Poly Medicure shares rally after successfully raising Rs 1,000 cr via QIP

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Poly Medicure’s share price increased up to 2.22 per cent at Rs 2,195 per share on the BSE in Friday’s intraday deals. This came after the company successfully allotted around 5.31 million equity shares to eligible qualified institutional buyers at the issue price of Rs' 1,880 per share on Thursday.

“Post the allotment the paid-up equity share capital of the company stands increased from  Rs 47.98 crore approximately consisting of 9,59,71,417 equity shares to Rs 50.64 crore consisting of  10,12,90,565 Equity Shares,” the company said in an exchange filing. 

The issue opened on August 19, 2024 and closed on August 22, 2024, successfully raising Rs 1,000 crore from the qualified institutional placement (QIP).

Poly Medicure reported a net profit of Rs 74.03 crore in the April-June quarter of financial year 2024-25 (Q1FY25), an 18.2 per cent increase year-on-year from Rs 62.69 crore for the period ending June 30, 2023, and an 8.4 per cent increase quarter-on-quarter from Rs 68.35 crore for the period ending March 31, 2024.

Total income for the period ending June 30, 2024, was Rs 401.69 crore, up 20.3 per cent year-on-year from Rs 333.94 crore for the period ending June 30, 2023, and up 2.2 per cent quarter-on-quarter from Rs 393.04 crore for the period ending March 31, 2024.

The company has a total market capitalisation of Rs 20,999.51 crore. Its shares are trading at a price to earnings multiple of 78.21 times with an earning per share of Rs 27.46, according to the data available at BSE. 

At 01:28 PM; the share price of the company was trading 1.90 per cent higher at Rs 2188.10 per share on the BSE. By comparison, the BSE Sensex was up 0.05  per cent at 81,090 levels.

Poly Medicure is a manufacturer and producer of medical devices, offering a diverse portfolio in India and internationally. 

Its product verticals include infusion therapy, oncology, anaesthesia, respiratory care, urology, gastroenterology, blood management and collection, surgery and wound drainage, dialysis, central venous access catheters, veterinary medical devices, and other specialised medical devices.