Suven Pharma on February 5 reported a 56.6 percent year-on-year (YoY) fall in consolidated net profit at Rs 46.5 crore for the December quarter of the current financial year.
The company reported a profit of Rs 107.7 crore in the same period last year.
Suven Pharma's revenue came in at Rs 219.8 crore, down 37.9 percent from Rs 353.8 crore the year-ago quarter.
The pharma company's earnings before interest, taxes, depreciation and amortization (EBITDA) came in at Rs 65.2 crore, down from Rs 146.7 crore in the year-ago period. The EBITDA margin was at 29.7 percent against 41.5 percent in the year-ago period.
Pharma CDMO (contract development and manufacturing organization) business continued the growth momentum and
reported growth of 24 percent in 9M FY24 YoY, excluding the Covid supplies' base effect. The decline in specialty chemical was primarily led by global supply chain destocking according to the company.
Suven Pharma's CEO Dr Sudhir Singh said: “Our Business
Development team position us for continued success and strategic growth
opportunity as several discussions on early and late-stage project
engagements are ongoing. Despite near-term softness, our confidence
remains strong in achieving medium-term growth."
(This is a developing story, please come back for more updates)
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