eris lifesciences ltd - ipo - karvyvalue.com · 2014 march 31, 2013 march 31, 2012 i. equity and...
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Call Toll Free 1800-425-8282
Initial Public Offer - Note
Eris Lifesciences Ltd
Eris Lifesciences Ltd
Issue Highlights:
Issuer: Eris Lifesciences Ltd
Issue Type: 100% Book Built Issue IPO
Issue Open: Friday June 16, 2017
Issue Close: Tuesday, June 20, 2017
Issue Size (Rs)*: 1,740.30 Crores
Face Value: Rs.1 per Equity Share
Price Band: Rs. 600 – Rs. 603 per Equity Share
Minimum Order Quantity Retail: 24 Shares and in
multiples thereafter
Maximum Bid amount for Retail: Rs. 2 Lakhs
Employee Reservation: 1,50,000 shares
Employee Discount: Rs. 60/- per share
Listing: NSE & BSE
Issue Size and Investor Category Allocation
Total Issue Size: 2,88,75,000 Equity Shares*
QIB: 75% of the issue size (2,15,43,750 Shares*)
HNI: 15% of the issue size (43,08,750 Shares*)
Retail Individual Bidders: 10% of the issue size (28,72,500
Shares*)
(* upper price band)
Book Running Lead Managers:
Axis Capital, Citigroup Global, Credit Suisse Securities
Registrar:
Link Intime India Pvt Ltd
Key Business Strategies:
Consolidate our position in therapeutic areas in which we
have significant presence
Target and enhance our presence in large and high-
growth therapeutic areas
Explore in-licensing and co-development opportunities to
leverage our sales, marketing and distribution and
manufacturing infrastructure
Target future patent expiries in India
Enhance our product line and expand our capabilities
through strategic acquisitions
Key Strengths:
Focus on branded prescription based pharmaceutical
products catering to lifestyle related disorders
One of the fastest growing companies in certain high
growth therapeutic areas with a portfolio of
complementary products
Portfolio of high volume and leading brands
Focus on metro cities and class 1 towns in India which
have higher incidence of lifestyle disorders and
Concentration of specialists and super specialists
Multi-faceted product selection and engagement model
leading to growth in prescription for our products
Strong sales, marketing and distribution capabilities
Objects of the Issue:
1. The objects of the Offer are to achieve the benefits of listing
the Equity Shares on the Stock Exchanges and for the sale of
up to 28,875,000 Equity Shares by the Selling Shareholders
2. General Corporate Purpose.
Public issue of 2,88,75,000 equity shares of Rs. 10/- each
(“equity shares”) of Eris Lifesciences Ltd(Company or Issuer).
About the Issuer:
Eris Lifesciences Limited (“Eris”) was incorporated on January 25,
2007. Eris is developing, manufacturing and commercializing
branded pharmaceutical products in select Therapeutic areas within
the Chronic and Acute Categories of the Indian Pharmaceutical
Market (“IPM”), such as: Cardiovascular; Anti-Diabetics; Vitamins;
Gastroenterology; and Anti-Infectives.
It is the fastest growing company, in the Chronic category, among
the top 25 companies in terms of revenues, with revenue growth at
CAGR of 28.9%, between Fiscals 2013 and 2017. The Chronic
category of the IPM contributed 65.6% of their revenues and Acute
Category of the IPM contributed 34.4% in fiscal 2017.
The product portfolio is primarily focused on therapeutic areas which
require the intervention of specialists and super specialists such as
cardiologists, diabetologists, endocrinologists and gastroenterologist
For Fiscals 2016, 2015 and 2014, our net revenue from operations
was Rs. 5,970.21 million, Rs. 5,455.58 million and Rs. 5,088.22
million, respectively. Net revenue from operations grew at a CAGR of
21.50% between Fiscals 2012 and 2016.
