Operator: Welcome to the Conference call of Eris Lifesciences Limited. Today, we have with us on the call Amit Bakshi, Chairman and Managing Director, Chirag Mehta, Executive Director, and Sachin Shah, Chief Financial Officer. As a reminder, all participants' line will be in the listen-only mode. There will be an opportunity for you to ask questions. Please note, this call is being recorded. I would now like to hand the conference over to Chirag Mehta. Thank you, and over to you, sir.
Chirag Mehta: Good afternoon, everyone, and welcome to our Q2 FY 2027 results call. I trust you had the opportunity to review the investor presentation. Before we begin the question and answer session, I would like to take you through some key highlights. At a consolidated level, we delivered a year-on-year growth of 12.6% in Q2 of FY 2027 and 12.8% in the H1 of the year. Our DBF business, Domestic Branded Formulation business, grew by 14.1% in Q2 and 14.2% year-on-year in H1 FY 2027.
Chirag Mehta: Adjusted for the Zorvia business, the Branded Formulation business growth stood at 16.5% and 14.9% for the quarterly period. Sundae continued to maintain its leadership position as the number one brand in prescriptions and in units. On the profitability, consolidated EBITDA grew by 7.3% year-on-year in Q2 FY 2027 and 7.2% in H1. While profit after tax have grown by 39.2% in Q2 and 27.3% year-to-date. Further details are all available in the investor presentation. We can now open the floor for questions.
Operator: Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. Participants who wish to ask questions may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. When prompted, you can accept the prompt on your screen, unmute your audio, and ask your questions. We will wait for a moment while the question queue assembles. Participants who wish to ask questions may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. The first participant is Niharika Agarwal. Please unmute your line and please go ahead with your question, ma'am. Niharika, ma'am, please unmute your line and ask your questions.
Niharika Agarwal: Can you hear me?
Operator: Yes, we can hear, ma'am.
Niharika Agarwal: Okay. Gross margins have improved approximately 134 basis points on quarter-on-quarter level, right? But on EBITDA margins, we are still seeing some pressure. I wanted to understand when gross margin gains will translate into EBITDA expansion?
Sachin Shah: Yeah, we are ahead of our guidance. We guided that in H2, the EBITDA margins will be around 35%, which have moved to 36%, thanks to the earlier improvement of gross margins also. As stated earlier, H2 will see improvement in both gross margin and EBITDA forward.
Niharika Agarwal: Okay, thank you. In terms of Zorvia deal, after we account for lost product sales and the 7% royalty, approximately how much would be the net incremental EBITDA benefit that we see from out-licensing?
Sachin Shah: Yeah. At an EBITDA level, this business which we outsourced was not EBITDA positive for us. It was hardly there. All this 7% royalty should add up to that.
Niharika Agarwal: Okay. Thank you. My last question was on the Bhopal facility. Could you help quantify the expected cost savings and the timeline for the 100 basis points gross margin benefit?
Sachin Shah: Yeah, 100 basis points of gross margin benefit should accrue in the next two quarters. When we are able to shift the entire business, which is by somewhere in Q2 next year, then we would see more like a 1.5%-2% reduction in gross margin.
Niharika Agarwal: Okay. What proportion of the relevant insulin and injectable volumes have already shifted?
Sachin Shah: Very small. Very small, negligible, but it will ramp up very quickly now.
Niharika Agarwal: Okay. What incremental depreciation and fixed cost should be factored in during the transition?
Sachin Shah: Yeah. Niharika, the current depreciation we expect around INR 200 crore to INR 300 crore more to be capitalized. So that is around 15% or 30 more crores on an annual basis is what should be added to the depreciation.
Niharika Agarwal: Okay. Thank you for the opportunity. That is all from me.
Operator: Thank you, ma'am. I request all the participants who have raised their hands introduce themselves with their names and followed by the company name they are representing. The next question comes from the line of Mr. Rahul Agarwal. Please introduce yourself and the company you are representing, sir. I request you to ask the questions.
