Syngene International Q2 results: Net profit rises 14.22% to Rs 116.5 crore
Syngene International Q2 results: Syngene International Managing Director and CEO Jonathan Hunt said the company posted strong results for the second quarter and first half of the ongoing financial year, particularly in its development and manufacturing services.
Syngene International Q2 results: Syngene International Ltd on Tuesday reported a 14.22 per cent increase in consolidated net profit at Rs 116.5 crore in the September quarter. The company had posted a consolidated net profit of Rs 102 crore in the year-ago period, Syngene International said in a regulatory filing.
Consolidated revenue from operations were at Rs 910.1 crore as compared to Rs 768.1 crore in the year-ago period, it added. The company's total expenses rose to Rs 773.6 crore in the second quarter of the current fiscal as against Rs 653.5 crore a year ago.
Syngene International Managing Director and CEO Jonathan Hunt said the company posted strong results for the second quarter and first half of the ongoing financial year, particularly in its development and manufacturing services.
"In development services, we also added a new non-GMP capability centre to meet market demand for agile, cost-efficient, early phase development and scale-up services," he said.
"In manufacturing, we made good progress on our long-term biologics partnership with Zoetis, as well as commissioning a state-of-the-art, digitally enabled quality control laboratory to support our growing biologics operations," Hunt said.
The acquisition of a multi-modal facility from Stelis Biopharma Ltd, announced last quarter, is progressing, he added.
On the outlook, Hunt said, "Long-term sector fundamentals remain strong and we expect continued growth but at a lower level in the second half of the year... The short-term slowing in the US biotech segment is reflected in our latest outlook."
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 10 PSU Stocks in 1 Year: Rs 1 lakh investment in top stock has given Rs 5.55 lakh post-tax returns
Gold and Silver rate today (May 23, 2024): Precious metal futures trade under pressure, yellow met below Rs 72,650, white metal near Rs 91,200
Railway Stocks to Buy: These 2 Railway PSU stocks are ready to gather steam, know expert target prices and stop losses
Gold and Silver rate today (May 21, 2024): Precious metal futures trade lower; yellow metal futures below Rs 73,750, white metal futures slips over 1%
PSU multibaggers Cochin Shipyard Ltd and Mazagon Dock hit all-time high, rise over 630% and 299% in 1 year
SIP Investment, 15x20x12 Formula: How investing Rs 20K monthly can build a corpus of Rs 1 crore in 15 yrs | Know Calculation
09:11 PM IST