Suven Pharma slips after Q2 earnings

Suven Pharmaceuticals fell 2.66% to Rs 502 after the company announced its earnings for the quarter ended 30 September 2021.

The company reported 76.3% rise in standalone net profit to Rs 115.19 crore in Q2 FY22 from Rs 65.33 crore in Q2 FY21.

Revenue during the quarter increased by 42.7% YoY to Rs 339.32 crore.

EBITDA improved by 63% to Rs 160.10 crore in the second quarter from Rs 98.23 crore reported in the same period last year. EBITDA margin was 47.19% in Q2 FY22 as against 41.32% in Q2 FY21.

Profit before tax in Q2 FY22 stood at Rs 149.75 crore, up by 70% from Rs 880.87 crore in Q2 FY21. Tax outgo rose 51.9% to Rs 34.56 crore during the period under review.

As compared with Q1 FY22, the company's standalone net profit and revenue in Q2 FY22 have risen by 41.4% and 25.9%, respectively.

Including the net profit of associate company, Suven Pharmaceuticals reported a consolidated net profit of Rs 96.98 crore in Q2 FY22 (up 30.9% YoY but down 7.7% QoQ).

The COVID-19 continuous to impact the business and research operations in India and our wholly owned subsidiary, Suven Pharma, Inc., USA. Apart from the above the shortage or non- availability of vessels leading to delay in shipments, increase in transportation and distribution costs and timely non availability of materials with increase in materials costs are impacting our operations and profitability, the company said in a statement.

Suven Pharmaceuticals is engaged in the business of contract development and manufacturing operations (CDMO).

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