Eris Lifesciences has reported its financial results for the second quarter of FY24, showcasing significant year-on-year growth in net revenue, while net profit has seen a decline both year-on-year and quarter-on-quarter.
Key Highlights:
- Net revenue: ₹741.17 crore, a 46.7% YoY increase from ₹505.30 crore in Q2 FY23, and a 2.98% QoQ increase from ₹719.72 crore in Q1 FY24.
- Net profit: ₹96.35 crore, a 21.2% YoY decrease from ₹122.30 crore in Q2 FY23, though it grew 7.75% QoQ from ₹89.42 crore in Q1 FY24.
Additional Financial Metrics:
- Total revenue from operations increased significantly compared to the same period last year.
- Profit before tax for Q2 FY24 stood at ₹129.11 crore, higher than ₹126.23 crore in Q2 FY23.
- Total expenses saw an increase to ₹616.61 crore from ₹382.55 crore in Q2 FY23, contributing to the reduced profitability.
Despite the strong revenue growth, rising costs continue to impact net profit, reflecting in the year-on-year decline. However, the quarter-on-quarter increase in net profit indicates some recovery in recent performance.
