Syngene International Q2 net dips 21 pc to Rs 67 cr

Contract research, development and manufacturing services provider Syngene International on Thursday reported a 20.8 per cent decline in its consolidated net profit at Rs 66.7 crore for the second quarter ended September.

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The company had posted a net profit of Rs 84.1 crore in the September quarter of the previous fiscal.

Revenue from operations, however, increased to Rs 610.2 crore in the second quarter as against Rs 519.6 crore in the year-ago period, Syngene International said in a regulatory filing.

During the quarter, the company said it has taken an exceptional downward adjustment of Rs 25.3 crore (net of tax) on account of the government's recent decision in the quarter to cap the Services Export Incentive Scheme (SEIS) for research and development services at Rs 5 crore for the financial year 2020.

Shares of the company settled 1.91 per cent down at Rs 594.85 apiece on BSE.