Syngene Q1 Results: PAT up 26% to ₹93 crore, revenue rises 26% to ₹832 crore
Syngene International on Wednesday announced the results for the quarter ended June, 2023, and reported a PAT (profit after tax) of ₹93 crore, which is 26% up YoY. Apart from this, the firm also reported that the quarterly revenue was up 26 percent year-on-year to ₹832 crores, it said in a stock regulatory filing.
The revenue was ₹660 crore in the in the corresponding quarter of last year. Adding on, the firm said that the EBITDA was ₹235 crore for Q1FY24, and the margin was 28.3 percent.
It was ₹188 crore in Q1FY2023. Commenting on the first quarter, Jonathan Hunt, MD and CEO, Syngene International Limited, said, “First quarter performance was strong, led by Development and Manufacturing Services and well supported by our research divisions: Discovery Services and the Dedicated Centers." ALSO READ: Novartis Q1 Results: Net profit declines 61% to ₹20.2 crore; revenue drops 30% He added, “Earlier this month we announced our intention to acquire a site offering additional biologics manufacturing capacity close to our 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." Sibaji Biswas, Chief Financial Officer, Syngene International Limited said, "We are pleased to report a solid start to the year. The financial performance is in line with the revenue growth guidance for the year on a constant currency basis.
At 25%, EBITDA growth reflects better operating leverage as we gain scale in development and manufacturing services." "We made investments in growing our portfolios in biologics manufacturing and discovery services. Despite these investments, the
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