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Nirmal Bang Report
We hosted the management of Eris Lifesciences Ltd. at our annual investors' conference to discuss the company's business outlook. The management sees multiple levers in the existing business to grow by 14-15% annually with 36-37% Ebitda margin in the next two-three years.
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For FY24, the company expects the Dermatology segment to clock revenue of ~Rs 4 billion with gross margin of 78-80% and Ebitda margin in the vicinity of company-level Ebitda margin (Oaknet margins ~24% in FY23).
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In the Insulin business, the company is confident of achieving breakeven in FY24, led by scaling up of existing products and new launches. Overall margins are expected to improve from here on mainly on the back of:
Sharp improvement in Oaknet margins and MR productivity following the consolidation of acquired brands from Dr. Reddy's Laboratories Ltd. and Glenmark Pharma Ltd., shifting to in-house manufacturing and synergy benefits with standalone business,
Reduced losses in the Insulin segment (expected to reach breakeven in FY24) and
operational leverage, especially driven by scale-up in new launches.
We like Eris due to its pure domestic theme, specialty focus, strong financials, healthy balance sheet and high return ratios.
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