Hyderabad, Aug 2 : Balaxi Pharmaceuticals Ltd (Balaxi), a branded IPR-based pharmaceutical company, on Tuesday reported a 32.1 per cent increase in net profit Y-o-Y at Rs 14.15 crore for the first quarter of financial year ended on June 30.
The company had posted Rs 10.71 crore net profit in the same quarter last year.
The strong growth in revenue of 41.9 per cent Y-o-Y was driven by the pharmaceuticals business, with the LATAM share increasing to 38 per cent, the Hyderabad-based pharmaceutical company said in a release here.
It reported Rs 82.78 crore revenue in Q1FY23 compared to Rs 58.34 crore in the corresponding period in FY23.
Production is expected to commence by March 2024, focusing on General Oral Solid Dosage (OSD) and Liquid Injection formulations in Latin American markets where we are rapidly gaining visibility.
Commenting on the results, Ashish Maheshwari, Chairman and Managing Director, said: “Our revenue growth of 42 per cent during Q1 is driven by strong volume contribution from Latin American markets. Gross margin expanded significantly, once again based on the strength of the growing Latin American business and increased contribution from branded products at 35 percent in Q1.”(UNI)