Suven Q3 net profit up five fold at Rs 7.75 cr

Total income in the quarter grew by 25% to Rs 62.76 cr

Hyderabad-based biopharmaceutical company Suven Life Sciences Limited has reported a five fold jump in net profit at Rs 7.75 crore for the quarter ended December 2012 on the back of higher profits from services segment and lower provisioning on forex derivatives.

The company reported a net profit of Rs 1.29 crore in the corresponding quarter previous year helped by other income.

Total income for the company in the quarter under review grew by 25% to Rs 62.76 crore from Rs 50.2 crore in the year ago period while the expenditure remained flat at Rs 49.71 crore compared to Rs 49.44 crore in the corresponding previous quarter. This was largely on account of a  steep decline in provisioning for mark to market on the forward contracts which stood at Rs 8.94 million as compared with Rs 6.60 crore in the year ago period.

The contribution to profits from the contract manufacturing business marginally declined to Rs 19.94 crore from Rs 19.59 crore in the the comparable three month period previous year. However, the same from the services segment rose to Rs 6.18 crore from Rs 1.11 crore in the year ago period.