Syngene International Limited reported its first-quarter results, revealing a 2% year-on-year decline in revenue from operations to Rs. 790 crores. The company also experienced a 19% year-on-year decrease in profit after tax, amounting to Rs. 76 crores. EBITDA stood at Rs. 188 crores, down from Rs. 235 crores in the same quarter of the previous year, with margins dropping from 28% to 23% year-on-year.Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, “First quarter performance was broadly flat, in line with our expectations, reflecting the dip in funding for US biotechs that has impacted our sector over the last two years. However, the value of US biotech funding has seen a marked improvement in the first half of 2024. It will take a while for this funding to flow through into outsourcing activities and Syngene is in a strong position to capture a significant share of the upturn in biotech spending in the months ahead.” Watch Jonathan Hunt, MD & CEO, Syngene International On Q1 Results.