Syngene International Limited on Wednesday announced its first quarter results for FY23. According to the company press statement, it reported quarterly revenue from operations up 8 percent year-on-year to Rs. 644 Cr; profit after tax for the quarter declined by 4% year-on-year to Rs 74 Cr.
“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% year-on-year,” it stated.
“A recent highlight was the signing of a 10-year agreement with Zoetis. The new agreement initially focuses on the commercial manufacturing of Librela, a first-of-its-kind injectable monoclonal antibody used for the alleviation of pain associated with osteoarthritis in dogs. This is a major strategic step for our biologics business and gives us a pathway towards FDA and EMA regulatory approvals anticipated later this year. These first quarter results were in line with our expectations and reflect strong underlying performance across all our business divisions. The contribution from the Development and Manufacturing Services divisions drove the growth momentum against a low base in the previous year. The Dedicated Centers and Discovery Services divisions delivered continued growth. 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, said in a statement.
“Revenue guidance for the year has been raised from mid-teens to high teens to account for two factors: a significant change in the Rupee/US dollar exchange rate which helps the top line as most of our client contracts are dollar denominated and the recent agreement with Zoetis, which will start to benefit revenue in the second half of the year and build gradually in future years,” Sibaji Biswas, Chief Financial Officer, Syngene International Limited stated on Wednesday.