SUVENPHARMA

CSD/BSE&NSE/BM/2024-25
May 30, 2024

To To
The Manager The Manager
Department of Corporate Services Listing Department
BSE Limited National Stock Exchange of India Limited
25th Floor, P. J. Towers, Exchange Plaza, Bandra Kurla Complex
Dalal Street, Mumbai - 400 001 Bandra (E), Mumbai – 400 051

Scrip Code: 543064 Scrip Symbol: SUVENPHAR

Dear Sir/Madam,

Sub: Outcome of the board meeting

••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••
1) With reference to the above subject, we wish to inform you that the Board of Directors of
the company, at its meeting held today i.e., May 30, 2024, has taken on record and
approved the attached Audited Standalone and Consolidated Financial Results of the
Company prepared under Ind AS for the quarter and year ended March 31, 2024 pursuant
to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 along with Limited Review Reports of the Statutory Auditors.

2) The Board also at its meeting held today i.e., May 30, 2024 approved the proposed equity
investment of 26% in the SPV (under incorporation) to be engaged in solar power
generation for the purpose of captive consumption of the company`s plant operations.

Further, we are enclosing herewith the following documents:

a) Audited Standalone and Consolidated Financial Results under Ind AS for the quarter and
year ended March 31, 2024 along with Statement of Assets and Liabilities, Profit & Loss
account and Cash Flow Statements.
b) Auditor’s Reports on the financial results as mentioned above
c) Declaration in respect of Audit Reports with unmodified opinion
d) Investor Presentation
e) Press Release
f) Disclosures as prescribed under SEBI Circular No. SEBI/HO/CFD/CFD-PoD-
1/P/CIR/2023/123 dated July 13, 2023 issued pursuant to Regulation 30 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.

Suven Pharmaceuticals Limited

Registered Office: # 215 Atrium, C Wing, 8th Floor, Corporate Office: # 202, A-Wing, Galaxy Towers,
819-821, Andheri Kurla Road, Chakala, Andheri East, Plot No.1, Hyderabad Knowledge City, TSIIC,
Chakala Midc, Mumbai- 400093, Maharashtra, India Raidurg, Hyderabad - 500081 Telangana, India
Tel: 91 22 61539999 Tel: 91 40 2354 9414 / 3311
Email: [email protected] I Website: www.suvenpharm.com I CIN : L 24 299 M H2 01 8 P L C42 2236
 SUVEN
PHARMA

We request you to take these documents on your records. The Board Meeting
commenced at 4:00 P.M. and concluded at 05.25 P.M

Thanking you,
Yours faithfully,
For Suven Pharmaceuticals Limited
HANUMAN Digitally signed by
HANUMANTHA
THA RAO RAO KOKKONDA
Date: 2024.05.30
KOKKONDA 17:31:59 +05'30'
K. Hanumantha Rao
Company Secretary

Encl: as above

Suven Pharmaceuticals Limited

Registered Office: # 215 Atrium, C Wing, 8th Floor, Corporate Office: # 202, A-Wing, Galaxy Towers,
819-821, Andheri Kurla Road, Chakala, Andheri East, Plot No.1, Hyderabad Knowledge City, TSIIC,
Chakala Midc, Mumbai- 400093, Maharashtra, India Raidurg, Hyderabad - 500081 Telangana, India
Tel: 91 22 61539999 Tel: 91 40 2354 9414 / 3311
Email: [email protected] I Website: www.suvenpharm.com I CIN : L 24 299 M H2 01 8 P L C42 2236
~ SUVEN
P HAR M A SUVEN PHARMACEUTICALS LTD
Regd. Off: 215 Atrium, CWing, 8th Floor, 819-821, Andheri Kurla Road, Chakala, Andheri East,
Chakala MIDC, Mumbai, Maharashtra, India, 400093
STATEMENT OF AUDITED STANDALONE ft CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 31st MARCH, 2024 ft UNAUDITED
STANDALONE ft CONSOLIDATED FINANCIAL RESULTS FOR QUARTER ENDED 31st MARCH, 2024.

Rs.in Lakhs
PART- I STANDALONE
For the Quarter Ended For the Year Ended
Sl. No. PARTICULARS
31-03-2024 31-12-2023 31-03-2023 31-03 -2024 31-03-2023
UN -AUDITED UN-AUDITED UN-AUDITED AUDITED AUDITED

1 Income
Revenue from operations 24,351.96 21,282.67 36,438.99 1,02,499.32 1,33,007.98 1
Other Income 1,686.56 1,396.81 1,075.46 5,509.29 4,455.20
Total income 26,038.52 22,679.48 37,514.45 1,08,008.61 1,37,463.18 I
2 Expenses
a) Cost of materials consumed 6,316. 15 6,065.23 8,956.75 24,838.44 42,136.24
b) Changes in inventories of finished
goods, work-in-progress and stock-in-
trade 1,701.90 638.79 2,087.68 5,387.96 (2,094.42)
c) Manufacturing Expenses 3,502.79 3,146.92 3,905.88 12,777.79 17,164.59
d) Employee benefits expense 3,709.97 3,284.45 2,481.45 12,687.84 10,858.10
e)Finance costs 228 .77 214.43 500.17 742 .66 1,274.79
f) Depreciation and amortisation
expenses 1,566.48 1,137.58 1,069.09 4,879.18 4,309.86
g) Other Expenses 1,906.90 1,241.92 1,266.84 5,817.32 5,874.69
Total expenses 18,932.96 15,729.31 20,267.86 67,131.19 79,523.85
Profit before exceptional items ft
3
Tax (1-2) 7, 105.56 6,950.17 17,246.59 40,877.43 57,939.33
4 Exceptional Items -
5 Profit before Tax (3-4) 7,105.56 6,950.17 17,246.59 40,877.43 57,939.33
6 Tax Expenses
a) Current tax 1,868.95 1,384.99 4,296.76 9,814.26 14,462.56
b) Deferred tax (106.65) 406.45 150.88 659.21 433.75
c) Prior year tax - (77.64) (217.23) (77.64) (217.23)
Net Profit/ (Loss) for the
7
period/year(5-6) 5,343.26 5,236.38 13,016.18 30,481.61 43,260.25
8 Other Comprehensive Income
(i) Items that will not be
8.a
reclassified to profit or loss 72.29 (112.92) 41.29 (39.42) (35.16)
(ii) Income tax relating to items
that will not be reclassified to
profit or loss (18.19) 28.42 (10.39) 9.92 8.85
(i) Items that will be reclassified
8.b
to profit or loss - -
(ii) Income tax relating to items
that will be reclassified to profit or
loss - -
Total other Comprehensive Income
54.10 (84.50) 30.90 (29 .50) (26.31 )I
Total Comprehensive Income for
9
the period (7+8) 5,397.36 5,151.88 13,047.08 30,452.11 43,233.94
10 Paid-up equity share capital 2,545.65 2,545.65 2,545.65 2,545.65 2,545.65 1
Face Value of the Share Re.1.00 Re.1.00 Re.1.00 Re.1.00 Re.1.00
11 Other Equity 2,03,043.97 1,72,392.41
Earning Per Share (EPS)-Face value
12
of Rs. 1/- each)
a) Basic 2.10 2.06 5.11 11.97 16.99
b) Diluted 2.10 2.06 5.11 11.97 16.99
- (not annualised) (not annualised) (not annualised) ( annualised) ( annualised)
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PART- II CONSOLIDATED
For the Quarter Ended For the Year Ended
SI. No. PARTICULARS
31-03-2024 31-12-2023 31-03-2023 31-03-2024 31-03-2023
UN-AUDITED UN-AUDITED UN-AUDITED AUDITED AUDITED

1 Income
Revenue from operations 25,293.04 21,981.96 36,935.62 1,05, 135. 37 1,34,032.88
Other Income 1,705.37 1,434.46 1,139.95 6,190.51 4,636.38
Total income 26,998.41 23,416.42 38,075.57 1,11,325.89 1,38,669.26
2 Expenses
a) Cost of materials consumed 7,142.53 6,352.59 9,555.70 26,587.90 43,007.88
b) Changes in inventories of finished
goods, work-in-progress and stock-in-
trade 1,229.50 891.34 2,087.69 4,915.55 (2,094.42)
c) Manufacturing Expenses 3,653.89 3,299.07 4,052.63 13,347.60 17,706.03
d) Employee benefits expense 3,938.89 3,505.99 2,751.67 13,592.02 11,824.89
e)Finance costs 229.95 214.84 502.99 745.11 1,281.09
f) Depreciation and amortisation
expense 1,724.61 1,279.38 1,202. 17 5,459.56 4,798.63
g) Other Expenses 1,993.84 1,326.37 1,301.63 6,110.97 6,172.19
Total expenses 19,913.21 16,869.59 21,454.48 70,758.72 82,696.28
Profit before exceptional items ,
3 Tax & share in profit/(Loss) of 7,085.19 6,546.83 16,621 .09 40,567.16 55,972.98
Associates (1-2)
Add : Share of profit/(Loss) of
4
Associates.
- - -
Profit before exceptional items ,
5 7,085.19 6,546.83 16,621.09 40,567.16 55,972.98
Tax (3+4)
6 Exceptional Items - -
7 Profit before Tax (5-6) 7,085.19 6,546.83 16,621 .09 40,567.16 55,972.98
8 Tax Expenses
a) Current tax 1,854.52 1,542.67 4,290.32 9,957.54 14,627.43
b) Deferred tax (106.65) 406.45 150.87 659.21 433.75
c) Prior year tax - (77.64) (217.23) (77.64) (217.23)
Net Profit/ (Loss) for the
9 5,337.32 4,675.35 12,397.13 30,028.06 41,129.03
period/year(7-8)
10 Other Comprehensive Income
(i) Items that will not be
10.a 69.46 (112.92) 49.28 (42.25) (27.49)
reclassified to profit or loss
(ii) Equity investments through
other comprehensive income - net 52.62 - - 52.62 .
change in fair value
(iii) Income tax relating to items
that will not be reclassified to (18.19) 28.41 (10.39) 9.92 8.85
profit or loss
(i) Items that will be reclassified
10.b
to profit or loss 4.22 - 55.19 4.22 55.19
(ii) Exchange differences on
translating Investments (carried at
FVTOCI) 1,295.90 - - 1,295.90 -
(iii) Income tax relating to items
that will be reclassified to profit or
loss - - -
Total other Comprehensive Income
1,404.00 (84.51) 94.08 1,320.41 36.55
Total Comprehensive Income for
11
the period (9 + 10) 6,741.32 4,590.84 12,491.21 31,348.47 41,165.59
12 Paid-up equity share capital 2,545.65 2,545.65 2,545.65 2,545.65 2,545.65
Face Value of the Share Re.1.00 Re.1.00 Re.1.00 Re.1.00 Re.1.00
13 Other Equity 2,02,520.70 1, 70,972.78

Earning Per Share (EPS)- (Face

14
value of Rs.1/- each) -
a) Basic - "°~~ i,-CEU,1C'"'9'< 2.10 1.84 4.87 11.80 16.16
b) Diluted Iz
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a.
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2.10 1.84 4.87 11.80 16 . 16

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Notes 1) The above financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at thei
respective meetings held on 30th May, 2024. The statutory auditors of the Company have expressed an unmodified opinion on the financia
results for the year ended 31st March, 2024 and have issued an unmodified conclusion in respect of the limited review for the quarter ended
31st March, 2024.
2) The above financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) as
amended , prescribed under Section 133 of the Companies Act, 1013, read with relevant rules issued thereunder.
3) The consolidated financial results include the results of the wholly owned subsidiaries Suven Pharma, lnc. ,USA ft Casper Pharma Pvt Ltd .

