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Suven Life Sciences has posted strong growth in profit during the third quarter ended December 2016 despite marginal growth in revenues. Its net profit increased by 42.3 per cent to Rs. 24.27 crore from Rs. 17.06 crore in the corresponding period of last year despite significant higher provision for taxation. Its tax provision increased by 133.7 per cent to Rs. 11.36 crore from Rs. 4.86 crore in the last period. R&D expenditure increased by 7.8 per cent to Rs. 16.36 crore from Rs. 15.17 crore. EPS improved to Rs. 1.91 from Rs. 1.34 in the last period.
The company's net sales increased by 2.3 per cent to Rs. 115.39 crore from Rs. 112.81 crore. Its sales from CRAMS moved up by 3.9 per cent to Rs. 106.82 crore, but that of services (DDDSS) declined by 14.1 per cent to Rs. 8.57 crore from Rs. 9.98 crore.
The board of directors has declared interim dividend of 100 per cent. The outflow on account of interim dividend including dividend distribution tax is Rs. 15.32 crore.
For the nine months ended December 2016, Suven's net sales increased by 10.1 per cent to Rs. 364.17 crore from Rs. 330.91 crore in the similar period of last year. Its net profit went up by 32.6 per cent to Rs. 83.40 crore from Rs. 62.90 crore. R&D expenditure declined slightly to Rs. 45.70 crore from Rs. 46.16 crore. The sales from manufacturing increased by 12.5 per cent to Rs. 341.70 crore from Rs. 303.66 crore and that of services declined by 17 per cent to Rs. 22.63 crore from Rs. 27.25 crore.
Suven life net profit surges
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