Summary:
Hyderabad, Telangana, India (NewsVoir) • Revenue grows 42% in Q1FY23.
• Pharma Revenue in Latin America up 39%.
• Profit After Tax up 32% YoY.
Balaxi Pharmaceuticals Limited (Balaxi), a branded IPR-based pharmaceutical company headquartered in Hyderabad, reported its results for the first quarter of financial year 2023 ended June 30, 2022.
Financial Highlights: Particulars (INR Crore) Q1FY23 Q1FY22 YoY Revenue 82.78 58.34 +41.9% Gross Profit 34.52 16.8 +105.5% Gross Margin % 41.7% 28.8% 1,290 bps EBITDA 17.03 12.55 +35.6% EBITDA Margin % 20.6% 21.5% (95) Bps Profit After Tax 14.15 10.71 +32.1% PAT Margin % 17.1% 18.4% (127) Bps Earnings Per Share (INR) 14.15 10.71 +32.1% Quarterly Financial Results for Quarter ending 30.6.22 are not strictly comparable with Quarter ending 30.6.21 due to the consolidation of Balaxi Healthcare LDA Angola (BHA) which became a wholly owned subsidiary of Balaxi Global DMCC with effect from 1st January 2022.
• Revenue: The strong growth in revenue of 41.9% YoY in Q1FY23 was driven by the pharmaceuticals business, with the LATAM share increasing to 38%.
• EBITDA: EBITDA of INR 17.03 Cr.
was recorded in Q1FY23, registering 35.6% growth YoY, as the Company, despite the cost structures in new geographies incurred ahead of commercial launches in these countries.
• Profit After Tax: On the back of strong performance of revenue and higher margins, the company reported an increase in Profit After Tax by 32.1% YoY in Q1FY23.
Commenting on the results, Mr.
Ashish Maheshwari, Chairman and Managing Director said, "Our revenue growth of 42% during Q1 is driven by strong volume contribution from Latin American markets.
We have also derived translation benefits from a strong currency in Angola.
Gross margin expanded significantly, once again based on the strength of the growing Latin American business and increased contribution from branded products at 35% in Q1.
In Latin America, product margins are intrinsically higher, especially for value-added, branded portfolios, a clear area of focus for Balaxi.
The company’s operating cost structure - both people and organizational costs - has increased substantially with the entry into several new markets.