Balaxi Pharmaceuticals reports Revenue of INR 1,784 million for 9M FY21

HYDERABAD, India, Jan. 20, 2021 /PRNewswire/ -- Balaxi Pharmaceuticals Limited (Balaxi), a branded IPR-based pharmaceutical company, today announced its results for the quarter and nine months ended on 31st December 2020.

Financial Highlights - 9M FY21:

• The Company recorded a revenue of INR 1,784 million. Incremental growth is due to the consolidation of newly acquired subsidiaries of Guatemala and Dominican Republic.
• EBITDA came in at INR 309 million; EBITDA mapartrgin at 17.3%.
• PAT came in at INR 298 million; PAT margin at 16.7%. 

Segmental Performance:

• Sales mix of Branded: Generics in Q3FY21 stood at 28:72 as against 24:76 in H1FY21. This aided better EBITDA margins of 20.3% in Q3FY21 versus 19.5% in Q2FY21.
• The pharmaceutical business segment contributes 59% of the consolidated revenues and 68% of the consolidated EBITDA.
• Ancillary business witnessed an increase in revenue to INR 222 million in Q2FY21 versus INR 177 million in Q2FY21 registering a growth of 25% Q-o-Q.
• Branded Consumer products rebounded after COVID impacted Q2FY21. This segment reported increase of 114% QoQ in Revenue and 171% QoQ growth in PAT.

Update on Pharmaceutical Product Registrations:

Commenting on the performance, Mr. Ashish Maheshwari, Chairman and Managing Director, said, "Balaxi reported decent growth in business despite COVID-19 pandemic. The Company has 548 pharmaceutical product registrations spanning across five countries and another 582 product registrations in the pipeline. We also have a well-experienced expert regulatory team, which carefully monitors the registration process at every stage. We aim to double our pharmaceutical product registrations over the next two years."

Pharmaceutical Business Overview: 

• The Company generated 78% of the pharmaceutical revenue from Angola followed by Guatemala and Dominican Republic as on 9MFY21.
• The product split between Branded & Generics is at 25:75 as on 9MFY21. Balaxi is focused on the growing share of branded generics in its overall pharma sales.
• The Company has set its foot in the newer geographies such as Central African Republic, Honduras and El Salvador and plans to expand its presence in these markets.

Other Highlights:

• In January 2021, Balaxi Global DMCC, the wholly-owned subsidiary of Balaxi, completed the acquisition of the 49% stake in Balaxi Healthcare Angola LDA. This will strategically help the company in the long term.
• The Company in January 2021 registered a wholly-owned subsidiary in the Central African Republic (CAR) and will now start the process of registering BALAXI products in CAR.
• As its part of cost optimisation strategy, the company tactically increased its pharma product sourcing from Portugal for the Angola market. This rose from 12% for H1FY21 to 35% for 9M FY21.
• Added several products under its Branded consumer products vertical such as hand sanitiser, disinfectants, confectionaries etc. For Q3FY21 sanitiser accounts for nearly 3% of Revenue for this vertical

About Balaxi Pharmaceuticals Limited:

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 distribution network across Angola, Guatemala and the Dominican Republic. These products are procured from WHO GMP certified contract manufacturers based in India, China and Portugal. Balaxi is present in Ancillary business and building a Branded Consumer Products business which complements pharmaceutical business and provides operating leverage on the back of well-established on-ground infrastructure and channel relationships.

Forward-Looking Statement:

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.

For more information, please contact:

Chinta Shalini
Compliance Officer
Contact - 8978045694
Email: [email protected]

Aakash Mehta
IR Consultant - Dickenson World
Contact - 9870679263
Email: [email protected]