Suven Life net profit up near four-fold at Rs 32 crore

Total income up around two-fold to Rs 131 crore

Hyderabad-based bio-pharmaceutical company Suven Life Sciences announced a near four-fold jump in net profit at Rs 32.40 crore for the fourth quarter ended March 31, 2014, as against a net of Rs 8.63 crore in the same period previous fiscal.

The company attributed the huge growth in profit to the supply of pre-launch quantities of intermediaries for three new chemical entities (NCEs) under the central nervous system disorders, and contract research and manufacturing services (Crams).

Total income during the quarter was up around two-fold to Rs 130.80 crore, when compared with Rs 74.70 crore for the same period previous fiscal.

Revenues from manufacturing (Crams) were up 95.60 per cent at Rs 126.84 crore from Rs 64.84 crore in the previous fiscal. However, revenues from services fell 59.75 per cent to Rs 3.96 crore from Rs 9.85 crore.

"Suven's major thrust on innovative research and development (R&D) in drug discovery continues with a spending of Rs 12.38 crore (ie 9.38 per cent of revenues) for the year ended March 31, 2014," said a company release.

The company's shares today lost Rs 0.90 or 0.95 per cent to close at Rs 93.85, as against the previous day's closing price of Rs 94.75 on the BSE.