Stocks

Syngene International drops over 5% on Q2 results

Internet Desk | Updated on October 22, 2020 Published 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.

The stock has fallen for the third straight day and currently trades 5.3 per cent lower at ₹523.

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Published on October 22, 2020
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