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Suven Pharma slips 3% as Q4FY24 results serve bitter pill to investors

Suven Pharmaceuticals on Thursday reported a 58 per cent year-on-year (Y-o-Y) decline in net profit at Rs 62.4 crore, while its revenues reduced by 32 per cent Y-o-Y

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SI Reporter New Delhi

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Shares of Suven Pharmaceuticals fell 3.4 per cent at Rs 609 per share on the BSE in Friday’s intraday deals. This came after the company delivered a weak  earnings show in quarter four of fiscal year 2023-24 (Q4FY24). 

The pharmaceutical company on Thursday reported a 58 per cent year-on-year (Y-o-Y) decline in net profit at Rs 62.4 crore for the fourth quarter ending March 31, 2024.

In the corresponding quarter of FY23, Suven Pharmaceuticals had reported a net profit of Rs 124 crore. Its revenue from operations fell by 32 per cent to Rs 252.9 crore compared to Rs 369.4 crore in the year-ago period.

At the operational level, earnings before interest, tax, depreciation and amortisation (Ebitda) dipped by 55 per cent to Rs 86 crore in the fourth quarter of this fiscal, surpassing Rs 191 crore in the corresponding period of the previous fiscal year. The Ebitda margin for the reporting quarter was 34.2 per cent, an increase from 51.7 per cent in the fourth quarter of FY23. 

On a full year basis, the company’s consolidated revenue dipped by 21.6 per cent Y-o-Y to Rs 1,051 crore in FY24 as against Rs 1,340 crore in FY23. The company’s net profit slipped by 20.4 per cent to Rs 319 crore versus Rs 401 crore in FY23.

Ebitda for FY24 was recorded at Rs 487 crore as against Rs 535 crore in FY23, while the Ebitda margin also decreased to 41.4 per cent compared to 43.8 per cent in FY23. 

At 01:32 PM; the shares of Suven Pharmaceuticals were trading 2.38 per cent lower at 610.10 per share on the BSE. By comparison the S&P BSE Sensex soared 0.26 per cent. The stock of the company is trading at a price earnings multiple of 41.10 times. 

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First Published: May 31 2024 | 1:56 PM IST

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