Poly Medicure Ltd — Interim / Quarterly Report 2020

Feb 1, 2020

Poly Medicure Limited Regd. Office : 232-B, 3·• Floor, Okhla Industrial Estate, Phase -Ill, New Delhi - 110020 (INDIA) T: +91 -ll -33550700, 47317000,F: +91-ll -26321894,26321839 E: info@polyrnedicure.com W: polymedicure.oom CIN: L40300DL1995PLC066923

Date: 151 February, 2020

Scrip Code: - 531768

The Manager, Bombay Stock Exchange Limited, Department of Corporate Services, Phirozee Jeejeebhoy Towers, Dalal Street, Mumbai- 400001 .

Scrip Code:- POLYMED

The Manager National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1-Block-G Bandra Kurla Complex, Banclra(E), Mumbai-400051.

Subject: Outcome of the Board Meeting of the Company Ref: Compliance of Regulation 30 and 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,. 2015

Dear Sir/ Madam,

Pursuant to Regulation 30 and 33 of SEBI (LODR) Regulations, 2015, we are pleased to inform the Stock Exchange that the Board of Directors at their meeting held today i.e. 1st February, 2020, at 232-B, 3rd Floor, Okhla Industrial Estate, Phase-III, New Delru - 110020, approved the following businesses:

• a) Standalone and Consolidated Un-Audited Fi..nancial Results along with Limited Review Report for the quarter and Nine Months ended on 31st December, 2019.
• b) Other Routine Businesses.

We request you to take the above on record and the same be h·eated as the necessary compliance under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Thanking You,

Yours Sincerely

For Poly Medicure Li

A vinash Chandra ~

Company Secretary

POLY MEDICURE LIMITED

Regd. Office: 232B, 3rd Floor, Okhla Industrial Estate Phase III, New Delhi - 110 020Phone: 011-26321889, Fax: 011-26321884STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER & NINE MONTH

