Buy Poly Medicure, target price Rs 1035: Nagaraj Shetti

Nagaraj Shetti of HDFC Securities has buy call on Poly Medicure with a target price of Rs 1035. The current market price of Poly Medicure is Rs 975.75. Time period given by analyst is Intra Day when Poly Medicure price can reach defined target. Nagaraj Shetti recommended to keep stop loss at Rs 945.

Poly Medicure, incorporated in the year 1995, is a Small Cap company (having a market cap of Rs 9380.79 Crore) operating in Hospitals & Allied Services sector.

Financials

For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 283.38 Crore, up 11.82 % from last quarter Total Income of Rs 253.42 Crore and up 20.27 % from last year same quarter Total Income of Rs 235.63 Crore. Company has reported net profit after tax of Rs 42.92 Crore in latest quarter.

The company’s top management includes Mr.Devendra Raj Mehta, Dr.Shailendra Raj Mehta, Mr.Prakash Chand Surana, Ms.Sonal Mattoo, Mr.Amit Khosla, Dr.Sandeep Bhargava, Mr.Alessandro Balboni, Mrs.Mukulika Baid, Mr.Jugal Kishore Baid, Mr.Rishi Baid, Mr.Himanshu Baid, Dr.Ambrish Mithal. Company has M C Bhandari & Co. as its auditors. As on 30-09-2022, the company has a total of 10 Crore shares outstanding.

Investment Rationale
The stock price has been in an uptrend as per the positive chart pattern like higher tops and bottoms.

Promoter/FII Holdings
Promoters held 53.33 per cent stake in the company as of 30-Sep-2022, while FIIs owned 15.59 per cent, DIIs 3.39 per cent.