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ICICI Direct Report
Syngene International Ltd.'s revenues came at Rs 785.9 crore, up 22.5% YoY. This was mainly driven by strong execution, which led to such a robust performance across all divisions.
On the segmental front, growth in its research division was supported by both Discovery Services and dedicated centres. In development and manufacturing segment, repeat orders from existing customers, with its continuous efforts in increasing the number of collaborations with emerging biopharma companies drove a robust performance.
Gross profit margin improved 59 basis points YoY to 73.8%. Ebitda came in at Rs 246.6 up 21.2% YoY whereas margins corrected 33 bps YoY to 31.4%. Profit after tax was at Rs 109 crore (up 5.4% YoY) with margins at ~14%.
Revenues from commercial manufacturing of Librela are expected from the coming year.
It continues to witness growing demand in its main established markets of U.S. and Europe.
Syngene continues to build capability and capacity in the research business by upgrading technology capabilities across platforms, therapeutic areas along with expansion for Hyderabad centre.
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Also Read: Granules India Q3 Results Review - Paracetamol Led Earnings Growth For The Quarter: Motilal Oswal
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