												(Rs. in Lacs)
		Standalone				Consolidated					Standalone	Consolidated
	Particulars	Quarter Ended		Nine Months Ended		Quarter Ended			Nine Months Ended		Year Ended	Year Ended
		31.12.2019	30.09.2019	31.12.2018	31.12.2019	31.12.2018	31.12.2019	30.09.2019	31.12.2018	31.12.2019	31.12.2018	31.03.2019	31.03.2019
$\mathbf{1}$	Income	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
	Revenue from Operations	17,140.52	16,322.28	14,870.25	48,698.74	42,682.06	18,043.99	17,388.16	15,477.11	51.590.89	43,860.64	58,669.05	61.082.53
ь	Other income	398.10	501.14	374.76	1,316.57	1,118.63	403.56	502.16	376.17	1,323,30	1,120.68	1,583.98	1,826.71
	Total income2 Expenses	17,538.62	16,823.42	15,245.01	50,015.31	43,800.69	18,447.55	17,890.32	15,853.26	52,914.19	44,981.32	60.253.03	62,909.24
a	Cost of materials consumed	5,467.25
ь	Purchases of stock-in-trade	34.11	5,333.73	5,106.35	15,141.96	13,897.28	5,983.91	5,764.86	5,445.51	16,543.2964.82	14,578.58635.50	18,521.50	19,492.011,454.41
			7.79	107.39	64.82	635.50	34.11	7.79	107.38			1,454.41
c	Changes in inventories of finished goods, work-in-progress and stock-in-trade	(84.87)	(438.29)	85.29	(212.13)	(607.96)	(222.62)	(401.47)	2.67	(350.99)	(773.87)	(410.67)	(80.03)
đ	Employee benefits expense	3,233.11	3,305.06	2,768.34	9,570.10	8,047.98	3,485.87	3,590.18	2,978.54	10,392.11	8,458.49	10,976.94	11,660.71
e	Research and development expenses	280.23	284.14	291.51	846.24	889.58	280.23	284,14	291.51	846.24	889.58	1,014.90	1,014.90
	Finance cost	519.89	145.24	(86.49)	973.99	938.43	540.23	158.00	(76.62)	1.023.18	969.21	1.129.36	1,175.06
Q	Depreciation and amortisation expense	1,045.52	999,42	935.89	3,019.10	2,704.67	1.081.01	1,024.79	969.85	3.104.40	2773.51	3,636.39	3,729.22
h	Other expenses	3,725.75	3,776.45	3,405.32	11,073.37	10,145.44	3,926.44	3,958.64	3.623.03	11,714.57	10,502.77	13,881.02	14,595.39
	Total expenses	14,220.99	13,413.54	12,613.60	40,477.45	36,650.92	15,109.18	14,386.93	13,341.87	43,337.62	38.033.77	50,203.85	53,041.67
	3 Profit from operations before exceptional items (1-2)	3,317.63	3,409.88	2,631.41	9,537.86	7,149.77	3,338.37	3,503.39	2,511.39	9,576.57	6,947.55	10,049.18	9,867.57
	4 Exceptional Items
	5 Share of Profit of an associate6 Profit before tax	3,317.63	3,409.88	2,631.41	9,537.86	7,149.77	24.503,362.87	44.283,547.67	43.042,554.43	106.509,683.07	112.007,059.55	10,049.18	139.8810,007.45
	7 Tax expense
	a Current tax	868.94	927.23	725.86	2,566.77	2,175.08	868.94	927.23	725.86	2.566.77	2,175.08	3,038.82	3,085.58
	b Deferred tax	(49.56)	(219.59)	139.60	(247.75)	418.59	(49.56)	(219.59)	139.60	(247.75)	418.59	293.27	293.27
	C Earlier Year Taxes	41.79	$\sim$	82.69	41.79	76.02	41.79	$\overline{\phantom{a}}$	82.68	41.79	76.02	88.70	88.70
		861.17	707.64	948.15	2,360.81	2,669.69	861.17	707.64	948.13	2,360.81	2,669.69	3,420.79	3,467.55
	Total Tax Expense	2,456.46	2,702.24	1,683.26	7,177.05	4,480.08	2,501.70	2.840.03	1,606.30	7,322.26		6,628.39	6,539.90
	8 Profit for the period										4,389.86
9	Other Comprehensive Income
	Items that will not be reclassified to profit or loss :		0.65	(19.91)	(33.75)
	Remeasurements of defined benefit obligations	(26.23)		6.96	8.49	(5.44)	(26.23)	0.65	(19.91)	(33.75)	(5.44)	2.91	2.91
	Tax impacts on above	6.60	(0.96)			1.90	6.60	(0.96)	6.96	8.49	1.90	(1.02)	(1.02)
	Total Other Comprehensive Income	(19.63)	(0.31)	(12.95)	(25.26)	(3.54)	(19.63)	(0.31)	(12.95)	(25.26)	(3.54)	1.89	1.89
10	Total comprehensive income (comprising profit after tax and othercomprehensive income after tax for the period)	2,436.83	2,701.93	1,670.31	7,151.79	4,476.54	2,482.07	2,839.72	1,593.35	7,297.00	4,386.32	6,630.28	6,541.79
	11 Net Profit attributable to:
	Equity holders of the parent	٠	٠.	$\sim$	$\overline{a}$	$\overline{a}$	2,501.70	2,840.03	1,606.30	7,322.26	4,389.86	$\sim$	6,539.90
	Non-controlling interests	$\overline{\phantom{a}}$	$\cdot$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{a}$	$\cdot$	$\blacksquare$
	12 Other Comprehensive income attributable to:	$\blacksquare$	$\bullet$	$\bullet$	$\blacksquare$	۰	(19.63)	(0.31)	(12.95)	(25.26)	(3.54)	$\tilde{\phantom{a}}$	1.89
	Equity holders of the parentNon-controlling interests	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\cdot$	$\overline{a}$	$\overline{a}$	$\blacksquare$	$\overline{\phantom{a}}$	$\cdot$	$\overline{a}$		$\sim$	$\overline{\phantom{a}}$
	13 Total comprehensive income attributable to:												6,541.79
	Equity holders of the parent	$\overline{a}$٠	$\overline{\phantom{a}}$$\sim$	$\blacksquare$$\overline{a}$	$\sim$$\overline{\phantom{a}}$	$\blacksquare$$\overline{\phantom{a}}$	2.482.07	2.839.72$\ddot{\phantom{1}}$	1,593.35	7.297.00	4.386.32	$\sim$$\bullet$	$\overline{\phantom{a}}$
	Non-controlling interests
14	Paid-up equity share capital (Face Value of # 5 each)	4,412.35	4,412.35	4,411.85	4,412.35	4,411.85	4,412.35	4,412.35	4,411.85	4,412.35	4,411.85	4,411.85	4,411.85
15	Earnings per share(Quarterly not annualised) :
	Basic ( ₹ )	2.78	3.06	1.91	8.13	5.08	2.83		3.22	1.828.30		4.98	7.417.51
	Diluted $( 1 )$	2.78	3.06	1.91	8.13	5.08		2.83	3,22	1.82	8.29	4.98	7,417.51

