Eris Lifesciences Ltd. has sold its entire stake in two of its subsidiaries to Eris Therapeutics Ltd. for Rs 861.9 crore.
The company is expected to complete the stake sale in Eris Oaknet Healthcare Pvt. and Aprica Healthcare Ltd. by March 31, according to an exchange on Thursday.
Eris Lifesciences reported an 18.61% year-on-year fall in consolidated net profit to Rs 83.63 crore for the third quarter of fiscal 2025, despite a 49.61% increase in revenue from operations to Rs 727.45 crore during the same period.
The fall in net profit can be attributed in part to a significant increase in finance costs, which rose by 215% to Rs 57.17 crore from Rs 18.12 crore in the same quarter of fiscal 2024.
Sequentially, revenue from operations decreased by 1.85%, and profit declined by 8.69%.
Shares of Eris Lifesciences closed 3% higher at Rs 1,269.60 apiece on the NSE, compared to a 0.93% increase in the benchmark Nifty 50. The stock has fallen 41.87% in the last 12 months.
Out of 10 analysts tracking the company, nine suggest 'buy' and one recommends 'hold,' according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 18.2%.
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