Companies

Syngene’s Q4 profits up 15% at ₹138 crore

Our Bureau Bengaluru | Updated on April 28, 2021

Backed by growth in discovery & manufacturing services

Growth in discovery and manufacturing services has boosted Syngene International’s profits. The company, for the fourth quarter (Q4) of FY 2020-21, on a consolidated basis, has posted 15 per cent higher profits (after tax before exceptional item) at ₹138 crore as against ₹120 crore posted last year.

The company’s revenue is also higher by 13 per cent to ₹659 crore as against ₹584 crore in the same period last year.

Dividend

Owing to the uncertainty created by the unprecedented second wave of Covid-19 in India, the Board of Directors has deemed it prudent not to declare a dividend for the financial year 2020-21 in order to prioritise cash and maintain liquidity. As the business environment evolves over the coming months, the Board will review the dividend payable for FY 2021-22, according to the company.

Syngene extends research collaboration with Bristol Myers Squibb

Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Ltd, said, “Syngene’s fourth quarter revenue reflects steady growth from discovery services, manufacturing services and the dedicated centres through the year.”

“The highlight of the quarter was the extension of our long-standing partnership with Bristol Myers Squibb (BMS) until 2030. This renewal underlines the value we deliver as BMS’s largest R&D hub outside the US. Under the new agreement, we will increase the number of scientists working on BMS projects and expand our scope of work to cover new areas of science,” he added.

Syngene posts 11% rise in Q3 profits at ₹102 crore

Prudent management and the resilience of its workforce have enabled it to navigate a challenging year to deliver a solid performance, the company said. “The pandemic will continue to be a factor in the coming year and we have taken this into account as we plan for continued growth in the next 12 months,” said Hunt.

Published on April 28, 2021

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