Syngene International Limited reported net profits during the third quarter of FY23 grew by 5.9 per cent to ₹109.5 crore, compared to ₹103.4 crore in December 2021.
The company’s revenues from operations were up 23 per cent to ₹786.6 crore in Q3 of FY23, compared to ₹639.5 crore in Q3 of FY22.
“We continue to see good demand in the main client markets of the US and Europe, which, combined with strong execution and forward planning - has helped us deliver solid revenue growth in the third quarter,” said Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited.
During this quarter, the earnings per share increased to ₹2.73 compared to ₹2.55 in the same quarter last year.
He added, “We are pleased to report positive performances from all divisions this quarter. Based on our strong performance to date, we are confident of meeting the upgraded annual revenue growth guidance of high teens.”
Sibaji Biswas, Chief Financial Officer, Syngene International Limited noted,“Overall financial performance for the nine months ending 31st December 2022 was in line with our upgraded guidance and, with strong underlying revenue growth and stable margin delivery, we are on track to achieve our guidance for the year. In line with the global trend, we are also facing inflationary pressures, but we have been largely successful in navigating such issues to date and we remain confident about the positive future potential for our business.”