Syngene International Ltd posted 53 per cent year-on-year increase in profit after tax at ₹102 crore for the second quarter of FY23. In Q2 FY22, its PAT was at ₹67 crore.

In Q2 of the current fiscal, its revenue from operations increased 26 per cent YoY to ₹ 768 crore . (₹610 crore)r. According to the company, growth in development services was led by the renewal of the existing contracts and setting up collaborations on additional projects.

Drug discovery

“The quarter saw positive performances across all 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,” said Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International L.td.

In Q2, its EBITDA improved by 22 per cent to ₹232 crore compared to ₹190 crore in Q2 FY22. However, the EBITDA margin fell this quarter from 30.5 per cent to 29.6 per cent. 

For the company, the completion of the process performance qualification batches at a commercial scale for Zoetis was a highlight. The company also said it is on schedule for the upcoming regulatory audits, which will open the door for the commercial manufacturing of the drug substance for Librela, a Zoetis product, beginning in the fourth quarter of FY23.

“Forward planning with suppliers prevented supply chain disruption and, despite the rising global inflation, cost discipline helped us maintain EBITDA margins at similar levels as last year,” said Sibaji Biswas, chief Financial Officer, Syngene International Limited.

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