Poly Medicure reported its all-time high revenues and EBITDA in Q1FY24 driven by solid performance across India (30% YoY growth) and Europe (35%). Softening of raw material prices fuelled a 220bps jump in gross margin. Ahead EBITDA margin is likely to be between 25-27%. Company will commercialise 4 manufacturing facilities in FY24 and launch 10-12 products in critical care segment, which will also likely drive growth and aid margin expansion.