieffe, which we acquired last year, and Plan 1 Health are operating in mid-teens in terms of EBITDA margin.”

“our liquidity remains strong at INR839 crores as on September 30 against consolidated debt of INR377 crores, net cash position of INR460 crores.”

“As the business has grown and the working capital has increased, the short-term debt has increased in proportion, right?”

“The lease liability that you highlight has gone up because we have moved the underlying subsidiaries to IFRS accounting from start of this financial year.”

“That is getting repaid over next five years, so it should be between, yearly repayment is between EUR1.5 million-EUR2 million.”

“One of our subsidiary in Italy has long-term debt, and that has a repayment plan agreed. That amount in total is, I think, about USD6 million-USD7 million max.”

“Yes, on the U.S. side, we got one more product approval in 510(k). It's an irrigation set which we got recent approval of.”

“We have also started dispatching our goods, first shipments to Brazil, the new subsidiary in October.”

“We also established a direct presence in the U.K. This has been done to capture new opportunities under the India-UK FTA agreement.”

“This new product launch was done in August in current financial year, and hopefully we will see the revenue taking up from this business also shortly.”

“We have 30 new product registrations which are coming up for registration in that market.”

“We had mentioned in our last call that Mr. Renato Rocha has joined as a CEO of the company, Polymed Brazil operations.”

“It is important to know that H1 operating EBITDA of INR266 crores also absorbs the set-up cost for our new U.K. and Brazil subsidiaries.”

“One of the projects did not pass the regulatory and clinical trials, and hence that project was shelved. Because of that, we reversed the contingent consideration which we had included in our financials.”

“I think, Simran, it is too early to call out what is going to happen in the U.S. after this election.”

“We are still waiting for the results of the anti-dumping case which we have filed, which was filed in end of June.”

“On the competition part, yes, the competition is still there. Nothing has changed.”

“One, availability of containers has been a challenge.”

“On Citieffe, the primary challenge in calendar year 2026 has been because of delay in tendering primarily in the Italian market, right?”

“We are aggressively working to go beyond the vision of doubling the revenue we have set for ourselves under Polymed 3.0.”

“For the half year, revenue was INR919 crores, up 15%, with domestic revenue of INR318 crores growing by almost 20%, international revenue of INR595 crores growing around 12.5%.”

“For the quarter, revenue was INR488 crores, up 17%, with domestic revenue at INR172 crores growing 22%, and international revenue at INR313 crores growing at 15%.”

“Coming on the consolidated picture for the half year, revenue was INR1,106 crores, up 31%.”

“Excluding the impact of acquisition, organic consolidated revenue grew by 14%, led to continuous strong growth in India and Europe, which grew by 19% and 29%, respectively.”