Syngene International Q1 net profit rises 9 percent to Rs 72 crore

The company had posted a net profit of Rs 66.2 crore for the same period previous fiscal, Syngene International said in a BSE filing.

New Delhi: Contract research and manufacturing firm Syngene International on July 24 reported a 9 per cent rise in its consolidated net profit to Rs 72 crore for the first quarter ended June 30. The company had posted a net profit of Rs 66.2 crore for the same period previous fiscal, Syngene International said in a BSE filing.

The company's consolidated total income rose to Rs 441.4 crore for the quarter under consideration as against Rs 424.8 crore in the corresponding period a year ago.

Read Also: Syngene collaborates with BIRAC to set up Centre for Advanced Protein Studies

"The quarter saw continued steady growth in the discovery services and dedicated R&D centres verticals. Growth in development services and manufacturing services was impacted by project phasing and is expected to pick up through the remainder of the year," Syngene International CEO Jonathan Hunt said.

Mahesh Bhalgat was appointed as Chief Operating Officer with effect from July 1, 2019, the company said.

Read Also: Syngene International records Q4 revenue up 30 percent to Rs 555 crore