Syngene Q3 net profit up 11% at Rs 82 crore

Biocon's contract research arm Syngene International today posted 10.81 per cent increase in its net profit at Rs 82 crore for the third quarter ended December 2017.

The company had reported a profit of Rs 74 crore for the same period of the previous fiscal.

Revenue of the company increased to Rs 399 crore for the third quarter as compared with Rs 347 crore in the same period of the previous fiscal, Syngene International said in a regulatory filing.

"We are happy to report an increase in revenue growth of 15 per cent to Rs 399 crore, primarily driven by our chemical development and discovery services businesses," Syngene International Ltd CEO Jonathan Hunt said.

The quarter also saw expansion and extension of the company's strategic collaboration with BMS and the coming on stream of its biologics manufacturing facility, he added.

The company said it has also started construction activities at its upcoming API manufacturing facility in Mangalore, Karnataka.

"The facility is on track to be operational in 2019," it added.

Syngene also announced the appointment of Ashu Tandon as the Chief Commercial Officer.

Shares of the company today ended 2.14 per cent up at Rs 640.15 apiece on BSE.