AAND $30$ ed Accou

NEW DELHI

l - The ao:i-e results were reviewed and recommended by the Audit Committee &. approved by the Board of Directors at their respective meetings held on 1st February, 2020. The Stltutory aud~ have ainducted a limited review of the above Financial Results.

2 The standalone and oonsofldated financial results have been prepared In accordance with the principles and procedures of Indian Accounting Standards ("Ind ~ as notified ~
the Companies Ondian Accounting Stilndaros) Rules, 2015 as specified
in Section l33 of the Companies Act, 2013.

• 3 Effective lst April 2019, the Company adopted IND AS 116 "Leases" and applied the same to all Lease oontracts existing on 1st April 2019 using modir,ed retrospective method and has taken the cumulative ad)U5trnenl5 ID Retained Eamings on the date of nitial application. Acmrdingly, ihe Comparative Figures of Previous periods have not been restated. The cumulative effect of application of standard has reduced the retained eamings by Rs.79.86 lacs (Net cl deferred tax Asset) on transition dau! 1.e 0lSt ~ April 2019. Fer ihe nine months period erded 31th December 2019, the Implementation of IND AS 116 has resulted In decrease In Profit before tax by Rs 0.93 lacs on aa:Dll1l of Interest oost and depre::iation offset by rever.;al cl lease rent In the stal!!ment of profit and Loss for the current Period, the nature of expenses In respect of operating lease has changed from lease rent in previous periods ID depreciation CXJSt for right cl use asset and Flllin:I! CXJSt for interest acoued on lease liability. The adoption of new standard has resulted in recognition of Rlght of Use of Rs. 402.22 lacs and lease llablilty of Rs. 524.97 lacs on 1st April 2019.
• 4 The Consotdated Unaucfltcd Financial Results of the company and Its Foreign Subsldlaries and associate (group) have been prepared as per IND AS 110 "Coosofldated Rnandal stateme'1ts" and IND AS 28 on "Jrniestment in l<ssociates". The followtng entities have been Cllf\Sidered in Consolidated quarter1y financial statements on the basis of Unreviewed financial statements as prepared and certified by the management of respective entities.
• l. Poly Median (Laiyang) Co. Lid Wholly owned Subsidiary
• 1. Poly MediOJre B V Nelheriands(Consolldated) Wholly owned Subsidiary
• 1. Ultra for Mecfical Products Co.(UMIC) Egypt Associate
• 5 The Consolidated figures for the Comparative periods for quarter and nine monihs period ended 31, December 2018 reported in these Fmandal results are Management certnied and have not been subjected ID Limited Re>-iew.
• 6 During the nine moriths period ended 31,December 2019, 10050 Equity shares at a face value of Rs 5 each have been allotted In pumianc:e of Employees Stock option scheme 2015 at an exercise price o/ Rs 50 per share. Further, 41,750 Equity Share al Rs5 ech (net of lapse) have been granted to eligible employees pursuant to ESOP Scheme 2016, at an exercise price of Rs. 50 per share and vesting period wtll oommence upon completion of period as stipulated in the said scheme.
• 7 The comi:eny has elected to exercise the option permlt:!Ed under Section llSBAA of Income Tax Act,1961 as Introduced by Taxatlon Laws(Amendment) Oroinance 2019. Aa:ordingly, the oompany has recognised provision for lrcDme Tax for quarter am nine monihs ended 31, December 2019 and remeasured Its deferred tax on the basis of rates as prescribed In the said section. The full Impact of the change has been recognised In the stiltement of profit&. loss for the period a,cled 31, December 2019.
• 8 In line with the provisions of Ind As 108- Operating Segments and on the basis of review of operatlons being done by the management of the Company, the operations of the group falls unda' rnediall deYices, whlcii is arcsidered to reportable segment by the management ~

Plll0e: N.ew Deihl Date : 1st Febnra

~ /tEW 9 PreYws period figures have been regrouped wherever necessary to oonform ID the current period classification.

