Syngene Intl Q3 PAT rises 11% YoY to Rs 102 cr

Syngene International gained 0.85% to Rs 616.6 after the drug maker posted a 11.3% rise in consolidated net profit to Rs 102.2 crore on a 12.6% rise in net sales to Rs 584.5 crore in Q3 December 2020 over Q3 December 2019.

Consolidated profit before tax stood at Rs 116.5 crore in Q3 December 2020, 9.2% higher than Rs 106.7 crore in Q3 December 2019. Tax expense declined 4% to Rs 14.3 crore in Q3 December 2020 over Q3 December 2019.

The drug manufacturer said its third-quarter revenue growth was driven by a sustained performance from all divisions. Continued focus on cost control measures and improving operational efficiency have underpinned profitability and delivered a strong profit margin.

Consolidated EBITDA grew by 11% to Rs 193 crore in Q3 December 2020 from Rs 173 crore in Q3 December 2019. EBITDA margin remained stable at 32% in Q3 December 2020 over Q3 December 2019.

Commenting on the results, Jonathan Hunt, MD & CEO of Syngene International said, We are pleased to report third quarter growth in line with our guidance with revenue from operations growing 13% while PAT was up 11%. Sustained focus on employee and campus safety helped us maintain near-normal operations across all our campuses despite the continuing pandemic. Earlier in the quarter, we signed an agreement with Deerfield Discovery and Development (3DC) to advance therapeutic discovery projects from target validation through to pharmacological proof of concept and preclinical evaluation, both in large and small molecules. As part of this agreement, 3DC has awarded us four new IDD projects. Integrated drug discovery (IDD) is a strategic focus area for the Company. This reflects our ability to deliver projects from early discovery to the clinic. During the quarter, our scientists have continued to support the government and the community in the fight against the coronavirus by using our domain knowledge and infrastructure. Overall, the third quarter performance puts the Company on course to close the year in line with our guidance.

Syngene International is an integrated research, development and manufacturing services company serving the global pharmaceutical, biotechnology, nutrition, animal health, consumer goods and specialty chemical sectors.

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