Suven Life Sciences Q1 Net up 17% at Rs 35 Crore

Suven Life Sciences today reported a 16.68 per cent increase in its net profit at Rs 34.74 crore for the first quarter ended June 30, 2014.

The company had posted a net profit of Rs 29.77 crore in the corresponding quarter last fiscal, Suven Life Sciences said in a filing to BSE.

Net sales during the period under review stood at Rs 141.53 crore as against Rs 108.67 crore, up 30.23 per cent.

During the quarter, revenue from contract research and manufacturing services (CRAMS) stood at Rs 138.95 crore as compared to Rs 106.89 crore in the year-ago period.

On the other hand, income from drug discovery, development and support services stood at Rs 2.58 crore as against Rs 1.78 crore in Q1 last fiscal, the company said.

Suven's major thrust on innovative R&D in drug discovery continues with a spending of Rs 8.9 crore, which is 6.28 per cent of revenue for the quarter ended June 30, 2014, it added.

Shares of Suven Life Sciences were trading at Rs 124.20 per scrip as of 12.45 p.m., up 0.57 per cent from the previous close on BSE.