Rahul Agarwal: Thank you. This is Rahul from EverFlow Partners. Amit, my first question is on the Bhopal site. Earlier when we had increased the CapEx there and expanded potential capacity there, you had indicated that there could be potential beyond just fulfilling our internal requirements, be it partnerships or scale-up there. Is there any progress on that and what sort of scale do you expect in the medium term from that site?
Amit Bakshi: Yeah, Rahul, there is a progress on that site, but nothing concrete as of now to tell you. But the kind of facility which we have built up is quite a bit in demand. We have conducted a couple of audits there, so I think the results of the audit will also come in the next couple of months. So we are still in discussing. Nothing which I can tell you at this point of time other than our own insulin and packaging point of view.
Rahul Agarwal: Got it. And when you said audits, you mean for EU or other regulatory certifications?
Amit Bakshi: Yeah, regulatory. Yes.
Rahul Agarwal: Got it. And on the GLP-1 side, Amit, how is the ramp-up coming along? What sort of scale do you think that the generic market reach on a run rate basis by the end of the year, and where are we today, and how do you expect Eris's position in that?
Amit Bakshi: Rahul, we are quite excited with the GLP opportunity. We still remain very positive on the outcome. As of now, we maintain number 1 in units and number 1 in prescription because we have a vial component also. Therefore, we are number 2 as in value. The market is ramping up well, and I feel that the market might double up in the next year from where we started from. Looks like now we are talking about what, INR 40, INR 45 crore a month. That is the number. I think that next year we should be doing around INR 80, INR 90 crore a month.
Rahul Agarwal: Got it. This is for the next full-year, you are saying?
Amit Bakshi: Yes.
Rahul Agarwal: Got it. One last question, Amit, on the Swiss Parenterals side. How is the progress on the regulatory issue remediation there? By when do you expect that to progress? Is the original target of CDMO scale-up to potentially INR 1,000 crore level over three, four years still intact, or is that something that you would have to review once the regulatory process gets over and you review the contracts with the partners?
Amit Bakshi: Rahul, we are in touch with everybody. As of now, we have already stated in the slide that nothing has moved out. The progress is on. As far as the remediation, we will be taking the close down in the month of November to get everything done. We expect by the end of the year, sometime in the end of the year, we would be able to invite the auditors once again. The remediation work is online. We have spoken to all our CDMO partners. Anyway, we had only one active sales during the current year. Rest of them were anyways in the next year, and their development work is going on regularly as we speak. Till this point of time, this is the status. Got it. Thank you. Thank you so much. Thanks.
Operator: Thank you so much, sir. I would request all the participants to introduce themselves first along with the company they represent and then go forward with the questions. The next participant is Mr. Harith Ahamed. Please go ahead, sir.
Harith Ahamed: Hi. Thanks for the opportunity. The first question is on the plant shutdown that you talked about at our facility. So how should we think about the financial impact for the December quarter?
Amit Bakshi: Yeah, Harith, as of now, we see that there is an opportunity for us to be 5% plus minus of the last year numbers. I am talking about the top line.
Harith Ahamed: Okay.
Amit Bakshi: The way we have planned out at this point of time, it is 5% here and there. Chirag, that is the. Yeah. Yeah. So that is how we are looking at it. The good thing is we were expecting a little more, kind of the business has been a little robust than we would have imagined, so we have got the numbers right. So this is our outlook.
Harith Ahamed: And at margins similar to Q2 levels?
Amit Bakshi: Sorry, say that again. Sorry.
Harith Ahamed: At EBITDA margins, similar to Q2 levels or will there be a drop?
Amit Bakshi: Yes.
Harith Ahamed: Okay. Amit, your comment on the performance of our semaglutide brand, good to hear the traction there. If you could give a bit of color on what the numbers look like in Q2. You had provided that for Q1. And some color on the breakup between the vial presentation and the pen device.
