Eris Lifesciences Limited FY23 Revenues at INR 16,851 mn, up 25% YoY

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 Eris Lifesciences Limited FY23 Revenues at INR 16,851 mn, up 25% YoY.

Commenting on the results, Mr. Amit Bakshi, Chairman & Managing Director of Eris Lifesciences Ltd., said,“FY23 has been a year of massive investment for us starting with the Oaknet deal in May ’22 right through to the DRL brands deal in March ‘23. We are happy to note that things are coming together well and we will start seeing tangible results from FY24 onwards. We will continue to focus on delivering high-quality growth while preserving our industry-leading margins and cash generation ratios.

Q4FY23 and FY23 – Financial Highlights

·         Revenue of Q4 FY 23 grew by 32% YoY to INR 4,028 mn and FY 23 grew by 25% YoY to INR 16,851 mn

·         EBITDA for Q4 FY 23 is INR 1,189 mn, with ~ 30% margin and FY 23 is INR 5,367 mn with 32% margin

·         PAT for Q4 FY 23 is INR 615 mn with ~ 15% margin and FY 23 is INR 3,742 mn with 22% margin

FY23 – Business Highlights

·         Eris grew at 14.3% in FY23 compared to the IPM growth of 9.3%

·         Eris MJ (Insulin Business) organically clocks INR 17 Cr revenue in first year

·         Top-20 mother brands accounting for ~ 70% of revenue have organically grown at 17% in FY23

·         Acquired business of Oaknet has grown at 28% in FY23 with an EBIDTA margin expansion from 10% to 24%

·         Eris MJ – Greenfield Insulin Business crosses INR 170 mn revenue in first year of commercial operations

About Eris Lifesciences Ltd (BSE: 540596, NSE: ERIS):

Eris Lifesciences Ltd. is a 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 ≈70% of our revenue and a pan-India distribution network of over 2,000 stockists 5,00,000+ chemists. Over 5,000 employees work out of our corporate offices in Ahmedabad and Mumbai, the field and our Guwahati facility.

Our revenues have grown 4x in the last 10 years (since FY13) and net profits have grown ~ 6x in the last 10 years. The company has maintained an ROIC in excess of ~ 30% for 13 consecutive years till FY22. Sixteen years into the business, the company retains its fundamental strengths in terms of a chronic and sub-chronic focused brand portfolio (87% of sales) with low (7%) NLEM exposure, high mind-share and prescription ranks with super-specialists (#5 among Diabetologists and Cardiologists) and strong cash.

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