Suven Q4 net doubles to Rs 32 crore

Total income from operations up 48% to Rs 169 cr; full-year profit down 13% at Rs 67 crore

Hyderabad-based Suven Life Sciences Limited, a biopharmaceutical company specialised in CRAMS for global life sciences companies, has reported a 90 percent jump in net profit at Rs 32.29 crore in the quarter ended March, 2016 on the back of higher revenue growth.

The company's net profit for the year ago period was Rs 16.94 crore.

Total income from operations during the quarter under review stood at Rs 169.27 crore, an increase of 48 per cent, as compared with Rs 110.66 crore in the corresponding quarter previous year.

For the full year, Suven's net profit was down 12.67 per cent at Rs 66.74 crore as compared with Rs 108.75 crore in the previous year. Total income from operations saw a 4 per cent dip at Rs 499.52 crore as compared with Rs 520.85 crore.

"On consolidation of the accounts of Suven, Inc., USA, the wholly owned subsidiary, the profit after tax reduced to 66.7 crore and expenditure on R&D increased to 91.1 crore," the company said in a statement. The Suven's expenses on innovative R&D in drug discovery stood at Rs 63 crore, or 12 percent of revenue, for the year ended March, 2016.