Dear Shareholders,
It is with great pleasure and enthusiasm that I present to you our Annual Report
2022-23, highlighting our achievements, progress, and promising prospects. Despite
encountering various challenges, such as the global recession, high inflation impacting EU
nations, and COVID-related obstacles in China, I am proud to announce that our Company
successfully navigated through these dynamic situations, leading to a commendable
financial performance.
I'd like to provide you with a concise overview of the turnover and profitabilitydata
for the year under review. At the consolidated level, Your Company recorded
significantaccomplishments during the year, achieving net sales of Rs 1,115.23 Crores,
EBITDA of Rs 303.50 Crores, and a profit after tax of Rs 179.28 Crores. This marks notable
growth compared to thepreviousyear'sfigures, which stood at net sales of Rs 923.06 Crores,
EBITDA of Rs 253.45 Crores, and a profitafter tax ofRs 146.51 Crores.
At our Company, we have faced various challenges, including market changes, government
regulations, health situations, rising costs, and higher customer expectations. However,
we view these challenges as opportunities rather than risks. Our approach involves using
our strategy, values, and vision to tackle these obstacles head-on, turning them into
chances to showcase our best results and continue progressing, regardless of the
circumstances.
Your Company is dedicated to fostering inclusive growth and cultivating long-term
relationships with all stakeholders, emphasizing mutual trust and respect. As part of this
commitment, the company has actively undertaken various Corporate Social Responsibility
(CSR) initiatives. In the year under review, your Company continued the tradition and
allocated Rs 315.34 lacs towards various initiatives. These initiatives were primarily
focused on promotion of education, welfare of disabled persons, along with social welfare.
I'm excited to share that your Company has been working hard to become more
sustainable. We've been making efforts to use less water, reduce waste, and save energy in
the past few years. We plan to keep investing in new ideas to make our carbon footprint in
the future.
Our expertise in research and development, dedication to innovation, and focus on
quality have enabled us to produce top-of-the-line products that are of high quality and
cost-effective. These products have found success in both the domestic and export markets.
As we move forward, POLYMED will remain committed to being the most trusted and reliable
supplier of medical devices for both the Indian and International market.
The Management of Polymed is wholeheartedly committed to creating a supportive,
nurturing, and rewarding work environment, which has been instrumental in achieving the
success we have today. I would like to extend my heartfelt appreciation to all of you, our
esteemed and valued shareholders, for your unwavering support and confidence in the
Company. On behalf of the Board, I also express my gratitude to our stakeholders,
partners, customers, bankers, and employees. Your continued support has been instrumental
in building POLYMED into a world-class organization. Thank you for being an essential part
of our journey and contributing to our success.
With regards,
D.r. Mehta
Chairman