Eris Lifesciences’s Q2FY23 revenue up 28 per cent YoY

Eris Lifesciences yesterday announced its earnings for the second quarter and half year ended of FY2023.

Amit Bakshi, Chairman and Managing Director, Eris Lifesciences, said in a company statement, “The Oaknet business, which we acquired in May 2022, is emerging as a success story for us in value creation through M&A. The business is tracking to achieve Rs 50 crore EBIDTA in FY23, which is one full year ahead of our expectation. Our core specialties including cardiometabolic, dermatology, CNS and women’s health have been growing well ahead of the market and we have strong visibility of secular growth over the next three years.”

The statement notified that the revenue of Q2 FY23 grew by 28 per cent YoY to Rs 4,605 million and H1 FY23 grew by 21.2 per cent YoY to Rs 8,591 million. EBITDA for Q2 FY23 is Rs 1,514 million, with 32.9 per cent EBITDA margin and H1 FY23 is Rs 2,807 million with 32.7 per cent EBITDA margin. PAT for Q2 FY23 is Rs 1,194 million with 25.9 per cent PAT margin and H1FY 23 is Rs 2,125 million with 24.7 per cent PAT margin.

Krishnakumar V, Executive Director and Chief Operating Officer, Eris Lifesciences, also said in the statement, “Our business model of building strong and sustainable brands has enabled us to outperform the market – Eris delivered a growth of 19 per cent in Q2 FY23 vs a market growth of 13 per cent. We are looking at a consolidated revenue growth of 30 per cent and EBIDTA growth of 16-17 per cent in FY 23.”

Eris grew at 19.3 per cent in Q2 of this year, compared to IPM growth of 13 per cent. In H1, the company 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 four 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, concluded the statement.