A top company official attributed it to continued conversion of pilot programs into longer-term contracts within the firm’s research services business.
“In our biologics manufacturing division, we have seen good progress with the start of operations at the Unit III facility in Bengaluru and in advancing preparations to commence operations at our Bayview facility in the US later this year,” Peter Bains, Managing Director and CEO, Syngene International said in a statement.
“We continued to strengthen and expand our scientific platform capabilities, bringing online a state-of-the-art, dedicated peptide laboratory. While we remain mindful of ongoing macroeconomic factors, we maintain a confident outlook.”
The company’s operating EBITDA margins during the quarter was about 24% driven by revenue growth and a focus on cost optimization.
“The current quarter’s PAT includes a tax benefit arising from transfer of gratuity funds to Employee Gratuity Trust,” said Deepak Jain, Chief Financial Officer. “We continue to maintain a robust balance sheet enabling us to invest in technology and capabilities to strengthen our customer offerings. While keeping a close watch on market trends, we remain on course to deliver in line with our stated guidance for the year,” he added.
