Suven Life Sciences Ltd’s net profit declined 11.5 per cent at Rs 32.2 crore in the third quarter ended December 31, 2014, compared to Rs 36 crore in the corresponding quarter of previous year.
The total income of the Hyderabad-based company, however, increased 9 per cent at Rs 131 crore (Rs 120 crore).
The reduction in profit was due to due to charge of additional depreciation computed as per schedule II of the Companies Act 2013 effective April 1, 2014, shown as exceptional item in profit & loss account.
The company’s scrip lost 4.7 per cent on the Bombay Stock Exchange and is trading at Rs 222 by the noon.