Balaxi Pharmaceuticals Growth Remains Robust on Back of Geographical Expansions
4 min readRevenue progress of 40.3% on YoY foundation, with working EBITDA of Rs. 15.29 crore
PAT stood at Rs. 8.23 crore
Revenue from Pharmaceutical enterprise grew by 40.4% Y-o-Y
Balaxi Pharmaceuticals Limited (Balaxi), a branded IPR-based pharmaceutical firm headquartered in Hyderabad, reported its outcomes for the third quarter of monetary yr 2023 ended December 31, 2022.
Financial Highlights:
Particulars (INR Crore) | Q3FY23 | Q3FY22 | YoY |
Revenue | 86.58 | 61.72 | 40.3% |
Operating EBITDA | 15.29 | 13.55 | 12.8% |
EBITDA Margin % | 17.66% | 21.95% | (429 bps) |
Profit After Tax | 8.23 | 12.17 | (32.4%) |
PAT Margin % | 9.5% | 19.7% | – |
Earnings Per Share (INR) | 8.21 | 12.18 | (32.6%) |
NOTE: Financial Results for Q3 FY23 aren’t strictly comparable with Q3 FY22 because of the consolidation of Balaxi Healthcare LDA Angola, which turned an entirely owned subsidiary of Balaxi Global DMCC with impact from 1st January 2022.
Revenue: Higher contribution from the prescription drugs enterprise led to Y-o-Y progress of 40.3% in revenues for Q3 FY23 in comparison with corresponding quarter final yr. The share of LATM markets elevated to 40.4% of pharmaceutical revenues, highlighting our capability to rapidly develop geographical presence. Key contributions to progress got here from not too long ago launched operations in markets like Honduras and El Salvador which can be displaying stronger demand for our merchandise other than substantial progress in Guatemala. Our pharma enterprise in Angola continues to generate robust money flows which can be being re-invested for increasing into new markets.
Operating EBITDA: During the quarter, working EBITDA stood at Rs. 15.3 crore, a progress of 12.8% Y-o-Y. This was on account of growing contribution from LATM markets and growth into newer geographies. Operating EBITDA margin has declined by over 400 bps to 17.7% in Q3 FY23 – nonetheless, going ahead with contribution from the newly entered market rising, there must be a gradual rise in our margins.
Profit After Tax: During the quarter, overseas trade fluctuations had an influence of Rs. 4.56 Cr. Q3 FY23 Profit After Tax after contemplating trade charge fluctuations stood at Rs. 8.2 crore. Earnings per Share (EPS) for the quarter is Rs. 8.21 in comparison with Rs. 12.18 within the corresponding quarter final yr.
Commenting on the outcomes, Mr. Ashish Maheshwari, Chairman and Managing Director mentioned, “During the quarter, we’ve strategically centered on our newly launched geographies within the Latin American markets – Guatemala, Honduras and El Salvador. These LATM markets have contributed 40% of our prescription drugs revenues and we’re assured of growing this additional as we penetrate these markets and enhance volumes. Our mature presence in Angola has additionally contributed with one other regular efficiency contributing 60% of the prescription drugs enterprise.
As on 31 December, the quantity of registered merchandise in our portfolio expanded to 766 throughout six international locations in Africa and Latin America. Apart from this, we’ve one other 650 merchandise beneath registration or in pipeline for registration. With the rise within the quantity of product choices, we anticipate to additional enhance our market share within the international locations of our focus. We additionally plan to launch our operations in new international locations in these areas.
Furthermore, in the course of the month of December, we performed Ground Breaking Ceremony for our proposed EU-GMP compliant facility, which can enhance our margin profile going forward. We have appointed a number one design and engineering execution marketing consultant for undertaking administration. Going forward, as soon as the operation at our manufacturing facility commences we stay up for working a well-integrated and environment friendly provide chain that can help our progress and worth enhancement aims.”
About Balaxi Pharmaceuticals Limited
Balaxi Pharmaceuticals Ltd is a branded IPR-based pharmaceutical participant focusing on frontier markets, with an enormous and rising portfolio of prescription and OTC medicine, throughout a number of therapeutic segments. The Company is engaged in supplying branded and generic medicines via its well-built on floor infrastructure throughout Angola, Guatemala and Dominican Republic. These merchandise are procured from WHO GMP licensed contract producers based mostly in India, China and Portugal.
Forward-Looking Statement
Certain statements on this doc could also be forward-looking statements. Such forward-looking statements are topic to sure dangers and uncertainties like regulatory adjustments, native political or financial developments, technological dangers, and lots of different elements that might trigger our precise outcomes to vary materially from these contemplated by the related forward-looking statements. Balaxi Pharmaceuticals Limited won’t be in any approach chargeable for any motion taken based mostly on such statements and undertakes no obligation to publicly replace these forward-looking statements to mirror subsequent occasions or circumstances.
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