ANI PR Wire
01 Feb 2023, 18:30 GMT+10
Hyderabad (Telangana) [India], February 1 (ANI/NewsVoir): Balaxi Pharmaceuticals Limited (Balaxi), a branded IPR-based pharmaceutical company headquartered in Hyderabad, reported its results for the third quarter of the financial year 2023 ended December 31, 2022.
Financial Highlights:
NOTE: Financial Results for Q3 FY23 are not strictly comparable with Q3 FY22 due to the consolidation of Balaxi Healthcare LDA Angola, which became a wholly owned subsidiary of Balaxi Global DMCC with effect from 1st January 2022.
- Revenue: Higher contribution from the pharmaceuticals business led to Y-o-Y growth of 40.3 per cent in revenues for Q3 FY23 compared to corresponding quarter last year. The share of LATM markets increased to 40.4 per cent of pharmaceutical revenues, highlighting our ability to quickly expand geographical presence. Key contributions to growth came from recently launched operations in markets like Honduras and El Salvador that are showing stronger demand for our products apart from substantial growth in Guatemala. Our pharma business in Angola continues to generate strong cash flows that are being re-invested for expanding into new markets.
- Operating EBITDA: During the quarter, operating EBITDA stood at Rs 15.3 crore, a growth of 12.8 per cent Y-o-Y. This was on account of increasing contribution from LATM markets and expansion into newer geographies. Operating EBITDA margin has declined by over 400 bps to 17.7 per cent in Q3 FY23 - however, going forward with contribution from the newly entered market rising, there should be a steady rise in our margins.
- Profit After Tax: During the quarter, foreign exchange fluctuations had an impact of Rs. 4.56 Cr. Q3 FY23 Profit After Tax after considering exchange rate fluctuations stood at Rs. 8.2 crore. Earnings per Share (EPS) for the quarter is Rs. 8.21 compared to Rs. 12.18 in the corresponding quarter last year.
Commenting on the results, Ashish Maheshwari, Chairman and Managing Director said, "During the quarter, we have strategically focused on our newly launched geographies in the Latin American markets - Guatemala, Honduras and El Salvador. These LATM markets have contributed 40% of our pharmaceuticals revenues and we are confident of increasing this further as we penetrate these markets and increase volumes. Our mature presence in Angola has also contributed with another steady performance contributing 60% of the pharmaceuticals business.
As on 31 December, the number of registered products in our portfolio expanded to 766 across six countries in Africa and Latin America. Apart from this, we have another 650 products under registration or in pipeline for registration. With the increase in the number of product offerings, we expect to further increase our market share in the countries of our focus. We also plan to launch our operations in new countries in these regions.
Furthermore, during the month of December, we conducted Ground Breaking Ceremony for our proposed EU-GMP-compliant facility, which will boost our margin profile going ahead. We have appointed a leading design and engineering execution consultant for project management. Going ahead, once the operation at our manufacturing facility commences we look forward to operating a well-integrated and efficient supply chain that will support our growth and value enhancement objectives."
Balaxi Pharmaceuticals Ltd is a branded IPR-based pharmaceutical player focusing 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. These products are procured from WHO GMP certified contract manufacturers based in India, China and Portugal.
Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Balaxi Pharmaceuticals Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
This story has been provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
Get a daily dose of South East Asia Post news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to South East Asia Post.
More InformationATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...