Photo: Bloomberg
Photo: Bloomberg

Suven Life Sciences net profit falls 45% to Rs17 crore

Suven Life Sciences, which is into drug discovery, says it spent about Rs15 crore or 13% of revenue on research and development

Hyderabad: Biopharmaceutical firm Suven Life Sciences Ltd. on Friday posted 45% decline in net profit to 17.71 crore in the quarter ended December due to declining sales of its contract research and manufacturing services (CRAMS) business.

Suven reported a net profit of 32.22 crore in the year-ago quarter. The total income from operations stood at 112.5 crore, registering a decline of 13%

CRAMS business, which accounts for 95% of the company’s total income, declined 17% to 102.5 crore.

Suven which is into drug discovery, said it spent about 15 crore or 13% of revenue on research and development.

Suven has initiated phase 2a or proof-of-concept study for its Alzheimer’s drug candidate in the US in November.

Shares of Suven declined 9.05% to close at 175.35 on BSE Ltd, while the benchmark Sensex gained 0.15% to end 22,986.12 points.