4) The Company reportable activity falls under single business segment and hence, segment reporting as per IND AS 108 (Operating Segment)
is not presented.

5) As per share purchase agreement dated 26th December, 2022 entered into by and between Berhyanda Limited (Buyer), Jasti Property and
Equity Holdings private limited (in their capacity as sole trustee of Jasti Family Trust) (Seller) and Mr.Yenkatesearlu Jasti (Seller
representative) pursuant to SEBI SAST Regulations, 2011 as amended , Mis Berhyanda Limited, a Cyprus based company and an investment
arm of Advent International Corporation , USA has acquired controlling stake to the tune of 12,75,37,043 equity shares aggregating to 50.10%
in the company on 29th September, 2023 from the seller. In addition to above, Berhyanda Limited acquired 2,549 equity shares from public
in open offer.
6)The Company instituted an Employee stock option scheme 2023("'ESOP") to eligible employees which provides for a grant of 1,25,00,000
options (each option convertible into 1 equity share based on Multiple of Money (MOM) matrix) to employees. From the above pool, 65, 94,308
options are granted by Nomination and Remuneration Committee (NRC) on the Grant date of option being 24th February, 2024. Accordingly,
the employee benefit expense for the quarter ended 31 March, 2024 includes charge of Rs. 199.5 Lakhs towards equity-settled share-based
payment transactions in terms of Ind AS 102 - 'Share-based Payment'.
7)The Board of Directors of Suven Pharmaceuticals Limited (Company) at their meeting held on 29th February 2024) , had considered and
approved a scheme of amalgamation of Cohance Lifesciences Limited ("Transferor Company") into and with the Company and their
respective shareholders and creditors under the applicable provisions of law. The Scheme is subject to the receipt of applicable approvals,
including approvals from the respective jurisdictional Hon'ble National Company Law Tribunal, SEBI, Department of Pharmaceuticals (if such
approval is required pursuant to applicable laws), Stock Exchanges and such other approvals, permissions, and sanctions of regulatory and
other authorities as may be necessary.
8)The Board of Directors of Suven Pharmaceuticals Limited (Company) at their meeting held on 29th February, 2024), had considered and
approved a scheme of amalgamation of Casper Pharma Private Limited ("Transferor Company") (a wholly owned subsidiary of the Company)
into and with the Company and their respective shareholders and creditors under the applicable provisions of law. The Scheme is subject to
the receipt of applicable approvals, including approvals from the respective jurisdictional Hon' ble National Company Law Tribunal, and such
other approvals, permissions, and sanctions of regulatory and other authorities as may be necessary .
9) The figures for the current quarter ended 31st March, 2024 and quarter ended 31st March, 2023 are the balancing figures between the
audited figures in respect of the full financial year ended 31st March, 2024 and 31st March, 2023 respectively and published year to date
figures up to third quarter ended 31st December, 2023 and 31st December, 2022 respectively, which are subject to limited review by the
statutory auditors.
10) The corresponding previous period figures have been regrouped/reclassified where ever necessary.

For Suven pharmaceuticals Ltd

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Dr. V. PRASADA RAJ JJ •
Place : Hyderabad Managing Director
Date : 30th May, 2024 DIN: 07267366
 SUVEN SUVEN PHARMACEUTICALS LTD
P H/.>.R MI\
Regd . Off: 215 Atrium , C Wing , 8th Floor, 819-821, Andheri Kurla Road, Chakala, Andheri East ,
Chakala MIDC, Mumbai, Maharashtra, India, 400093
Statement of Assets fr Liabilities
Rs.in La k hs
Standalone as at Consolidated as at
Particulars
31 -03 -2024 31-03-2023 31-03 -2024 31-03-2023
A ASSETS Audi t ed Audited Audited Audited
1 Non-current assets
(a) Property, Plant and Equipment 4 9,690 .70 50,900.87 56,721 .92 58,418.83
(bl Capital Work-in-Progress 17,897.16 16,481.46 17,897. 16 16,508.86
(c) Other Intangible Assets 155 .71 193 .20 6,181 .54 6,219.02
(d) Intangible assets under development 11.03 11 .03
(e) Right of use of assets 2,507.66 108.67 4,058 .52 1,694.80
(f) Financial Assets -
I. Investments 31,721 .01 31,721.01 13,058.19 11,709.66
II.Loans 0.75 2.25 0.75 2.25
Ill.Other Financial Assets 935 .07 591.19 937 .20 591.19
(g) Other non current assets 197. 38 322.75 223 .71 325.19
Total Non-Current assets 1,03, 116 .47 1,00,321.40 99,090.02 95,469.80
2 Current assets
(a) Inventories 22,006.9 8 31,146.62 23,119 .57 31,281.05
(b) Financial Assets -
I. Investments 76,744 .99 39,284.94 77, 389.55 41,893.50
II. Trade Receivables 12,696.83 10,966.45 13,365 .92 11 ,093.93
Ill.Cash and Cash equivalents 1,831 . 34 4 ,302. 13 4,723.12 6,480.28
IV. Bank balances otherthan (Ill) above 326 .76 321 . 12 326 .76 321 . 12
V. Loans 83 .08 19.29 83.08 19.29
VI. Other financial Assets 42.88 156.98 42. 88 156.98
(c) Current tax asset (net) 1,084. 76 998.44
(d) Other current assets 6, 137.44 9,314.11 6,269.31 9,858.43
Total Current assets 1,20,955.06 95,511.64 1,26,318 .63 1,01, 104.58

TOTAL - ASSETS 2,24,071.54 1, 95,833 .04 2,25 ,408.65 1, 96,574.38

B EQUITY AND LIABILITIES
1 EQUITY
(a) Equity Share Capital 2, 545. 65 2,545.65 2,545 .65 2,545.65
(b) Other Equity 2,03,043. 97 1, 72, 392.41 2,0 2, 520. 70 1, 70,972.78
Equity attributable to owners of the company 2,05,589 .62 1,74, 938 .06 2,05,066 .35 1,73 ,518.43
2 LIABILITIES
Non-Current liabilities
(a) Financial Liabilities
I. Lease Liability 2, 123 . 56 69 .98 2,123 .56 69 .98
11. Borrowings - 456.42 - 456.42
(b) Provisions 1,000.91 786.52 1,050.04 829 .50
(c) Deferred tax Liabilities (net) 4 ,813 .73 4 , 164.45 6,479 .12 5,823.46

Total non-current liabilities 7,938 . 21 5,477. 37 9,652 .73 7,179 .37

Current liabilities
(a) Financial Liabilities
I. Lease Liability 518.55 47.90 518 .55 47.90
II. Borrowings 3, 857. 53 6,459.78 3,857.53 6,459 .78
Ill. Trade payables
a) To Micro &. Small Enterprises 1, 705 . 15 1,383.26 1,707.39 1,384.24
b) Other than Micro &. Small Enterprises 2,4 21 .71 5,305.85 2, 528 .35 5,624 .92
IV. Other Financial Liabilities 874.58 1,522.62 883. 65 1,640.48
(b) Current Tax liabilities (Net) - 30.41 - 29.39
(c) Provisions 464.36 385.68 474 .37 394.61
(d) Other Current liabilities 701 .83 282.11 719 .74 295.27
10,543.70 15,417.61 10 ,689 . 57 15,876.59
Total liabilities 18,481 .91 20,894.98 20,342 .30 23 ,055 .95
TOTAL - EQUITY AND LIABILITIES 2,24,071.54 1,95,833.04 2,25,408.65 1, 96,574.38

-CEU For Suven pharmaceuticals Ltd

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Place : Hyderabad IQ ~ C I Dr. V. P_RAS~DA RAJU
Date: 30th May, 2024 ~ .S: Managing D,rectar
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SUVEN PHARMACEUTICALS LIMITED
STANDALONE STATEMENT OF CASH FLOWS

(All amounts in Indian Rupees in Lakhs unless otherwise stated)

'
Particulars
For the year ended I
For the year ended
March 31. 2024 March 31 2023
A. Cash flow from operating activities
Profit/(Loss) before tax 40,877.43 57,939 . 33
Adjustments : - -
Depreciation and amortisation expense 4,600.20 4,190.40
Interest income (193.44) (572.00)
Finance costs 742.66 1,274.79
Gain on sale of current investment (4,380.04) (1,421.05)
Dividend received from subsidiaries - -
Debit balances written off - -
Effects of foreign exchange rates ( unrealized) 46.43 95.42
Loss/(Profit) on disposal of property, plant ft equipment 6.75 0.65
Employee stock option scheme 199.45 -
- -
Operating profit before working capital changes 41,899.44 61,507.56
Adjustments for (lncrease)/decrease in operating assets - -
Trade receivables (1,738.99) 12,574.00
Inventories 9,139.64 (2 ,804.89)
Other non current assets (2 ,399.00) 31.89
Other current assets 3,176.67 (1,833.16)
Adjustments for lncrease/(decrease) in operating liabilities -
Trade payables (2,561.76) (3,899 .92)
Long term provisions 214.40 (102.93)
Short term provision 39.27 (57.01)
Other financial liabilities (272 .85) (1 ,246 .99)
Other current liabilities 419.72 (307.82)
Cash generated from operating activities 47,916.52 63,860.73
Income taxes paid (net of refunds) (10,851 .79) (14,579 .14)
Net Cash flows from operating activities (Refer Note 1) (A) 37,064.73 49,281.59
- -
B. Cash fltlw frnm m vestlng actMt!es -
Purchase of property, plant and equipment (5,031 .94' (14,460.65)
Proceeds from sale of property, plant ft equipment - 7.20
Investment in subsidiaries - 119 853.72)
Dividend received from subsidiaries - -
Interest received from FD and debentures 193.44 572.00
Fixed deposits/margin money-placed/matured (229.78) (208.96
sate/ (purelrnse) of tnutual f Ufids (33 ,080.01 l 10 258.35
Bank balances not considered as cash and cash equivalents (9 .54) (0.44)
Net cash flow from/( used in) investing activities (B) (38,157.83) (23,686.22)
- -
C. Cash flows from financing activities - -
(Repayment)/proceeds from long term borrowings (454.92) (2,375.75)
(Repayment)/proceeds from short term borrowings (2,704.43) (261.05)
Repaytnetit of lease liabilities 2,524.23 (37. 50)
Finance costs paid (742 .66) (1,274.79)
Dividends paid to equity holders (20 , 365.20)
Net cash flow from /(used In) financing activities (C) (1 , 377.78) (24,314.29)
- -
Net increase/(decrease) in cash and cash equivalents CA+B+C (2 ,470.88) 1,281.08

Cash and casli equivalents as at the beginning of tlie year (Refer Note 6(e) (ii ) 4, 302.13 3,021.05
Effect of exchange differences on restatement on foreign currency cash ft
cash equivalents 0.09 0.00
Cash and cash equivalents at the end of the year 1,831.34 4,302.13
- -
Cash and cash equivalents ( Refer Note 6(e)(i)) 1,831.34 4,302.13
Balances per statement of cash flows 1,831.34 4,302. 13

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Place : Hyderabad Managing Director
Date : 30th May, 2024 DIN: 07267366

