Syngene International hits record high after posting robust Q2 results

Syngene International gained 0.87% to Rs 547.80 at 11:15 IST on BSE after net profit rose 55% to Rs 75 crore on 22% rise in total revenue to Rs 319 crore in Q2 September 2016 over Q2 September 2015.

The result was announced after market hours yesterday, 20 October 2016.

Meanwhile, the S&P BSE Sensex was down 135.11 points, or 0.49%, to 27,990.72.

High volumes were witnessed on the counter. On BSE, so far 65,911 shares were traded in the counter, compared with average daily volume of 31,445 shares in the past one quarter. The stock hit a high of Rs 565 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 546.05 so far during the day. The stock hit a 52-week low of Rs 343.70 on 9 November 2015. The stock had outperformed the market over the past one month till 20 October 2016, rising 14.88% compared with 1.38% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 28.49% as against Sensex's 0.77% rise.

The mid-cap company has equity capital of Rs 200 crore. Face value per share is Rs 10.

Syngene International's earnings before interest, taxes, depreciation and amortization (EBITDA) rose 49% to Rs 122 crore in Q2 September 2016 over Q2 September 2015. EBITDA margin rose to 38% in Q2 September 2016 from 31% in Q2 September 2015.

Promoted by Biocon, Syngene International is a leading India-based contract research organization (CRO) offering a suite of integrated and end-to-end discovery and development services for novel molecular entities (NMEs) across industrial sectors. Biocon holds 72.61% stake in Syngene, as per the shareholding pattern as on 30 September 2016.

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