Eris Lifesciences (ERIS) Q4 21/22 earnings summary

Executive summary

• FY22 consolidated operating revenue rose 11.2% to ₹13,470 mn; PAT increased 14.3% to ₹4,058 mn, with EBITDA up 12.6% to ₹4,850 mn.

• Growth plans target chronic-care launches and expansion in insulin, dermatology and women's health, supported by manufacturing and technology investment.

Financial highlights

• Consolidated revenue from operations ₹13,470 mn, up 11.2% YoY; gross profit ₹10,885 mn, up 11.8%; EBIT ₹4,203 mn, up 8.4%.

• Consolidated EBITDA ₹4,850 mn, up 12.6%; PBT ₹4,422 mn, up 12.1%; PAT ₹4,058 mn, up 14.3%.

• EPS ₹29.89, up 14.3% YoY; operating cash flow ₹3,783 mn, equal to 78% of EBITDA.

• Standalone revenue was ₹12,157 mn, up 9.6%; PAT ₹4,172 mn, up 19.0%.

Outlook and guidance

• FY23 pipeline includes 15+ launches, including 5–6 significant products; working-capital needs expected to remain elevated over the next few quarters.

• Growth drivers over the next 3–4 years include patent expiries and launches in oral diabetes, cardiology, insulin analogues, GLP-1 agonists, dermatology and cosmetology.

• FY23 investment priorities include insulin, Oaknet integration, cardiometabolic field-force expansion, new launches, a second manufacturing facility and SAP S/4HANA implementation.

• Gujarat greenfield plant was expected to be commissioned by end-CY22; Phase I capex was estimated at ~₹170 crore, with ₹65 crore spent in FY22.