Balaxi Pharmaceuticals (BALAXI) Q4 20/21 earnings summary

Executive summary

• FY2021 delivered strong growth despite COVID-19 disruption: consolidated revenue rose 407% YoY to ₹231.33 crore, EBITDA to ₹44.64 crore and PAT to ₹38.14 crore.

• Growth was supported by pharmaceutical sales and expansion of branded consumer products, with an asset-light, IP-led stock-and-sell model across frontier markets.

Financial highlights

• Consolidated revenue was ₹231.33 crore vs ₹45.63 crore in FY2020; total income was ₹233.56 crore vs ₹46.22 crore.

• Consolidated EBITDA was ₹44.64 crore vs ₹8.80 crore; PBT was ₹44.33 crore vs ₹8.79 crore; PAT was ₹38.14 crore vs ₹6.10 crore.

• Consolidated EPS was ₹38.14 vs ₹8.12; standalone revenue was ₹86.87 crore and PAT ₹15.13 crore.

• Consolidated operating cash flow was ₹0.32 lakh vs an outflow of ₹1,403.64 lakh in FY2020, as receivables and inventory absorbed working capital.

Outlook and guidance

• Targeting presence in at least 20 additional frontier markets over five years; near-term focus includes Honduras, El Salvador, Nicaragua, Central African Republic and Mozambique.

• New-market beachheads are expected to support growth over the next 2–3 years; management expects Guatemala, Honduras and El Salvador to add thrust in FY2022 and FY2023.

• Pharmaceutical product registrations are targeted to double over two years; consumer-products revenue from Mozambique was expected from Q2 FY2022.