Bafna Pharma Q3 net zooms 176% to Rs 85 lakh

Bafna Pharmaceuticals Ltd (BSE CODE: 532989), a manufacturer and exporter of drug formulation posted a net rise of 176.47 % in third-quarter ended 31st December 2009. The Sales for December 2009 quarter increased by 35.05 % to Rs. 1974.45 lakh compare to Rs. 1461.96 lakh in corresponding quarter of previous year ended December 2008. The net Profit for December 2009 has bounced back to Rs. 85.19 lakh compare to net loss of Rs. 111.39 lakh in corresponding previous quarter of last year. The company announced its Third quarter results ended 31st December 2009. 

During the quarter the company has got the approval to launch its first brand product of Olmesartan Medoxomil named “OLMEBAF” in Sri Lanka. The company is all set to market the brand by early 2010. Bafna Pharma is the only Indian company to market the branded product (OLMEBAF) in the Sri Lanka market for the treatment of hypertension. 

* Net sales figure for nine months (fiscal 2010) has exceeded the previous yearly Net sales figure by 9.88%. 

* Net profit figure for nine months (fiscal 2010) has exceeded 3 times of the Net profit figure of the previous year.

Year to Date result comparison 

Bafna Pharma has recorded net sales of Rs 5032.52 lakh during the nine monthly ended 31st December 2009, as against net sales of Rs 2835.75 lakh during the corresponding previous nine month ended 31st December 2008. The net profit was back in the black at Rs 304.80 lakh from a net loss of Rs 75.55 lakh for the corresponding period a year ago. 

About Bafna Pharmaceuticals Ltd:
Bafna Pharmaceuticals, is a BSE listed (BSE Code: 532989) Chennai-based Company engaged in the business of manufacturing of pharmaceutical formulations of Betalactum and Non–Betalactum products. The company has over 65 products registered in Sri Lanka, Ukarine, Lao and Ghana. The company has a WHO-GMP certified manufacturing facility in Madhavaram, which is a 100 percent Export oriented Unit (EOU). The company has recently setup an EU GMP facility at Grantlayan, Chennai. Recently the company has secured ISO 9001: 2000 Certificate of Registration for Manufacture and Export of Pharmaceutical products and EU GMP Compliances from Medicines and Healthcare products Regulatory Agency, U.K. This accreditation has made Bafna Pharmaceuticals only the 35th facility to achieve this key recognition in India and has opened the gates for exploring markets of European Union.