Eris Lifesciences (ERIS) delivered in-line 4QFY23, led by steady growth in base business and improved performance of Oaknet as well as insulin franchise. Besides, addition of complimentary brands in medical/cosmetic dermatology from Glenmark Pharma and Dr. Reddy’s Lab is expected to enhance derma offerings going forward. We retain our earnings estimates for FY24/FY25 and value ERIS at 19x 12M forward earnings to arrive at our TP of INR720. We remain positive on ERIS aided by its: a) robust portfolio offerings in antidiabetes, cardiovascular and dermatology segments through organic as well as inorganic route, b) field force addition, which would expand coverage of specialist/consulting physicians, and c) improving operating leverage. Reiterate BUY.
OutlookWe retain our earnings estimates for FY24/FY25 and value ERIS at 19x 12M forward earnings to arrive at our TP of INR720.
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