-
ALSO READ
Bright outlook: Sun Pharma to Cipla, drug firms set for Q3 health boost
Automobile Q3 results preview: Strong volume recovery to drive earnings
Infosys Q3 preview: Large deals, acquisitions to drive PAT by up to 16% YoY
Wipro Q3 preview: Net profit may rise up to 10% YoY; Q4FY21 guidance eyed
Wipro Q3 profit grows 21% YoY to Rs 2,968 crore, margins expand 243 bps QoQ
-
Biocon's custom research organisation (CRO) Syngene International Limited reported an 11 per cent rise in its consolidated net profit for the quarter ended December 31, 2020 (Q3) on account of cost control measures and operational efficiency.
Apart from continued focus on cost control measures, a sustained performance from all divisions saw the company post a consolidated net profit of Rs 102.2 crore in Q3 of FY21, up from Rs 91.8 crore.
Syngene's consolidated revenue in the quarter went up by 11.59 per cent to Rs 601.6 crore as against Rs 539.1 crore in the corresponding period last year. The third quarter growth was in line with the company's guidance, said Jonathan Hunt, managing director and chief executive officer of Syngene International Ltd.
"Sustained focus on employee and campus safety helped us maintain near-normal operations across all our campuses despite the continuing pandemic," Hunt added.
ALSO READ: Bajaj Auto Q3 consolidated PAT grows 30% YoY to Rs 1,716 crore
The company has been expanding its portfolio of integrated drug discovery projects in order to leverage its wide range of skills and capabilities spanning the entire discovery, development and manufacturing value chain. As part of this, Syngene is collaborating with 3DC to advance integrated drug discovery projects, from early target validation through to preclinical evaluation.
As a result, 3DC has awarded four antibody discovery projects during the third quarter to Syngene in oncology and autoimmune diseases to be executed in 2021.
Syngene has also completed testing of more than 100,000 samples at its Covid-19 testing facility, apart from setting up a new RT-PCR testing facility that has been approved by NABL and ICMR and complies with BSL-2 criteria.
Syngene's expanded research facility in Genome Valley, Hyderabad, India with an additional 90 scientists' capacity was commissioned in February 2020 with an initial capacity of 150 scientists.
Meanwhile, in the discovery services division, Syngene International has received National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditation to provide safety assessment services for testing medical devices from its facility in Bangalore.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU