Syngene Q4 net up 18% to Rs 66.5 cr on higher business from customers

This, because business from contract research and manufacturing services from global pharma firms increased

Syngene International, the contract research arm of India's largest Biopharma firm Biocon, reported 18% increase in fourth quarter profits to Rs 66.5 crore and 31% growth in revenues to Rs 334 crore as business from contract research and manufacturing services from global pharma firms increased.

Syngene had reported profits of Rs 55.6 crore and revenue of Rs 254 crore between January and March last year, the company said in its regulatory filings.

"This growth has been driven by robust performances within all three of our key  business verticals; dedicated R&D centres, discovery services as well as development and  manufacturing services," said Jonathan Hunt, chief executive officer at Syngene in a statement. Hunt took over as CEO of Syngene from April 1.

Syngene raised debt of $100 million (Rs 650 crore) through external commercial borrowings to invest in a new factory in Mangaluru, in Karnataka's west coast and other projects.

The firm has hired veteran molecular pharmacologist  Dr Jayashree Aiyar as head of biology, Dr Chetan  Tamhankar as head of  clinical development studies and Madhur Vaidhya as head of alliance management.

Syngene stock had closed positively ahead of the results. The stock closed Rs 7.25 or 1.95 percent up at Rs 378.55 on the Bombay Stock Exchange on Tuesday.