Net profit of Balaxi Pharmaceutical grew by 28.5 per cent to ₹15.50 crore in the second quarter ended September 30, 2022 against ₹12 crore in the corresponding quarter of the previous financial year. 

The total revenue of the Hyderabad-based company grew by 23 per cent to ₹86 crore against ₹70 crore in the same period last year. The revenue growth was led by the pharmaceuticals business. In this segment, Latin America contributed significantly with 29 per cent growth. Previously launched geographies of Dominican Republic and Guatemala delivered strong expansion whereas Honduras and El Salvador have also initiated business operations and hold immense business potential.

In Africa, established operations in Angola resumed growth within the ecosystem of previously registered products, with the Central African Republic that is likely to start contributing from Q4 FY23, the company said.

Ashish Maheshwari, Chairman and Managing Director, Balaxi said, “Q2 was another strong growth quarter for Balaxi and the momentum of expansion is maintained. Going forward, we see several levers that will potentially add value to the operations over the next several years–geographical expansion into new frontier markets, leverage of existing competencies to gain scale in additional geographies, deep market penetration in previously launched operations and a very strong pipeline of product registrations and regulatory submissions across the board.”

Following the preferential issue of about ₹50 crore, the company was “well-positioned’” to commission its EU GMP manufacturing facility by March 2024, he added. 

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