India's Syngene advances after quarterly profit rebound
BUZZ-India's Syngene advances after quarterly profit rebound ** Pharma products maker Syngene International's SYNN.NS shares rise 5% to 384.55 rupees
** Co posts Q2 profit of 322 million rupees ($3.4 million), compared with a loss of 90 million rupees in Q1; Q2 profit down 52% YoY
** Revenue from operations falls 8.6% YoY, but rises 13.1% sequentially
** Operating EBITDA margin improves by 6 percentage points
** "Focus remains on enhancing our integrated drug discovery offering, sharpening our commercial execution, improving asset utilization and cost competitiveness" - CEO
** Stock trades at forward 12 months PE of 39.58 vs industry median of 37.11
** 5 of 8 brokerages rate the stock "buy" or higher; their median PT is 450 rupees - LSEG-compiled data
** YTD, stock down 41% vs 10.9% fall in shares of peer Cipla CIPL.NS
($1 = 95.1150 Indian rupees)
(Reporting by Abhinav Parmar in Bengaluru)
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