Suven Life Sciences Q1 net up 58.1% at Rs 32.57 cr

Suven Life Sciences reported a 58.1 percent increase in net profit to Rs 32.57 crore for the first quarter ended June 30, 2016.

The company had posted a net profit of Rs 20.6 crore in the same quarter last fiscal, Suven Life Sciences said in a BSE filing.

Net sales during the quarter under review stood at Rs 133.22 crore, as against Rs 101.17 crore in the corresponding period, up 31.68 percent, it added.

The contract research and manufacturing services vertical had a revenue of Rs 127.66 crore during the quarter, as against Rs 95.9 crore in the year-ago period.

During the period, the company secured 11 product patents covering India, South Africa, Israel, Mexico, Canada, Hong Kong, Europe, Eurasia, Macau and New Zealand, it added.

The company said that its thrust on innovative R&D in drug discovery continues with a spending of Rs 14.7 crore in the first quarter of the ongoing fiscal.