Suven Life net down 49% at Rs 1.59 crore

Total income was up 11.42 per cent to Rs 32.29 crore during the quarter, as against Rs 28.98 crore in the corresponding quarter previous year. Earnings per share fell to Rs 0.14 (face value Re 1) as against Rs 0.27 in the corresponding period last year, while paid-up equity share capital remained at Rs 11.57 crore.

According to vice-chairman and chief executive officer Venkat Jasti, increase in input costs, less value-added products, and mark-to-market currency fluctuations resulted in the decline in net profit.  The company spent Rs 5.25 crore during the quarter on research and development. It has commenced phase 1 clinical trials for SUVN-502 for Alzheimer's disease, attention deficient hyperactivity, Parkinson's and schizophrenia. The single ascending dose (SAD) studies are likely to be completed by September and  multiple ascending dose (MAD) studies by this year end, a release said.