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SUVEN PHARMACEUTICALS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
(All amounts in INR Lakhs, unless otherwise stated)
For the year ended For the year ended:I
Particulars
31st March 2024 31st March 2023
A. Cash flow from operating activities
Profit/ (Loss) before tax 40,567.16 55,972.98
Adjustments:
Depreciation and amortisation expense 5,180.59 4,645.99
Interest income (193.48) (583.16)
Finance costs 745.11 1,155.63
Gain on sale of current Investment (4,491.05) (1,568.70)
Dividend received from subsidiaries . -
Balances no longer required written back 24.09 -
Effects of foreign exchange rates ( unrealized) 66.41 95.42
Loss/ (Profit) on disposal of property, plant ft equipment 6.75 0.65
Employee stock option scheme 196.62
Operating profit before working capital changes 42,102.20 59,718.80
Movements in Working Capital
Trade receivables (2,280.23) 12,446.52
Inventories 8,161.49 (2,939.32)
Other non current assets (2,382.39) (1,554.24)
Other current assets 3,545.04 (2,031.32)
Trade payables (2,817.:38) (:3,579 ,86)
Long term provisions 220.54 (59.94)
Short term provision 39.27 (40.41)
Other financial liabilities (172.38) (1,369.93)
Other current liabilities 427.22 (294.66)
Cash generated from operating activities 46,843.38 60,295.63
Income taxes paid (net of refunds) (10,995.07) (14,576.05)
Net Cash flows from operating activities (Refer Note 1) (A) 35,848.31 45,719.58

B. Cash flow from Investing activities

Purchase of property, plant and equipment (5,178.69) (28,591 .22)
Proceeds from sale of property, plant ft equipment . 7.20
Investment in subsidiaries - -
Interest received from FD and debentures 193.48 583.16
Foreign currency translation reserve 4.22 55.19
Fixed deposits/margin money-placed/matured (229.78) 648.09
Sale/(purchase) of mutual funds (31,116.01) 6,228.74
Gain/(Loss) on Sale of Current Investments 111.00 1,568.70

Bank balances not considered as cash and cash eQuivalents (9.54) (0.44)
Net cash flow from/( used in) investing activities (B) (36,225.32) (19,500.56)

C. Cash flows from financing activities

(Repayment)/proceeds from long term borrowings (454.92) (2,375.75)
(Reoayment)/proceeds from short term borrowings (2,704.43) (261 .05)
(Repayment)/ Increase of lease liabilities 2,524.23 (37.50)
Finance costs (745.11) (1,155.63)
Dividends paid to eQuitv holders . (20,365.20)
Net cash flow from /(used In) financing activities (C) (1,380.23) (24,195.12)

Net increase/ (decrease) in cash and cash equivalents (A+B+C) (1,757 .24) 2,023.90
Cash and cash equivalents as at the beginning of the year
(Refer Note 6(e)(i)) 6,480.28 4,456.38
Effect of exchange differences on restatement on foreign
currency cash ft cash equivalents 0.09 0.00
Cash and cash equivalents at the end of the year 4,723.12 6,480.28

Cash and cash equivalents ( Refer Note 6(e)(i)) 4,723.12 6,480.28

Balances per statement of cash flows 4,723.12 6,480.28

For Suven Pharmaceuticals Ltd

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Dr. V. PRASADA RAJU
Place : Hyderabad
I~ ~I Managing Director
Date : 30th May, 2024 ~') DIN: 07267366
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---i'age 6 of 6
 KARVY & CO
CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE

FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO
THE BOARD OF DIRECTORS OF
SUVEN PHARMACEUTICALS LIMITED

Opinion

We have (a) audited the Standalone Financial Results for the year ended March 31,
2024 and (b) reviewed the Standalone Financial Results for the quarter ended March 31,
2024 (refer 'Other Matters' section below) which were subject to limited review by us, both
included in the accompanying "Statement of Standalone Financial Results for the Quarter
and Year Ended March 31,2024 ("the Statement") of SUVEN PHARMACUETICALS
LIMITED ("the Company"), being submitted by the Company pursuant to the
requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Financial Results

In our opinion and to the best of our information and according to the explanations given to
us, the Standalone Financial Results for the year ended March 31, 2024:

1. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing

Obligations and Disclosure Requirements) Regulations, 2015, as amended; and

11. gives a true and fair view in conformity with the recognition and measurement
principles laid down in the Indian Accounting Standards and other accounting
principles generally accepted in India of the net profit and total comprehensive Income
and other financial information of the Company for the year then ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter endled
March 31, 2024

With respect to the Standalone Financial Results for the quarter ended March 31, 2024,
based on our review conducted as stated in paragraph (b) of Auditor's Responsibilities
section below, nothing has come to our attention that causes us to believe that t he
Standalone Financial Results for the quarter ended March 31, 2024, prepared in
accordance with the recognition and measurement principles laid down in the Indian
Accounting Standards and other accounting principles generally accepted in India, has
not disclosed the information required to be disclosed in terms of Regulation 33 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
including the manner in which it is to be disclosed, or that it contains any material
misstatement.

I
/ 30/05/2024
., . . . _.. _ E· R .·;.)~. .h.
----~-:._~;~,...

No.2, Bhooma Plaza, St. No. 4, Avenue 7, Banjara Hills, Hyderabad - 34.
Phone: 040-23354995, 23358625, Email id : [email protected]
Basis for Opinion on the Audited Standalone Financial Results for the year end.ed
March 31, 2024

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified
under Section 143(10) of the Companies Act,2013 ("the Act"). Our responsibilities under
those Standards are further described in paragraph (a) of Auditor's Responsibilities section
below. We are independent of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical
requirements that are relevant to our audit of the Standalone Financial Results for the
year ended March 31, 2024 under the provisions of the Act and the Rules there under,
and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained
by us is sufficient and appropriate to provide a basis for our audit opinion .

Management's Responsibilities for the Statement

This Statement which includes the Standalone Financial Results is the responsibility of
the Company's Board of Directors and has been approved by them for the issuance. The
Standalone Financial Results for the year ended March 31, 2024 has been compiled from
the related audited standalone financial statements. This responsibility includes the
preparation and presentation of the Standalone Financial Results for the quarter and year
ended March 31, 2024 that give a true and fair view of the net profit and other
comprehensive Income and other financial information in accordance with the recognition
and measurement principles laid down in the Indian Accounting Standards prescribed
under Section 133 of the Act read with relevant rules issued there under and other
accounting principles generally accepted in India and in compliance with Regulation 33 of
the Listing Regulations. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets
of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Standalone Financial Results that give a true and Fairview and is free
from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors are responsible for
assessing the Company's ability, to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
the Board of Directors either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
Auditor's Responsibilities for

(a) Audit of the Standalone Financial Results for the year ended March 31, 2024

Our objectives are to obtain reasonable assurance about whether the Standalone Financial
Results for the year ended March 31, 2024 as a whole is free from material misstatement,
whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of this Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and

maintain professional skepticism throughout the audit. We also :

• Identify and assess the risks of material misstatement of the Annual Standalone
Financial Results, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design

audit procedures that are appropriate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the Company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness

of accounting estimates made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board

of Directors in terms of the requirements specified under Regulation 33 of the
Listing Regulations .

• Conclude on the appropriateness of the Board of Directors' use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt
on the ability of the Company to continue as a going concern. If we conclude that
a material uncertainty exists, we are required to draw attention in our auditor's
report to the related disclosures in the Statement or, if such disclosures are
inadequate, to modify our opinion . Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However, future events or conditions
may cause the Company to cease to continue as a going concern .

• Evaluate the overall presentation, structure and content of the Annual Standalone
Financial Results, including the disclosures, and whether the Annual Standalone
Financial Results represent the underlying transactionls,,..m.i;"'d,'::!~ ents in a manner
~I'{~ .
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 that achieves fair presentation .

• Perform procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the Listing Regulations to the extent applicable.
• Obtain sufficient appropriate audit evidence regarding the Annual Standalone
Financial Results of the Company to express an opinion on the Annual Standalone
• Financial Results .

Materiality is the magnitude of misstatements in the Annual Standalone Financial Results

that, individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Annual Standalone Financial Results rnay be
influenced. We consider quantitative materiality and qualitative factors in (i) planning the
scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the Annual Standalone Financial Results.

We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings including a ny
significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

(b) Review of the Standalone Financial Results for the quarter ended March 31,
2024

We conducted our review of the Standalone Financial Results for the quarter ended March
31, 2024 in accordance with the Standard on Review Engagements ("SRE") 2410 'Review
of Interim Financial Information Performed by the Independent Auditor of the Entity',
issued by the ICAI. A review of interim financial information consists of making inquiries,
primarily of the Company's personnel responsible for financial and accounting matters,
and applying analytical and other review procedures. A review is substantially less in scope
than an audit conducted in accordance with SAs specified under section 143(10) of the
Act and consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion .

Other Matters

• These standalone financial results incorporate the relevant returns of foreign branch
audited by the other auditors specifically appointed for this purpose, whose financial
information reflect total assets of Rs.167 .64 lakhs as at March 31, 2024 and total
revenues of Rs . NIL for the year ended March 31, 2024, total net loss of Rs.
(1 ,318.97) lakhs for year ended March 31, 2024

30/05/2024
 • Attention is drawn to the Statement which states that the Standalone Financial
Results includes the results for the Quarter ended March 31, 2024 being t he
balancing figure between audited figures in respect of the full financial year and
the year-to-date figures up to the third quarter of the current financial year. Our
report is not modified in respect of this matter.

• Attention is drawn to the Statement, the figures for the corresponding quarter
ended March 31, 2023 are the balancing figures between the annual audited figures
for the year then ended and the year-to-date figures for the 9 months period ended
December 31, 2022. We have not issued separate limited review report on t h e
results and figures for the quarter ended March 31 , 2023 . Our report is not
modified in respect of this matter.

For KARVY & CO,

Chartered Accountants
(Firm Regit ration No. 001757S) ,-

/~ ~~
AJAYKUMAR KOSARAJU flr1Cl1:3rief00~O\
Partner . {[--t.. Ac~ry,n\fni.s •*}\
Membership No. 021989 \' ~ F~7-~:~o._ 0 r
UDIN: 140219~q BK"FZTJ6T18 \\>-\ Ou;. :":Jl':iJ'?",j
:-. . -~✓~....--,· ·n. r1
"' ~ ,_ R .~. V/,/
Place: Hyderabad ~ : : ;~~.,
Date: 30 th May, 2024

30/05/2024
 KARVY & CO
CHARTERED ACCOUNTANTS

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED

FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO

THE BOARD OF DIRECTORS OF

SUVEN PHARMACEUTICALS LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results for the year ended March 31,
2024 and (b) reviewed the Consolidated Financial Results for the quarter ended March
31, 2024 (refer "Other Matters" section below), which were subject to limited review by
us, both included in the accompanying "Consolidated Financial Results for the quarter
and year ended March 31, 2024" of SUVEN PHARMACEUTICALS LIMITED (the "Parent")
and its subsidiaries (the Parent and its subsidiaries together referred to as the "Group")
and its share of the net profit after tax and total comprehensive income of its associate
company for the quarter and year ended March 31, 2024, (the "Statement") being
submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the
"Listing Regulations").

(a) Opinion on Annual Consolidated Financial Results

In our opinion and to the best of our information and according to the explanations given
to us, and based on the consideration of the audit reports of the other auditors on
financial information of the subsidiary and associate referred to in Other Matters section
below, the Consolidated Financial Results for the year ended March 31, 2024:

(i) Includes the results of the following entities:

Name of the Company Country Relationship

Casper Pharma Private Limited INDIA Wholly Owned Subsidiary
Suven Pharma INC USA Wholly Owned Subsidiary

(ii) is presented in accordance with the requirements of Regulation 33 of the SEBI

(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and

(iii) gives a true and fair view in conformity with the recognition and measurement
principles laid down in the Indian Accounting Standards and other accounting principles
generally accepted in India of the consolidated net profit and consolidated total
comprehensive income and other financial information of the Group and its associate for
the year ended March 31, 2024 .

