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Mumbai-based pharma company Eris Lifesciences posted an 8.41 per cent year-on-year (Y-o-Y) increase in profit after tax (PAT) during the fourth quarter of FY24, reaching Rs 70.9 crore. The company also posted a 30 per cent increase in its consolidated revenue from operations, which came in at Rs 547.2 crore. This increase in PAT can be attributed to the good performance of the branded formulations and the foray into the injectable segment.
On a sequential basis, the company exhibited a 13.2 per cent increase in revenue; however, the PAT declined by 30.96 per cent. The Ebitda (Earnings before interest, tax, depreciation and amortisation) rose 25 per cent Y-o-Y, reaching Rs 674.8 crore.
Commenting on the results, Amit Bakshi, chairman and managing director of Eris Lifesciences, stated, “Our domestic branded formulation business, which recorded an organic growth of 15 per cent in Q4 FY24, is well on track to keep up this momentum in FY25 as well. Our foray into India’s injectables segment is poised to be our next Rs 1,000 crore franchise in the next five years and will provide an additional fillip to our growth story. We will continue to expand our R&D programme, which now has 20+ active FDC candidates in the pipeline. We will continue to drive value creation through our specialty-focused strategy combined with flawless execution.”
For the full year of FY24, the company posted a 19.82 per cent Y-o-Y increase in revenue and a 2.57 per cent increase in PAT, reaching Rs 1,991.2 crore and Rs 391.9 crore, respectively. The Ebitda was up by 24.4 per cent, reaching Rs 609 crore.
In FY24, the branded formulations segment, which is likely Eris' core business, witnessed a growth of 18 per cent Y-o-Y. Eris MJ, the company's insulin business, achieved an organic revenue of approximately Rs 46 crore in FY24, indicating its potential for future growth. The company currently has a brand portfolio with 15 out of its top 20 mother brands ranking among the top five in their respective markets. Six of these mother brands generated revenues exceeding Rs 100 crore each.