Revenue from Operations (Rs. Millions)
Net Profit After Tax (Rs. Millions)
4170.195204.62 5479.86
6054.83
0
2000
4000
6000
8000
FY 13 FY 14 FY 15 FY 16
657.96 655.27833.25
1379.71
0
500
1000
1500
FY 13 FY 14 FY 15 FY 16
Call Toll Free 1800-425-8282
Initial Public Offer - Note
Eris Lifesciences Ltd
Eris Lifesciences Ltd
(₹ in Million)
Particulars As at As at As at As at As at As at
September
30, 2016
March 31,
2016
March 31,
2015
March 31,
2014
March 31,
2013
March 31,
2012
I. EQUITY AND LIABILITIES :
(1) Shareholders' Funds
(a) Share capital 137.50 1.38 1.38 1.38 1.38 1.38
(b) Reserves and surplus 4,185.19 3,055.91 2,676.11 1,843.58 1,188.31 530.35
(2) Non current liabilities
(a) Long-term borrowings - - 5.00 - 0.37 3.81
(b) Deferred tax liabilities (net) - - - - - 0.95 (c) Other long-term liabilities 25.37 24.85 13.37 10.73 16.20 22.00
(d) Long-term provisions 207.15 230.98 199.88 170.21 152.33 89.17
(3) Current liabilities
(a) Trade payables
Due to micro and small enterprises - - - - - -Due to others 594.64 278.94 360.97 326.45 191.38 155.43
(b) Other current liabilities 102.47 253.84 76.57 141.58 65.31 34.48
(c) Short-term provisions 251.72 175.30 205.50 181.90 124.31 120.33
Total 5,504.04 4,021.20 3,538.78 2,675.83 1,739.59 957.90
II. ASSETS :
(1) Non current assets
(a) Fixed assets
(i) Tangible assets 606.94 640.96 605.78 631.97 148.24 105.80 (ii) Intangible assets 377.37 6.95 6.90 6.57 0.79 0.55
(b) Non current investments 101.05 625.95 1,130.50 306.40 115.52 56.68
(c) Deferred tax assets (net) 49.19 54.14 32.92 1.97 2.62 -(d) Long-term loans and advances 442.59 323.04 176.64 183.64 137.71 93.75
(e) Other non-current asset 24.00 - - - - -
(2) Current assets
(a) Current investments 2,522.81 1,437.33 692.40 669.64 465.00 134.52 (b) Inventories 514.95 494.58 538.33 454.85 519.68 239.61
(c) Trade receivables 524.73 253.62 236.21 223.09 165.96 144.07
(d) Cash and cash equivalents 76.40 85.29 49.12 59.02 35.16 88.63 (e) Short-term loans and advances 222.25 96.98 67.71 138.68 148.91 94.29
(f) Other current assets 41.76 2.36 2.27 - - -
Total 5,504.04 4,021.20 3,538.78 2,675.83 1,739.59 957.90
SUMMARY STATEMENT OF ASSETS AND LIABILITIES, AS RESTATED
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PF/IPON/08062017/28
Initial Public Offer - Note
Eris Lifesciences Ltd
Eris Lifesciences Ltd
SUMMARY STATEMENT OF PROFITS AND LOSSES, AS RESTATED
(₹ in Million)
Particulars Six
Months
ended
Year
ended
Year
ended
Year
ended
Year
ended
Year ended
September
30, 2016
March 31,
2016
March 31,
2015
March 31,
2014
March 31,
2013
March 31,
2012
1 REVENUE:
Revenue from operations (gross) 3,779.01 6,232.42 5,569.16 5,204.62 4,170.19 2,858.17 Less: Excise duty (105.39) (177.59) (89.30) - - -
Revenue from operations (net) 3,673.62 6,054.83 5,479.86 5,204.62 4,170.19 2,858.17
2 EXPENSES:
(a) Cost of materials consumed 211.43 381.47 317.27 - - -
(b) Purchases of stock-in-trade 358.87 750.78 825.43 1,162.41 1,271.19 705.61
(c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade
78.30 21.40 (55.48) 116.34 (289.05) (84.92)
(d) Employee benefits expense 623.00 1,223.56 1,237.53 878.53 653.01 416.39 (e) Other expenses 980.89 1,974.50 2,016.59 2,163.89 1,618.43 1,207.54
Total 2,252.49 4,351.71 4,341.34 4,321.17 3,253.58 2,244.62
3 Restated Earnings before interest, tax,
depreciation and amortisation (EBITDA)
(1-2)
1,421.13 1,703.12 1,138.52 883.45 916.61 613.55
4 Finance costs 0.43 1.20 0.06 0.37 2.66 3.87
5 Depreciation and amortisation expense 106.66 195.49 146.66 37.45 23.10 19.39 6 Other income 130.82 32.83 34.28 43.60 14.10 27.30
7 Restated Profit before tax (3-4-5+6) 1,444.86 1,539.26 1,026.08 889.23 904.95 617.59
8 TAX EXPENSE
(a) Current tax expense 294.04 313.07 223.73 233.31 250.56 186.35
(b) (Less): MAT credit (119.54) (132.30) - - - -
(c) Net current tax expense 174.50 180.77 223.73 233.31 250.56 186.35 (d) Deferred tax charge / (credit) 4.95 (21.22) (30.90) 0.65 (3.57) (1.68)
Net tax expense 179.45 159.55 192.83 233.96 246.99 184.67
9 Restated Profit after tax (7-8) 1,265.41 1,379.71 833.25 655.27 657.96 432.92