Eris Lifesciences: Quarter 02FY23 results highlights
Eris Lifesciences Ltd. is the only publicly listed Indian pharma company with a pure-play domestic branded formulations business model.
Eris Lifesciences Limited, a leading Indian branded formulations manufacturing company, today announced its earnings for the second quarter and half year ended of FY23.
Q2FY23 and H1FY23 - Financial Highlights
- Revenue of Q2 FY 23 grew by 28.0 per cent YoY to INR 460 crores and H1 FY 23 grew by 21.2 per cent YoY to INR 859.1 crores.
- EBITDA for Q2 FY 23 is INR 151.4 crores, with 32.9 per cent EBITDA margin and H1 FY 23 is INR 280.7 crores with 32.7 per cent EBITDA margin
- PAT for Q2 FY 23 is INR 119.4 crores with 25.9 per cent PAT margin and H1 FY 23 is INR 212.5 crores with 24.7 per cent PAT margin
Q2FY23 - Business Highlights
- Eris grew at 19.3 per cent in Q2 of this year, compared to IPM growth of 13 per cent; In H1 Eris grew at 13.6 per cent compared to the IPM growth of 7.4 per cent
- The cardiometabolic market has bounced back in Q2 after going through a one-time correction in the preceding 4 quarters; Eris portfolio grew at 21.8 per cent vs. a market growth of 14.6 per cent in Q2
- Acquired business of Oaknet continues growth momentum with Q2 Revenue of Rs. 68 crore with an EBIDTA of Rs. 16.5 crore
| Particulars |
Q2FY23 |
Q2FY22 |
YoY(%) |
H1FY23 |
H1FY22 |
YoY |
| (INR million) |
| Revenue |
4,605 |
3,597 |
28.00% |
8,591 |
7,089 |
21.20% |
| Gross Profit |
3,548 |
2,933 |
21.00% |
6,683 |
5,737 |
16.50% |
| EBITDA |
1,514 |
1,398 |
8.30% |
2,807 |
2,663 |
5.40% |
| EBITDA Margin |
32.90% |
38.90% |
-599 bps |
32.7% |
37.60% |
-490 bps |
| PAT |
1,194 |
1,184 |
0.80% |
2,125 |
2,251 |
-5.60% |
| PAT Margin |
25.90% |
32.90% |
-699 bps |
24.7% |
31.70% |
-702 bps |
About Eris Lifesciences
Eris Lifesciences Ltd. is the only publicly listed Indian pharma company with a pure-play domestic branded formulations business model. Established in 2007, Eris ranks 21st in the Indian Pharmaceutical Market (‘IPM’) and is by far the youngest company in the IPM Top-25. Since inception, we have been focused on chronic and sub chronic lifestyle related therapies and on high-end super-specialist doctors and consulting physicians.
We are a fully integrated business with a WHO GMP manufacturing facility in Guwahati that caters to ≈80% of our revenue and a pan-India distribution network of over 2,000 stockists 5,00,000+ chemists. Over 4000 employees work out of our corporate offices in Ahmedabad and Mumbai, the field and our Guwahati facility.
Our revenues have grown 5x in the last 10 years (since FY12) and 2x in the last 5 years (since FY17). Net profits have grown ~ 11x in the last 10 years and 1.6x in the last 5 years. The company has maintained an ROIC in excess of ~ 30 per cent over the last 13 years.