Syngene International Q4 Results: Net profit jumps 21% to YoY Rs 179 crore

Syngene International, the listed contract research and manufacturing services arm of Biocon reported a 21% year-on-year (YoY) jump in net profit to Rs.179 crore in Q4FY23.
The fourth quarter revenue from operations rose 31% YoY to Rs. 994 crore.

The earnings before interest, tax, depreciation and ammortisation (EBITDA) rose 27% YoY to Rs. 337 crore in Q4FY23. The EBITDA margin dropped 120 basis points to 33.1%.

For the full year ending March 31, 2023, revenue from operations was up 23% to Rs. 3,193 crore, resulting in profit after tax, before exceptional items, up 10% to Rs. 464 crore.

“Strong growth in the fourth quarter, added to a positive performance over the course of the year, delivered full-year results ahead of our upgraded guidance," said Jonathan Hunt, MD & CEO of Syngene.

"All business divisions delivered growth through the year triggering investment in additional laboratory capacity and new facilities at our campuses in Bangalore and Hyderabad, as well as creating over 1000 new jobs," Hunt said.

Hunt said the manufacturing services had a particularly strong year, led by the commercial-scale biologics manufacturing business, which had a busy fourth quarter supporting partnership with Zoetis, following successful regulatory inspections by the US, European and UK regulatory authorities.

"Looking ahead, we are optimistic - despite challenges such as inflation, geopolitical uncertainties and recessionary pressures visible in some regions of the world - that our performance over the last year and the progress we have made on the strategic development of the Company, position us well for the year ahead,” he added.