Amit Bakshi: Okay. Harith, the breakup I don't have. But I think our represent numbers for the quarter would be around INR 16 to 18 crore. We will be close to that number for a quarter, INR 16 to 18 crore coming from GLP. But it is ramping up well, Harith. We are also coming up with a very large study, one of its kind, where we are basically being able to demonstrate that it is the visceral fats which creates all the problem regarding the risk of CVD, CKD. It is a very large and very appreciable study. We hope that it will be published in the next 2 months.
Harith Ahamed: Okay. Just wanted to confirm. Did you mention a INR 45 crore run rate that we are tracking now or
Amit Bakshi: No, I said for the market without the oral.
Harith Ahamed: Okay.
Amit Bakshi: The market without the oral was tracking INR 45, 50 crore.
Harith Ahamed: Okay. Got it. Your comment that we are approaching the end of our CapEx cycle. Will you be able to share the CapEx expectation for FY 2027 and how we should think about FY 2028?
Amit Bakshi: It is FY 2027, another INR 50 crore to 80 crore this year left.
Harith Ahamed: Okay.
Amit Bakshi: How much? Around INR 100 crore. Still left INR 100 crore? Okay, so around INR 100 crore left in the second half, then we should move down significantly.
Harith Ahamed: Okay. Understood. Thanks for taking my questions. I will get back in the queue.
Amit Bakshi: Thank you.
Operator: Thank you, sir. The next question comes from Mr. Kunal Randeria. I would request Mr. Kunal to introduce himself and also introduce the company he represents. Please go ahead, sir.
Kunal Randeria: Yeah, hi. Good afternoon, and thanks for the opportunity. So first question on the insulin business. Amit, sir, you have mentioned in the past that there is a good scope for you to ramp up on the government side of business. So just wondering whether that opportunity still stands. Where are you in terms of monetizing it?
Amit Bakshi: Yeah, Kunal. So we stand by what we said, and the expansion of the insulin portfolio as well as the capacity in Bhopal both will enhance the supply side of the business. So nothing changes on the stand. We still remain positive about that.
Kunal Randeria: So you mean to say the demand is intact. Once the supplies ramp up, that is when you should start seeing some revenue traction. Which should be what? Late 2028, early 2029 then?
Amit Bakshi: No. So look, Kunal, our production from. If you see the slide, we have put a pack shot, which has been manufactured from our Bhopal facility. So our Bhopal has already started manufacturing, which means the controls are in our hand as of now. So this should ramp up, say, from Q1 of next year. The ramp-up should start from Q1 of next year.
Kunal Randeria: Got it. So you also have a slide where you showed that you have kind of done better in OAD this time around. You have been struggling in OAD for a while now. So is this what your primary sales also reflect? Should we expect to grow at least in line with the market going forward?
Amit Bakshi: So Kunal, look, while we were struggling, but 50% of our struggle was because of the discontinuation of a large brand last year. So what happens by July, August, it tapered off. So when it tapered off, like 4% to 5% was contributed only by that brand. So otherwise, there was always a basic amount of growth. So what happens when it got tapered off and then we had a couple of new launches, which are actually doing quite good.
Amit Bakshi: Contrary to what we had been telling you in the past, I remember last time I told you would be 70% of the growth, maybe we could be ahead of the market in the coming quarters. That point is behind us and our new product which has come from our own R&D, it just took six to eight months more than we were expecting, but the ramp-up is quite good.
Kunal Randeria: Got it, sir. That is useful. And just one more if I can.
Amit Bakshi: Please.
Kunal Randeria: For Mr. Sameep, sir. Sir, can you share what your net debt number is today and your expectations? Because cash generation has been pretty strong. Just want to understand your net debt number today and how do you see it at the end of FY 2027 and FY 2028?
Sachin Shah: Yes. Net debt as of today is around INR 2,150 crore. INR 2,140 crore to be precise, currently, as of 30 September.
