Biocon's arm Syngene revenue up 10% in Q2

Biocon's leading subsidiary Syngene International Ltd on Wednesday reported Rs 352 crore revenue for the second quarter of 2017-18, registering 10 per cent annual growth from Rs 319 crore in the same period year ago.

In a regulatory filing on the BSE, the city-based leading contract research and manufacturing firm said net profit, however, grew 3 per cent annually to Rs 77 crore for the quarter under review from Rs 75 crore in the like period year ago.

Earnings before interest, tax, depreciation and amortisation (Ebitda) grew 7 per cent annually to Rs 130 crore from Rs122 crore year ago, while its margin declined marginally to 37 per cent from 38 per cent year ago.

"We have posted a consecutive quarter of accelerating revenue growth. Our chemical development and dedicated centre verticals continue to put up sustained performance and drive our growth," said Syngene Chief Executive Officer Jonathan Hunt in a statement here.

As part of its capex investment plan, the company added 76-bed capacity to the human pharmacology unit for enabling its clinical development team to meet growing customer demand.

The new facility has dedicated areas for drug administration, phlebotomy, dining, recreation and resting, 24x7 supervision by a team of physicians and staff nurses and a paperless system for recording study data.

"With the expansion, the unit has 190 beds to help our clinical development business meet the demand for its services," added the statement.

The company also incorporated a wholly-owned overseas subsidiary in the US to provide footing in the local market and allow North American clients access to its business teams.

--IANS

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