Suven Revenue stands flat due to rupee appreciation

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Hyderabad, Jan 28 (UNI) City-based Suven Life Sciences today announced that it had earned a revenue of Rs 8788 lakh during the nine months ending December 2007, as compared to Rs 8585 lakh for the previous corresponding period.

The company, in a release here said PAT (profit after tax) stood at Rs 632 lakh, compared to Rs 841 lakh for the previous corresponding period, recording a decline of 25 per cent. The segmental revenue for the nine months from DDDSS increased by 93 per cent to Rs 1341 lakh from Rs 696 lakh. However, an eight per cent reduction was recorded in CRAMS revenue for the nine months from Rs 7797 lakh to Rs 7154 lakh.

For the third quarter ending December 2007, the revenues stood at Rs 2898 lakh, compared to the previous corresponding quarter of Rs 3225 lakh. The PAT stood at Rs 201 lakh when compared to Rs 383 lakh for the previous corresponding quarter. Rupee appreciation was the main factor which influenced the deficit in revenues and profits, the release added.

Suven's major thrust on innovative R&D in Drug Discovery continues with a total expenditure (revenue&capital) of Rs 2223 lakh, recording about 25 per cent of revenue for nine months.

During the quarter, Suven was granted 2 Product patents from US, 3 Product Patents from European Union and 4 from Indian Patent offices.

Suven will commence Phase I clinical trials with its IND candidate SUVN-502 in Switzerland during February next month.


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