30/05/2024

No.2, Bhooma Plaza, St. No. 4, Avenue 7, Banjara Hills, Hyderabad - 34.
Phone: 040-23354995, 23358625, Email id : [email protected]
(b) Conclusion on Unaudited Consolidated Financial Results for the quarter
ended March 31, 2024

With respect to the Consolidated Financial Results for the quarter ended March 31, 2024,
based on our review conducted and procedures performed as stated in paragraph (b) of
Auditor's Responsibilities section below and based on the consideration of the audit
reports for the year ended March 31, 2024 of the other auditors referred to in Other
Matters section below, nothing has come to our attention that causes us to believe that
the Consolidated Financial Results for the quarter ended March 31, 2024, prepared in
accordance with the recognition and measurement principles laid down in the Indian
Accounting Standards and other accounting principles generally accepted in India, has
not disclosed the information required to be disclosed in terms of Regulation 33 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
including the manner in which it is to be disclosed, or that it contains any material
misstatement.

Basis for Opinion on the Audited Consolidated Financial Results for the year ended
March 31, 2024

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified
under Section 143( 10) of the Companies Act, 2013 (the "Act") . Our responsibilities unde r
those Standards are further described in paragraph (a) of Auditor's Responsibilities
section below. We are independent of the Group, its associate in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together
with the ethical requirements that are relevant to our audit of the Consolidated Financial
Results for the year ended March 31, 2024 under the provisions of the Act and the Rules
there under and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the ICAI's Code of Ethics. We believe that the audit evidence
obtained by us and the audit evidence obtained by the other auditors in terms of their
reports referred to in Other Matters section below, is sufficient and appropriate to provide
a basis for our audit opinion.

Management's Responsibilities for the Statement

This Statement, which includes the Consolidated Financial Results is the responsibility
of the Parent's Board of Directors and has been approved by them for the issuance. The
Consolidated Financial Results for the year ended March 31, 2024, has been compiled
from the related audited consolidated financial statements. This responsibility includes
the preparation and presentation of the Consolidated Financial Results for the quarter
and year ended March 31, 2024 that give a true and fair view of the consolidated net
profit and consolidated other comprehensive income and other financial information of
the Group including its associate in accordance with the recognition and measurement
principles laid down in the Indian Accounting Standards, prescribed under Section 133
of the Act, read with relevant rules issued there under and other accounting principles
generally accepted in India and in compliance with Regulation 33 of the Listing
Regulations.

The respective Board of Directors of the companies included in the Group and its
associate are responsible for maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the Group , its associate and
for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable
and prudent; and the design, implementation and maintenance of adequate internal

~~'
30/05/2024

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financial controls, that were operating effectively for ensuring the accura cy and
completeness of the accounting records , relevant to the preparation and presentation of
the respective financial results that give a true and fair view and are free from materia l
misstatement, whether due to fraud or error, which have been used for the purpose of
preparation of this Consolidated Financial Results by the Directors of the Parent, as
aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Director s of th e

companies included in the Group and of its associate are responsible for assessing th e
ability of the respective entities to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
the respective Board of Directors either intends to liquidate their respective entities or to
cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and its
associate are responsible for overseeing the financial reporting process of the Group and
associate.

Auditor's Responsibilities for

(a) Audit of the Consolidated Financial Results for the year ended March 3 1,
.2024

Our objectives are to obtain reasonable assurance about whether the Consolidated
Financial Results for the year ended March 31 , 2024 as a whole are free from materia l
misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinion . Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and a r e
considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of this Consolidated
Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and

maintain professional skepticism throughout the audit. We also :

• Identify and assess the risks of material misstatement of the Annual Consolidated
Financial Results, whether due to fraud or error, design and perform audit procedures
responsive to those risks , and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of inte rnal
control.

• Obtain an understanding of internal control relevant to the audit in order to d esign

audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness

of accounting estimates made by the Board of Directors .

• Evaluate the appropriateness and reasonableness of disclosures made b y the

Board of Directors in terms of the requirements _¥,l~SJfied under Regulation 33 of the
Listing Regulations. /.~y ~~
/;,.<(;.,------- 0'
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• Conclude on the appropriateness of the Board of Directors' use of the going
concern basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast significant doubt
on the ability of the Group and its associate to continue as a going concern . Ifwe conclude
that a material uncertainty exists, we are required to draw attention in our auditor 's
report to the related disclosures in the Consolidated Financial Results or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor's report. However, future events or
conditions may cause the Group and its associate to cease to continue as a going concern.

• Evaluate the overall presentation , structure and content of the Annual

Consolidated Financial Results, including the disclosures, and whether the Annual
Consolidated Financial Results represent the underlying transactions and events in a
manner that achieves fair presentation.

• Perform procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the Listing Regulations to the extent applicable.

• Obtain sufficient appropriate audit evidence regarding the Annual Standalone

Financial Information of the entities within the Group and its associate to express an
opinion on the Annual Consolidated Financial Results. We are responsible for the
direction, supervision and performance of the audit of financial information of entities
included in the Annual Consolidated Financial Results of which we are the independent
auditors .For the other entities included in the Annual Consolidated Financial Results,
which have been audited by the other auditors, such other auditors remain responsibl e
for the direction, supervision and performance of the audits carried out by them. We
re main solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the Annual Consolidated Financial

Results that, individually or in aggregate, makes it probable that the economic decisions
of a reasonably knowledgeable user of the Annual Consolidated Financial Results may b e
influenced. We consider quantitative materiality and qualitative factors in (i) planning the
scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the Annual Consolidated Financial Results .

We communicate with those charged with governance of the Parent and such other ·
entities included in the Consolidated Financial Results of which we are the independent
auditors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings including any significant deficiencies in internal control that we
identify during our audit.

We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

(b) Review of the Consolidated Financial Results for the quarter ended March
31,2024

We conducted our review of the Consolidated Financial Results for the quarter ended
March 31, 2024 in accordance with the Standard on Review Engagements (SRE) 2410
'Review of Interim Financial Information Performed by the Independent Auditor of the
Entity', issued by the ICAI. A review of interim financial information consists of making
inquiries, primarily of the Company's personnel resp SJ ,d~ inancial and accounting
0 - ----- 0:'\\
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0 \\
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matters, and applying analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with SA specified under section
143(10) of the Act and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.

The Statement includes the results of the entities as listed under paragraph (a)(i) of
Opinion and Conclusion section above.

As part of annual audit, we also performed procedures in accordance with the circula r
issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, to the extent applicable.

Other Matters

• Attention is drawn to the Statement which states that the Consolidated Financia l
Results includes the results for the Quarter ended March 31, 2024 being the balancing
figure between audited figures in respect of the full financial year and the year to date
figures up to the third quarter of the current financial year. Our report is not modified in
respect of this matter.

• Attention is drawn to the Statement, the figures for the corresponding quarter
ended March 31, 2023 are the balancing figures between the annual audited figures for
the year then ended and the year-to-date figures for the 9 months period ended Decembe r
31, 2022. We have not issued separate limited review report on the results and figure s
for the quarter ended March 31, 2023 . Our report is not modified in respect of this matter.

g We did not audit the financial information of the two subsidiaries included in the
consolidated financial results, whose financial information reflect total assets of Rs .
2 5676 .73 lakhs as at March 31, 2024 and total revenues of Rs. 1006.38 Lakhs and Rs.
3572 .33 Lakhs for the quarter and year ended March 31, 2024 respectively, total Net Loss
after tax of Rs . (5.94) Lakhs and Rs. (453.54) Lakhs for the quarter and year ended March
31 , 2024 respectively and total Comprehensive Loss of Rs. (4.56) Lakhs and Rs. (452.16)
Lakhs for the quarter and year ended March 31, 2024 respectively and net cash inflows
of Rs.713 .63 Lakhs for the year ended March 31, 2024, as considered in the Statement .
This financial information has been audited, by other auditors whose reports have been
furnished to us by the Management and our opinion and conclusion on the Statement,
in so far as it relates to the amounts and disclosures included in respect of this
subsidiaries is based solely on the reports of the other auditors and the procedure s
performed by us as stated under Auditor's Responsibilities section above.
Our report on the Statement is not modified in respect of the above matters with respect
to our reliance on the work done and the reports of the other auditors.

For KARVY & CO,

Chartered Accountants
(Firm Registration No . 0017578) ~~

~~ ,~t;.~;-~-{~\
AJAYKUMAR KOSARAJU { ';/( Acc-~uma .. ,3 \ *\
•* Firm /·ic. J I'
Partner ~ -.__ 0017575,0/
Membership No. 021989 J...~:--.. '7,_?/,,
UDIN ! 2402.l9898K~ZTl<52'-II
Place: Hyderabad
'4:~
Date: 30 th May, 2024
30/05/2024
 SUVEN
PHARMA

CSD/BSE&NSE/BM/2024-25
May 30, 2024

To To
The Manager The Manager
Department of Corporate Services Listing Department
BSE Limited National Stock Exchange of India Limited
25th Floor, P. J. Towers, Exchange Plaza, Bandra Kurla Complex
Dalal Street, Mumbai - 400 001 Bandra (E), Mumbai – 400 051

Scrip Code: 543064 Scrip Symbol: SUVENPHAR

Dear Sir/Madam,

Sub: Declaration pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as amended
••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••
We hereby declare that the Statutory Auditors of the Company, M/s. Karvy & Co., (FRN:
001757S) Chartered Accountants have issued an Audit Reports with unmodified opinion on
audited financial results of the company (Standalone and Consolidated) for the year ended
31st March, 2024.

We request you to take this document on your record.

Thanking you,
Yours faithfully,
For Suven Pharmaceuticals Limited
HIMANSH Digitally signed
by HIMANSHU
U AGARWAL
Date: 2024.05.30
AGARWAL 17:30:51 +05'30'
Himanshu Agarwal
Chief Financial Officer

Suven Pharmaceuticals Limited

Registered Office: # 215 Atrium, C Wing, 8th Floor, Corporate Office: # 202, A-Wing, Galaxy Towers,
819-821, Andheri Kurla Road, Chakala, Andheri East, Plot No.1, Hyderabad Knowledge City, TSIIC,
Chakala Midc, Mumbai- 400093, Maharashtra, India Raidurg, Hyderabad - 500081 Telangana, India
Tel: 91 22 61539999 Tel: 91 40 2354 9414 / 3311
Email: [email protected] I Website: www.suvenpharm.com I CIN : L 24 299 M H2 01 8 P L C42 2236
SUVEN
PHARMA
cohance
Iifesciences

Suven
Pharmaceuticals Ltd.
…Towards a Brighter Tomorrow

Investor Presentation – FY24

- • • •
Table of Contents

Executive Summary 04

FY24 and Q4 Operating and Financial Performance 05

Combined Business: Proforma Metrics 11

Combined Business: Segment-wise Performance 14

Strategic Blueprint Key Pillars 16

Combined Business: Key segment wise strategy 17

Merger of Suven Pharmaceuticals with Cohance

22
Lifesciences

Financial Performance FY24 24

Pg. 2
 Except for historical information, all of the statements, expectations and
assumptions, including expectations and assumptions, contained in this
presentation may be forward-looking statements that involve a number of risks
and uncertainties. Although Suven attempts to be accurate in making these

Safe forward-looking statements, it is possible that future circumstances might differ

from the assumptions on which such statements are based. Other important

Harbour factors which could cause these statements to differ materially including
outsourcing trends, economic conditions, dependence on collaborative
partnership programs, retention of key personnel, technological advances and
continued success in growth of sales that may make our products/services
offerings less competitive; Suven may not undertake to update any forward-
looking statements that may be made from time to time.

