Drug major Suven Life Sciences Ltd reported a decline of 41.8 per cent in its standalone net profit after taxes (PAT) at Rs 20.23 crore for the first quarter ended June 30, 2015, on the back of decline in sales of its contract research and manufacturing services (CRAMS) business.
"The standalone net profit of the drug maker stood at Rs 34.74 crore during the same period a year ago," said Suven Life Sciences Ltd in a filing to the Bombay Stock Exchange.
The standalone total income from operations of the company fell by 28.7 per cent at Rs 100.98 crore during Q1 2015-16, as compared to Rs 141.53 crore during the same period last year.
It spent about Rs 15.9 crore, or 15 per cent, of revenue on research and development.
The company's board has authorized to create an overseas subsidiary with an initial investment of USD 25 million for clinical development and commercialization of Suven pipeline and in-licensed molecules.
Meanwhile, shares of the company ended Friday's trade at Rs 255 apiece, up 2.27 per cent, from previous close on BSE.