Eris Lifesciences reports 41% year-on-year rise in net profit in Q1
, a leading branded formulations manufacturing company, reported a 41% year-on-year increase in net profit for the first quarter to Rs 125 crore, while revenue for the period stood at Rs 773 crore, an increase of 7.4% from the corresponding period last year. EBITDA for the first quarter stood at Rs 277 crore, up 11% YoY, with 36% EBITDA margin, the company said in a statement.
'Our domestic branded formulations (DBF) business has delivered a yoy growth of 11% which is over 40% ahead of market growth,' said Amit Bakshi, Chairman & Managing Director of Eris Lifesciences. 'Our thesis of reorienting our DBF portfolio to high-growth segments has started delivering results. We are well positioned to ensure continuity of supply in the RHI penfill segment given the exit of the innovator,' he said.
The company created value in its acquired
Biocon
business which posted a Q1 operating margin of 30%, up from 19% at the time of acquisition.
'Our international CDMO business is well on track to scale up in Western Europe with several marquee customers already signed up,' said Krishnakumar Vaidyanathan, Executive Director & Chief Operating Officer.
Speaking to ET, he said: 'We have outlined an aspiration that we would like to double our international business in the next three years. So, if that happens, then I think in three years from now, we will probably be getting about 15% of revenues from international. So, it will still be 85% domestic.'
The company's net debt stood at Rs 2,317 crore as on June end. 'We have guided to a target net debt of Rs 1,800 crores by the end of this year,' said Vaidyanathan.
'Right now, we are well on track to get there.'
'The next three years will be very noteworthy from an EPS acceleration and ROCE improvement standpoint as well,' he added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
11 minutes ago
- Indian Express
Loan fraud case: ED investigation against Anil Ambani
Five years after he was questioned in the Yes Bank loan fraud case, industrialist Anil Ambani is once again under the scrutiny of investigative agencies. On July 24, the Enforcement Directorate (ED) raided premises linked to his companies in connection with a Rs 17,000 crore alleged money laundering investigation. Anil Ambani appeared before ED investigators on Tuesday. The ED action came some days after the State Bank of India classified the loan account of one of his companies as fraudulent, and markets regulator Securities and Exchange Board of India (SEBI) issued an order detailing a systematic diversion of funds. The investigation flows from FIRs registered earlier by the CBI and inputs from institutions including SEBI, National Housing Bank (NHB), and Bank of Baroda, and covers several Reliance Anil Dhirubhai Ambani Group companies including Reliance Infrastructure, Reliance Power, Reliance Communications, and Reliance Home Finance Ltd (RHFL). The ED suspects a scheme of loan fraud and diversion of funds involving thousands of crores. Loans extended by RHFL and Reliance Commercial Finance Ltd were allegedly routed to group companies and shell firms, bypassing norms and creating a false impression of loan performance through evergreening. According to the preliminary investigation: * A Rs 3,000 crore loan from Yes Bank (2017-19) was allegedly diverted soon after disbursal. In some cases, the loan was sanctioned before due diligence, and backdated documentation was used. * Loans were allegedly onward lent on the day of sanction, often to firms with common addresses and directors. * 'C Company', an undisclosed related party, was used to route funds without disclosure. Reliance Infrastructure allegedly diverted Rs 10,000 crore in this way. * The group allegedly took a haircut of Rs 5,480 crore, receiving only Rs 4 crore in cash and the rest in inactive power distribution companies, with no chance of recovery. The July 24 searches covered 35 premises, including 50 companies and 25 individuals, including senior Reliance Group officials. On August 5, Anil Ambani is learnt to have told the ED that he had no knowledge of several of the alleged fraudulent transactions and loan disbursals, and asked for a week's time to verify the details. The agency has written to a dozen banks including SBI, Axis Bank, ICICI Bank, and HDFC Bank, asking for details of due diligence on loans sanctioned to his companies, including RHFL and Reliance Communications. On August 4, Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt Ltd (BTPL), was arrested for allegedly arranging fake bank guarantees worth Rs 68.2 crore that were provided by Reliance Power for a Solar Energy Corporation of India (SECI) tender. The ED is also examining the role of Yes Bank officials and probing possible quid pro quo. Under the scanner is a Rs 2,850 crore investment by Reliance Mutual Fund in AT-1 bonds of Yes Bank. On June 13, SBI, in accordance with the Reserve Bank of India's directions on fraud risk management, classified Reliance Communications, along with promoter director Anil Ambani, as 'fraud'. The bank is in the process of lodging a complaint with the CBI. SBI's credit exposure in RCom includes fund-based principal outstanding amount of Rs 2,227.64 crore along with accrued interest and expenses with effect from August 26, 2016, and non-fund-based bank guarantee of Rs 786.52 crore. The loan was declared fraudulent on the ground that the company had used the funds in violation of 'agreed terms', and due to 'irregularities observed in the conduct of the account of Reliance Communications'. RCom has said that it is undergoing a corporate insolvency resolution process, and has earlier reported outstanding debt of Rs 40,400 crore. The company has said that the loans referred to by SBI pertain to the period before the insolvency