Balaxi Pharma revenue grows 42 per cent in Q1 FY23

Balaxi Pharma reported its results for the first quarter of financial year 2023 ended 30th June, 2022.

The strong growth in revenue of 41.9 per cent YoY in Q1FY23 was driven by the pharma business, with the LATAM share increasing to 38 per cent. EBITDA of Rs 17.03 crore was recorded in Q1 FY23, registering 35.6 per cent growth YoY, as the company, despite the cost structures in new geographies incurred ahead of commercial launches in these countries. The company also reported an increase in Profit After Tax (PAT) by 32.1 per cent YoY in Q1FY23, a statement from the company said.

It also said that the company’s operating cost structure – both people and organisational costs – has increased substantially with the entry into several new markets. This includes establishment and product registration expenses in countries that are not contributing to sales at present. Going forward, as business scales up, we expect a positive contribution to revenue growth as well as geographical
diversification.