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Bafna Pharmaceuticals eyes 25% growth for FY 2022
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Yash Ved, Mumbai
October 23 , 2021
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Chennai-based Bafna Pharmaceuticals Limited, an emerging mid-sized pharma company, stated that it will be focusing on exports and is eyeing 25% growth for FY 2022.
The company added that it is also looking for organic growth by getting market authorizations in regulated markets of EU, UK and Australia apart from the emerging markets of Asia.
The company’s business strategy is to continue current high potent and complex generic formulations, penetrate more in markets and explore dormant opportunities, expand high potent product suite and to become a quality generic pharmaceutical manufacturer globally.
Recently, the company's packaging lines have received approval from the UK MHRA (Medicines and Healthcare products Regulatory Agency) for the United Kingdom and the European Union (EU).
Mahaveer Chand Bafna, CEO of Bafna Pharmaceuticals says, "The approval from UK MHRA will provide further momentum to our already expanding business. This approval will enable the company to increase its output and consequentially generate higher revenue and profits. We have increased our capacity by 30 per cent."
“Our major challenge is on regulation and logistics front. We export to nearly 30 countries including Germany, UK and Australia,” added Bafna.
For the first quarter of financial year 2021 – 2022, the company posted a topline growth of Rs. 2142.87 lakhs, a growth of over 26% in the first quarter of FY 2021 – 2022 against Rs. 1687.80 lakhs in the corresponding period last year. The net profit for the period surged to Rs. 208.70 lakhs as against Rs. 181.16 lakhs last year; registering a robust growth of 15%.
Bafna Pharmaceuticals has expanded its operations and set up manufacturing facilities in Chennai, India, with UK MHRA & TGA- Australia accreditations, with round the year exports to regulated markets and emerging markets. The company’s formulations’ manufacturing facilities at Chennai are state of the art and designed to meet statutory requirements of regulated markets. The company has received IDMA Quality Excellence Silver Award 2010 - in the category of formulation units.
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