Syngene reports 6% yoy rise in Q3 net profit

Syngene reports 6% yoy rise in Q3 net profit
Syngene International Limited announced its Q3FY20 results on Wednesday. The company posted a quarterly revenue of Rs539cr, an increase of 11% from the corresponding quarter last year.

EBITDA increased by 10% yoy to Rs173cr over the corresponding period last year, while PAT increased by 6% yoy to Rs92cr.

Syngene’s third quarter business performance was driven by growth in Discovery Services and Development Services. Revenue for the nine month period ending 31st December 2019 increased by 9% to Rs1,466cr driven primarily by growth in Discovery Services and supported by steady performance in Development Services and the Dedicated R&D Centres.

The Board of Syngene has separated the roles of Managing Director and Chairperson. Accordingly, Mr Jonathan Hunt, currently the Wholetime Director and Chief Executive Officer, will assume the role of Managing Director and Chief Executive Officer of the Company and Ms Kiran Mazumdar Shaw will become the Non-executive Chairperson of the Company with effect from April 01, 2020.

Commenting on the results, Mr. Jonathan Hunt, Chief Executive Officer - Syngene International Limited, said: “Syngene’s third quarter revenue grew 11% over the corresponding quarter last year mainly driven by strong performances from Discovery Services and Development Services. Overall, these results represent steady growth and keep us on track as we go into the last quarter of the financial year.
Other operational highlights include the successful approval by the Russian regulatory authorities as well as the GLP approval from NGCMA for our Viral Testing Facility, both of which reflect our continued commitment to complying with global quality and regulatory standards. In the quarter, we also strengthened the Executive Committee with the appointments of our new CFO, Sibaji Biswas, joining from Vodafone, Jan-Olav Henck who will lead our Development Services business, joining from Bayer AG, as well as Vinita Shrivastava, our new CHRO, joining from Sasken Technologies. I am delighted that all of them bring deep, global experience which will underpin future growth

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