 "Q2")
Pharma company Eris Lifesciences on Wednesday posted a 2.51 per cent year-on-year (y-o-y) increase in profit after tax (PAT) for the quarter ending on September 30, 2023, reaching Rs 123.4 crore. There was a 9.7 per cent increase in its consolidated revenue from operations, which came in at Rs 505.3 crore, compared to Rs 460.5 crore in Q2 FY23.
On a sequential basis, the company exhibited an 8.29 per cent increase in revenue, along with a PAT which rose 30.17 per cent.
Commenting on the results, Amit Bakshi, Chairman and Managing Director of Eris Lifesciences stated, “We continue to witness strong momentum, significant margin expansion and robust cash generation in our business as the investments made in FY23 have started delivering results this year. We are well on track to achieve our strategic and financial objectives for FY24 as outlined at the start of the year. We are looking at revenues of INR 2000+ crore this year with earnings before interest, taxes, depreciation, and amortization (Ebitda) of Rs 700+ crore and PAT of Rs 410+ crore.”
This quarter, the revenue of the branded formulations segment witnessed a y-o-y growth of 13 per cent. Eris MJ, the insulin business, generated Rs 10 crore in revenue during Q2 FY24, contributing to a total revenue of INR 19 crore in the first half of the fiscal year. Furthermore, the presence of five mother brands with revenues exceeding Rs 100 crore was noted.
The same day, Eris Lifesciences share price rose by 3.57 per cent, ending the day's trade at Rs 900 per share on the BSE.
