Poly Medicure is looking to participate in the government’s Production-Linked Incentive (PLI) scheme for medical devices. Participating in the PLI scheme is one of the reasons the company has approved raising Rs 400 cr QIP.
Talking to CNBC-TV18, MD of Poly Medicure Himanshu Baid said that the company is looking at entering new areas like diagnostic consumables. “It is a big opportunity for Poly Medicure to expand very rapidly into certain businesses like renal businesses. We are trying to move from a current level of around Rs 30-40 crore to around Rs 300-400 crore in next five years. We have to make some rapid investment and we are also looking at some newer business areas like diagnostic consumables which will grow at a very rapid pace," said Baid.
The company will be investing in two new greenfield projects. “These two projects should come up by end of FY23. Most of this expansion is going to come in renal space and we are investing Rs 200-250 crore only in renal business and the rest would go into diagnostic space and consumables and cardiovascular,” he said.
The company is also looking at certain acquisition opportunities in India and in Europe, Baid said, adding "We are looking at oncology as one of the areas where we want to expand".
In terms of guidance, he said, “It is around 12-15 percent growth (for FY21) and for FY22 it is around 18-20 percent.”
For the entire discussion, watch the video
(Edited by: By Niral Sharma)