Eris Lifesciences quarter results: FY21 Revenues at INR 12,119 mn, up 12.8% YoY EBITDA at INR 4,306 mn. Eris Lifesciences Limited, a leading Indian branded formulations manufacturing company, today announced its earnings for the fourth quarter and full year 2021.
Commenting on the results, Mr. Amit Bakshi, Chairman & Managing Director of Eris Lifesciences Ltd., said,
“FY21 was a game changer for us during which we have registered robust improvement across all business and financial metrics. We were able to harness the power of our fundamental business pillars – leadership brands in chronic super- specialty, a strong cashflow generating business model, a debt-free balance sheet, and our consistent focus on operational excellence – to successfully navigate what has been one of the most challenging years ever.”
Q4FY21 – Financial Highlights:
Revenue grew by 11.9% YoY to INR 2,782 mn; Branded Formulations revenue grew by 9.4% YoY to INR 2,596
EBITDA grew by 22.4% YoY to INR 945 mn and margin expanded by 290bps on the back of productivity
improvement and pandemic-driven cost savings
PAT grew by 21.3% YoY to INR 682 mn for the Year; margin expanded by 189bps YoY
Q4FY21 – Business Highlights:
Significant new launches in Q4FY21:
• Bricet: Brivaracetam launch in the CNS segment for treatment of Epilepsy
• Zayo: Our offering in Sacubitril+Valsartan, an important product for managing Heart Failure.
FY21 – Financial Highlights
Revenue grew by 12.8% YoY to INR 12,119 mn; Branded Formulations revenue grew by 6.7% YoY to INR
EBITDA grew by 16.9% YoY to INR 4,306 mn and margin expanded by 123bps on the back of productivity improvement and pandemic-driven cost savings.
PAT grew by 19.8% YoY to INR 3,551 for the Year; margin expanded by 170bps YoY
Dividend distributed of INR 5.50 per share translating to payout ratio of 21% of net profit of the year.
INR 3,754 mn Operating Cash Flow (OCF) and INR 3,466 mn Free Cash Flow (FCF) for FY 21. Operating andcFree Cash Flows to EBIDTA ratios among the highest in the industry. OCF to EBITDA = 87% and FCF tocEBITDA = 81%.
Maintained superior return ratios through robust capital allocation framework: Return on Equity = 30.7% in FY 21.
FY21 – Business Highlights
As per AIOCD, Eris is amongst the fastest growing companies amongst its peers (excluding the Covid Molecules i.e. Favipiravir and Remdesivir).
Eris grew at 6.2% YoY in FY21, outperforming by 2x the covered market which grew at 2.9% YoY. This is the
3rd consecutive year of Eris outperforming the covered market and the IPM.
The cardio metabolic segment (59% of our revenue), grew 9.7% in FY21, marginally outperforming its covered market which grew by 9.4%. Vitamins, Minerals and Nutrients segment (20% of our revenue) grew by 14.8% in comparison with the covered market which grew by 8.6%.
The Top-15 mother brands, which contribute nearly 80% of our revenue grew by 8.9% during the year.
Significant new launches in FY21
o Gluxit: Our offering in the strategically important Dapagliflozin (SGLT 2) molecule in Oral Diabetes Care.
o ZAC D: A unique combination of Zinc and Vit A, C and D in a convenient chewable tablet.
o Zayo: Our offering in Sacubitril+Valsartan, an important product for managing Heart Failure.
o Rivalto: Our launch in the recently off-patent Rivaroxaban molecule in the anti-thrombotic segment.
o Bricet: New launch in Brivaracetam molecule for treatment of Epilepsy.