Hlmanshu Bald Mana in DirectDr

POLY MEDICURE LIMITED

Regd. Office: 232B, 3rd Floor, Okhla Industrial Estate Phase III, New Delhi - 110 020,

Phone: 011-26321889, Fax: 011-26321894

Website: www.polymedicure.com, E-mail: investorcare@polymedicure.com, CIN: L40300DL1995PLC066923

STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER & NINE MONTHS PERIOD ENDED DECEMBER 31, 2019

		Standalone		Consolidated
Particulars	Quarter Ended	Nine Months EndedQuarter Ended			Quarter Ended Nine Months Ended Quarter Ended
	31.12.2019	31.12.2019	31.12.2018	31.12.2019	31.12.2019	31.12.2018
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
Total income from operations	17.538.62	50.015.31	15,245.01	18,447.55	52,914.19	15,853.26
Net Profit from ordinary activities after tax	2.456.46	7.177.05	1,683.26	2.501.71	7,322.27	1,606.30
Net Profit for the period after tax (after Extraordinary items).	2,456.46	7.177.05	1.683.26	2,501.71	7,322.27	1,606.30
Total Comprehensive Income for the period (Comprising Profit/(Loss) for theperiod (after tax) and Other Comprehensive Income (after tax)]	2,436.83	7,151.79	1,670.31	2,482.08	7,297.01	1,593 35
5 Equity paid up share capital	4.412.35	4.412.35	4,411.85	4,412.35	4.412.35	4,411.85
Earnings per share
(Ouarterly not annualised):
Basic $(3)$	2.78	8.13	1.91	2.83	8.30	1.82
Diluted (?)	2.78	8.13	1.91	2.83	8.29	1.82

1 The above results were reviewed and recommended by the Audit Committee & approved by the Board of Directors at their respective meetings held on 1st February, 2020. The Statutory auditors have conducted a limited review

$\bar{\nu}$

? The above is an extract of the detailed format of Standalone and Consolidated Financial Results for the nine months period and quarter ended December 31,2019 filed with the Stock Exchanges under Regulation 33 of the SEBI 2015. The full format of the unaudited Financial Results are available on the Stock Exchange websites, www.bseindia.com, www.nseindia.com and on the company website www.polymedicure.com.

numansh VEV Himanshu Baid

Managing Director

Place : New Delhi

Date: 1st February 2020

CJ1_ C <Bhandari e:l Co.

Chartered )1.ccountants

204, Seco,uf Pfoor, 'M.atiisfta <B uiGfi11g, 15-76, '.Nelim <Puice, '.New (J)e{(1.1'.-J 10019 ((J)elliij 'M.o6ifc : 9810236616, 1£,-ma,I: mc6cotfe ffti@gmailcom

Independent Auditors' Review Report on the Quarterly Unaudited Standalone Financial Results of the Company pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

To Board of Directors Poly Medicure Limited 232-B, IIIrd Floor, Okhla Industrial Estate, Phase-III, New Delhi- 110020

We have reviewed the accompanying statement of unaudited standalone financial results of Poly Medicure Limited ("the company") for the quarter ended 31st December'2019 attached herewith, being submitted by the company pursuant to the requirements of Regulations 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). This statement is the responsibility of the Company's Management and approved by the Board of Directors has been compiled from the related interim financial statements which has been prepared in accordance with Indian Accounting Standard 34 "Interim Financial Reporting" (Ind AS 34), specified under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on these financial statements based on our review.

We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement.

A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited standalone financial results prepared in accordance with applicable accounting standards i.e. Ind AS prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) and SEBI Circular dated 5th July, 2016 including the manner in which it is to be disclosed, or that it contains any material misstatement.

