Eris Lifesciences fourth quarter results: Net profit rose over 29% to Rs 80 crore.

Eris Lifesciences on Tuesday reported a 29.5 per cent rise in net profit at Rs 80 million in the fourth quarter of FY24, driven by higher sales in its domestic formulations business.

The Ahmedabad-based pharmaceutical company had reported a net profit of Rs 61.5 crore during the corresponding quarter of the previous year.

Revenue for the fourth quarter of FY24 stood at Rs 551 million, up 37% year-on-year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter of FY24 grew 24.8 per cent to Rs 148.4 crore. EBITDA margins declined 260 basis points year over year to 26.9% in the fourth quarter of fiscal 24.

The domestic brand formulations business recorded organic growth of 15% in the fourth quarter of fiscal 2024. For full fiscal 2024, Eris revenue grew 36.8% year-on-year to ₹200.9 billion and net profit increased 6.1% to ₹39.7 billion. EBITDA margin increased 170 basis points year over year to 33.6%. Net debt as on March 31 stood at Rs 2,700 crore. Amit Bakshi, Chairman and Managing Director of Eris, said the company:
We plan to continue the momentum in FY25.

“Our foray into the Indian injectables segment is poised to become our next Rs 1,000-crore franchise in the next five years and will provide further support to our growth story,” Bakshi said.

“We will continue to expand our R&D program, which currently has more than 20 active fixed-capacity combination (FDC) candidates in the pipeline. We will continue to drive value creation through a strategy of focus on specialties combined with flawless execution. “It will,” Bakshi added.