Descent set of Q3 results. Most of the growth attributable to the acquired portfolios in the last 1 yr. PAT is flat despite steep rise in Consolidated Revenues due to higher depreciation, amortisation and employee expenses that come with acquisitions.
Key positive – Acquisition of Derma portfolio of Glennmark Pharma for 340 cr. The portfolio’s last yr sales were at 87 cr. Combined with Oaknet’s ( a Derma Formulations company ) acquisition last yr, Eris is now becoming a serious branded derma player in India. Should be a long term positive.
Disc : holding a tracking position. Biased.
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