Syngene Q2 profit up 31% to Rs 52.3 crore

Syngene International, the drug discovery and manufacutring subsidiary of Biocon, reported 31 per cent growth in second quarter profits to Rs 52.3 crore on overall business grwoth, led by development and manufacturing services.

Revenue for the July to September period grew by 28% to Rs 262.4 crore, Syngene said in a statement.

The Bengaluru-based Syngene raised Rs 550 crore in its initial public offer in July to invest in research and development, set up factories and build capacity for drug development and manufacuturing services for global pharma majors.

Syngene reported profits of Rs 40 crore on revenue of Rs 205.2 crore in the same period last year.

"We do have good visiblity. There is strong order book across verticals. We will continue to deliver the good growth in the second half,"said Peter Bains, chief executive officer of Syngene in a call after the results.

Syngene has three lines of business: dedicated centres for global pharma firms such as Bristol Myers Squibb, Abbott Nutrition and Baxter International; discovery services to discover new molecules for firms and development and manufacturing of helping clients to produce molecules for pre clinical trials and manufacturing for them.

Syngene plans to invest $ 75 million (Rs 480 crores) over the next six months to build capacity and part invest in its Mangaluru plant.