Syngene International fell 1.12% to Rs 305.70 after consolidated net profit rose 5.5% to Rs 91.80 crore on a 11.1% increase in net sales to Rs 519.10 crore in Q3 December 2018.
Consolidated profit before tax (PBT) fell 0.1% to Rs 106.70 crore in Q3 December 2019 as against Rs 106.80 crore in Q3 December 2018. Tax expense fell 24.7% to Rs 14.90 crore in Q3 December 2019 over Rs 19.80 crore in Q3 December 2018. The Q3 earnings were released after market hours yesterday, 22 January 2020.
Syngene International's third quarter business performance was driven primarily by growth in discovery services and supported by steady performance in development services and the dedicated R&D centres.
EBITDA increased by 10% to Rs 173 crore over the corresponding period last year. EBITDA margin stood at 32% in Q3 December 2019 compared with 33% in Q3 December 2018.
Commenting on the Q3 performance, Jonathan Hunt, the chief executive officer of Syngene International, 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."
In the meantime, the board has separated the roles of managing director and chairperson. Hence, 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 Kiran Mazumdar Shaw will become the non-executive chairperson of the company with effect from Wednesday, 1 April 2020.
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Syngene International is engaged in providing contract research and manufacturing services in early-stage drug discovery and development to pharmaceutical and biotechnology companies.
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