Syngene International revenue rises 26% yoy to Rs768 crore in Q2FY23

20 Oct 2022 , 09:16 AM

Syngene International Limited has announced its second quarter and first half results. The Company reported quarterly revenue from operations growth of 26% year-on-year to Rs768 crore; profit after tax for the quarter, before an exceptional item, increased by 11% year-on-year to Rs102 crore.

The second quarter results reflect positive and healthy performances across all divisions. Discovery Services experienced sustained demand and Development Services benefitted from repeat orders by existing clients, especially in areas of drug substance development and clinical supplies.

“In Manufacturing Services, as part of the long-term biologics manufacturing agreement signed with Zoetis in the first quarter, the Company completed the process performance qualification batches at a commercial scale. The commercial manufacturing of the drug substance for Librela is likely to begin in the fourth quarter of FY23, subject to successful completion of the required audits”, the company said in a filing.

Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, “The quarter saw positive performances across all divisions. Our research divisions: Discovery Services, including Synvent, our integrated drug discovery platform, and the Dedicated Centres showed sustained growth. Discovery Chemistry in particular saw buoyant customer demand.

With a strong first half of the year behind us we are on track to achieve our guidance, including the upgraded revenue growth target announced in July.”

On Thursday early morning trade, Syngene International Ltd is currently trading at Rs578.80 per share down by Rs10.85 or 1.84% from its previous closing of Rs589.65 per share on the BSE.

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