Syngene International Limited has reported Q2 FY 2023 revenue from operations growth of 26% year-on-year to Rs. 768 crores; profit after tax for the quarter, before an exceptional item, increased by 11% year-on-year to Rs. 102 crores.

Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, "The quarter saw positive performances across all divisions. Our research divisions: Discovery Services, including Synvent, our integrated drug discovery platform, and the Dedicated Centres showed sustained growth.  Discovery Chemistry in particular saw buoyant customer demand.

Growth in Development Services was led by existing clients renewing contracts and setting up collaborations on additional projects. The highlight in Manufacturing Services was the successful completion of the process performance qualification batches at a commercial scale for Zoetis. We are on track for the next important regulatory audits which will pave the way for the commercial manufacturing of the drug substance for Librela, a Zoetis product, from the fourth quarter of FY23.

With a strong first half of the year behind us we are on track to achieve our guidance, including the upgraded revenue growth target announced in July.”

Sibaji Biswas, Chief Financial Officer, Syngene International Limited added, “Forward planning with suppliers prevented supply chain disruption and, despite the rising global inflation, cost discipline helped us maintain EBITDA margins at similar levels as last year.

Overall, we are seeing healthy signs of growth in the market for contract research, development and manufacturing services and we continue to invest in infrastructure and capability development to meet these opportunities.”