Eris Lifesciences’ net profit up 42%

Ahmedabad-based drug maker Eris Lifesciences has posted a 42 per cent rise in its consolidated net profit for the third quarter of FY20-21 at ~90.1 crore. Last year, the company has registered a consolidated net profit of ~63.4 crore in Q3.

The firm’s consolidated total income grew 14 per cent to ~313.4 crore in the said quarter, while the same was ~274.8 crore in Q3 of the previous financial year.

Overall, the firm saw a decent growth in its product segments, led by cardiometabolic and vitamin-mineral nutrients. Excluding Covid molecules, the firm saw year-on-year (YOY) growth of 15.6 per cent as against 5 per cent growth by the Indian Pharmaceutical Market in Q3 of FY21.

However, continued superspecialty focus and relentless execution led to 10th consecutive quarter of outperforming covered market in core cardiometabolic and VMN segments which form roughly 78 per cent of sales. While cardio metabolic saw a 13.6 per cent, VMN saw 39.3 per cent growth in Q3 of FY21 for Eris Lifesciences. Acute therapies, on the other hand, outperformed the market in the third quarter with a 15.4 per cent YOY growth on the back of key new launches. According to the company’s filing with the stock exchanges, Eris Lifesciences’ tailwinds for long-term sustainable growth include shifting prescriber preference towards established incumbent brands during the past nine months. This bodes well for Eris, with 11 of its top 15 mother brands being ranked among top-5 in their categories.