Syngene profit up 11 percent at Rs 102 crore in Q3

Commenting on the results, Mr Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Ltd. said, "We are pleased to report third-quarter growth in line with our guidance with revenue from operations growing 13% while PAT was up 11%. Sustained focus on employee and campus safety helped us maintain near-normal operations across all our campuses despite the continuing pandemic.

Earlier in the quarter, we signed an agreement with Deerfield Discovery and Development (3DC) to advance therapeutic discovery projects from target validation through to pharmacological proof of concept and preclinical evaluation, both in large and small molecules. As part of this agreement, 3DC has awarded us four new IDD projects. Integrated drug discovery (IDD) is a strategic focus area for the Company. This reflects our ability to deliver projects from early discovery to the clinic. During the quarter, our scientists have continued to support the government and the community in the fight against the coronavirus by using our domain knowledge and infrastructure.

Overall, the third quarter performance puts the Company on course to close the year in line with our guidance."

Quarterly Financial Highlights (All numbers in Rs. Cr except margins)

9M FY21 Financial Highlights (All numbers in Rs. Cr except margins)

Syngene's third-quarter revenue growth was driven by a sustained performance from all divisions. Continued focus on cost control measures and improving operational efficiency have underpinned profitability and delivered a strong profit margin.Syngene International Ltd Q3 FY21 results - Third quarter revenue from operations up 13% to Rs. 585 Cr.

Syngene International Ltd Q3 FY21 results - Third quarter revenue from operations up 13% to Rs. 585 Cr.

Syngene is committed to 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. During the quarter, 3DC has awarded four antibody discovery projects to Syngene in oncology and autoimmune diseases to be executed in 2021.

Continuing its contribution in the fight against COVID-19, the Company completed testing of more than 100,000 samples at its COVID-19 testing facility. It has also set up a new RT-PCR testing facility that has been approved by NABL and ICMR and complies with BSL-2 criteria.

The Company has expanded its research facility in Genome Valley, Hyderabad, India and added capacity for additional 90 scientists. The facility was commissioned in February 2020 with an initial capacity of 150 scientists.

In the Discovery Services division, the Company has received NABL (National Accreditation Board for Testing and Calibration Laboratories) accreditation to provide safety assessment services for testing medical devices from its facility in Bangalore.