Biocon's Research Arm Syngene Reported Net Profit Up by 31% in Q2

Pharma major Biocon's research arm Syngene International Ltd. has reported a net profit of Rs. 52 crore for second quarter of fiscal 2015-16 from Rs. 40 crore in the same period for 2014-15, posting 31% annual growth.

The subsidiary said in a statement, "Revenue for quarter under review (Q2) grew 28% to Rs. 262 crore from Rs. 205 crore in same period year ago, while earnings before depreciation, income tax and amortization (Ebitda) increased 30% to Rs. 87 crore from Rs. 67 crore year ago."

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Total income of the company has increased from Rs. 3,536.02 crore for the quarter ended June 30, 2014 to Rs. 3,770.25 crore for the quarter ended June 30, 2015.

Sequentially, net profit increased 20% to Rs. 52 crore from Rs. 44 crore in first quarter, while revenue was up 11% to Rs. 262 crore from Rs. 236 crore.

Syngene chief executive Peter Bains said, "We have witnessed sustained momentum in our business across our dedicated centers, discovery and development platforms. Capacity expansion in manufacturing services helped the research firm to keep pace with the increasing requirements of the clients worldwide. We continue to invest in the discover and development space to support our partner's evolving needs and to deliver value to our investors."

Source-IANS

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