Syngene's second quarter performance was primarily driven by good performance in the discovery services and dedicated R&D centre divisions.

The company commenced manufacturing of Remdesivir at its manufacturing facility in Bengaluru with initial distribution expected during the third quarter.

Meanwhile, credit ratings agency ICRA upgraded its credit rating in August from AA to AA+. "This is a further affirmation of Syngene's strong fundamentals and robust business model," the company said.

EBITDA in the second quarter increased by 6% to Rs 169 crore from Rs 160 crore reported in the same period last year. EBITDA was at 32% in Q2 FY21 as compared to 33% in Q2 FY20.

Profit before tax in Q2 September 2020 stood at Rs 94.20 crore, down by 44.6% from Rs 170.10 crore in Q2 September 2019. Current tax expense during the quarter tumbled 76% year-on-year (YoY) to Rs 10.10 crore.

Commenting on the results, Jonathan Hunt, managing director and chief executive officer - Syngene International, said: "The second quarter saw a positive return to growth following a muted first quarter that was impacted by COVID-19. This result reflects a robust operating performance as we have adapted to the COVID-19 situation. We are at near normal operating levels with all our scientists working on site with proper protective measures.

We expect to sustain our growth through the second half and are making good progress towards achieving our full year guidance."

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.