Pg. 3
 Executive Summary
We have set-up the organization for both mid-term and long-term growth in the last 8 months
 Augmenting teams across Commercial, R&D, Operations and M&A
 High quality customer engagement, “China + 1” strategy and positive pipeline movements have driven a 2x+ increase in RFQs inflows and a 2x+ increase in Phase III pipeline
vs. FY23; one direct win in late Phase III.
 Outlined a long-term strategic roadmap; and are building a strong pipeline of M&A opportunities.

Industry environment is favorable, lifted by 'China plus one' and 'Europe plus one' dynamics.
 Uptick in RFQs continues along with increased enquiries for late Phase III products and commercial products under patent, both from existing and new customers.
 Discussions with several new major innovator companies are progressing positively.

Business segments: Pharma CDMO continue to do well and is set-up well for next year; Ag Chem continues to see destocking, Spec Chem recovery likely from 2HFY25
 Pharma CDMO: growth excluding Covid-base is 9.4%YoY; RFQs have been 2.3x; we now have 13 intermediates and 7 molecules in phase III vs. 5 molecules with 10
intermediates as per our last update. The inquiries for late Phase III products and commercial products under patent suggest a good pipeline, supporting accelerated
future growth.
 Spec Chem CDMO: Ag Chem is experiencing de-stocking cycle, with recovery likely from 2HFY25.

Cohance performance (based on website published Investor Presentation)

 CDMO: Segment has sustained growth momentum, growing by ~20% in FY24 and maintaining ~30% CAGR over last 4 years. CDMO contributed 42% of gross profits.
o ADC: Growth driven by commercial products and new products onboarding. R&D pipeline of new designer payloads and adjacent payloads in advanced stages of
development. ADC market is expected to growth at 17-18% CAGR.
 API ++: Downcycle is behind us, 2H onwards we should be on recovery path. We expect double-digit plus growth through accelerated product validations and business
development efforts over the mid-term. Our business focuses on mid volume products with low product concentration, and less pricing pressure.

Outlook : Excited about the medium-term growth given the China +1 and the RFQs inflows
 Near term: We should see growth from a full year perspective in FY25 with acceleration expected in FY26.
Longer term perspective: We remain excited about strong growth over coming years. Given current industry tailwinds, we aim to double our combined business platform
Pg. 4


over next 5 years and add further boost through M&A activities.
FY24 and Q4 Operating and
Financial Performance
 Financial overview

FY24 Performance:
FY24 Consolidated Financial Highlights
 FY24 was a perfect storm with a) Global slowdown b) Ag Chem
destocking c) COVID flush out d) commodity pricing. We think most of
the headwinds are behind us fully, other than Ag Chem destocking.
(21.6%) 16.2% 9.4%
Revenue from operations Excl. Spec Chem & Covid Pharma CDMO excl Covid
 FY24 Revenue ex Spec chem and covid base higher by 16.2% (YOY) Molecule Molecule
o Pharma CDMO grew by 9.4% ex-covid base; impacted by
temporary destocking for a few products; we don’t expect it to INR 10.5 bn INR 4,350 Mn* INR 3,194 Mn*
continue. Total Revenue Adjusted EBITDA Adjusted Profit after Tax:

o Adjusted EBITDA margins were at 41.4%

o Free cash flow of Rs 3.07bn
41.4% 30.4%
*Incl. one-time
adjustments of INR
211Mn and Op. forex gain
EBITDA% excl. one time Adjusted PAT % of INR 81 Mn.
 Our new Genome Valley R&D center has been inaugurated with the
presence of senior executives from a leading global biopharmaceutical
company. The new block in Suryapet is undergoing validations; on track Segmental Revenue FY24
for commissioning.
 We were honoured with an International Safety Award from the British FDC & Others
Safety Council for our recently USFDA-cleared Pashamylaram unit-3.
17%

Outlook: Pharma
CDMO
 We believe the recovery will happen in H2FY25, and full year basis, we
will see growth in both revenue and EBITDA compared to FY24. Spec Chem 57%
26%

Pg. 6
Note: Adjusted EBITDA includes one-time adjustments of INR 211Mn which includes one time inventory provision of INR 134Mn (Q3FY24), ESOP charge of INR 20Mn and M&A & others of INR 57Mn (primarily relating to proposed merger with
Cohance Lifesciences)
 FY 24 Consolidated Financial results

INR Million

Particulars FY 23 FY 24 YoY change • Revenue growth, excluding spec chem global

destocking and covid supplies from base stood at
Revenue from Operations 13,403 10,514 -21.6%
16.2%. Pharma CDMO excluding Covid supplies in
Material costs / COGS (4,225) (3,016)
the base grew by 9.4%.
Material Margin 9,178 7,497 -18.3%
Material Margin % 68.5% 71.3% • Adjusted EBITDA margins at 41.4%, reflect continued
efforts and focus on operational efficiencies.
Manufacturing Expenses (1,763) (1,224)
Employee Cost (1,105) (1,324) INR Million
Other Expenses (702) (680)
Balance Sheet Highlights
Adjusted EBITDA (pre Fx) 5,608 4,269 -23.9%
As on 31st March 2024
Operating Forex gain / (loss) 268 81
Shareholders' funds 20,507
Adjusted EBIDTA (Post Fx) 5,876 4,350 -26.0%
Net Fixed assets 8,487
EBIDTA % 43.8% 41.4%
Other net assets 1 4,161
Depreciation and Amortization (480) (502)
Net cash/(debt)2 7,858
Finance costs (128) (75)
Total Use of Funds 20,507
Other income 195 538
Adjusted PBT 5,463 4,312 -21.1% 1) Other assets calculated as Inventories + Trade receivables + Non-current
investments + Current tax assets + Other assets less Trade payables +
Tax (1,451) (1,118) deferred tax liabilities + Other liabilities at the end of the year. 2) Net
Adjusted PAT 4,013 3,194 -20.4% cash/(debt) calculated as the Cash & cash equivalents (Cash and bank
balances + current Investments) less Total debt (Short-term and Long-term
PAT % 29.9% 30.4% borrowings) at the end of the period.

Note: 1 Adjusted EBITDA includes one-time adjustments of INR 211Mn which includes one time inventory provision of INR 134Mn (Q3FY24), ESOP charge of INR 20Mn and M&A & others charge of INR 57Mn (primarily relating to
Pg. 7
proposed merger with Cohance Lifesciences), 2) FY23 numbers stand restated
 Q4 FY24 Consolidated Financial results

INR Million

Particulars Q4 FY23 Q4 FY24 YoY change

Revenue from Operations 3,694 2,529 -32%
Material costs / COGS 1, 164 837 -28%
Material Margin 2,530 1,692 -33%
• Revenue growth was impacted by shipment
Material Margin % 68.5% 66.9% delays caused by client-specific inventory
Manufacturing Expenses 405 281 -31% de-stocking, which we believe to be
Employee Cost 256 422 65% temporary in nature.
Other Expenses 101 154 52% • Adjusted EBITDA includes one-time
Adjusted EBITDA (pre Fx) 1,767 834 -53% adjustments of INR 77Mn, comprising an
Operating Forex gain / (loss) 144 31 -78% ESOP charge of INR 20Mn and M&A & others
Adjusted EBIDTA 1,911 866 -55% of INR 57Mn (primarily relating to proposed
merger with Cohance Lifesciences).
Adjusted EBIDTA % 51.7% 34.2%
Depreciation and Finance Cost 219 175 -20%
Other income 30 139
PBT 1,662 830 -50%
Tax 422 205 -51%
Adjusted PAT 1240 624 -50%
Adjusted PAT Margin % 33.6% 24.7%
Note: FY23 numbers stand restated
Pg. 8
 FY24 Business performance overview

- -
Consolidated Financials
Operational Revenue (INR Million) Adjusted EBITDA (INR Million) Margin (%) Adjusted PAT (INR Million) Margin (%)
13,403
43.8% 29.9% 30.4%
10,514 41.4%

5,876 4,350 4,013 3,194

r
FY23 FY24 FY23 FY24 FY23 FY24
Grew 16.2% ex-covid base and ex-Spec Chem
FY24

Pharma CRAMS (INR Million) Spec Chem (INR Million) Formulations & Other Services
6,817 (INR Million)
5,946
5,339

2,750
1,248 1,818

r r
FY23 FY24 FY23 FY24 FY23 FY24
Ex Covid base growth was 9.4% Primarily impacted by Ag-Chem destocking cycle

Note: 1) Adjusted EBITDA includes one-time adjustments of INR 211Mn which includes one time inventory provision of INR 134Mn (Q3FY24), ESOP charge of INR 20Mn and M&A & others of INR 57Mn (primarily relating to Pg. 9
proposed merger with Cohance Lifesciences), 2) FY23 numbers stand restated
 Q4 FY24 Business performance overview
Consolidated Financials
Operational Revenue (INR Million)
3,694

2,529
- Adjusted EBITDA (INR Million)

51.7%

34.2%
Margin (%)
- Adjusted PAT (INR Million)

33.6%
Margin (%)

24.7%

1,911 866 1,240 624

Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24

Q4

Pharma CDMO (INR Million) Spec Chem (INR Million) Formulations & Other Services
(INR Million)
2,429

1,469

727 610 537 451

Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24 Q4 FY23 Q4 FY24

Due to the nature of the CDMO business, Quarterly comparisons are not ideal. COVID supplies impact remain in the baseline, and some customer shipments have been delayed this quarter.

Note: 1) Adjusted EBITDA includes one-time adjustments of INR 77Mn, comprising an ESOP charge of INR 20Mn and M&A & others of INR 57Mn (primarily relating to proposed merger with Cohance Lifesciences). 2) FY23 numbers stand
restated
Pg. 10
Combined Business:
Proforma Metrics
 Proforma Merged Entity FY24 Performance

FY24 c:::::::::::J Merged Company

cohance c:::::::::::J
INR Mn /ifesciences

Revenue 10,514 13,408 23,922

Adjusted EBITDA 4,350 4,183 8,534

Adjusted EBITDA margin % 41.4% 31.2% 35.7%

Adjusted PAT 3,194 2,545 5,738

Adjusted PAT margin % 30.4% 19.0% 24.0%

RoCE 34.8% 27.4% 30.8%

RoE 18.7% 24.9% 21.0%

(Net Debt) / Net Cash to Adj.

