Bafna Pharmaceuticals Ltd (BSE CODE: 532989), a manufacturer and exporter of drug formulation, announced its financial results for the second quarter (Q2) ended Sept. 30, 2010.
For the second quarter ended September 30, 2010, the revenue of the company rose by 35% to Rs. 2279.79 lakhs from Rs. 1688.04 lakhs for the same period last year. With this, the total revenue during the first half rose by 44.96% to Rs. 4433.12 lakhs.
Net Profit for the second quarter increased to Rs. 128.99 lakhs from Rs 123.83 lakhs for the same quarter of the previous fiscal year. With this the net profit for the first half of the current fiscal shot up by 27.39% to Rs. 279. 79 lakhs as against Rs. 219.62 lakhs for this corresponding period of last year.
Commenting on the financial performance of the Company, Mr. Bafna Mahaveer Chand, CMD, Bafna Pharmaceuticals Ltd says, “This has been a very encouraging first half for Bafna with the revenue up by 44.96% and PAT up by 27.39%. The recent Australian TGA approval has boosted our plans for expanding in the Australian market and provide momentum to our already growing business worldwide. We are confident that taking this growth forward, we will be able to achieve our long term vision of dominating our product categories worldwide. The impact of the new developments would be felt in the next quarter and we expect further consolidation of our new revenue and profits.”
About Bafna Pharmaceuticals Ltd:
The company has 80 products registered in UK, Sri Lanka, Ukraine, Lao, Ghana, Ethiopia, Philippians and Nigeria. The company has two manufacturing facilities. A WHO-GMP certified manufacturing facility in Madhavaram, which is a 100 percent Export oriented Unit (EOU) and an EU GMP (UK MHRA), facility at Grantlyon, Chennai. Recently, the company received Australian TGA approval and also received the Good Manufacturing Practices (GMP) approval from Ethiopia’s Drug Administration and Control Authority (DACA) for its non-betalactam facility.
The company in the month of April 2010 inaugurated its Research and Development (Formulation) (FR&D) facility, a pilot plant in Chennai. The company has secured ISO 9001: 2008 Certificate of Registration for Manufacture and Export of Pharmaceutical products. Bafna Pharma has also received EU GMP Compliances from (MHRA) Medicines and Healthcare products Regulatory Agency, U.K. This accreditation has made Bafna Pharmaceuticals the 35th facility to achieve this key recognition in India and has opened the gates for exploring markets of European Union