Eris Lifesciences Q2 results: Net profit declines 20% to Rs 97 crore

Don't want to miss the best from Business Standard?

Eris Lifesciences on Friday said its consolidated profit after tax declined 20 per cent year-on-year to Rs 97 crore in the September quarter.

The drug firm had reported a Profit After Tax (PAT) of Rs 122 crore in the July-September period of last fiscal.

Revenue increased to Rs 741 crore in the second quarter compared to Rs 505 crore in the year-ago period, the company said in a statement.

"The acquired businesses of Biocon and Swiss Parenterals have been integrated and are scaling up in line with our expectations," Eris Lifesciences Chairman and Managing Director Amit Bakshi said.

The company is on track to achieve revenue guidance of Rs 2,600 crore in domestic formulations and Rs 3,000 crore on a consolidated basis, he added.

"We continue building up our capabilities in the biologics segment. With a strategic investment in Levim Lifetech, we will become a vertically integrated Biotech player with capabilities across the value chain," Bakshi said.

Shares of the company settled 0.76 per cent higher at Rs 1,292 apiece on the BSE.