Syngene International Returns to Profitability in Second Quarter

Financial Recovery

Syngene International reported a net profit of Rs 32.2 crore for the second quarter ending September, successfully rebounding from a Rs 9 crore loss in the previous quarter. Despite the sequential improvement, year-on-year profit declined by 108% from Rs 67.1 crore, while revenue reached Rs 832.7 crore, down from Rs 910.6 crore in the same period last year.

Strategic Developments

CEO Siddharth Mittal attributed the growth to traction in the CDMO business and improved operating EBITDA margins. The company also secured its first manufacturing agreement for the Bayview biologics facility in the US. Financial results were impacted by lower Zoetis revenues and forex hedge losses. Readers can verify these figures through the company's official regulatory filing available at https://news.abplive.com/business/syngene-international-posts-rs-32-2-crore-profit-in-q2-rebounds-from-q1-loss-1873473.