Eris Lifesciences' Q1 Profits Dip Amidst Rising Revenues

Eris Lifesciences reported a 4.5% year-on-year dip in its Q1 profit to Rs 89 crore, despite revenue rising to Rs 720 crore. The company cites successful integration of Biocon acquisitions as a key factor. Shares rose by 0.44% on BSE, closing at Rs 1,124.

Eris Lifesciences announced on Friday that its consolidated profit after tax decreased by 4.5% year-on-year to Rs 89 crore for the quarter ending June 30, 2024. The pharmaceutical company had previously reported a profit after tax of Rs 94 crore in the same quarter last year.

Despite the dip in profits, the company experienced a revenue increase, posting Rs 720 crore for Q1 2024-25 compared to Rs 467 crore in the same period last year. Eris Lifesciences' Chairman & MD, Amit Bakshi, attributed the revenue growth to the successful early integration of the Biocon acquisitions and the realization of significant synergies in their flagship domestic branded formulations business, which accounts for 90% of the revenue.

The company projects a growth of over 25% in the Biocon business for FY25, along with significant margin expansion. Additionally, Eris has gained commercial rights to Biocon Biologics' India-branded formulation business for Rs 1,242 crore and has approved a binding term sheet to acquire a 100% stake in Chemman Labs. Shares of Eris Lifesciences rose by 0.44% on Friday, closing at Rs 1,124 on the BSE.