On Tuesday, Syngene International Ltd reported a 14.22 per cent increase in consolidated net profit at Rs 116.5 crore in the September quarter.
As per the exchange filing, the company had posted a consolidated net profit of Rs 102 crore in the year-ago period. Consolidated revenue from operations was at Rs 910.1 crore as compared to Rs 768.1 crore in the year-ago period.
In the second quarter of the current fiscal, The company’s total expenses climbed to Rs 773.6 crore as against Rs 653.5 crore a year ago.
Syngene International Managing Director and CEO Jonathan Hunt said that the company posted strong results for the second quarter and first half of the ongoing financial year, particularly in its development and manufacturing services.
“In development services, we also added a new non-GMP capability centre to meet market demand for agile, cost-efficient, early phase development and scale-up services,” he said.
“In manufacturing, we made good progress on our long-term biologics partnership with Zoetis, as well as commissioning a state-of-the-art, digitally enabled quality control laboratory to support our growing biologics operations,” Hunt said.
The acquisition of a multi-modal facility from Stelis Biopharma Ltd, announced last quarter, is progressing, he added.
On the outlook, Hunt said, “Long-term sector fundamentals remain strong and we expect continued growth but at a lower level in the second half of the year… the short-term slowing in the US biotech segment is reflected in our latest outlook.”
Syngene International Ltd (Syngene), is a Biocon Ltd subsidiary. It generates revenue by providing Contract research and manufacturing services. The company offers Oligonucleotide synthesis, Bioinformatics, Clinical development services, polymer research, chemical development, safety evaluation, discovery chemistry, discovery biology, and other services.
