Syngene International Limited , a prominent player in the Contract Research and Manufacturing Services sector, has released its unaudited financial results for the quarter and half-year ended September 30, 2025. The company's Board of Directors has approved both standalone and consolidated financial statements prepared under Indian Accounting Standards.

Key Highlights

• Significant Write-off: During the quarter, Syngene wrote off Rs. 277.00 million (Rs. 202.00 million after tax) as unrecoverable receivables due to foreign exchange rate fluctuations.

• Segment Focus: The company continues to operate in a single segment, providing Contract Research and Manufacturing Services.

• US Biologics Facility: For the six months ended September 30, 2025, additional pre-operating costs of Rs. 165.00 million were accumulated under capital work in progress, related to their US biologics facility acquisition.

Financial Results Overview

Corporate Governance

The Board meeting for the approval of these results was held on November 5, 2025. The financial statements have undergone a limited review by statutory auditors, who have issued unqualified reports.

Outlook

The write-off due to foreign exchange rate changes may impact the quarter's profitability. However, the continued investment in the US biologics facility suggests Syngene International's commitment to expanding its capabilities and global presence in the Contract Research and Manufacturing Services space.

Investors and stakeholders should note that these results are unaudited and subject to further review. The impact of the write-off and the ongoing investments in new facilities may influence the company's short-term financial performance but could potentially contribute to long-term growth strategies.

Syngene International Limited , a prominent player in the Indian biotech sector, has received a revised tax order for the Assessment Year (AY) 2015-16, significantly reducing its tax liability. This development comes as part of an ongoing tax dispute resolution process involving multiple regulatory bodies.

Key Highlights of the Tax Order

• Original Demand: Rs 37.20 crore (December 2017)
• Reassessed Demand: Rs 79.84 crore (September 2021)
• Current Revised Demand: Rs 48.61 crore

Chronology of Events

1. December 20, 2017: Initial assessment order under section 143(3) of the Income-tax Act, 1961, disallowing various deductions and raising a demand of Rs 37.20 crore.

2. September 24, 2021: Reassessment order under section 147 read with section 144B, increasing the demand to Rs 79.84 crore.

3. December 26, 2023: National Faceless Appeal Centre quashes the reassessment proceedings.

4. October 17: Deputy Commissioner of Income-tax issues a revised order, reducing the demand to Rs 48.61 crore (including interest).

Impact and Company's Stance

Syngene International maintains a positive outlook on the case, stating that it "believes it has merits in the case and expects there may not be material impact on the company's financials, operations or activities." The company is currently analyzing the order and plans to take appropriate action.

Ongoing Proceedings

It's important to note that appeal proceedings related to the original assessment from December 2017 are still in progress before the National Faceless Appeal Centre.

Financial Implications

While the revised demand represents a significant reduction from the 2021 reassessment, it still stands higher than the original 2017 assessment. The company's confidence in its case suggests it may seek further reductions or resolution through ongoing appeal processes.

Investors and stakeholders will likely keep a close eye on how this tax matter evolves, as it could have implications for Syngene's financial planning and cash flow management in the coming years.