Amit Bakshi: Right. And we are aiming for around INR 150 crore to INR 200 crore of pay down this year. We are trying for a INR 150 crore to INR 200 crore pay down this year.
Kunal Randeria: Right. And the next year should be what, INR 400 crore, INR 500 crore more?
Amit Bakshi: Should be. Because once the CapEx cycle spools down, I think that's a fair number to think about.
Kunal Randeria: Got it. Thank you, and all the best.
Operator: Thank you, sir. Participants who wish to ask questions may do so by clicking the Raise Hand icon at the bottom of your screen and wait for your turn to speak. I request all the participants to self-introduce themselves and introduce the company they represent before they ask the questions. The next question comes from the line of Mr. Manish Reddy. Please go ahead and introduce yourself, sir.
[Analyst]: Hello. Thank you for this opportunity. My first question is regarding the Bhopal facility. What is the expected full-year EBITDA benefit once the Bhopal manufacturing shift is completed, and when should the earnings be visible? The second question is related to the CapEx cycle. Most of the CapEx cycle is expected to wind down by the end of FY 2027. Eris, BioNxt, Swiss, and Levim are expected to contribute more from next year. What kind of earnings growth are we expecting for the FY 2028? Will it be a meaningful acceleration considering the FY 2027? What are the key assumptions behind the acceleration? Thank you.
Amit Bakshi: Yeah. You are right. All this investment which was going from the last couple of years should kind of set out in the next year. Bhopal is a clear-cut case where the earnings will look up once we shift all our products there. By the time we do it, we will have a gross margin benefit, which will then precipitate into an EBITDA margin benefit. That is what I told you earlier, that we expect 1.5% to 2% of gross margin coming down, which will then be reflecting in the EBITDA also. Simultaneously, there will be tax gains also because as of now, we pay around 37% tax on outsourcing. Bhopal is a 115BAB, so we will come down to 15% of net tax. That is Bhopal. Levim will largely contribute into getting newer products.
Amit Bakshi: As I mentioned that we are the first company to get a semaglutide recombinant approved for clinical trials, and we have a lot more products coming out from Levim. Each of these products are meaningful from a value consideration once they are launched. Levim's contribution will not be seen in value term, but will be more seen from a product term, which will then precipitate into value. The third major investment had gone in the large block, which we have built in Swiss, which will also be a good revenue churner for us in the next year. We expect March, April, the PV batches to happen. We had been a little short on supply capacity. Once that comes up, it will be advantage in the system.
Amit Bakshi: You are right, there are two direct components, and then there is one indirect component which should add to growth and margins.
[Analyst]: Thank you. Any numbers are we looking for the FY 2028?
Amit Bakshi: Numbers you can calculate now. If the gross margin comes down by 150 basis points and it gets precipitated into EBITDA.
[Analyst]: Yeah
Amit Bakshi: It is all about putting these two things together.
[Analyst]: Okay. Yeah. Thank you.
Operator: Thank you, sir. The next participant is Mr. Nilay Parekh. I would request Mr. Nilay to introduce himself and also introduce the company he represents.
Nilay Parekh: Perpetuity Ventures. I have multiple questions in line. My first question is basically on the FY 2027 guidance for the Swiss Parenterals. Can you throw some light for the same?
Amit Bakshi: Yeah. We just mentioned, we will be plus or minus 5% of what we achieved last year.
Nilay Parekh: Okay. In terms of this EBITDA margin, can you say-
Amit Bakshi: EBITDA will be in the range of 25%. There will be improving EBITDA. Top line will be in a 5% range.
Nilay Parekh: Okay, sure, sir. My second question is, could you please elaborate on the strategic rationale behind out-licensing this injectable as well as this acute portfolio to Zorvia Healthcare?
