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Syngene International, a leading contract research organisation, reported a marginal increase of 1.6 per cent in net profit in Q3 FY24 at ₹111.5 crore compared to ₹109.7 crore in the same quarter last year. Sequentially, it reported a 4.2 decrease in net profit compared to ₹116.5 crore in the second quarter FY2
The company’s revenue from operations for Q3FY24 improved by 8.6 per cent y-o-y to ₹853.5 crore compared to ₹785.9 crore in Q3FY23. On a sequential basis, its revenues from operations decreased by 6.21 per cent from ₹910.1 crore reported in Q2.
Commenting on the quarter, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Ltd, said, “Overall, our 9 per cent growth in the quarter was affected by reduced funding in the US biotech segment which impacted demand in our Discovery Services Division. In terms of our business strategy, we concluded the acquisition of the multi-modal biologics manufacturing facility from Stelis Biopharma Ltd and we have embarked on repurposing the facility from vaccines to biologics manufacturing in preparation for revalidation. We expect the facility to be ready for operations in the second half of fiscal year 2025, subject to regulatory approvals.”
Syngene’s total expenses for third quarter increased to ₹740.9 crore compared to ₹663.2 crore in the same quarter last year.
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