Syngene International reports 14.22 percent increase in net profit at Rs 116.5 crore in Q2
New Delhi: Syngene International Ltd has reported a 14.22 per cent increase in consolidated net profit at Rs 116.5 crore in the September quarter.
The company had posted a consolidated net profit of Rs 102 crore in the year-ago period, Syngene International said in a regulatory filing.
Consolidated revenue from operations were at Rs 910.1 crore as compared to Rs 768.1 crore in the year-ago period, it added.
The company's total expenses rose to Rs 773.6 crore in the second quarter of the current fiscal as against Rs 653.5 crore a year ago.
Syngene International Managing Director and CEO Jonathan Hunt said 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. is an integrated research, development, and manufacturing services company serving the global pharmaceutical, biotechnology, nutrition, animal health, consumer goods, and specialty chemical sectors. With a combination of dedicated research facilities for Amgen, Baxter, and Bristol-Myers Squibb as well as 2 Mn sq. ft of specialist discovery, development and manufacturing facilities, Syngene works with biotech companies pursuing leading-edge science as well as multinationals, including GSK, Zoetis and Merck KGaA.
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