Amit Bakshi: Yeah. If you are following us from sometime last year, we did make a mention that we have a INR 100 crore portfolio which does not suit our specialty. All of them has been acquired. We got a very good vehicle where we think that this business can actually grow, and it still remains with us. Number 2 was it was never EBITDA positive for us, and it was a drag on our gross margins also. After removing Zorvia, I think from 87%, we move up a couple of basis points in chronic therapy. We might come close to 90% in chronic, subchronic, which in our view is very strategic. These are 2, 3 reasons that where we try and do this.
Nilay Parekh: The last question is regarding this INR 30 to 35 crore of this exceptional loss that we have received on this quarter. Could you provide some more details on the products that were related to that?
Amit Bakshi: Yeah.
Nilay Parekh: write-off. Yes.
Amit Bakshi: Of course. Guys, if you would have, again, I am sorry. If you would have been following us, there was a category in our portfolio which is called at risk. What at risk means, we challenge the patent for some good reasons. There was a group of around four products, if I remember correctly. These four products created a very good sales for us, so you understand almost 20% of that, finally, we were not able to sell, and that is which has been kind of taken back.
Nilay Parekh: Okay, sure. Sure, sir. Okay.
Amit Bakshi: Okay.
Nilay Parekh: That is it from my side. All the best for the quarter ahead. Thank you.
Amit Bakshi: Thank you.
Sachin Shah: Thank you.
Chirag Mehta: Thank you.
Operator: Thank you, sir. The next participant is Mr. Foram Parekh. I would request Mr. Foram to introduce himself and also introduce the company he represents.
Foram Parekh: Hello. Thank you for the opportunity. My name is Foram Parekh, I am from BOB Capital. My first question is on OAD growth, which is 12%. If you can give us the breakup of how much is coming from price growth and how much is coming from volume.
Amit Bakshi: We do not have the breakup available with us, but you can conveniently, I mean, consider that it is as per the industry. There is nothing which I need to tell you which is out of the order. It is as normal as it is in the IPM. It is an IPM reflection.
Foram Parekh: Okay. I see that our domestic growth ex of Zorvia has been 16.5%.
Amit Bakshi: Correct.
Foram Parekh: So now with OADs performing above the IPM level and expected to stay there, and we have demerged, I think, dermatology and all these brands. Can we expect domestic region to grow around the current levels of 16.5%, 17%, as IPM is also growing?
Amit Bakshi: Yeah. So we have given a guidance of 300 basis points ahead of the market, and I think we will stick to that.
Foram Parekh: Okay. Just a broader question. How do you look at the domestic IPM growth shaping out next year? This year it has performed very well, and one of the reasons is because of new launches, because of Sema generics. So now with Sema generics being in the base next year, how do you see IPM growth sustaining?
Amit Bakshi: Yeah, look, we are also happy to see the growth being what it is. While Sema has participated in growth, it is not as big as it could turn the whole lever. So there is a lot of growth coming in different specialties, cardiology being one, other than diabetes. So, it is a pleasant thing for us also. As of now, we predict that the growth next year would also be in the range of 11% to 12%. But this is a little bit of a new thing, so we need time to kind of wrap our head around. But as of today, looking at how the numbers have behaved, it seems the IPM would be around 11%, 10% next year also.
Foram Parekh: Sure. That is helpful. My second question is on tax rate, if you can give us some guidance on how the tax rate would be for FY 2027 and next year as well.
Sachin Shah: Yeah. So Foram Parekh, the effective tax rate that we see for the current year should be in the range of 20% to 21%. Similar, I think, should continue next year also.
Foram Parekh: Sure. That is helpful. Thank you.
Amit Bakshi: Thank you.
Operator: Thank you, sir. Participants, if you wish to ask a question, you may do so by clicking the raise hand button at the bottom of your screen and wait for your turn to speak. The next question comes from Mr. Kirtan Donga. I would request Mr. Kirtan Donga to introduce himself and the company he represents.
