Share prices of a pharma company moved down by 9 percent to Rs. 589.75 in the morning session on Tuesday, compared to its previous closing price of Rs. 653.10, after the company announced its financial results for Q3 FY23-24.
With a market cap of Rs. 15,200 crore, the share price of Suven Pharmaceuticals Ltd. opened at Rs. 606.00 on February 6th. The company has delivered nearly 21.65 percent returns in the last six months, whereas it has given more than 22.0 percent in the last one year. So far, it has given negative returns of around 17.05 percent in 2024.
The fluctuations in the share prices were observed after the company announced its financial results on February 5th, for the third quarter and nine months ended 31st December 2023, through a recent filing with the stock exchanges.
The net profit of the company decreased by 41.25 percent on a QoQ basis from Rs. 80 crore in Q2 FY23-24 to Rs. 47 crore in Q3 FY23-24. On a year-on-year basis, the net profit decreased by 56.48 percent to Rs. 47 crore in Q3 FY23-24 from Rs. 108 crore in Q3 FY22-23.
The company’s revenue from operations decreased by nearly 38 percent on a year-on-year basis from Rs. 354 crore in Q3 FY22-23 to Rs. 220 crore in Q3 FY23-24. On a quarterly basis, the revenue from operations of the company fell by 4.76 percent from Rs. 231 crore in Q2 FY23-24 to Rs. 220 crore in Q3 FY23-24.
As of December 2023, the Promoters’ holdings remain unchanged at 60 percent, whereas, the FIIs hold 10.14 percent of the shares, and DIIs hold 15.94 percent of the shares in the company, aggregating to 26.08 percent of the Institutional holdings.
With over 34 years of experience, Suven Pharmaceuticals is engaged in the business of Contract development & manufacturing organisation (CDMO), serving the needs of the global pharma industry.
Written by Shivani Singh
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