Latest News | Syngene Q4 Net Profit Rises 6 Pc to Rs 189 Cr

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.

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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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)