Suven posts six-fold rise in net profit at Rs 45 cr

The company's turnover also more than doubled to Rs 151 crore from Rs 50 crore in the same period

Hyderabad-based biopharmaceutical company Suven Life Sciences reported a six-fold ( 600%) rise in net profit at Rs 45.5 crore for the quarter ended September 2013 compared to the profit of Rs 6.5 crore posted a year ago. The company's turnover also more than doubled (201%) to Rs 151.5 crore from Rs 50.3 crore in the same period.

Suven stated that the growth in profit was a result of one new product, in addition to two products already commercialised during first quarter, under contract research and manufacturing services.

Stating that the company was not at liberty to disclose the identity of the three products, Suven's chairman and chief executive officer, Venkat Jasti, said that while one product was related to treatment of diabetes, the other two were meant for treatment of depression related ailments.