Syngene International posted a net profit of ₹111.5 crore in the quarter ended December 31, 2023. The net profit rose marginally by 1.6% from ₹109.7 crore the listed contract research and manufacturing services arm of Biocon had posted in Q3FY23. Sequentially, the net profit dropped from ₹116.5 crore it had posted in the September quarter results.
Syngene's revenue in the third quarter of the current financial year jumped 8.6% on a year-on-year basis to ₹853.5 crore, compared to ₹785.9 crore in Q3FY23. On a sequential basis, the revenue dropped from ₹910.1 crore the pharma R&D firm had posted in the September quarter results.
#3QWithCNBCTV18 | Syngene reports Q3 earnings 👇
>>Net Profit up 1.6% at ₹111.5 cr Vs 109.7 cr (YoY)>>Revenue up 8.6% at ₹853.5 cr Vs ₹785.9 cr (YoY) pic.twitter.com/DDEBmPudV0— CNBC-TV18 (@CNBCTV18Live) January 25, 2024
Syngene's EBITDA came in flat at ₹231.5 crore in Q3FY24 against ₹231 crore it had posted a year ago in the same quarter. The Biocon subsidiary's margin dropped to 27% in the December quarter on a YoY basis. Its margin was at 29% in Q3FY23.
Syngene has further cut its FY24 revenue growth guidance to be around double digits from earlier mid-teens it had projected in the September quarter, which was also reduced from its high-teens projections before the Q2 results. The company said that a temporary slowdown in biotech funding in the United States will impact growth in the near term.
Syngene International's stock price, however, traded flat in the red, quoting at ₹694.
(Edited by : Amrita)
First Published: Jan 25, 2024 3:35 PM IST
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