Syngene posts 2% rise in Q2 profits at ₹84 crore

Our Bureau. Bengaluru | Updated on October 22, 2020

A robust operating performance during the second quarter of the current fiscal has helped Syngene International Ltd to post a 2 per cent increase in net profit to ₹84 crore on a year-on-year basis.

Its total revenue grew 10 per cent to ₹533 crore for the same period, the company said in a notification to the stock exchanges. “The second quarter saw a positive return to growth following a muted first quarter that was impacted by Covid-19, with second-quarter revenue from operations growing 12 per cent year-on-year and a PAT growth of 2 per cent. This result reflects a robust operating performance as we have adapted to the Covid-19 situation. We are at near-normal operating levels with all our scientists working on-site with proper protective measures,” Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Ltd said.

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“We are happy to continue to support the global health community in the fight against Covid-19 through our dedicated RT PCR testing laboratory, our research efforts and by developing and supplying reagents and oligonucleotides to diagnostic kit manufacturers. The credit rating upgrade by ICRA is a further affirmation of Syngene’s strong fundamentals and the confidence the market has in our growth story. We expect to sustain our growth through the second half and are making good progress towards achieving our full-year guidance,” he added.

Published on October 22, 2020

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