Syngene International Q1FY24: Net profit up 26%, revenue surges 25.4%
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Contract manufacturing services firm Syngene International announced on Wednesday that its consolidated net profit increased by 26 per cent to Rs 93 crore in the June quarter.
The revenue from operations in the first quarter rose by 25.4 percent year-on-year (YoY) to Rs 808.1 crore, compared to Rs 644.5 crore in the corresponding period of the last fiscal year.
The earnings before interest, tax, depreciation, and amortization (EBITDA) also saw a YoY increase of 22.6 percent, reaching Rs 212 crore in Q1FY24 compared to Rs 173 crore in the same period last year. The EBITDA margin came in at 26.2 percent, down slightly from 26.8 percent in the year-ago quarter.
During the quarter, the company achieved three significant events: the previously announced acquisition of a biologics manufacturing facility in Bangalore from Stelis Biopharma Ltd, the receipt of regulatory approval for the commercial manufacturing plant in Mangalore from the US Food and Drug Administration, and the acquisition of additional land in Hyderabad to support further growth.
Syngene International’s Chief Financial Officer, Sibaji Biswas, stated that the financial performance of the company aligns with the revenue growth guidance for the year on a constant currency basis. Despite making investments in growing their portfolios in biologics manufacturing and discovery services, the company remains committed to maintaining a strong balance sheet and a low debt profile.
On July 26, shares of Syngene International ended 1.84 per cent down at Rs 761.65 apiece on the BSE.
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