Balaxi Pharmaceuticals consolidated net profit rises over 28 percent in Q2FY23 | The Financial Express

Balaxi Pharmaceuticals consolidated net profit rises over 28 percent in Q2FY23

Moreover, sales rose 23 percent to Rs 86.38 crore in the quarter ended September 2022 as against Rs 70.23 crore during the previous quarter that ended September 2021.

Balaxi Pharmaceuticals consolidated net profit rises over 28 percent in Q2FY23
The IPR-based pharmaceutical player focuses on frontier markets, with a vast and growing portfolio of prescription and OTC drugs, across multiple therapeutic segments. (File)

Balaxi Pharmaceuticals announced its results for the second quarter of FY23 which ended on September 30. According to the Hyderabad-based pharma company, it delivered strong growth as the net profit of Balaxi Pharmaceuticals rose 28.55 percent to Rs 15.49 crore as against Rs 12.05 crore during the previous quarter ended September 2021.

Moreover, sales rose 23 percent to Rs 86.38 crore in the quarter ended September 2022 as against Rs 70.23 crore during the previous quarter that ended September 2021.

The pharma company also announced that during this quarter, EBITDA was higher by 5.2 percent despite absorbing higher cost structures in several recently launched operations in countries that are likely to scale up to potential over the next few years.

EBITDA declined marginally by 290 bps to 17.1 percent in Q2 – however, the outlook of margin expansion in most frontier markets targeted by Balaxi remains encouraging, it stated.

“Q2 was another strong growth quarter for Balaxi and the momentum of expansion is maintained. Going forward, we see several levers that will potentially add value to the operations over the next several years – geographical expansion into new frontier markets, leverage of existing competencies to gain scale in additional geographies, deep market penetration in previously launched operations and a very strong pipeline of product registrations and regulatory submissions across the board. Moreover, following the successful preferential issue of ~ Rs. 50 crore, we are well-positioned to commission our EU GMP manufacturing facility by March 2024. Driving this initiative forward, we completed land acquisition previously, a leading consultant has been appointed for project execution and the ground breaking ceremony is scheduled next month. Overall, we believe that our experience of successfully creating profitable operations in markets that are in similar phases of economic evolution is a substantial asset that will create long-term, sustainable value for all our stakeholders,” Ashish Maheshwari, Chairman and Managing Director, Balaxi Pharmaceuticals, stated on Friday.

The IPR-based pharmaceutical player focuses on frontier markets, with a vast and growing portfolio of prescription and OTC drugs, across multiple therapeutic segments. The Company is engaged in supplying branded and generic medicines through its well-built on ground infrastructure across Angola, Guatemala and Dominican Republic.

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First published on: 07-11-2022 at 12:26 IST