Syngene International Ltd Share Price – NSE  /  BSE

Pharmaceuticals, Small Cap

Syngene International will hold a meeting of the Board of Directors of the Company on 24 April 2024.

Powered by Capital Market - Live News

“The company has received an order passed under Section 143(3) read with Section 144B of the Income-tax Act, 1961 for assessment year 2022-23, raising a demand of Rs 16,00,99,610 (including interest),” stated the company in a filing.

The firm informed that it is in the process of analysing the order and will take the next course of action.

Syngene International is engaged in providing contract research and manufacturing services from lead generation to clinical supplies to pharmaceutical and biotechnology companies worldwide.

The company’s consolidated net profit rose 2% to Rs 112 crore on 8.65% increase in revenue from operations to Rs 854 crore in Q3 FY24 over Q3 FY23.

Shares of Syngene International fell 1.41% to end at Rs 701.70 on Thursday, 28 March 2024.

Powered by Capital Market - Live News

Revenue from operations stood at Rs 854 crore in Q3 FY24, registering a growth of 8.65% from Rs 786 crore reported in the same period a year ago.

Profit before tax rose by 1% to Rs 1,419 crore in Q3 FY24 as compared with Rs 1,399 crore in Q3 FY23.

EBITDA was Rs 261 crore in Q3 FY24, up 5% YoY as compared to Rs 248 crore during Q3 FY23. EBITDA Margin jumped 31% in Q3 FY24 as against with 30% Q3 FY23.

During the quarter, Syngene concluded the acquisition of the multi-modal biologics manufacturing facility from Stelis Biopharma Ltd as announced in July 2023. Once operational, the acquisition will add 20,000 litres of biologics drug substance manufacturing capacity to Syngene’s existing capabilities. It also includes a commercial scale, high speed, fill-finish unit, which is an essential capability for drug product manufacturing. The facility is expected to be operational in the second half of FY25, subject to regulatory approvals.

On guidance front, the company said that the temporary slow-down in biotech funding in the US is likely to result in sustained but slower growth in the near term. Taking this into account, it now anticipates full-year revenue growth at around double digits in constant currency compared with our earlier projection of mid-teens constant currency growth.

Commenting on the quarter, Jonathan Hunt, managing director and chief executive officer, Syngene International, said, “Overall, our 9% growth in the quarter was affected by reduced funding in the US biotech segment which impacted demand in our Discovery Services Division. Our Dedicated Centers and Development and Manufacturing Divisions performed well. We are starting to see early signs of funding levels stabilizing and industry fundamentals for pharma outsourcing remain positive for the medium-to-long term.

In terms of our business strategy, we concluded the acquisition of the multi-modal biologics manufacturing facility from Stelis Biopharma and we have embarked on repurposing the facility from vaccines to biologics manufacturing in preparation for revalidation. We expect the facility to be ready for operations in the second half of fiscal year 2025, subject to regulatory approvals.”

Syngene International is engaged in providing contract research and manufacturing services from lead generation to clinical supplies to pharmaceutical and biotechnology companies worldwide.

The scrip fell 1.42% to close at Rs 686.05 on Thursday, 25 January 2024.

Powered by Capital Market - Live News

Net profit of Syngene International rose 1.64% to Rs 111.50 crore in the quarter ended December 2023 as against Rs 109.70 crore during the previous quarter ended December 2022. Sales rose 8.60% to Rs 853.50 crore in the quarter ended December 2023 as against Rs 785.90 crore during the previous quarter ended December 2022.

Powered by Capital Market - Live News