Syngene International Q1 profit jumps 26% to Rs 93 crore; revenue rises 25%

During the quarter, the company marked three 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.

"First quarter performance was strong, led by development and manufacturing services and well supported by our research divisions: Discovery Services and the Dedicated Centers," said Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International.

"We are pleased to report a solid start to the year. The financial performance is in line with the revenue growth guidance for the year on a constant currency basis. At 25 percent, EBITDA growth reflects better operating leverage as we gain scale in development and manufacturing services," said Sibaji Biswas, Chief Financial Officer, Syngene International.

"We made investments in growing our portfolios in biologics manufacturing and discovery services. Despite these investments, the Company will continue to maintain a strong balance sheet and a low debt profile,” Biswas said.

Shares of Syngene International settled 1.59 percent lower at Rs 764.40 apiece in trade today. The stock gained 5 percent in the last one month, while it rallied 32 percent since the beginning of this year.