Eris Lifesciences Sees Dip in Profits but Revenue Soars

Eris Lifesciences reported a 20% decline in profit after tax, amounting to Rs 97 crore for the September quarter. Despite the dip, the company's revenue rose to Rs 741 crore, up from Rs 505 crore a year ago. Eris is on track to meet its ambitious revenue targets.

Eris Lifesciences recently announced a 20% drop in its consolidated profit after tax, which hit Rs 97 crore, for the quarter ending in September. This marks a noticeable decrease from the Rs 122 crore profit reported in the same period last year.

Despite the decline in profits, the company noted a significant increase in revenue, which climbed to Rs 741 crore in the second quarter, compared to Rs 505 crore in the corresponding period the previous year. The integration of acquired businesses from Biocon and Swiss Parenterals has contributed positively to this revenue boost, according to Chairman and Managing Director Amit Bakshi.

Eris Lifesciences remains optimistic, with plans to achieve a Rs 2,600 crore revenue target in domestic formulations and Rs 3,000 crore on a consolidated basis for the year. The company is also looking to expand its presence in the biologics segment through strategic investments like the one in Levim Lifetech, aiming to become a fully integrated biotech firm.

(With inputs from agencies.)