Eris Lifesciences Q3 PAT up 12% to Rs 90 cr, revenue rises 7%

The company launched four new products in the first nine months of FY22, more on the anvil

At Rs 100.8 crore, leading Indian branded formulations manufacturing company Eris Lifesciences Ltd. has posted an 11.8 per cent growth in its profit after tax (PAT) for the third quarter ended December 31, 2021 of FY22.

The company had registered a PAT of Rs 90.2 crore for the said period in the previous FY21. The company's revenue, on the other hand, grew by seven per cent to stand at Rs 332.2 crore for Q3 of FY22 as against Rs 310.4 crore in Q3 of FY21. Eris Lifesciences saw its PAT margin improve by 130 basis points to 30.3 per cent on a year-on-year (YoY) basis.

According to Amit Bakshi, Chairman & Managing Director of Eris Lifesciences Ltd., the company has demonstrated a 2-year CAGR of 14 per cent since pre-Covid levels, which was nearly twice of the Indian Pharmaceutical Market (IPM) growth of seven per cent per annum.

"Our focus on building leadership brands in fast-growing therapies coupled with several patent expiration opportunities will enable us to sustain our growth trajectory."

The company launched four new products in the first nine months of FY22 even as more are planned.

"We have several new launches planned in diabetes, CNS, wellness and women’s health in the fourth quarter. We are on track to deliver an EPS growth of 14-15 per cent in FY'22, on the back of a 21 per cent EPS growth delivered in FY'21," said Krishnakumar V, Executive Director & Chief Operating Officer of Eris Lifesciences Ltd.

Meanwhile, during the quarter, Eris also launched a 70:30 joint venture with MJ Biopharm to leverage the market opportunity in Human Insulin, Analogues and GLP1.