Posts PAT (after exceptional items) up by 18 per cent to Rs 131 crores

Syngene International announced its third-quarter financial results. Reported revenue from operations was up by 11 per cent year-on-year to Rs 944 crores and increased sequentially by 6 per cent from the prior quarter. Reported profit after tax, after exceptional items, was up 18 per cent year-on-year to Rs 131 crores.

Jonathan Hunt, MD and CEO, Syngene International, said, “Syngene’s third quarter performance saw a return to growth across all business divisions that sets us up well for the next quarter. Our Discovery Services division saw the initial “China+1” pilot projects, with large and mid-size pharma companies, starting to convert into longer-term contracts. This underscores Syngene’s ability to build strong partnerships through great science and high operating and quality standards. Now, our focus is on further business development and building the sales pipeline. The quarter also saw positive momentum in our CDMO division led by biologics.  Growth in the quarter suggests that market dynamics, particularly in US biotech, are stabilising, albeit later than expected.”

Deepak Jain, Chief Financial Officer, Syngene International added, “The third quarter performance delivered year-on-year growth. Reported profit after tax (before exceptional items) for the quarter grew by 14 per cent supported by operating EBITDA margins that came in at 30.1 per cent, up from 27.1 per cent in the previous year. We continued to focus on investing in digital initiatives, new technologies and commercial capabilities to drive growth.”

Third quarter performance was marked by growth in the Research Services as well as CDMO business with increased traction in biologics.