Eris Lifesciences Reports Strong Q2 FY24 Financial Performance With 9.7 per cent YoY Increase In Revenue

Eris Lifesciences, an Indian branded formulations manufacturer, has reported its financial performance for the second quarter and half-year of FY24. In Q2 FY24, the company achieved impressive results with a 9.7 per cent year-on-year (YoY) increase in revenue, reaching Rs 5,053 million. 

The gross profit saw substantial growth at 15.8 per cent, amounting to Rs 4,107 million, while the EBITDA demonstrated strong performance with a 19.6 per cent YoY rise, totaling Rs 1,811 million. The EBITDA margin also expanded to 35.8 per cent, representing a growth of 296 basis points (bps).

The company reported a profit after tax (PAT) of Rs 1,223 million in Q2 FY24, indicating a 2.5 per cent YoY increase, and a PAT margin of 24.2 per cent although it decreased by 172 bps. 

Amit Bakshi, Chairman and Managing Director, Eris Lifesciences, said, “We continue to witness strong momentum, significant margin expansion and robust cash generation in our business as the investments made in FY23 have started delivering results this year. We are well on track to achieve our strategic and financial objectives for FY24 as outlined at the start of the year. We are looking at Revenues of more than Rs 2000 crore this year with an EBITDA of  more than Rs. 700 crore and PAT of Rs. 410 crore and above."

Eris Lifesciences reported business highlights for Q2FY24 and H1FY24. The company's branded formulations segment revenue grew by 13 per cent YoY, and the YPM (yield per mother brand) increased to Rs 5.1 lakh in Q2 FY24 from Rs 4.5 lakh in Q2 FY23. 

Eris MJ, responsible for the Insulin Business, organically achieved Rs 10 crore in revenue in Q2 FY24, contributing to a total H1 revenue of Rs. 19 crore.