Syngene reports stellar performance on revenue, margin frontsSYNGENE - 728 Change: 7.05 (0.98 %)
Revenues grew 25.9% YoY to Rs768.1 crore driven by continued momentum in Dedicated and Discovery services and incremental contribution from Development and Manufacturing services. GPM improved 154 bps YoY to 74.1% . EBITDA margins declined 89 bps YoY to 28.2% . GPM improvement was partly offset by forex loss(Rs18 crore) at the EBITDA level. EBITDA grew 22% YoY to Rs 216.5 crore. PAT grew 4.7% YoY to Rs 102 crore.
Syngene’s Q2FY23 revenue growth was led by positive performances across all divisions. Growth in Development Services was led by existing clients renewing contracts and setting up collaborations on additional projects. Manufacturing division continues to do well and revenues from commercial manufacturing of librela are expected from Q4FY23.