The contract research services arm of Biocon, Syngene International reported a muted fourth quarter, saying its revenues and net profits were impacted by the fire at its Bangalore research facility, which broke out in December last year. The fire affected research and equipment used in multiple projects, which Syngene has since relocated to other facilities.
The company's profits declined to Rs 78 crore from Rs 79 crore the same period last year. Revenue has fallen 6% to Rs. 315 crore YoY. Net profit for the full year was healthier, rising 19% to Rs 287 crore, while revenue grew 14% to 1,272 crore.
The USFDA audited the Syngene clinical facility without form 483s, and Biocon management noted that the ongoing projects affected due to the fire were back on track after relocation to other units on the same campus, and were progressing "without significant delays".