Bafna Pharma posts strong Q1 results, PAT up by 66.52%

Net Sales rise by 56.6% to Rs. 2145.33 lakhs

Bafna Pharmaceuticals Ltd (BSE CODE: 532989), a manufacturer and exporter of drug formulation, announced its first quarter results for fiscal year 2010-2011 following the meeting of its Board of Directors at Chennai on July 29th 2010.

For the quarter ended June 2010, the revenue of the company rose by 56.6% to Rs 2145.33 lakhs from Rs 1370.03 lakhs for the same quarter of the previous fiscal year.

Net Profit increased by 66.52% to Rs 159.51 lakhs from Rs 95.79 lakhs for the same quarter of the previous fiscal year. Profit Before Tax rose to Rs 159.51 lakhs from Rs 108.76 lakhs, an increase of 46.67%.

Commenting on the financial performance of the Company, Mr. Bafna Mahaveer Chand, CMD, Bafna Pharmaceuticals Ltd says, “ This has been a very satisfying quarter as we received UK (UK MHRA) for manufacturing Paracetamol Tablets, Loperamide capsules and Clonazepam tablets. We also received the Good Manufacturing Practices (GMP) approval from Ethiopia’s Drug Administration and Control Authority (DACA) for our non-betalactam facility. He further added, “Following the recent launch of our FR&D facility in Chennai, we will be filing dossiers for the ever growing UK and the European Markets. 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, Ukarine, 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 facility at Grantlayan, Chennai. Recently the company 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