EBITDAx
1.8x (0.9x) 0.5x

Note: In FY24- Cohance EBITDA includes adjustments for one-time costs of Rs 184mn and ESOPs costs of Rs 432mn; Suven EBITDA includes one-time adjustments of Rs 211mn
Source: Cohance LifeSciences Website published Investor Presentation Pg. 12
Proforma Merged Entity FY24 - Combined business mix

c:::::::::::J Merged Company

cohance c:::::::::::J
/ifesciences
Formulations &
Others
17%
Sales Mix
(FY24) CDMO API++
API++ CDMO
33% 45%
CDMO 67% 55%
83%

Manufacturing
Facilities
(Regulatory 5 (2) 7 (5) 12 (7)
approved)

R&D Centers 1 4 5

Capacity ~1,400 kL ~1,250 kL ~2,650 kL

Source: Cohance LifeSciences Website published Investor Presentation

Pg. 13
Combined Business:
Segment-wise
Performance
 FY24 Business performance overview

- -
Consolidated Financials
Operational Revenue (INR Million) Adjusted EBITDA (INR Million) Margin (%) Adjusted PAT (INR Million) Margin (%)
26,779 37.7% 25.3%
23,922 35.7% 24.0%

10,089 8,534 6,775 5,738

r
FY23 FY24 FY23 FY24 FY23 FY24
FY24

Pharma CRAMS +Cohance ADC & Suven Spec Chem + Cohance Spec Suven + Cohance API++ (incl
CRAMS (INR Million) Chem(INR Million) Formulations & Others)
(INR Million)

9,859 9,559 10,991 10,836

5,930
3,527

r r
FY23 FY24 FY23 FY24 FY23 FY24

Note: Proforma Consolidated Financials of Suven and Cohance Pg. 15

Source: Cohance LifeSciences website Investor Presentation for Cohance numbers
Strategic Blueprint Key Pillars

Aspiration
Be Most admired CDMO, known for delivery, quality and innovation

Pharma Spec Chem

ADC API++
CDMO CDMO:
 Rising RFQs and  Partnering with  Shaping strong  Unique portfolio
lateral pipeline – large innovators Business focused on small
both existing and development and and mid volume
new customers  Adding organically Commercial APIs
new ADC platform capabilities
 Moving up the value  Higher product
chain – increasing  Increasing  Expanding number validations,
Phase III presence contribution from of RFQs – thrust on expanding market
product expansion increasing share
on the existing contribution from
platform base Top 5 players

Governance
Organisation
Infrastructure
Capabilities: Supporting growth initiatives
Continuous improvement
Pg. 16
Combined Business:
Key segment wise
strategy
Suven: Pharma CDMO a strong growth engine

Suven’s Phase III pipeline

What makes us feel confident about the future growth Phase III molecules
■ • Phase III intermediate
13
Conducive Industry tailwinds: China Plus one and EU plus one


o Customer are very open to engage and looking for strategic partnerships
•
• Uptick in RFQs and lateral pipeline from existing & new customers
6

 Good pipeline with improving Phase III •

2 7
o Overall active pipeline of 100+ projects across Phase I – III
o As per our last update we have shared 5 molecules with 10 intermediates: FY23 FY24
now, we have added two new molecules to the list taking it to 7 molecules
with 13 intermediates. Significant increase in our Phase III pipeline.
New RFQ Inflow
 Sustained momentum of Inflow of RFQ and improving conversion rate ■ RFQ Inflow

o Highest number of RFQs received in Q4; several under discussion.

o Significant Diversity of customers Vs concentrated in FY23
o Strong enquiries for Phase III/commercial under-patent products from

•
2.3x
multiple customers and molecules.
X

FY23 FY24
Pg. 18
Cohance: ADC Platform

Two large innovators onboarded – on ADC platform

Growing numbers of ADC candidates entering clinical trials
 Cohance has onboarded two large new innovator pharma customers
for its proprietary ADC payload platform.
ADC entering CTs in each year*
ADC pipeline – progressing well
■ Asia ■ EU ■ US
 Two commercial product continue to grow strong with the therapy
expansion and market registrations. 2023 36 5 14 55

 One in early Phase III. 2022 30 5 18 53

Several clinical developmental programs are ongoing 2021 15 3 12 30

 New products are being developed on our existing platform in several 2020 10 4 5 19
developmental phases for our innovator pharma clients. 2019 12 9 21
 Cohance is organically developing new ADC platform. 2018 7 4 12 23
 Few Products under validation on the new platform. 2017 3 5 12 20
ADC site successfully clears audit 2016 2 4 8 14
 The ADC warhead site located at Nacharam has successfully cleared 2015 2 4 11 17
audit by EDQM with no major or critical observations.
2014 1 4 9 14
2013 12 5 8
*Source: Industry/Market data

Pg. 19
Suven: Spec Chem/ Agri Chem recovery
from 2H PHARMA

Agri Chem / Spec Chem– headwinds continue, expect to seeing recovery from H2’FY25

 Industry continues to work through residual inventory imbalances in key regions

 New product registration delayed given the industry macro

Focus on using downturn as an opportunity to build our team and capabilities to drive
accelerated growth as outlook improves

 Investing in building Business Development and Commercial teams to support growth

aspiration and expanding client relationships.

 Thrust on expanding number of RFQs from present client roster

Pg. 20
Cohance: API ++ downcycle behind us

Downcycle in API++ is behind us - expect to get back to double digit

growth $86+ Bn Total Addressable Market
Sustained growth
What will accelerate the base growth:
 Portfolio is unique and can drive sustained growth
Merchant API market revenues*, USD

o Business model focus is on small-mid volume APIs. These CAGR:7.45%

96
products segments have less concentration risk and limited 91
86
pricing pressure. 79
72

o Focus on expanding market share on the back of deep cost

position backed by backward integration
• Continue to be amongst the Top 3 players for most top
molecules

 Higher product validations over 18-24 months; well supported by

our BD efforts 2022 2023 est. 2024 est. 2025 est. 2026 est.

Small molecules continue to be a significantly large

proportion of Merchant API market revenues
*Source: Industry/Market data
Pg. 21
 Merger of
Suven Pharmaceuticals
with
Cohance Lifesciences
 SUVEN
PHARMA

Merger – Approval update cohonce

lifesclences

Merger Approvals status update

 We have received NSE and BSE approvals for the

proposed merger
 Presently awaiting approval from SEBI
 Post SEBI approval, the Company will approach NCLT
 Pursuant to this NCLT to call for the shareholders
voting
 Other regulatory approvals, if any to follow
Expected timelines for the completion of the merger
process as indicated prior: 12-15 months (from 29th Feb
2024)
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'' ... ____________________________________________________________________________________________________,,,.,,,./ /

Pg. 23
 Financial
Performance FY24
Suven P&L – EBITDA margins above 41%
INR million CAGR
Consolidated P&L Snapshot FY20 FY21 FY22 FY23 FY24 FY20-FY24 YoY
/,,--
1
--------------------------------------------
---

Revenue 8,338 10,097 13,202 13,403 10,514 6.0%

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COGS (2,292) (3,019) (3,991) (4,225) (3,016)

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FY24 was a perfect storm, and we

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Material Margin 6,046 7,078 9,211 9,178 7,497 5.5% -18.3% believe most of the headwinds
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are now behind us fully, except

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Material Margin% 72.5% 70.1% 69.8% 68.5% 71.3%

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for Ag Chem destocking.

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Manufacturing Expenses (1,038) (1,338) (1,732) (1,763) (1,224)

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Employee cost (651) (762) (1,005) (1,105) (1,324) I

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 Despite these headwinds, the I
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business has sustained gross

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Other expenses (540) (573) (680) (702) (680)

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margins higher than the past two

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years, at 71.3%.
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Adjusted EBITDA (pre Fx) 3,816 4,405 5,794 5,608 4,269 2.8% -23.9%
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Operating Forex gain / (loss) 50 115 138 268 81

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Our FY24 EBITDA margins reflect

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Adjusted EBITDA (post Fx) 3,866 4,520 5,932 5,876 4,350 3.0% -26.0% I I
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EBITDA% 46.4% 44.8% 44.9% 43.8% 41.4% I

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next orbit of growth.

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Depreciation & Amortization (235) (316) (391) (480) (502)

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Finance costs (199) (91) (62) (128) (75)

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Other income 131 27 123 195 538 30% despite a weak topline.
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Adjusted PBT 3,563 4,139 5,603 5,463 4,312 4.9% -21.1%
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Tax (875) (1,053) (2,138) (1,451) (1,118) ,, '

Adjusted PAT 2,688 3,086 3,465 4,013 3,194 4.4% -20.4% ------------------- ------------------------- ___________.........,//
PAT% 32.2% 30.6% 26.2% 29.9% 30.4%
Note: 1) Adjusted EBITDA for FY24 includes one-time adjustments of INR 211Mn which include one time inventory provision of INR 134Mn (Q3FY24), ESOP charge of INR 20Mn and M&A exps & others of INR 57Mn (primarily Pg. 25
relating to proposed merger with Cohance Lifesciences); 2) FY23 numbers stand restated
Suven Balance Sheet – Healthy cash rich B/S
INR million
Consolidated Balance Sheet Snapshot FY20
- -- FY21
- -- FY22
- -- FY23
- -- FY24
- --
Property, plant and equipment (PPE) 3,531 4,371 5,306 5,842 5,672
Right of use asset (RoU) 9 17 14 169 406
Capital work-in-progress 1,016 961 300 1,651 1,790
Intangible Assets 29 26 22 622 619 / ~
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Fixed Assets 4,584 5,375 5,642 8,284 8,487 I

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Working capital under control despite

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Inventories 1,749 2,011 2,834 3,128 2,312

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Ag Chem destocking cycle.
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Trade receivables 1,172 1,024 2,364 1,109 1,337

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Trade payables (711) (829) (1,059) (701) (424)

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Core Net Working Capital (Core NWC) 2,210 2,205 4,139 3,537 3,225 3.07bn.
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Other net non current assets 2,863 3,339 738 591 457 I
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Borrowings (1,853) (1,412) (956) (692) (386)
Cash and Cash equivalents (including liquid
447 1,902 5,285 4,869 8,244
investments)
Net (debt) / cash (1,405) 490 4,330 4,178 7,858
Net assets 8,448 11,808 15,272 17,352 20,507

Shareholder's funds 8,448 11,808 15,272 17,352 20,507

Pg. 26
Suven – Key Ratios

Key Ratios FY20

- -- FY21
- -- FY22
- -- FY23
- -- FY24
- -- Basis

Net Working Capital (as days of sales) 97 80 114 96 112 Core NWC / Revenue * 365

PPE (as % of sales) 42.3% 43.3% 40.2% 43.6% 54.0% Closing PPE / Revenue

Capex spend during the year (INR M) 1,029 1,108 752 2,857 518

Capex spend (as % of sales) 12.3% 11.0% 5.7% 21.3% 4.9% Capex spend / Revenue

(Net Debt)/ Net Cash to adjusted EBITDA

-0.4x 0.1x 0.7x 0.7x 1.8x (Net Debt) or Net Cash/ Adjusted EBITDA
(x times)

Adjusted EBIT (INR M) 3,631 4,203 5,541 5,396 3,848 Adjusted EBITDA - Depreciation and Amortization

Avg of Opening and Closing Capital employed (excluding

Avg Capital employed (INR M) 6,655 7,242 8,739 10,586 11,070
Goodwill, Non-current investments and Cash & CE)

ROCE (%) 54.6% 58.0% 63.4% 51.0% 34.8% Adjusted EBIT / Avg. Capital employed

Avg of Opening and closing shareholder's funds (excluding

Avg Shareholder's funds (INR M) 5,638 6,785 11,148 14,840 17,088
Goodwill and Non-current investments)

ROE (%) 47.7% 45.5% 31.1% 27.0% 18.7% Adjusted PAT / Avg Shareholder's funds

Pg. 27
Cohance Proforma P&L – Snapshot
INR million
CAGR
- --- ,,-- ........,
Proforma P&L Snapshot FY19 FY20 FY21 FY22 FY23 FY24 FY19- YoY '
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- -- - -- - -- - -- - -- - -- ___ - - ,/
,, Cohance platform build-out started in
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FY24
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Oct ‘20; Organic revenue CAGR at 13% (L2L

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Revenue 7,272 8,631 10,043 12,802 13,375 13,408 13.0% 0.2%

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organic growth for the entire platform,

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COGS (2,900) (3,705) (4,004) (5,300) (5,058) (4,862)

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proforma for acquisitions across years);

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Material Margin 4,372 4,926 6,039 7,502 8,317 8,547 14.3% 2.8%
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Material Margin% 60.1% 57.1% 60.1% 58.6% 62.2% 63.7% I
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Manufacturing Expenses (1,058) (955) (1,123) (1,277) (1,480) (1,416) I
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Employee cost (1,137) (1,273) (1,433) (1,714) (1,933) (2,006) maintained, driven by better CDMO mix,
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Other expenses (584) (657) (693) (879) (839) (962) despite some softness in revenue growth
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Adjusted EBITDA (pre Fx) 1,593 2,041 2,790 3,633 4,066 4,162 21.2% 2.4%
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FY24 revenue impacted by to short-term

