Bal Pharma, Karnataka's medium sized pharma enterprise, posted satisfactory performance during the first quarter ended June 2006. Its net profit moved to Rs 1.11 crore from Rs 0.96 crore, representing a growth of 15.6 per cent. Its net sales increased by 9.1 per cent to Rs 19.04 crore from Rs 17.45 crore. The earning per share (EPS) worked out to Rs 1.07 as against Rs 1.51. The EPS for the current quarter is on the post rights capital.
Announcing the results, Shailesh Siroya, managing director, said, "The changing scenario of pharmaceutical industry in India has opened the new horizons for committed players. Despite an adverse policy framework the company could generate growth due to aggressive market related strategies. The changed strategy has really worked in favour of the organization and our expectation of entering regulated market looks promising."
There was steep growth in Export & Institutional business. The company launched a dedicated diabetic division 'Glyduz' which will have a dedicated team targeting only Southern and Western India. It Ayurvedic division successfully entered into Punjab & Haryana and Jammu & Kashmir. The company also registered increase in bulk drug business in regulated and other markets. Bal has also got the allotment of land from the Karnataka Industrial Area Development Board (KIADB) for setting up at Bommasandra in the outskirts of Bangalore.