Indian pharma player Suven Pharma on November 9 reported a 10 percent year-on-year (YoY) rise in consolidated net profit to Rs 79.5 crore for the July-September quarter of the current financial year.
The company reported a profit of Rs 72 crore in the same period last year.
The company’s revenue came in at Rs 231.1 crore, down 17 percent from the year-ago quarter numbers of Rs 278.4 crore.
The company's earnings before interest, taxes, depreciation and amortization (EBITDA) came in at Rs 97.9 crore, up from Rs 101 crore in the year-ago period. The EBITDA margin was at 42.4 percent against 36.4 percent in the year-ago period.
Pharma CDMO business contributed to 64 percent of the company's revenues this quarter with Rs 1,48.3 crore revenue.
The company said that it expects that the few ensuing quarters will continue to be soft due to the impact of global destocking in specialty chem and base effect of remaining Covid products from FY23.
The company was last in news after the Union Cabinet approved a Rs 9,589 crore foreign direct investment (FDI) proposal by a Cyprus-based firm in the company. It added that the company is excited about the medium to long term growth opportunities Suven has and with the team it has on boarded it is confident of accelerating growth.
Suven also said that it has a positive macro-outlook. Suven is well placed to capture secular tailwinds of China+1 (diversification) andEU+1 (cost savings).
As per the proposed deal, Cyprus-based Berhyanda will acquire 76.1 percent equity shares of Hyderabad-headquartered Suven Pharmaceuticals. With the new deal, the aggregate foreign investment in Suven Pharmaceuticals will increase to 90.1 percent.
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