Suven Pharma Q2 results: Net profit declines 20% to Rs 74 cr

New Delhi: Drug firm Suven Pharmaceuticals on Friday reported a 20.35 per cent decline in its consolidated net profit at Rs 74.07 crore for the quarter ended September 30, 2020. The company had posted a net profit of Rs 93 crore for the corresponding period of the previous fiscal, Suven Pharmaceuticals said in a filing to BSE.

Consolidated total income of the company stood at Rs 237.74 crore for the quarter under consideration. It was Rs 278.37 crore for the same period year ago, it added.

"The board has allotted the bonus shares at 1:1 ratio in its meeting held on September 29, 2020," the filing said.

The board has approved capital expenditure (capex) plan of Rs 600 crore keeping in view of the proposed increase in capacity in Pashamylaram facility, replacement and modernization of production blocks in Suryapet facility, relocation of R&D facilities from Jeedimetla and acquisition of new technologies, it added.

Shares of Suven Pharmaceuticals were trading at Rs 308.70 per scrip on BSE, down 8.86 per cent from its previous close.