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Operating Forex gain / (loss) 19 174 146 69 147 21 I
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Adjusted EBITDA (post Fx) 1,612 2,214 2,936 3,702 4,213 4,183 21.0% -0.7% I

vendor qualification for some products,

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EBITDA% 22.2% 25.7% 29.2% 28.9% 31.5% 31.2% lI

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and one COVID molecule in base
Depreciation & Amortization (479) (444) (469) (509) (522) (637)
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Finance costs (169) (197) (45) (110) (154) (332) PAT decline higher given coming out of
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I 

, _________________
I

Other income 157 204 189 186 154 193 \

capex cycle (D&A) J
\ / J
Adjusted PBT 1,121 1,777 2,610 3,269 3,691 3,408 24.9% -7.7%
Tax (282) (447) (657) (823) (929) (863)
Adjusted PAT 839 1,330 1,953 2,446 2,762 2,545 24.9% -7.9%
PAT% 11.5% 15.4% 19.4% 19.1% 20.6% 19.0%

Accounting entries relating to merger of AI Pharmed and RA Chem

Depreciation and amortization (185) (75) (102)
Tax impact of above 47 19 26
PAT (post consol adjustments) 2,307 2,706 2,468
Note: 1) Till FY23, proforma and adjusted financials of Cohance entities (RAC, ZCL and Avra) have been extracted from report issued by Deloitte Touche Tohmatsu India LLP. Adjusted P&L numbers are reported
numbers adjusted out for one-time expenses and income; FY24 numbers as per audited financials of the merged entity (Cohance) 2) Manufacturing expenses include power and fuel, consumption of stores &
spares, repairs & maintenance, EHS expenditure, jobworks, etc. 3) Employee costs include on-payroll employee benefit expenses and contract employee expenses 4) Other expenses include Freight outward, Pg. 28
Commission and brokerage, Legal and professional fees, Rates and taxes, Insurance, etc. 5) Adjusted EBITDA includes one-time adjustments of Rs184mn and ESOPs cost of Rs 432mn in FY24
Cohance Proforma Balance Sheet – Snapshot
INR million
Proforma Balance Sheet Snapshot 1 FY19 FY20 FY21 FY22
---
FY23 FY24 ---------------------------- --- ---,\
Property, plant and equipment (PPE) 3,699 3,824 4,128 4,090 4,217 4,601 /
,/ \
\
I

Right of use asset (RoU) 2 0 13 89 179 202 356 I'

' I
II

Capital work-in-progress 45 99 155 458 1,167 2,292

I I
f I

Cohance business is completing

I I

Intangible Assets 2
I
47 47 51 123 118 109
f
f
I
 I
I

Fixed Assets a major capex cycle, this organic

I I

3,790 3,982 4,422 4,850 5,704 7,358 f

f
I
I
I
I
I
f
f investment in last 4 years stood I
I
I

Inventories 1,674 1,894 2,551 3,266 3,641 3,674 at Rs 4.57bn. FY24 we have
I I
I I
f I

Trade receivables
f I
2,434 3,154 3,218 3,654 4,202 5,133 I
I
f invested Rs 2.09bn in capex.
I
I
I
Trade payables (852) (1,305) (1,716) (1,670) (2,141) (1,994)
f
I
I
I
I
I

Core Net Working Capital (Core NWC) 3,256 3,743 4,052 5,250 5,703 6,813
f I
f I
I I

Other net assets (70) (111) (189) (196) 218 65

I
f
f
 Working capital under control I
I
I

despite API++ segment softness.

f I
I I
f I
I I

Borrowings (2,059) (1,678) (1,330) (1,738) (2,668) (4,888) We anticipate recovery in WC

f I
f I
I I

Cash and Cash equivalents (including liquid investments) 3,323 3,470 3,918 4,111 974 1,197 days in FY25.
I I
f I
f I

Net (debt) / cash

I I

1,264 1,793 2,588 2,373 (1,694) (3,692) I

f
f
I
I
I

Net assets 8,239 9,406 10,874 12,277 9,931 10,545

I
I
I
I

Borrowings to reduce going

f I
f I
I  I
I I

Shareholder's funds 8,239 9,406 10,874 12,277 9,931 10,545

f
f
I forward. I
I
I
,
I
I
,I
I
I I

Accounting entries relating to merger of AI Pharmed and RA Chem II

• /
,
/

Goodwill 5,800 5,800 5,800 5,800 \,___________________________________________________________

Tangible assets 397 389 382 376
Intangible assets 803 624 556 454
Tax impact (297) (137) (99) 0
Other reconciling items (21) (20) 0
Net assets (post consol adjustments) 8,239 9,406 17,556 18,932 16,569 17,174

Shareholder's funds 8,239 9,406 17,556 18,932 16,569 17,174

Note:
1) Till FY23, proforma and adjusted financials of Cohance entities (RAC, ZCL and Avra) have been extracted from report issued by Deloitte Touche Tohmatsu India LLP. Adjusted P&L
numbers are reported numbers adjusted out for one-time expenses and income; FY24 numbers as per audited financials of the merged entity (Cohance). Pg. 29
2) RoU and Intangible assets Includes RoU under development and intangibles under development respectively
Cohance Proforma – Key Ratios
Increased working capital due to stock buildup and increase in
other current assets on account of increase input GST in FY24

Key Ratios FY19

- -- FY20
- -- FY21
- -- FY22
- -- FY23
- -- FY24
- -- Basis

Net Working Capital (as days of sales) 163 158 147 150 156 185 NWC / Revenue * 365

PPE (as % of sales) 50.9% 44.3% 41.1% 31.9% 31.5% 34.3% PPE / Revenue

Capex spend during the year (INR M) 313 498 810 911 1,346 2,089 As per proforma cashflows

Capex spend (as % of sales) 4.3% 5.8% 8.1% 7.1% 10.1% 15.6% Capex spend / Revenue

(Net Debt)/ Net Cash to adjusted EBITDA (x times) 0.8x 0.8x 0.9x 0.6x -0.4x -0.9x Net Debt / Adjusted EBITDA

Adjusted EBIT (INR M) 1,133 1,771 2,466 3,193 3,691 3,546 Adjusted EBITDA - Depreciation and Amortization
Avg of opening and closing Capital employed (Net fixed
Avg Capital employed (INR M) 7,294 7,949 9,095 10,764 12,931
assets + NWC + other net assets)
ROCE (%) 24.3% 31.0% 35.1% 34.3% 27.4% Adjusted EBIT / Avg. Capital employed

Avg Shareholder's funds (INR M) 8,822 10,140 11,576 11,104 10,238 Avg of Opening and closing shareholder's funds

ROE (%) 15.1% 19.3% 21.1% 24.9% 24.9% Adjusted PAT / Avg Shareholder's funds

ROCE for FY24 reflects Group’s higher growth capex yet to be optimally
utilized
Note:
1) Till FY23, proforma and adjusted financials of Cohance entities (RAC, ZCL and Avra) have been extracted from report issued by Deloitte Touche Tohmatsu India LLP. Adjusted P&L
numbers are reported numbers adjusted out for one-time expenses and income; FY24 numbers as per audited financials of the merged entity (Cohance). Pg. 30
2) RoU and Intangible assets Includes RoU under development and intangibles under development respectively
 Proforma P&L Suven + Cohance Combined – Snapshot
INR million CAGR
YoY
Combined Proforma P&L Snapshot FY20 FY21 FY22 FY23 FY24 FY20-FY24 ... -------------------- ......,,
Revenue 16,969 20,140 26,004 26,779 23,922 9.0% -10.7% ,/ \\
Proforma numbers of the
I I

COGS (5,997) (7,024) (9,291) (9,283) (7,878)

, I

combined entity provides
I

Material Margin 10,972 13,117 16,714 17,495 16,044 10.0% -8.3%

:I

a head start for doubling

I
I
Material Margin% 64.7% 65.1% 64.3% 65.3% 67.1%
I

the top-line. :I

Manufacturing Expenses (1,994) (2,461) (3,009) (3,242) (2,640)

I
I

The business gross and

I
 I
Employee cost (1,924) (2,195) (2,719) (3,038) (3,330)
I

EBITDA margins will be

I
I
I
Other expenses (1,197) (1,266) (1,559) (1,541) (1,642)
I

industry leading at 67% :I

Adjusted EBITDA (pre Fx) 5,857 7,195 9,427 9,673 8,432 9.5% -12.8% and 36%, respectively.
I
I
I
I
Operating Forex gain / (loss) 224 261 208 415 102 I

The Proforma EPS in FY24

I
I
 I
Adjusted EBITDA (post Fx) 6,080 7,455 9,635 10,089 8,534 8.8% -15.4% of the combined entity is
I
I
I

EBITDA% 35.8% 37.0% 37.1% 37.7% 35.7%

I

reflecting double digit EPS

I
I
I

Depreciation & Amortization (679) (786) (900) (1,002) (1,139)

I

accretive, already.
I
I
I

Finance costs (396) (137) (173) (283) (406)

I

PAT margins stood at 24%

I
 :
Other income 335 216 309 349 731
I
I
I
I

Adjusted PBT 5,340 6,749 8,871 9,154 7,719 9.6% -15.7%

I
I
I

Tax (1,322) (1,710) (2,961) (2,380) (1,981) \' / :'

,............ ___________________________________________...,,
Adjusted PAT 4,018 5,039 5,911 6,775 5,738 9.3% -15.3%
PAT% 23.7% 25.0% 22.7% 25.3% 24.0%

Accounting entries relating to merger of AI Pharmed and RA Chem

Depreciation and amortization (185) (75) (102)
Tax impact of above 47 19 26
PAT (post consol adjustments) 4,018 5,039 5,772 6,718 5,629
Note:
1) Till FY23, proforma and adjusted financials of Cohance entities (RAC, ZCL and Avra) have been extracted from report issued by Deloitte Touche Tohmatsu India LLP. Adjusted P&L numbers are reported numbers adjusted out for one-time expenses and income; FY24
numbers as per audited financials of the merged entity (Cohance).
2)
3)
RoU and Intangible assets Includes RoU under development and intangibles under development respectively
Suven’s adjusted EBITDA for FY24 includes one-time adjustments of INR 211Mn which include one time inventory provision of INR 134Mn (Q3FY24), ESOP charge of INR 20Mn and M&A exps & others of INR 57Mn (primarily relating to proposed merger with Cohance
Pg. 31
Lifesciences); Cohance’s adjusted EBITDA for FY24 includes one-time adjustments of Rs 184mn and ESOPs cost of Rs 432mn
Proforma BS Suven + Cohance Combined– Snapshot
INR million
Combined Balance Sheet Snapshot1 FY20
- -- FY21
- -- FY22
- -- FY23
- -- FY24
- --
Property, plant and equipment (PPE) 7,354 8,499 9,396 10,059 10,273
Right of use asset (RoU) 2 22 105 193 372 762
1,114 1,116 758 2,818 4,082
Capital work-in-progress
Intangible Assets 2 76 77 146 740 728 I
I
/ -, \
\

Fixed Assets 8,566 9,797 10,492 13,988 15,845 '

I
I
I
 Proforma B/S numbers of the '
combined entity provides a Heathy net
I
I
I

cash balance sheet.

