Suven Q3 net profit down 45% at Rs 18 crore

Revenues down 12.67% at Rs 112.50 cr, expenditure up 8.29% to Rs 92.39 cr

Hyderabad-based Suven Life Sciences Limited has reported a 45 per cent decline in net profit at Rs 17.72 crore for the quarter ended December 2015, on the back of a fall in revenues and margins in contract manufacturing business during the quarter. The company had reported a net profit of Rs 32.23 crore in the year ago period.

Revenues declined by 12.67 per cent at Rs 112.50 crore in the quarter under review from Rs 128.83 crore in the corresponding previous quarter. The expenditure grew by 8.29 per cent to Rs 92.39 crore during the quarter under review from Rs 85.32 crore in the year ago period.

The company has spent Rs 15.17 crore on R&D as compared to Rs 14.70 crore in the same period in the previous year.

Suven initiated phase 2A trials on drug candidate SUVN-502 indicated for Alzheimer's disease in the US during the quarter, according to a company statement.