Eris Lifesciences Q4 Results: Net profit jumps over 29% to Rs 80 crore

economictimes.indiatimes.com:

Eris Lifesciences on Tuesday reported 29.5% jump in net profit to Rs 80 crore in Q4FY24 led by growth in sales of the domestic formulation business.

The Ahmedabad-based drug maker reported net profit of Rs 61.5 crore during the corresponding quarter of the previous year.

Revenue of Q4FY 24 grew by 37% YoY to Rs 551 crore.

The earnings before interest, tax, depreciation and ammortisation (EBITDA) for Q4FY24 grew 24.8% to Rs 148.4 crore. The EBITDA margin dropped 260 basis points YoY to 26.9% in Q4FY24.

The domestic branded formulation business, recorded an organic growth of 15% in Q4FY24.

For the full year (FY24), Eris revenue rose 36.8% YoY to Rs 2009 crore and net profit rose 6.1% to 397 crore. The EBITDA margin expanded by 170 basis points YoY to 33.6%.

The net debt on March 31 stood at Rs 2700 crore.

Amit Bakshi, chairman & managing director of Eris said the company is
on track to keep up the momentum in FY25 as well.

«Our foray into India’ injectables segment is poised to be our next Rs 1,000 crore franchise in the next 5 years and will provide an additional filip to our growth story,' Bakshi said.

»We will continue to expand our R&D programme which now has over 20 active FDC (fixed dose combination) candidates in the pipeline. We will continue to drive value creation through our specialty focused strategy combined with flawless execution,” Bakshi added.