The figures for U1e financial year ended 31 s1 March 2019 and for the corresponding period ended 31st December 2018 were audited/ limited reviewed by predecessor auditor M/s Doogar and Associates O1artered Accountants and have expressed urnnodified opinion on those financial statements.

Place of signature: New Delhi Date: 01st February'2020

::M C <Bhandari el Co.

Cliarterecf }1.ccountants

204, Second" 1 Floo1; 'Mn11isfia <811i(di11g, 15-76, :Nefim <Prace, :New (De{/ii-1 J(I0/ 9 ((f)e{fiO 11.<'6ife: 9810236616, 1£-mni(: mc6cotfellii@gma.i[com

Independent Auditors' Review Report on the Quarterly Unaudited Consolidated financial Results of the Company pursuant to Regulation 33 of the Securlt-ies and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

To Board of Directors Poly Medicure Limited 232-B, Illrd Floor, OkhJa Industrial Estate, Phase-III, New Delhi- 110020

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Poly Medicure Limited (" Parent") and its subsidiaries (the parent and its subsidiaries together referred to as 'the group') and its share of the profit after tax of its associate for the quarter/ Nine month ended 3151 December' 2019 (the "Statement") attached herewith, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended ('the Regulation'), read with SEBI Circular No. CIR/CFD/CMDl/44/2019 dated March 29, 2019('the Circular') Attention is drawn to the fact that the consolidated figures for the corresponding quarter and nine month period ended 31st December'2018 as reported In these unaudited consolidated financial results have been approved by parent companys Board of Directors and have not been limited reviewed by us.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards 34, (Ind AS 34) "Interim Financial Reporting'' prescribed under section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India read with the Circular. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Regulation, to the extent applicable.

• 1. The Statement includes the results of the entities mentioned in Annexure I to the statement.
• 1. We did not review the financial results of 2 foreign subsidiaries, included in the consolidated unaudited financial results, whose financial results reflect total revenues of Rs . 908.93 Lacs , Rs.2898.88 Lacs, to oss) of Rs 20.75 Lacs, Rs .38.72 Lacs, for the quarter/ Nine

month ended 31'1December'2019, respectively as considered In the consolidated unaudited financial results.

The consolidated unaudited financial results also Includes the Group's share of profit after tax of Rs.24.5 Lacs, Rs.106.50 Lacs, for the quarter/ nine month ended 31' 1 December'2019, respectively as considered in the statement, In respect of one foreign associate, whose financial results have not been reviewed by us.

These financial results are certified by the management of respective companies and our conclusion on the Statement in so far as It relates to the amounts and disclosures in respect of these subsidiaries and associate Is based solely on the basis of financial statement as certified and procedures performed by us as stated in paragraph 3 above. Our conclusion on the statement is not modified in respect of above matter.

• 1. All subsidiaries and associate are located outside India whose financial results and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and are management certified. The Parent's management has converted the financial results of such subsidiaries and associate located outside India from accounting princlple generally accepted In their respective country to the accounting principles generally accepted in India. We have reviewed conversion adjustment made by the parent's management. Our conclusion In so far as it relates to balances and affairs of such subsidiaries and associate located outside India is based on the conversion adjustments prepared by the management of the Parent and reviewed by us.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the financial statements as certified by the management referred to paragraph 5 above, nothing has come to our attention that causes us to believe that the accompanying statement, prepared in accordance with recognition and measurement principles laid in the aforesaid Indian Accounting Standard specified under Section 133 of Companies Act,2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation, read with circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. The figures for the financial year ended 3l51March 2019 have been audited by predecessor auditor M/s Doogar and Associates Chartered Accountants and have expressed unmodified opinion on those financial statements.

For M C Bhandari & Co. Chartered Accountants Firm's Registration numb

Rabindra Bhandari Partner Membership number: 097466 UDIN: Place: New Delhi

Date: 1st February'2020

Annexurc J: List ofcnlitics consolidated as nt December JI, 2019

• I. Poly Medicure (Laiyang) Co. Ltd.- China Wholly owned Subsidiary.
• 1. Poly Medicure BV Netherlands (Consolidated) Wholly owned Subsidiary
• 3. Ultra for Medical Products Co. (UM(C) Egypt Associate