Hyderabad, Jul 25: Suven Life Sciences announced that its Profit After Tax recorded a decline of 49 per cent at Rs 160 lakh during the first quarter of this financial from Rs 315 lakh during the period last year.
However, the revenues for the first quarter stood at Rs 3,229 lakh, compared to Rs 2,898 lakh during the corresponding previous period, registering a growth of 11.43 per cent, according to a company release here.
Main factors which influenced the deficit in revenue and profits were the increase in cost of inputs, less value-added products and mark to market currency fluctuation effects, it said.
Suven's major thrust on innovative R and D in Drug Discovery continued with a spending of Rs 525 lakh for the quarter (constituting 16.26 per cent of revenue for the quarter) and a total expenditure (revenue and capital) of Rs 3,015 lakh, recording 24.40 per cent of revenue for the year.
During the quarter, Suven commenced phase-1 clinical trials for one of its compounds for Alzheimer's disease, SUVN-502, a potent, safe, highly selective, brain-penetrant and orally-active antagonist at a non-peripheral, CNS receptor site 5-HT6, intended for the symptomatic treatment of Alzheimer's disease and other disorders of memory and cognition like Attention deficient hyperactivity, Parkinson's and Schizophrenia.