Bengaluru pharma company expands in Uzbekistan, Guatemala and Malta
Bengaluru’s BAL Pharma Ltd is expanding its footprints into new geographies to add more value to the business and ultimately enhancing profitability in the coming years.
In the Application Programming Interfaces (API), the company has expanded presence in Uzbekistan, Guatemala and Malta.
Backed by a strong medical representative and marketing team, BAL Pharma is constantly adding new customers from various geography and enhancing the customer base.
The company said it has added nine customers in the API segment and two customers in the export formulations segment, adding that the customer base assures the business sustainability and profitability, and provides a positive long-term outlook about the business.
The company has a strong product pipeline and robust order book in both API and Product segments.
“There is tremendous growth opportunity in the pharmaceuticals industry. The Government is extending enormous support to pharmaceutical companies by launching the PLI scheme,” said Bal Pharma which is a beneficiary of this PLI scheme.
The company expects an average annual turnover of Rs.1,250 million per annum from the eligible products in the next 5 to 6 years. BAL Pharma is strengthening and preparing themselves under all the parameters to cater to the maximum market opportunity and market share.
The company has more than two decades of experience, five manufacturing facilities, 200+ finished products, 80+ presence across the countries, 370 tonnes API capacity, 22+ API molecules and 1,000+ employee strength.
Additionally, Bal Pharma is strengthening the marketing team, and deploying the required CAPEX in offices and units. All these long and short-term initiatives will collectively contribute and enable them to cater to the maximum available market opportunity.
BAL Pharma Managing Director Shailesh Siroya said on 16 Aug 2022, “Recently, we have expanded into three new geographies and added strategic new customers that will bode well for us in the long term.
“The Government’s support in the form of PLI scheme will further boost our overall growth strategy.
“Going forward, we strong demand growth for our various products, and we are placing concerted efforts for improving our profitability in the coming quarters.”
BAL Pharma has reported revenue of Rs.700.71 million for Q1FY23 as compared to Rs.711.38 million for Q1FY22.
Profit after tax for Q1FY23 stood at Rs.14.07 million as compared to Rs.21.48 million for Q1FY22.
Margins were impacted by lower Price realisations from API products, along with severe raw material prices increase. Global commodity inflation led to increase in various intermediate prices which impacted raw material costs.
The company has been attempting to lower the impact by adapting various raw material procurement strategies. It has been strategizing alternate sources for its raw material procurement. fiinews.com
