Prabhudas Lilladher's research report on Eris Lifesciences
Eris Lifesciences (ERIS) Q1FY24 reported healthy EBITDA of Rs1.7bn (up 31.4% YoY) with sharp improvement in OPM at 36.4% (up 400bps YoY). We expect margins to sustain as revenue scales up from recent acquisitions which is currently operating at sub optimal profitability. The company has multiple growth levers such as broad based offerings in derma segment, opportunities in cardio metabolic market with patent expirations and benefits of operating leverage, as revenue scales up from these acquisitions.
Outlook
We maintain our ‘BUY’ rating with revised TP of Rs910, valuing 16x EV/EBITDA on FY25E.
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