Eris Lifesciences Ltd. on Thursday announced its earnings for the second quarter and half year ended of FY23. According to the company’s press statement, Eris grew at 19.3 percent in Q2 of this year, compared to IPM growth of 13 percent. Meanwhile, in the first half Eris grew at 13.6 percent compared to the IPM growth of 7.4 perent.
“The Oaknet business which we acquired in May 2022 is emerging as a success story for us in value creation through M&A. The business is tracking to achieve Rs. 50 crore EBIDTA in FY23, which is one full year ahead of our expectation. Our core specialties including Cardiometabolic, Dermatology, CNS and Women’s Health have been growing well ahead of the market and we have strong visibility of secular growth over the next 3 years,” Amit Bakshi, Chairman & Managing Director of Eris Lifesciences Ltd., said in a statement.
The company also announced that the cardiometabolic market bounced back in Q2 after going through a one-time correction in the preceding 4 quarters. Moreover, Eris portfolio grew at 21.8 percent vs. a market growth of 14.6 percent in Q2.
“Our business model of building strong and sustainable brands has enabled us to outperform the market – Eris delivered a growth of 19% in Q2 FY23 vs. a market growth of 13%. We are looking at a consolidated revenue growth of 30% and EBIDTA growth of 16-17% in FY 23,” Krishnakumar V, Executive Director & Chief Operating Officer of Eris Lifesciences Ltd., said in a statement.
Meanwhile, the acquisition of Oaknet continues growth momentum with Q2 Revenue of Rs. 68 crore with an EBIDTA of Rs. 16.5 crore, the company stated.