Eris Lifesciences Q1 Profit Dips 4.5% to Rs 89 Cr
Aug 02, 2024 17:38
Eris Lifesciences reports a 4.5% decline in consolidated profit after tax to Rs 89 crore for Q1 FY25, while revenue rose to Rs 720 crore. The company expects significant growth in its Biocon business.
New Delhi, Aug 2 (PTI) Eris Lifesciences on Friday said its consolidated profit after tax declined by 4.5 per cent year on year to Rs 89 crore for the quarter ended on June 30, 2024.
The drug maker had reported a profit after tax of Rs 94 crore in the April-June quarter of the last fiscal.
Revenue rose to Rs 720 crore for the first quarter of 2024-25 from Rs 467 crore in the year-ago period, Eris Lifesciences said in a statement.
We have integrated the Biocon acquisitions well ahead of schedule and started realising significant synergies in our flagship domestic branded formulations business, which accounts for 90 per cent of our revenue," Eris Lifesciences Chairman & MD Amit Bakshi said.
The company expects to clock a growth of over 25 per cent in the Biocon business in FY25 with significant margin expansion, he added.
Eris has acquired commercial rights of Biocon Biologics' India-branded formulation business for Rs 1,242 crore. The drug firm said its board has approved execution of a binding term sheet to acquire a 100 per cent stake in Chemman Labs.
Shares of Eris Lifesciences on Friday ended 0.44 per cent up at Rs 1,124 apiece on the BSE.
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