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Prabhudas Lilladher Report
Eris Lifesciences Ltd. reported muted operating profit due to higher promotional expenses from new launches. We believe benefits of operating leverage will play out, as revenue scales up from these launches.
Further acquisition of Oaknet Healthcare gives Eris Lifesciences an entry in the derma segment, currently operating at sub optimal profitability.
Eris Lifesciences’ turnaround of Strides Shasun Ltd. acquired portfolio provides comfort for similar execution.
The company continues to outperform cardio metabolic market (60% of its total revenues) which expects robust growth over next three-four years with wide patent expiration opportunities.
Our FY23/24E earnings per share stands cut by 6%/3%, as we factor in Oaknet acquisition and lower margin assumption in base business.
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