Syngene Revenue Up 26% To Rs 832 crores, PAT Up 26% In Q1FY24

Syngene International on Wednesday announced its first quarter results. The company's quarterly revenue was up 26 per cent year-on-year to Rs. 832 crores, while profit after tax for the quarter increased 26 per cent year-on-year to Rs 93 crores.

During the quarter, the company marked three events:  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.

Commenting on the first quarter, Jonathan Hunt, Managing Director and Chief Executive Officer, 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. 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 added, “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 per cent, 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 Company will continue to maintain a strong balance sheet and a low debt profile.”