Balaxi Pharamaceuticals Record 40.3% YoY Revenue Growth In Q3FY23
Balaxi Pharmaceuticals, an IPR-based pharmaceutical company headquartered in Hyderabad, reported its results for the third quarter of financial year 2023 ended December 31, 2022 declaring revenue growth of 40.3 per cent on YoY basis, with operating EBITDA of Rs 15.29 crore.
The company's PAT (profit after tax) stood at Rs 8.23 crore. While revenue from pharmaceutical business grew by 40.4 per cent YoY. During the quarter, operating EBITDA stood at Rs 15.3 crore, a growth of 12.8 per cent YoY. 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 Q3FY23. However, going forward with contribution from the newly entered market rising, there should be a steady rise in their margins.
Ashish Maheshwari, Chairman and Managing Director, Balaxi Pharma 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 per cent 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 per cent 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," he said.
