HYDERABAD, INDIA (14 Aug 2012) – SUVEN LIFE Sciences Limited, a biopharmaceutical company specializing in drug discovery and developmental activities in Central Nervous System disorders, today announced its un-audited financial results for the quarter ended 30th june 2012. The un-audited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on 14th Aug, 2012 at Hyderabad.
Financial Highlights for the 1st Quarter ended June 2012:
Growth in revenue Rs 711 mil vs.Rs 448 mil - Up by 58 %
Growth in PAT Rs 80 mil vs. Rs 34 mil - Up by 137 %
Growth in EBIDTA Rs 138 mil vs. Rs54 mil - Up by 158 %
Suven’s major thrust on innovative R&D in Drug Discovery continues with a spending of Rs 85 mil (12.31 % on revenue) for the quarter ended June’ 2012.
The Board has recommended a Dividend of Re 0.30 per share (30% of face value of Rs.1 each) for the accounting year 2011-12 subject to the approval in AGM.
*PAT for the Qtr ending June 2012 is after provision for MTM of Rs. 25.10 mil towards forward contracts due to exchange fluctuation
During the quarter there were major qualitative achievements with the grant of 8 (eight) 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.
The Hon'ble High Court of Andhra Pradesh has sanctioned the Scheme of Amalgamation of Suven Nishtaa Pharma Private Limited with Suven Life Sciences Limited and order of High Court has been filed with Registrar of Companies, Andhra Pradesh, Hyderabad
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;