Profit before tax (PBT) increased 27.41% YoY to Rs 180.8 crore in Q3 FY25. EBITDA stood at Rs 302 crore, up 16% compared with Rs 261 crore posted in corresponding quarter last year. EBITDA margin stood at 31.4% in during the quarter against 29.5% in Q3 FY24.

The company said that third quarter performance was marked by growth in the research services as well as CDMO business with increased traction in biologics. Development and Manufacturing Services delivered steady performance driven by biologics with repeat orders from existing customers and new collaborations on integrated projects that cover the scope from drug development to clinical stage manufacturing.

Growth observed this quarter indicates stabilizing market dynamics, particularly within the US biotech sector. However, the expected second-half recovery in demand has been delayed by approximately 8 to 12 weeks. Despite this delay, Syngene has returned to growth and anticipates continued momentum through Q4.

Consequently, the company projects single-digit revenue growth and flat PAT for the full year, with EBITDA guidance unchanged at around 30% for FY25. It earlier guided revenues in high single digits to low double digits for FY25.

Jonathan Hunt, managing director and chief executive officer, Syngene International, said, "Syngene’s third quarter performance saw a return to growth across all business divisions that sets us up well for the next quarter.

Our Discovery Services division saw the initial “China+1” pilot projects, with large and midsize pharma companies, starting to convert into longer term contracts. Now, our focus is on further business development and building the sales pipeline. The quarter also saw positive momentum in our CDMO division led by biologics. Growth in the quarter suggests that market dynamics, particularly in US biotech, are stabilising, albeit later than expected.”

Syngene International is an integrated research, development, and manufacturing services company serving the global pharmaceutical, biotechnology, nutrition, animal health, consumer goods, and specialty chemical sectors.