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Syngene climbs over 8% after better than expected September quarter

Syngene climbs over 8% after better than expected September quarter

Syngene climbs over 8% after better than expected September quarter
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By Nishtha Pandey  Oct 19, 2022 4:17:26 PM IST (Published)

“Forward planning with suppliers prevented supply chain disruption and, despite the rising global inflation, cost discipline helped us maintain EBITDA margins at similar levels as last year,” said Sibaji Biswas, chief financial officer, Syngene International.

Shares of Syngene International climbed over eight percent after the company reported a 53 percent rise in consolidated net profit at Rs 102 crore as compared to standing at Rs 66.7 crore in the corresponding period a year ago.

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Syngene International shares closed at Rs 590, climbing up 6.41 percent from the previous close on the BSE.
The company saw a jump of 26 percent in revenue from operations to Rs 768 crore in the July-September quarter. The earnings before interest, taxes, depreciation and amortisation (EBIDTA) — the measure of core corporate profitability — grew 22 percent for the quarter.
EBITDA margin went up by 29.6 percent as against 30.5 percent in the corresponding period a year ago.
"The quarter saw positive performances across all divisions. Our research divisions: Discovery Services, including Synvent, our integrated drug discovery platform, and the Dedicated Centres showed sustained growth. Discovery Chemistry in particular saw buoyant customer demand,” said Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited.
Growth in Development Services was led by existing clients renewing contracts and setting up collaborations on additional projects, he added further.
Manufacturing Services completed process performance qualification batches at a commercial scale as part of the long-term biologics manufacturing agreement signed with Zoetis in the first quarter. Subsequent to the successful completion of the required audits, commercial manufacturing of Librela is expected to begin in the fourth quarter of FY23.
Librela is a first-of-its-kind injectable monoclonal antibody used to relieve pain associated with osteoarthritis in dogs, the company mentioned in a regulatory filing while adding about the future work.
Syngene International is seeing healthy signs of growth in the market for contract research, development and manufacturing services, according to the management which told CNBC-TV18 that they will continue to invest in infrastructure and capability development.
The company is an integrated research, development and manufacturing services outfit serving the global pharmaceutical, biotechnology, nutrition, animal health, consumer goods and speciality chemicals.
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