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BAL Pharma Limited showcased strong revenue growth for Q3 & 9MFY23 results against adverse market conditions


  • Domestic Formulation witnesses robust growth of 42.74% in Q3FY23 and 30.27% in 9MFY23
  • Revenue grows by 10.32% YoY to ₹773.35 million in Q3FY23 and 6.55% to ₹2228.43 million in 9MFY23

BENGALURU, India, Feb. 9, 2023 /PRNewswire/ — BAL Pharma Limited, a fully integrated pharmaceuticals Company specialising in Bulk Drugs, Prescription Drugs, Generics, and pharma intermediates, has announced its results for the quarter that ended December 31, 2022.

Financial Highlights (Standalone) – Q3 & 9MFY23

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Particulars (₹ Mn)










10.32 %



6.55 %




-1.90 %



-12.52 %




-38.51 %



-41.89 %




20.78 %



-30.97 %




14.63 %



-34.27 %

Financial Highlights

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  • Revenue – The Company reported revenue of ₹ 773.35 million for Q3FY23 compared to ₹ 701.01 million for Q3FY22 and registered growth of 10.32%. Revenue for 9MFY23 stood at ₹ 2,228.48 million as compared to ₹ 2,091.53 million for 9MFY22.
  • EBITDA – EBITDA for Q3FY23 stood at ₹ 70.76 million for Q3FY23, marginally lower compared to ₹72.13 million for Q3FY22. Raw materials price fluctuations, inflation indications, tight inventory control, and API price competition continue to impact the margins.
  • PAT – PAT for Q3FY23 stood at ₹14.70 million compared to ₹ 12.17 million for Q3FY22 and registered growth of 20.78%.
  • EPS – EPS for Q3FY23 stood at Rs. 0.94 as compared to 0.82 million for Q3FY22

Formulations Business(FDF) – Revenue Driver

  • Formulations segment revenue registered a growth of 30.10%, and revenue stood at ₹364.21 million in Q3FY23 compared to ₹ 279.95 million in Q3FY22.
  • Revenue for 9MFY23 stood at ₹ 1123.93 million in 9MFY23 as compared to ₹ 837.91 million in 9MFY22, registering a growth of 34.13%.
  • Exports to Domestic were at 66:34 in Q3FY23 versus 69:31 in Q3FY22.
  • Domestic formulations registered robust growth of 42.74%, while export formulations witnessed an increase of 24.41% YoY for Q3FY23.
  • The share of formulations in total revenue is 47.84% in Q3FY23 compared to 40.71% in Q3FY22.
  • In 9MFY23, domestic formulations stood at ₹ 331.46 million compared to ₹ 254.45 million in 9MFY22, registering a growth of 30.27%. Export formulations stood at ₹ 792.47 million in 9MFY23 compared to ₹ 583.46 million in 9MFY22 and reported an increase of 35.82%.
  • The order book for formulations stands at ₹220 million as of Q3FY23.

API Business – an integrated business model

  • API segment revenue stood at ₹397.11 million in Q3FY23 compared to ₹407.63 million in Q3FY22.
  • The share of API in total revenue is 52.16% in Q3FY23 compared to 59.29% in Q3FY22.
  • Exports: Domestic mix was 74:26 in Q3FY23 versus 71:29 in Q3FY22.
  • API export stood at ₹293.11 million in Q3FY23 compared to ₹288.82 million in Q3FY22 and registered an increase of 1.48%.
  • The total Order book for APIs remains strong at ₹490 million as of Q3FY23.

Commenting on financial results, Mr. Shailesh Siroya, Managing Director, BAL Pharma, said,

“The Company showcased strong performance and incremental growth in this quarter. Our revenue grew by 10.32% YoY in Q3FY23. The performance of domestic formulations is exciting, registering an increase of 42.74% in Q3FY23. This accomplishment was achieved despite price fluctuations, margin pressure and hard-hitting market competition. We are constantly working towards improving our production efficiency and R&D process and are adopting all-around measures to sail through this turbulent time.

We are strategically enhancing our product portfolio and widening our geographical footprint to have better and deeper market penetration, increasing our market share in the API and Formulation segments. The Company has recently launched five new products in the export formulation segment and is planning to add more in the coming quarters.

In the long run, the medium and long-term opportunities look very promising. We are confident that our clear and consistent strategic vision will position us well to benefit from them. All our efforts are directed toward enhancing profitability and delivering good returns to the stakeholders.

Looking ahead, we have a strong order book position at ₹ 710 million, affording us confident revenue visibility for the rest of the year.” 

About BAL Pharma Ltd (BPL)

Bal Pharma Limited (BSE: 524824; NSE: BALPHARMA) is a fully integrated pharmaceuticals Company specialising in Bulk Actives, Prescription Drugs, Generics and pharma intermediates. Bal Pharma’s focused therapeutic areas are Anti-diabetes, Anti-histamine, Anti-inflammatory, Acne Treatment,  Gastroenterology, Cardiology,  and dermatology. The Company is one of Gliclazide’s largest producers and exporters, a medicine to treat type-2 diabetes. Bal Pharma’s niche APIs and FDFs are produced at world-class manufacturing facilities in Karnataka, Maharashtra, Rajasthan and Uttarakhand. The Company exports APIs to Europe, Australia, Japan, the Far East, Canada, Latin America, Africa, the Middle East and other World markets. Its FDFs are exported to a Semi-regulated market, besides having a domestic presence. Backed by strength in Research and Development and robust infrastructure, Bal Pharma is poised to become a significant Company in the pharmaceutical industry.

Forward-Looking Statement:

Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. BAL Pharma Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

Cision View original content:–9mfy23-results-against-adverse-market-conditions-301742796.html

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