Syngene, the contract research unit of Biocon, has reported a 26 per cent increase in net profits for the first quarter to ₹93 crore compared to ₹74 crore in the same quarter last year.
The revenue from operations stood at ₹808 crore, up by 25 per cent compared to ₹644 crore in June 2022. For this quarter, Syngene reported an EBITDA of ₹235, while the EBITDA margin stood at 28.3 per cent.
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“First quarter performance was strong, led by Development and Manufacturing Services and well supported by our research divisions: Discovery Services and the Dedicated Centers,” said Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited.
Earlier this month, the company announced its intention to acquire a site offering additional biologics manufacturing capacity close to the existing Bangalore campus. With 20,000 liters of installed biologics capacity and scope for further expansion, the site strengthens our position as a leading biologics contract development and manufacturing service provider.
“Together, these actions show meaningful progress on our strategy to become a global leader in both research services (CRO) and manufacturing services (CDMO) and give us the capacity we need for the next stage of growth,” he added.
During the quarter, it marked three events, including the previously announced acquisition of a biologics manufacturing facility in Bangalore from Stelis Biopharma Ltd.; the receipt of regulatory approval for the commercial manufacturing plant in Mangalore from the US Food and Drug Administration; and the acquisition of additional land in Hyderabad to support further growth.
“We made investments in growing our portfolios in biologics manufacturing and discovery services. Despite these investments, the company will continue to maintain a strong balance sheet and a low debt profile,” said Sibaji Biswas, Chief Financial Officer, Syngene International Limited.