Eris Lifesciences records PAT of Rs 102 cr in Q3 FY23

Eris Lifesciences' consolidated net profit rose marginally to Rs 101.86 crore in Q3 FY23 as against Rs 100.77 crore recorded in Q3 FY22.

Revenue from operations jumped 27.4% to Rs 417.84 crore in quarter ended 31 December 2022 as compared to Rs 328.07 crore in Q3 FY22.

Consolidated profit before tax stood at Rs 106.54 crore in Q3 FY23, down 2.2% from Rs 108.98 crore reported in the same period previous year. Total expenses surged 39.67% year on year to Rs 318.96 crore in Q3 FY23.

EBITDA rose 12.7% to Rs 137.2 crore in Q3 FY23 as compared with Rs 121.7 crore in recorded in Q3 FY22. EBITDA margin reduced to 32.4% in Q3 FY23 as against 36.6% in Q3 FY23.

Meanwhile, the pharmaceutical company said that its wholly owned subsidiary, Eris Oaknet Healthcare proposed to acquire a portfolio of 9 dermatology brands from Glenmark Pharmaceuticals. The aggregate cost of acquisition is Rs 340 crore. Only a part of the dermatology portfolio is being acquired through the transaction.

The company stated that this acquisition deepens its presence in Medical Dermatology - anti-fungal & anti-psoriasis segments and also strengthens its presence in the dermatology therapy. Post deal, the Derma therapy's contribution to Eris revenue will increase from 7.6% to 12.7%, it added.

Eris Lifesciences is engaged in manufacturing, marketing and selling of generics within the chronic and acute categories of the Indian pharmaceutical market.

Shares of Eris Lifesciences declined 1.36% to Rs 642.95 on the BSE.

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