On a consolidated basis, Syngene International's net profit soared 33.27% to Rs 77.30 crore on 41.01% increase in revenue from operations to Rs 594.50 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).
Profit before tax surged 42.83% to Rs 94.70 crore in Q1 FY22 as against Rs 66.30 crore in Q1 FY21. EBITDA grew 27% to Rs 177.30 crore in Q1 FY22 as against Rs 139.80 crore in Q1 FY21. EBITDA margin stood at 29% during the quarter compared with 32% during Q1 June 2020.
The company said its first quarter performance reflects growth across all its business divisions as the firm continued to operate at normal levels. The growth in the dedicated R&D Center business is due in part to the expansion of the Bristol Myers Squibb R&D center. Revenue performance in the first quarter was also boosted by the manufacturing of Remdesivir to fulfill high demand for the drug from Indian healthcare providers.
Commenting on the Q1 result, Jonathan Hunt, managing director (MD) and chief executive officer (CEO) of Syngene International, said: "We made a strong start to the financial year. Besides continuing progress across all our business divisions, growth for the quarter was strongly boosted by the manufacturing of COVID-19 treatment, Remdesivir, as we increased production to meet the needs of the second wave of COVID-19 in India. We also made headway with the expansion of our dedicated R&D center for Bristol Myers Squibb following the contract extension announced last quarter."
"As India faced a second wave of the pandemic, our safety protocols continued to provide a sustainable work environment enabling our staff to operate at normal levels and keep client projects on track. During the quarter, following government guidance, we were proud to be able to offer vaccinations to our staff and their families as an additional level of protection. Overall, first quarter performance was in line with our expectations and puts us on track to meet our full year growth guidance in the coming quarters."
Syngene International is an integrated research, development and manufacturing services company serving the global pharmaceutical, biotechnology, nutrition, animal health, consumer goods and specialty chemical sectors.
Shares of Syngene International declined 2.44% to Rs 652.80 on Tuesday, 20 July 2021. The domestic stock market was closed on Wednesday on account of Bakri Eid.
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