Syngene reported 64 per cent PAT growth in Q2FY20

In the second quarter of FY20, Syngene reported 11 per cent growth in the  total income to Rs. 485.2 crore from Rs. 436.8 crore in corresponding quarter a year ago. This performance was predominantly driven by continued growth in the Discovery Services business and consistent performance of the Dedicated R&D Centre and Development Services business.

EBITDA for the quarter too grew by 10 per cent YoY to Rs. 159.8 crore. EBITDA margin for the quarter remained flat at 33 per cent.

The company reported net profit of Rs. 128.1 crore as against Rs. 78.3 crore in corresponding quarter of previous year, representing stellar 64 per cent growth. This growth was mainly led by an exceptional gain of Rs. 71.3 crore. 

During the quarter, the company commenced first phase of its new research facility in Hyderabad of 50,000 sq ft of laboratory space and will house a team of around 150 discovery research scientists.

With response to this strong  numbers, the stock of Syngene International opened gap up at Rs. 333.60 apiece as against previous close of Rs. 326.5. At 10:47 hours the stock was trading at Rs. 332.6 apiece, 1.9 per cent up from the previous close.