Ahmedabad-based drug maker Eris Lifesciences Ltd. has posted a 42 per cent rise in its consolidated net profit for the third quarter of financial year 2020-21 at Rs 90.1 crore. Last year the company registered a consolidated Q3 net profit of Rs 63.4 crore.
The company's consolidated total income grew by 14 per cent to Rs 313.4 crore in the said quarter, as compared to Rs 274.8 crore in Q3 the previous fiscal.
Overall, the company saw decent growth in its product segments, led by cardio metabolic and vitamin-mineral-nutrients (VMN). Excluding Covid molecules, the company saw a year-on-year (YoY) growth of 15.6 per cent as against a five per cent growth by the Indian Pharmaceutical Market (IPM) in Q3 of FY'21.
However, continued super-specialty focus and relentless execution led to 10th consecutive quarter of outperforming covered market in core cardio-metabolic and VMN segments which form roughly 78 per cent of sales. While cardio metabolic saw a 13.6 per cent, VMN saw a 39.3 per cent growth in Q3 of FY'21 for Eris Lifesciences.
Acute therapies, on the other hand, outperformed market in the third quarter with a 15.4 per cent YoY growth on the back of key new launches.
According to the company's filing with the stock exchanges, Eris Lifesciences' tailwinds for long-term sustainable growth include shifting prescriber preference towards established incumbent brands during the last nine months. This bodes well for Eris with 11 of its Top 15 mother brands being ranked among Top-5 in their respective categories.
Moreover, Eris saw a significantly high contribution from chronic and sub chronic therapies at 90 per cent of total which positions it for long-term sustainable growth on the back of increased awareness, higher detection, and improved patient compliance which led to chronic segments consistently outperforming acute segments.
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