Syngene International Limited has reported 10 per cent year-on-year growth in revenue from operations at ₹641.4 crore , for the quarter that ended on December 2021.
Further, the company’s profit after tax(PAT) for the quarter was ₹ 104 crore, , which is 2 per cent growth y-o-y. The profit before tax delivered a 10 per cent growth to ₹128.4 crore .
According to the company, growth in profit after tax was impacted by a lower effective tax rate in the third quarter last year due to a tax reversal and other factors.
For the nine months to December 31, 2021, the company reported a growth of 21 per cent in revenue from operations at ₹1,846.1 crore. PAT before exceptional items, was ₹273.3 crore — an increase of 12 per cent compared to the same period in the previous year.
Based on the company’s performance to date and the anticipated project deliveries in the fourth quarter, the company updated the full year revenue growth guidance to high teens, from the mid-teen guidance shared at the beginning of the financial year.
Jonathan Hunt, Managing Director and Chief Executive Officer, said, “Syngene’s performance across all divisions has been positive through the year, and we expect a busy fourth quarter. As a result, we have raised our revenue growth guidance for the full year to high teens.”
Growth drivers
Syngene’s growth drivers for the third quarter are said to be discovery services and the dedicated centers, while development services and manufacturing services delivered sustained performances.
The company signed the extension of the long-standing, multi-discipline research collaboration with Amgen Inc. The contract has been extended until the end of 2026 and its scope includes integrated drug discovery and development solutions.
Considering the sustained momentum in discovery services, in October 2019, the company commissioned the first phase of its R&D facility in Hyderabad and phase two was completed in November 2021. Phase three of the expansion is expected to be completed in this financial year.
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.