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Syngene International increases by 6% on strong Q1 results

Jul 27, 2023

By: BlinkX Research Team

A day after the contract manufacturing services firm disclosed a 26% year-on-year increase in consolidated earnings at Rs 93 crore in the June quarter, Syngene International Ltd increased by more than 6% in morning session on July 27.

Operating income increased by 25.4% YoY in the first quarter to Rs 808.1 crore. EBITDA, which stands for earnings before interest, tax, depreciation, and amortization, increased by 22.6% year on year to Rs 212 crore. The EBITDA margin was 26.2%, down from 26.8% in the corresponding period last year.

The company purchased a biologics manufacturing facility from Stelis Biopharma Ltd in Bengaluru during the quarter, received regulatory permission from the US Food and Drug Administration for the commercial production plant in Mangalore, and bought additional property in Hyderabad.

Source: Media Reports