BALAXI Pharmaceutical LTD is Showing Good Strength Can be Held

Company has a good return on equity (ROE) track record: 3 Years ROE 47.3%.

Debtor days have improved from 71.3 to 56.7 days.

Financial
Performance Commentary
6
Revenue
Higher contribution from the pharmaceuticals business led to y-o-y growth of 20% in revenues for FY23
compared to FY22. The share of LATAM markets increased to 40% of pharmaceutical revenues, highlighting
our ability to quickly expand geographical presence. Key contributions to growth came from recently
launched operations in markets like Honduras and El Salvador that are showing stronger demand for our
products apart from substantial growth in Guatemala and Dominican Republic. Our pharma business in
Angola continues to generate strong cash flows that are being re-invested for expanding into new markets
EBITDA
During the year, operating EBITDA stood at Rs. 59.17 crore, a growth of 7.2% y-o-y. This was on account of
increasing contribution from LATAM markets and expansion into newer geographies. EBITDA margin has
declined by over 200 bps to 17.6% in FY23 - however, going forward with contribution from the newly
entered market rising, there should be a steady rise in our margins
Profit After Tax and EPS
During the year, Profit After Tax stood at Rs. 45.96 crore. Earnings per Share (EPS) for the year was recorded
at Rs. 45.81 compared to Rs. 47.66 in the previous year.