Syngene International Q1 net profit up 33 pc at Rs 77 cr; John Shaw steps down from board

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July 21, 2021 1:00 PM

The company had posted a net profit of Rs 58 crore for the corresponding period of the previous fiscal, Syngene International said in a late night filing on Tuesday.

Syngene InternationalConsolidated revenue from operations of the company stood at Rs 594.5 crore for the quarter under consideration. It was Rs 421.6 crore for the same period a year ago, it added.

Syngene International has reported a 33.27 per cent rise in its consolidated net profit at Rs 77.3 crore for the quarter ended June 30, 2021 driven by progress across all its business divisions and a strong boost provided by the COVID-19 drug, remdesivir. The company had posted a net profit of Rs 58 crore for the corresponding period of the previous fiscal, Syngene International said in a late night filing on Tuesday.

Consolidated revenue from operations of the company stood at Rs 594.5 crore for the quarter under consideration. It was Rs 421.6 crore for the same period a year ago, it added.

“Besides continuing progress across all our business divisions, growth for the quarter was strongly boosted by the manufacturing of COVID-19 treatment, Remdesivir, as we increased production to meet the needs of the second wave of COVID-19 in India,” Syngene International MD and CEO Jonathan Hunt said. Overall, first quarter performance was in line with, “our expectations and puts us on track to meet our full year growth guidance in the coming quarters,” he added.

In a separate filing, Syngene said John Shaw, non-executive, non-independent director of the company has communicated his intention to step down from the Board due to health reasons with effect from the conclusion of the Annual General Meeting of the company on Wednesday. John was appointed to the Board in 2000, and made significant contributions in helping the company cross many significant milestones. His strong management and financial experience helped Syngene establish the strong corporate governance that the company is recognised for, the filing added. John Shaw is married to Biocon Executive Chairperson Kiran Mazumdar-Shaw.

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