Suven Life Sciences has more than doubled its net profit to Rs 8 crore (Rs 3.4 crore) for the quarter ended June 30, 2012.
Its revenues went up by 58 per cent to Rs 71.1 crore (Rs 44.8 crore) as per the unaudited financial results.
The biopharmaceutical company board has recommended a dividend of Re 0.30 per share (30 per cent of face value of Rs 1 each) for fiscal 2011-12.
The company has spent Rs 8.5 crore on drug discovery work, which is 12 per cent of revenues for the first quarter.
During the quarter, Suven Life also got eight product patents from different countries for its candidate molecules targeting Alzheimer’s and Schizophrenia.
The High Court of Andhra Pradesh has sanctioned the Scheme of Amalgamation of Suven Nishtaa Pharma Pvt Ltd with Suven Life Sciences Ltd. The court order has been filed with the Registrar of Companies, Andhra Pradesh, Hyderabad, a release said.