Pharma company Eris Lifesciences reported a net profit of Rs 79.6 crore for the March quarter of FY24, up 29.5 percent from the year-ago period.
The pharma firm reported a profit of Rs 61 crore in the same quarter of the previous year.
Revenue came in at Rs 550.9 crore, up 36 percent from the year-ago quarter of Rs 402.7 crore, the firm said on May 21.
The board also gave its nod to issue of non-convertible debentures worth Rs 1,250 crore. The tenure of the NCDs will be 3 years and they will be issued via private placement.
During the quarter ended March 31, 2024, Eris Lifesciences completed the acquisition of 28,46,639 equity shares representing 51 percent of equity share capital of Swiss Parenterals Limited and obtained control on February 14, 2024 from its erstwhile shareholders for a consideration of Rs 6,375 million. Subsequent to the year end, the Company has further acquired 10,60,512 shares of Swiss Parenterals Limited representing 19 percent of its equity share capital of SPL on April 18, 2024 for a consideration of Rs 2,375 million.
Subsequent to the year end, Eris Lifesciences has completed acquisition of the Indian Branded Formulations business comprising of Insulin, Oncology and Critical Care products from Biocon Biologics Limited for a consideration of Rs 12,420 million on a slump sale basis. The acquisition was completed on April 1, 2024.
Eris Lifesciences stock ended the day at Rs 910 on the National Stock Exchange, up 1.42 percent from the previous close, ahead of the earnings announcement.
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