“The company has received an order passed under Section 143(3) read with Section 144B of the Income-tax Act, 1961 for assessment year 2022-23, raising a demand of Rs 16,00,99,610 (including interest),” stated the company in a filing.

The firm informed that it is in the process of analysing the order and will take the next course of action.

Syngene International is engaged in providing contract research and manufacturing services from lead generation to clinical supplies to pharmaceutical and biotechnology companies worldwide.

The company’s consolidated net profit rose 2% to Rs 112 crore on 8.65% increase in revenue from operations to Rs 854 crore in Q3 FY24 over Q3 FY23.

Shares of Syngene International fell 1.41% to end at Rs 701.70 on Thursday, 28 March 2024.