Syngene Operations Revenue up by 8%, PAT Declines By 4% in Q1

Syngene International Limited, a contract manufacturing firm on Wednesday announced its first quarter results for FY23. The Company reported quarterly revenue from operations up 8 per cent year-on-year to Rs 644 crore from 595 crore in the last fiscal, although profit after tax for the quarter declined by 4 per cent year-on-year to Rs 74 crore, which slipped from 77 Crore in FY2022.

The first quarter results were against a strong quarter last year due to sales of COVID treatment, Remdesivir.  Excluding the impact of Remdesivir, the underlying revenue from operations growth in the quarter was around 30 per cent year-on-year, the company informed in a statement. 

“The decline in profit in the quarter compared to the same period last year was as expected given the strong sales of Remdesivir last year when India was in the midst of the second wave of the pandemic. No sales of Remdesivir were recorded in the first quarter this year,” Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited.