Syngene International Limited on Tuesday announced that its third-quarter results that ended on December 31, 2022. The company said that its quarterly revenue was up to Rs. 803 crores, while profit after tax for the quarter increased to Rs 110 crores.
Profit before tax stood at Rs 139.90 crore in Q3 FY23, up 9% from Rs 128.40 crore reported in the same period last year.
Reported EBITDA increased by 15% to Rs 248 crore in Q3 FY23 as against Rs 216 crore posted in Q3 FY22. EBITDA margin reduced to 30.9% as compared to 33.1% registered in the corresponding quarter a year ago.
According to Syngene, the third quarter results reflect positive performances across all divisions. The firm’s research divisions, discovery services and the dedicated centres, delivered solid results.
“We continue to see good demand in the main client markets of US and Europe which – combined with strong execution and forward planning – has helped us deliver solid revenue growth in the third quarter. We are pleased to report positive performances from all divisions this quarter. Growth in our research divisions, Discovery Services and the Dedicated Centres, was solid. In Development Services, repeat orders from existing clients, as well as an increase in the number of collaborations with emerging biopharma companies drove a robust performance,” Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said in a statement on Tuesday.
Hunt said that in Manufacturing, the highlight of the quarter was the successful inspection of our biologics facilities by the US FDA, EMA and MHRA.
With the Good Manufacturing Practice (cGMP) certifications from the regulatory agencies in place, the company is on track to execute manufacturing of drug substance at a commercial scale and progress its Biologics manufacturing services growth strategy, Hunt added.
“Based on our strong performance to date, we are confident of meeting the upgraded annual revenue growth guidance of high teens,” he said.
Sibaji Biswas, Chief Financial Officer, Syngene International Limited said on Tuesday that they have been largely successful in navigating such issues to date and they remain confident about the positive future potential for the business.
In November 2022, Joydeep Kant joined the Company in November 2022 as SVP Development Services and a member of the Executive Committee. In December 2022, Andrew Webster joined Syngene as the Chief Human Resources Officer (CHRO) and a member of the Executive Committee.