Buy Eris Lifesciences, target price Rs 880: ICICI Direct

ICICI Direct has buy call on Eris Lifesciences with a target price of Rs 880. The current market price of Eris Lifesciences Ltd. is Rs 755.7. Time period given by analyst is three month when Eris Lifesciences Ltd. price can reach defined target.

Eris Lifesciences Ltd., incorporated in the year 2007, is a Mid Cap company (having a market cap of Rs 10371.61 Crore) operating in Pharmaceuticals sector.

Financials
For the quarter ended 31-03-2021, the company reported a Consolidated Total Income of Rs 280.42 Crore, down -10.55 % from last quarter Total Income of Rs 313.50 Crore and up 13.16 % from last year same quarter Total Income of Rs 247.81 Crore. Company reported net profit after tax of Rs 68.25 Crore in latest quarter.


Investment Rationale
The brokerage expects the stock to continue its positive momentum and head towards the target of Rs 880 in coming months as it is the price parity with previous up move (Rs 570-735) as projected from the recent trough of Rs 682 that signals upside towards Rs 880 levels.