Revenue from operations grows by 10 per cent
Syngene International announced its third-quarter results. The company reported revenue from operations growth of 10 per cent year-on-year to Rs 6,414 Mn, delivering 10 per cent growth in profit before tax to Rs 1,284 million. Profit after tax for the quarter was Rs 1,040 million, representing year-on-year growth of 2 per cent. Growth in profit after tax was impacted by a lower effective tax rate in the third quarter last year due to a tax reversal and other factors.
For the nine months to December 31 2021, the company delivered growth of 21 per cent in revenue from operations to Rs 18,461 million and profit after tax, before exceptional items, was Rs 2,733 million, an increase of 12 per cent compared to the same period in the previous year. Based on the company’s performance to date and the anticipated project deliveries in the fourth quarter, the company updated the full-year revenue growth guidance to high teens, from the mid-teen guidance shared at the beginning of the financial year.
Jonathan Hunt, MD and CEO, Syngene International, said, “Syngene’s performance across all divisions has been positive through the year, and we expect a busy fourth quarter. As a result, we have raised our revenue growth guidance for the full year to high teens. A highlight for the quarter was the extension of our long-standing collaboration with Amgen until 2026. Since 2012, Syngene has been partnering with Amgen on research and development to address some of the most serious diseases in the world. We are delighted with our joint commitment to not only extend the term of this partnership but also add a new state-of-the-art dedicated laboratory to accelerate the advancement of Amgen’s R&D projects. The five-year renewal of the long-standing contract with Amgen, coming on the heels of the 10-year contract extension signed with BMS last year, confirms the stability of both relationships and provides a clear perspective on the future of our dedicated centres.”