Kirtan Donga: Hello. Thank you for the opportunity. I am Keatam from Leo Capital. My question was on insulins. We have a bunch of product launches lined up in segments which we have not been able to serve historically. How large is the market opportunity for us in those segments?
Amit Bakshi: We alluded to this in last quarter. If I remember correctly, it has around INR 2,500 crore of analog markets, which have been growing very healthy, almost in double digits. That is the whole piece which we want to represent in the coming years. Diabetes contributes to 38% of our overall revenue, which is quite significant. Two of the brands in INR 200 crore plus are also coming from the same franchise. We feel that diabetes is our moat, and with the kind of new product filing which we are doing, we feel this will be a significant growth driver for the future.
Kirtan Donga: Okay. Thank you.
Operator: Thank you, sir. Dear participants, if you wish to ask a question, you may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. The next participant is Mohammed Patel. I would request Mohammed Patel to introduce himself and the company he represents from.
Mohammed Patel: Yeah. Hi, can you hear me?
Operator: Yes, sir.
Mohammed Patel: This is Mohammed Patel from Edelweiss Public Alternatives. I have a couple of questions. The first one is, what led to the sequential improvement in gross margin in EBITDA?
Amit Bakshi: Gross margin, basically product mix, and EBITDA also is a result of a better product mix. Bhopal has started contributing in one of the SKUs, so this could be one reason. But largely it is product mix based, and EBITDA also follow. The EBITDA growth was little lower because we had a little higher other expenses this quarter.
Mohammed Patel: Yeah. Next question was regarding other expenses. Can you explain why it was 27% higher?
Amit Bakshi: Yeah. This is the season for us to. There is a lot of new launches coming in, and a lot of money is going on the development also of new products as well as filing and regulatory. It is a combination of both.
Mohammed Patel: Okay. My next question is, in the slide you have mentioned gross margin levers, 100 basis points from Zorvia, 100 basis points from Bhopal. I just wanted to understand the timeline of when this will happen.
Amit Bakshi: No, both of them are short-term in the H2. Chirag, am I right?
Chirag Mehta: Correct.
Mohammed Patel: Okay. On the Zorvia deal, when is it going to start reflecting in the numbers?
Amit Bakshi: Number means?
Mohammed Patel: In the quarterly numbers.
Amit Bakshi: Reflecting. Next quarter.
Chirag Mehta: From next quarter, it should start, Mohammed.
Mohammed Patel: Okay. My last question. Are we on track for the product launches that we had targeted for FY 2027?
Amit Bakshi: Yeah. Largely we are on track, Mohammed. We got pushed and pushed on this Axilone one, which we think is a very good product. Finally, we got the permission last week, so we are launching in the next three days.
Mohammed Patel: Okay, that should drive the cardiac growth?
Amit Bakshi: Yes. That should drive the cardiac. You are absolutely right.
Mohammed Patel: Okay. What about FY 2028? How many product launches are we planning?
Amit Bakshi: I can tell you what is coming from the regulatory pathway. The other products, we haven't bundled them together. We are expecting one, two, three analogs to be launched in the next year, all coming from our own stable.
Mohammed Patel: Okay. How should we look at Swiss for next year?
Amit Bakshi: We are looking at positively. We do not expect any major turnaround until Q1 next year. Post Q1, depending upon how the GLP things happen and how the new block gets into function, things should start looking up quite a bit.
Mohammed Patel: Okay. Thank you so much. All the best.
Amit Bakshi: Thank you.
Operator: Thank you, sir. Participants who wish to ask questions may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. The next question comes from Yasor Ladkawala. I would request Yasor Ladkawala to introduce yourself and the company he represents.
Yasser Lakdawala: Hi, this is Yasor Ladkawala from M3 Investments. Amitji, what is your midterm guidance on our field force additions? I think we have got oncology, nephrology, neuroscience, like small portfolios there.
Amit Bakshi: Correct.
