Syngene Q4 Profit Up 6% to Rs 189 Cr | Business News
Apr 24, 2024 21:50
Syngene International's net profit rose 6% to Rs 189 crore in Q4 FY24, despite a decline in revenue. Learn more about the company's performance and outlook.
New Delhi, Apr 24 (PTI) Contract research and manufacturing services firm Syngene International on Wednesday said its consolidated net profit rose 6 per cent to Rs 189 crore for the fourth quarter of FY24.
The company reported a net profit of Rs 179 crore in the year-ago period.
The income declined to Rs 933 crore for the period under review as against Rs 1,017 crore in the year-ago period, Syngene International said in a regulatory filing.
For the fiscal year ended March 31, 2024, the company said its net profit stood at Rs 510 crore as against Rs 464 crore in 2022-23, he added.
Total income for the last year stood at Rs 3,579 crore as compared with Rs 3,264 crore in FY23, the company said.
"While the fourth quarter performance came in lower than expected, the underlying driver -- reduced demand for research and development services within US biotech stemming from a difficult funding environment -- is well understood and already showing positive signs of recovery," Syngene International MD and CEO Jonathan Hunt said.
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