Syngene Q2 net profit up 3 pc to Rs 77 crore
Bengaluru-based Syngene International today said it has registered 3 per cent increase in net profit at Rs 77 crore for the quarter ended September 2017 from Rs 75 crore in the same period last year.
Revenue increased by 10 per cent to Rs 352 crore in Q2 FY18 from Rs 319 crore in the corresponding period last year.
Revenue growth in the quarter was driven by a strong performance within the chemical development vertical reflecting good underlying performance and some catch-up of delayed projects from Q1, as well as sustained growth in the dedicated R&D centre vertical.
This was company's second consecutive quarter of accelerating revenue growth after reporting a decline in revenue in Q4 FY17 following the closure of the S2 facility due to a fire incident, a statement issued here said.
The company registered 3 per cent increase in net profit at Rs 139 crore and 8 per cent jump in revenue at Rs 660 crore in H1FY 18.
"We have reported a second consecutive quarter of accelerating revenue growth, closing Q2 FY18 at Rs 352 crore, up by 10 per cent over last year. Our chemical development as well as dedicated centre verticals continue to put up sustained performance and drive our growth," said Syngene International Chief Executive Officer Jonathan Hunt.
"We also made good progress in the quarter on our capex investment plan, adding additional capacity to our Human Pharmacology Unit which will allow our clinical development team to meet growing customer demand. Overall we are making steady progress in re-accelerating topline growth and expect this trend to continue into the second half of FY18." Syngene strengthened its bio equivalence study capabilities by setting up an additional 76-bed Human Pharmacology Unit (HPU) in Bengaluru, the release said.
The new facility has dedicated areas for drug administration, dining, recreation and resting, round the clock supervision by a team of physicians and staff nurses and a paperless system for recording study data.
The company also incorporated a wholly owned overseas subsidiary in the USA, Syngene USA Inc, which will provide a strong local footing in the US market and will allow North American clients easy and local access to business teams, the release added.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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