Yasser Lakdawala: Thought process on scaling those up and what kind of field force addition would you be looking at over the next 2 to 3 years? Any thoughts on that would be great.
Amit Bakshi: Well, boss, we have never been a huge fan of adding a lot of people, and the specialties which you are mentioning are less people-driven, more product-driven. The point is that can we enrich oncology while we talk about the Bhopal facility from a biotech point of view, but we also have a mab unit there, and we will start some tech transfer in December. Once those tech transfer happens and we go through the regulatory framework, by H2 of next year, we will have couple of mabs coming out of our own stable.
Amit Bakshi: But these will only be formulations. We are trying to strengthen the portfolio in these segments rather than increase the people as of now.
Yasser Lakdawala: Would you say that from a three to four-year perspective, looking at 2030, are you happy with the current portfolio mix that we have? Or would you still see room to add any therapy area you feel that you probably want to get in as a high growth area or feels you get some good products that you could probably in-license? Are you happy with this current mix at the moment?
Amit Bakshi: Yeah. So actually, we have tried hard to reach this mix actually. If you look at our mix today, it is 37% diabetes, 15% cardio, a similar number in derma and a similar number in VMN.
Amit Bakshi: This makes four, five therapies quite concentrated, and these are the therapies which have a lot of tailwind also.
Yasser Lakdawala: Yeah.
Amit Bakshi: And these also happen to be the therapy where we have invested in getting differentiated and new products. So from a therapy point of view, in fact, this is what we want it to look like. So, we are quite okay with the therapy. For in-licensing and something, look, we will be playing in these therapies. If we get something which is exciting, then we might go for it. But anything new which we want to do from a therapy point of view, the answer today as of now is no.
Yasser Lakdawala: Sure. And so going forward, can we expect from a capital allocation standpoint, the majority of our cash flow would be reducing our debt, and maybe in case we do get some strategic opportunity, we have that room available. But broadly, you would say we will be paring down debt over the next two to three years, at least, three to four years.
Amit Bakshi: So, boss, we have been always like this. Look, we know that we had two choices, either to get the debt down or to build capabilities.
Amit Bakshi: We believe building capabilities is far-reaching than paring down the debt. And eventually, all our acquisition turns out to be very well. Even today at a company level, if we are delivering 36%, then you understand almost all business we acquired, some of them were languishing at 8%, 10% EBITDA.
Amit Bakshi: They have all come to this level, company level. Other than this, paring down debt is the only priority.
Yasser Lakdawala: Absolutely. Thanks a lot and wish you all the best. Happy Diwali to you, all your team there. Thank you.
Amit Bakshi: Oh, thank you so much. Same to you.
Yasser Lakdawala: Thank you.
Operator: Thank you, sir. The participants who wish to ask questions may do so by clicking the Raise Hand icon at the bottom of your screen and wait for your turn to speak. There are no more questions coming in, and we now hand over the call to Mr. Chirag Mehta for the closing comments.
Chirag Mehta: Sure. Thank you all for your participation today. Before we conclude, let me just briefly recap the key highlights. As we mentioned, our insulin and biologics business has reached an important milestone with the approval to commence clinical trial in the recombinant semaglutide. Our analog portfolio is also progressing well into a regulatory phase. International business remains steady, and our EU GMP CAPA plan is on track. Our long-term outlook for the business remains unchanged and stable. For H1 FY 2027, consolidated revenues, as mentioned before, has grown by 12.8%. Consolidated debtor days have improved by 10 days from 80 days to 70 days, and our CapEx stood at INR 220 crore. EPS for the period was INR 23.58. Thank you once again for your time and continued interest in Eris Lifesciences.
Chirag Mehta: We are planning to hold an Investor Day on 19 November and look forward to seeing you all there. Thank you so much.
Operator: Thank you very much, sir. Thank you, members of the management. Ladies and gentlemen, on behalf of Eris Lifesciences Limited, that concludes this conference. Thank you for joining us, and you may exit the meeting.
