8/13/2013 8:36:26 AM
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HYDERABAD, INDIA (13 Aug’ 2013) – SUVEN LIFE Sciences Limited, a biopharmaceutical company specializing in drug discovery and developmental activities in Central Nervous System disorders, and Contract Research and Manufacturing Services ( CRAMS) company today announced its un-audited financial results for the quarter ended 30th Jun 2013. The un-audited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on 13th Aug 2013 at Hyderabad.
Financial Highlights for the 1st Quarter ended Jun’ 2013:
Growth in revenue Rs 1118 Mn vs.Rs 711 Mn - Up by 57%
Growth in PAT Rs 298 Mn vs. Rs 79 Mn - Up by 274%
Growth in EBIDTA Rs 462 Mn vs. Rs 139 Mn - Up by 233%
The growth in profit was a result of the commercialization of 2 products under CRAMS and also due to increased sales volume of 2 of the regular products.
Suven’s major thrust on innovative R&D in Drug Discovery continues with a spending of Rs 79 Mn (7.10% on revenue) for the Qtr ended June’ 2013.
A Dividend of Re 0.30 per share (30% of face value of Rs.1.00 each) for the accounting year 2012-13 has been approved in AGM held on 13th Aug ‘2013.
During the quarter there were major qualitative achievements with the grant of 16 (sixteen) product patents to Suven’s drug discovery pipeline which consists of 13 molecules out of which twelve (12) molecules currently in pre-clinical stage of development in addition to developmental candidate SUVN-502 for Alzheimer's disease and Schizophrenia.
For more information on Suven please visit our Web site at http://www.suven.com
Except for historical information, all of the statements, expectations and assumptions, including expectations and assumptions, contained in this news release may be forward-looking statements that involve a number of risks and uncertainties. Although Suven attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. Other important factors which could cause results to differ materially including outsourcing trends, economic conditions, dependence on collaborative partnership programs, retention of key personnel, technological advances and continued success in growth of sales that may make our products/services offerings less competitive;
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