resolution process, and are required to be resolved through the process. In a strong order earlier this year, SEBI laid out how RHFL and its key executives, including Anil Ambani, allegedly orchestrated a fraud on public investors and shareholders. * Rs 12,487 crore in loans were disbursed to 47 shell companies (Potentially Indirectly Linked Entities) between FY17 and FY19. * Many of these companies shared common addresses, directors, or email domains with Anil Ambani group firms. * Deviations from credit policies were routine: loans disbursed on the day of application, backdated sanction memos, incomplete documentation, no security creation. * Loans were allegedly routed to repay earlier loans — an evergreening loop that misrepresented financial health. * A forensic audit by Grant Thornton found that in many cases, the funds ended up back with group companies like Reliance Capital, Reliance Infra, and Reliance Big Entertainment. * SEBI said the GPCL (General Purpose Corporate Loan) scheme was a facade for diversion. It restrained Anil Ambani and top company executives from accessing the securities market, pending further proceedings. The developments have come as Anil Ambani was trying to rebuild after years of financial and reputational setbacks. His troubles began soon after the high-profile split with brother Mukesh Ambani. Companies such as Reliance Communications, Reliance Capital, and Reliance Power collapsed under financial strain — RCom shut down operations in 2019 with liabilities exceeding Rs 46,000 crore. The downfall was marked by defaults, insolvency proceedings, and regulatory actions, including a five-year SEBI ban on Anil Ambani for allegedly orchestrating a scheme to siphon off funds. His troubles extended to defence and infrastructure ventures. Reliance Naval failed to deliver key defence contracts and entered bankruptcy. Other high-profile ventures like Dassault Reliance Aerospace played only modest roles in India's defence sector. Anil Ambani stepped down from several board positions, and group assets were either sold or restructured through insolvency proceedings. A slow turnaround began in 2022. The group pivoted to clean energy, infrastructure, and defence manufacturing. Reliance Power achieved zero debt, and new defence partnerships were forged with European companies. —With inputs from Mahender Singh Manral
Indian Express
11 minutes ago
- Indian Express
Kerala IT firm CEO, who accused ex-employee of extortion, faces sexual harassment complaint from her
An alleged extortion case against a woman former employee of an IT firm and her husband has taken a turn with the CEO of the same company and his three colleagues now facing a case of sexual harassment on the complaint of the woman. A day after Kochi infopark police registered the case against the CEO of Litmus 7 Systems Consulting Private Limited, Venu Gopalakrishnan, on Wednesday, he sought pre-arrest bail from the High Court. The HC restrained the arrest of his colleagues Jacob P Thamby, Eby Paul and Bimalraj Haridas till the government prosecutor files instructions from the police. However, the HC has not given any relief to 51-year-old Venu booked for criminal intimidation, insulting modesty of woman and sexual harassment. The CEO and others faced the case a week after his former colleague and her husband were arrested on charges of extortion. After obtaining bail, the couple filed complaints with police higher ups, leading to registration of FIR against Venu and others. Last month, Venu, in his complaint, had alleged that the couple had accused him of having an affair with the woman and threatened him with a rape case to extort money . He alleged that on July 23, she contacted the three staff members of the company and asked them to come to a hotel in Kochi where the couple allegedly demanded Rs 30 crore to settle the matter. The couple allegedly sought an assurance in writing from Venu and asked him to transfer `10 crore to her account and two cheques for the remaining amount. On July 28, Rs 50,000 was transferred from Venu's account to that of the woman's. The next day, the couple were arrested by the police on charges of extortion and remanded in judicial custody. Days later after they got bail, the couple complained to police alleging sexual harassment by Venu when she worked with him. She said she joined the company in February 2024 and quit after getting married earlier this year, but she alleged that her former employer continued to pester her. She alleged that when she and her husband were about to lodge a complaint against the CEO, the three representatives of the company came for mediation. She alleged that the staff told her Venu was ready to apologise and asked the couple to come to a hotel on July 29, where they were arrested. The couple, in their complaint, said Venu transferred Rs 50,000 to her bank account without information her. In her complaint, she gave details about the alleged incidents of sexual harassment.
Deccan Herald
41 minutes ago
- Deccan Herald
Karnataka Electricity Regulatory Commission tells electricity supply companies to revise tariff
Bengaluru: The Karnataka Electricity Regulatory Commission (KERC), which has admitted a revision application by electricity supply companies to revise the tariff set in March, has directed the escoms to submit revised computations and publish a public notice on the same within August 20. .A public hearing is scheduled to be held on September 5. In their review petition admitted by the KERC, escoms have sought increasing the tariff for industrial and commercial establishments and reducing it for agricultural pumpsets, saying this is required to fill the revenue gap of Rs 4,620 crore. .KERC is likely to revisit its decision on green tariff adjustments, security deposit recalculation, and wheeling charges.
