Syngene Intl gains after Q4 PAT rises 20% to Rs 120 cr

Syngene International rose 1.82% at Rs 325 after net profit rose 20% to Rs 120.20 crore on 13% increase in revenue to Rs 628 crore in Q4 March 2020 over Q4 March 2019.

The company said fourth quarter performance was driven by strong growth in its discovery and development services divisions. During the quarter, the company commissioned a new research facility at Biocon Park in Bengaluru. The facility will house multi-disciplinary research laboratories supporting biology, QC microbiology and other research domains.

Syngene's consolidated EBITDA jumped 24% to Rs 225 crore in Q4 March 2020 from Rs 181 crore in Q4 March 2019. EBITDA margin improved to 36% in Q4 2020 from 33% reported in Q4 2019.

Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer said, I am pleased to announce solid revenue growth of 13% in the fourth quarter against a strong corresponding quarter last year. The quarter saw our two main divisions; Discovery Services and Development Services, both turn in strong performance. During the quarter, important developments included the commissioning of a new research facility in Bengaluru that will house Discovery Biology, QC Microbiology and other research capabilities. On a full year basis, we reported 10% growth in revenue over last year, which we believe provides a firm foundation to build on in the coming financial year. As India responds to the challenges of the COVID-19 pandemic, we are proud to play an active role by opening a dedicated COVID-19 testing centre to deliver antibody-based tests to support the local community and hospitals in the Bangalore region. Additionally, we have diverted resources to supply reagents for use in the development and manufacture of COVID-19 testing kits.

Syngene International is engaged in providing contract research and manufacturing services in early-stage drug discovery and development to pharmaceutical and biotechnology companies.

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