I

Inventories 3,643 4,562 6,100 6,769 5,986

I
I
I
I

Working capital with scope of

I

Trade receivables 4,326 4,241 6,018 5,356 6,469 

I
I
lI
improvement as we come out of
Trade payables (2,016) (2,546) (2,729) (2,940) (2,418)
I

downcycle of API++ and Ag Chem

I
I
I
I

Core Net Working Capital (Core NWC) 5,953 6,257 9,389 9,185 10,038
I
I
I
industry.
I

Other net assets 2,947 3,549 965 1,626 1,002

lI  The indicative ROCE and ROE of the
business is healthy at 31% and 21%,
I
I
I
lI
respectively.
Borrowings (3,531) (2,742) (2,693) (3,359) (5,274)
I

\ I

Cash and Cash equivalents (including

3,918 5,820 9,396 5,843 9,440 ~ ... _______________________________________________________________ ... /
liquid investments)
Net (debt) / cash 387 3,078 6,703 2,484 4,167
Net assets 17,853 22,682 27,549 27,282 31,052

Shareholder's funds 17,853 22,682 27,549 27,282 31,052

Note:
1) Till FY23, proforma and adjusted financials of Cohance entities (RAC, ZCL and Avra) have been extracted from report issued by Deloitte Touche Tohmatsu India LLP. Adjusted P&L
numbers are reported numbers adjusted out for one-time expenses and income; FY24 numbers as per audited financials of the merged entity (Cohance). Pg. 32
2) RoU and Intangible assets Includes RoU under development and intangibles under development respectively
Suven + Cohance Combined Ratios – Snapshot
#
IKey Ratios -FY20 -FY21 -FY22 -FY23 -FY24 Basis

Net Working Capital (as days of sales) 128 113 132 125 153 NWC / Revenue * 365 days

PPE (as % of sales) 43.3% 42.2% 36.1% 37.6% 42.9% PPE / Revenue

Capex spend during the year (INR M) 1,527 1,918 1,663 4,203 2,607

Capex spend (as % of sales) 9.0% 9.5% 6.4% 15.7% 10.9% Capex spend / Revenue

(Net Debt)/ Net Cash to adjusted EBITDA

0.1x 0.4x 0.7x 0.2x 0.5x Net Debt / Adjusted EBITDA
(x times)
Adjusted EBITDA - Depreciation and
Adjusted EBIT (INR M) 5,402 6,670 8,735 9,087 7,394
Amortization
Avg of opening and closing Capital employed
Avg Capital employed (INR M) 13,949 15,192 17,833 21,350 24,001
(Net fixed assets + NWC + other net assets)

ROCE (%) 38.7% 43.9% 49.0% 42.6% 30.8% Adjusted EBIT / Avg. Capital employed

Avg Shareholder's funds (INR M) 14,460 16,924 22,724 25,944 27,326 Avg of Opening and closing shareholder's funds

ROE (%) 27.8% 29.8% 26.0% 26.1% 21.0% Adjusted PAT / Avg Shareholder's funds

# calculated based on Proforma P&L and Balance Sheet of Suven + Cohance combined

Note:
1) Till FY23, proforma and adjusted financials of Cohance entities (RAC, ZCL and Avra) have been extracted from report issued by Deloitte Touche Tohmatsu India LLP. Adjusted P&L
numbers are reported numbers adjusted out for one-time expenses and income; FY24 numbers as per audited financials of the merged entity (Cohance). Pg. 33
2) RoU and Intangible assets Includes RoU under development and intangibles under development respectively
Contact Information

Cyndrella Carvalho, Head - Investor Relations,

Suven Pharmaceutical Ltd

Tel: +91 9823615656

Email: [email protected]

••••••••••••••••••••••••••••••••••••

Gavin Desa / Rishab Barar

CDR - India

Tel: +91 98206 37649/ +91 77770 35061

Email: [email protected] / [email protected]

••••••••••••••••••••••••••••••••••••

Pg. 34
Thank You
 ~0hl~{~00-(" j

SUVEN
PHARMA

Suven Pharmaceuticals Announces Full-Year FY24 Results

 YoY Revenue Growth at 16.2% ex Spec Chem and ex Covid base impact.
 Adjusted EBITDA margins at 41%.
 Phase III pipeline and RFQs more than doubled with encouraging outlook.

Hyderabad, May 30, 2024

Suven Pharmaceuticals Ltd. (BSE: 530239, NSE: SUVENPHARM), a leading global

Contract Development and Manufacturing Organization (CDMO), today
announced its financial results for the full year and fourth quarter ended March 31,
2024. The company reported significant progress in its strategic initiatives, has
seen Phase III pipeline and RFQs more than doubling over the last year, with
strengthening customer relationships, setting the stage for future growth. Total
revenue declined by 21.6% due to global headwinds, including COVID-19 impacts
and the Spec Chem destocking to Rs 1,051 crore. Adjusted for these factors, the
business achieved a growth of 16.2% in FY24. The adjusted EBITDA is Rs 435 crore
with healthy adjusted EBITDA margins of 41.4%.

Commenting on the full-year FY24 results, Mr. Annaswamy Vaidheesh, Executive

Chairman, stated, “Despite a challenging year marked by global slowdowns and
industry-specific headwinds, we have laid a strong foundation for Suven's growth.
The proposed merger with Cohance is progressing, with approvals from stock
exchanges received and further regulatory approvals awaited. The strategic
roadmap we’ve developed, with enhanced customer relationships, positions us
well for both mid and long-term growth.”

Dr. V. Prasada Raju, Managing Director, added, “The positive industry dynamics,
such the ‘China plus one’ trends, increasing clinical pipeline have significantly
increased RFQs enquiries. Our proactive engagement with key customers is paying
off. Our pipeline build-up, especially with 13 intermediates and 7 molecules in
Phase III, is a testament to our team’s dedication and expertise. We expect to grow
in both revenue and EBITDA terms on a full year basis in FY25 and accelerate
growth in FY26. The company aims to double its business organically over the next

Press Release Page | 1

• •
 SUVEN
PHARMA

five years, with an additional growth from M&A opportunities which will be a key
strategic lever.”

Dr. Sudhir Kumar Singh, CEO, highlighted, “We’ve initiated promising discussions
with major innovator companies, and received significant product enquiries which
are under patent or late Phase III. Our commitment to sustainable practices was
also recognized with the EHS Excellence Award and the International Safety Award,
underlining our dedication to operational excellence. The anticipated recovery in
the Spec Chem sector and the proposed merger with Cohance is expected to
further accelerate our growth trajectory.”

Full-Year FY24 financial Highlights:

 Operational revenue declined by 21.6% due to global headwinds, including

COVID-19 impacts and the Spec Chem destocking. Adjusted for these
factors, the business achieved a growth of 16.2% in FY24.

 Adjusted EBITDA margins at 41.4%. Adjusted PAT margins were 30.4%.

 Generated free cash flow of Rs 307 crore.

Strategic and Operational Highlights:

 Regulatory Milestones: Successful completion of FDA audit at the

Pashamylaram facility along with multiple other regulatory and customer
audits. We were also honoured with an International Safety Award from the
British Safety Council for our Pashamylaram unit-3.

 Customer Engagement: leading to a doubling of RFQs and pipeline build-up

for Phase II, III and commercial products.

 Pharma CDMO Performance: The Pharma CDMO segment grew by 9.4%,

adjusting for the COVID base, with notable developments including 13
intermediates and 7 molecules in Phase III vs. 6 intermediates and 2
molecules in FY23.

 Our new R&D center in Genome Valley was inaugurated by senior executives
from one of the largest global biopharma companies in the world.
Additionally, our new block in Suryapet continues to progress well,
undergoing several validations.

•
Press Release Page | 2

• •
 SUVEN
PHARMA

Earnings call details

Suven Pharmaceuticals Ltd will conduct a conference call to discuss its Q4 & FY24
results performance. The management team will be represented by Mr. Annaswamy
Vaidheesh (Executive Chairman), Dr. V Prasada Raju (Managing Director), Dr. Sudhir
Kumar Singh (Chief Executive Officer) & Mr. Himanshu Agarwal (Chief Financial
Officer).
The conference call will be initiated with a brief discussion after which the floor will
be opened for Q&As. The financial results will be announced earlier on May 30, 2024.
In order to pre-register - Copy this URL in your browser:
https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber
=7303464&linkSecurityString=2d4f1c8848

Details of the conference call are as follows:

Timing : 6.00 pm IST on Thursday, May 30, 2024
Conference dial-in Primary number : +91 22 6280 1141 / +91 22 7115 8042
Hong Kong Local Access Number : 800 964 448
Singapore Local Access Number : 800 101 2045
UK Local Access Number : 0 808 101 1573
USA Local Access Number : 1 866 746 2133

-ENDS-

For more information, please visit www. suvenpharm.com OR contact:

Cyndrella Carvalho, Head - Investor Relations, Gavin Desa / Rishab Barar

Suven Pharmaceutical Ltd CDR India

Tel: 040 2354 3311 Tel: +91 98206 37649/ +91 77770 35061
Email: [email protected] Email: [email protected]
[email protected]

Disclaimer: Except for historical information, all of the statements, expectations and assumptions,
including expectations and assumptions, contained in this presentation may be forward-looking
statements that involve a number of risks and uncertainties. Although Suven attempts to be accurate
in making these forward-looking statements, it is possible that future circumstances might differ
from the assumptions on which such statements are based. Other important factors which could
cause these statements to differ materially including outsourcing trends, economic conditions,
dependence on collaborative partnership programs, retention of key personnel, technological
advances and continued success in growth of sales that may make our products/services offerings
less competitive; Suven may not undertake to update any forward-looking statements that may be
made from time to time.

Press Release Page | 3

• •
 SUVEN
PHARMA

Disclosure of information pursuant to Regulation 30 of the SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015 read with SEBI circular No.
SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023

Acquisition (including agreement to acquire):

A name of the target entity, details in IPSP Solar Power Pvt. Ltd (under incorporation)
brief such as size, turnover etc.; an SPV operates as a Solar power plant with a
capacity of 3MW for Captive power
consumption dedicated only for supply of
power to Suven Pharma.
B whether the acquisition would fall No
within related party transaction(s) and
whether the promoter/ promoter
group/ group companies have any
interest in the entity being acquired? If
yes, nature of interest and details
thereof and whether the same is done
at “arm’s length”;
C industry to which the entity being Renewable Energy Sector
acquired belongs;
D objects and impact of acquisition Captive consumption of renewable power and
(including but not limited to, disclosure to achieve Green Industry status and transition
of reasons for acquisition of target towards Sustainable Energy sources. This will
entity, if its business is outside the main save CO2 emissions by 5400 Tonnes per year.
line of business of the listed entity); Apart from this there would be savings via tariff
of nearly 25%. So this results in consuming
green energy while saving operational
expenditure.
E brief details of any governmental or Not applicable
regulatory approvals required for the
acquisition;
F indicative time period for completion of 12 months
the acquisition;
G consideration - whether cash Cash Consideration
consideration or share swap or any
other form and details of the same;
H cost of acquisition and/or the price at Rs.1.1 Crores
which the shares are acquired;
I percentage of shareholding / control Proposed to acquire 26% in the SPV
acquired and / or number of shares
acquired;
J brief background about the entity SPV is under incorporation in India. Hence, date
acquired in terms of products/line of of Incorporation, history of last 3 years turnover
business acquired, date of etc., are not applicable.
incorporation, history of last 3 years
turnover, country in which the acquired
entity has presence and any other
significant information (in brief);

Suven Pharmaceuticals Limited

Registered Office: # 215 Atrium, C Wing, 8th Floor, Corporate Office: # 202, A-Wing, Galaxy Towers,
819-821, Andheri Kurla Road, Chakala, Andheri East, Plot No.1, Hyderabad Knowledge City, TSIIC,
Chakala Midc, Mumbai- 400093, Maharashtra, India Raidurg, Hyderabad - 500081 Telangana, India
Tel: 91 22 61539999 Tel: 91 40 2354 9414 / 3311
Email: [email protected] I Website: www.suvenpharm.com I CIN : L 24 299 M H2 01 8 P L C42 2236