Suven Q1 net up 17 per cent

Revenues during the quarter were up 30.23% at Rs 141.53 crore

Hyderabad-based Suven Life Sciences posted a 16.68 per cent rise in net profit at Rs 34.73 crore for the first quarter of the current financial year as against a net of Rs 29.77 crore for the same period last year.

The biopharmaceutical company’s revenues during the quarter were up 30.23 per cent at Rs 141.53 crore, when compared with Rs 108.67 crore last year.

Revenues from contract research and manufacturing services (CRAMS) stood at Rs 138.95 crore as against Rs 106.89 crore. Income from drug discovery, development and support services stood at Rs 2.58 crore, when compared with Rs 1.78 crore last fiscal.

Suven’s major thrust on innovative R&D in drug discovery continues with a spending of Rs 8.9 crore, which amounted to 6.28 per cent of the total revenues during the quarter under review.

The company's shares closed lower by Rs 1.90 or 1.54 per cent at Rs 121.60, as against the previous day's closing price of Rs 123.50 on the BSE.