Syngene profit after tax rises 21 percent at Rs 179 crore in Q4
Revenue from operations rose to Rs 3,193 crore in FY23 as compared with Rs 2,604 in 2021-22 fiscal.
New Delhi: Contract manufacturing services firm Syngene International has said its profit after tax rose 21 per cent to Rs 179 crore during the March quarter.
Revenue from operations rose to Rs 994 crore in the fourth quarter as compared with Rs 758 crore in the corresponding period of the last year, Syngene International said in a statement.
For FY23, the company reported a PAT of Rs 464 crore, up 17 per cent, as against Rs 396 crore in the 2021-22 fiscal.
Revenue from operations rose to Rs 3,193 crore in FY23 as compared with Rs 2,604 in 2021-22 fiscal.
Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, “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. 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."
"Manufacturing Services had a particularly strong year, led by our commercial-scale biologics manufacturing business which had a busy fourth quarter supporting our partnership with Zoetis, following successful regulatory inspections by the US, European and UK regulatory authorities," Jonathan added.
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 said.
“I am pleased to report a strong performance throughout the year, including our biggest ever quarter to finish this fiscal year. Our robust business model, broad customer base and strong balance sheet, combined with a tight focus on execution, enabled us to deliver revenue growth of 23% year-on-year, margins at around 30% and increased net cash of Rs 224 Crs.
As a result, in this fiscal year, the Company delivered the highest absolute year-on-year increase in revenue and EBITDA that we have seen in the last 5 years, providing a strong foundation for our future plans.” added Sibaji Biswas, Chief Financial Officer, Syngene International Limited.
