Biocon arm Syngene net up 31 percent in Q2

Bengaluru, Oct 20 (IANS) Pharma major Biocon’s research arm Syngene International Ltd reported Rs.52 crore net profit for second quarter of fiscal 2015-16 from Rs.40 crore in the same period last year, posting 31 percent annual growth.

“Revenue for quarter under review (Q2) grew 28 percent to Rs.262 crore from Rs.205 crore in same period year ago, while earnings before depreciation, income tax and amortization (Ebitda) increased 30 percent to Rs.87 crore from Rs.67 crore year ago,” the subsidiary said in a statement here.

Sequentially, net profit increased 20 percent to Rs.52 crore from Rs.44 crore in first quarter, while revenue was up 11 percent to Rs.262 crore from Rs.236 crore.

“We have witnessed sustained momentum in our business across our dedicated centres, discovery and development platforms,” Syngene chief executive Peter Bains said in a statement here.

Capacity expansion in manufacturing services helped the research firm to keep pace with the increasing requirements of its clients worldwide, he said.

“We continue to invest in the discover and development space to support our partner’s evolving needs and to deliver value to our investors,” Bains added.

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