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Shares of Biocon's research arm drop after December quarter revenue growth misses estimates

market | Jan 24, 2023 12:08 PM IST

Shares of Biocon's research arm drop after December quarter revenue growth misses estimates

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EBITDA margins slipped to 30.9 percent during the December quarter from 33.1 percent in the year-ago quarter.

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Syngene International Ltd. on Monday announced earnings for the December quarter that missed Axis Capital's expectations.

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The company’s revenue from operations for the December quarter stood at Rs 786 crore, up 23 percent from Rs 641 crore in the year-ago quarter. This was lower than Axis Capital's estimate of 27 percent growth in revenue at Rs 814.6 crore.

However, it was the second straight quarter when Syngene managed to grow its revenue by more than 20 percent.

Profit after tax (PAT) inched up 5 percent to Rs 110 crore compared to Rs 104 crore in the year-ago quarter. This was below Axis Capital's estimate of Rs 119.2 crore but in line with the company's guidance of single-digit growth for the quarter.

Operating income, or EBITDA, rose 14 percent to Rs 231 crore compared to Rs 203.4 crore a year ago. However, EBITDA margins slipped to 30.9 percent from 33.1 percent in the same period a year ago.

The company also said that it is maintaining its July 2022 upgraded guidance for the current fiscal i.e. high-teen revenue growth, EBITDA margin of around 30 percent, and profit growth in single digits for the full fiscal year.

Syngene International Ltd. is an integrated research, development, and manufacturing services company serving the global pharmaceutical, biotechnology, nutrition, animal health, consumer goods, and specialty chemical sectors.

Shares of Syngene International Ltd. ended 4 percent lower at Rs 581.05 on Tuesday.
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