Biocon arm Syngene net profit up 6% in Q1

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Bengaluru, July 26 (IANS) Leading biotech firm Biocon’s arm Syngene International Ltd posted Rs 66 crore net profit for the first quarter, registering 6 per cent annual growth from Rs 62 crore in the like period year ago.

“Revenue for the quarter (Q1) under review, grew 38 per cent annually to Rs 425 crore from Rs 308 crore in the like period year ago,” said the city-based biopharma in a regulatory filing on the BSE on Wednesday.

Ebitda (earnings before interest, tax depreciation and amortisation) grew 13 per cent annually to Rs 128 crore from Rs 113 crore year ago.

“The quarter saw good performances within biologics, manufacturing, discovery services and chemical development services as well as a benefit from improved foreign exchange rates,” said Syngene Chief Executive Jonathan Hunt in a statement here later.

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Baxter Healthcare extended its multi-year agreement with Syngene, to expand its collaboration for Baxter Global Research Centre until 2024.

–IANS

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