Syngene Q3 profit jumps 31% to Rs 59 cr

Appoints former AstraZeneca executive Jonathan Hunt as CEO from April

Syngene International Ltd, the contract research subsidiary of Biocon on Thursday reported a 31% jump in third quarter  profits to Rs 59 crore and 23% growth in revenues to  Rs 281 crore on improved business from its global clients to help build new drug discovery.

The Bengaluru-based Syngene said chemical development and discovery biology services showed stronger performance.

“We continue to enhance and expand our service offerings to align with growing client requirements,” said Peter Bains, chief executive officer of Syngene in a statement.

Syngene had reported profits of Rs 45 crore on revenues of Rs 229 crore in October-December quarter in 2014.

 

Bains will step down as chief executive in March. Jonathan Hunt, a former senior executive of AstraZeneca who has been designated CEO will replace him in April.

The Syngene stock closed Rs 7.80 or 2.17% higher at Rs 367.60  on Thursday on the Bombay Stock Exchange, ahead of the results announcement.