Other income rose 26.02% to Rs 15.5 crore.  PBIDT rose 6.20% to Rs 188.3 crore.  Provision for interest rose 18.99% to Rs 9.4 crore.  

PBDT rose 5.61% to Rs 178.9 crore.  Provision for depreciation rose 15.26% to Rs 86.1 crore.  

Profit before tax down 2.01% to Rs 92.80 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 18.9 crore, compared to Rs 17.4 crore.  Effective tax rate was 20.37% compared to 18.37%.

Promoters’ stake was 70.29% as of 30 June 2022 ,compared to 70.43% as of 30 June 2021 . 

Other income fell 18.27% to Rs 52.8 crore.  PBIDT rose 15.28% to Rs 848.9 crore.  Provision for interest fell 13% to Rs 24.1 crore.  Loan funds rose to Rs 1,021.60 crore as of 31 March 2022 from Rs 892.90 crore as of 31 March 2021.  Inventories rose to Rs 179.40 crore as of 31 March 2022 from Rs 59.60 crore as of 31 March 2021.  Sundry debtors were higher at Rs 507.70 crore as of 31 March 2022 compared to Rs 475.70 crore as of 31 March 2021.  Cash and bank balance declined from Rs 642.60 crore as of 31 March 2021 to Rs 517.90 crore as of 31 March 2022.  Investments rose to Rs 1,034.10 crore as of 31 March 2022 from Rs 702.00 crore as of 31 March 2021 .  

PBDT rose 16.38% to Rs 824.8 crore.  Provision for depreciation rose 12.82% to Rs 309.7 crore.  Fixed assets increased to Rs 2,726.60 crore as of 31 March 2022 from Rs 2,419.10 crore as of 31 March 2021.  Intangible assets declined from Rs 19.10 crore to Rs 12.60 crore.  

Profit before tax grew 18.63% to Rs 515.10 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 88.6 crore, compared to Rs 64.3 crore.  Effective tax rate was 18.29% compared to 13.70%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 2.25% to Rs 395.80 crore.  

Equity capital increased from Rs 400.00 crore as of 31 March 2021 to Rs 400.80 crore as of 31 March 2022.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 70.41% as of 31 March 2022 ,compared to 70.58% as of 31 March 2021 .  

Cash flow from operating activities decreased to Rs 580.60 crore for year ended March 2022 from Rs 701.20 crore for year ended March 2021.  Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 475.50 crore, compared to Rs 446.50 crore during the year ended March 2021.  

Other Highlights

The Company signed a long-term agreement with Zoetis for the commercial manufacturing of the drug substance for Librela®, a first-of-its-kind injectable monoclonal antibody to alleviate pain associated with osteoarthritis in dogs. The agreement, initially centred on Librela®, paves the way for the development and manufacturing of other molecules in the coming years and is expected to be worth up to US$ 500 Mn (approx Rs 4000 crore) over 10 years, subject to regulatory approvals and market demand.

Capex for FY23 is expected around $100Mn (approx Rs 800 crore).

Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International, said, "A recent highlight was the signing of a 10- year agreement with Zoetis. The new agreement initially focuses on the commercial manufacturing of Librela®, a first-of-its-kind injectable monoclonal antibody used for the alleviation of pain associated with osteoarthritis in dogs. This is a major strategic step for our biologics business and gives us a pathway towards FDA and EMA regulatory approvals anticipated later this year. These first quarter results were in line with our expectations and reflect strong underlying performance across all our business divisions. The contribution from the Development and Manufacturing Services divisions drove the growth momentum against a low base in the previous year. The Dedicated Centers and Discovery Services divisions delivered continued growth. The decline in profit in the quarter compared to the same period last year was as expected given the strong sales of Remdesivir last year when India was in the midst of the second wave of the pandemic. No sales of Remdesivir were recorded in the first quarter this year.”

“Revenue guidance for the year has been raised from mid-teens to high teens to account for two factors: a significant change in the Rupee/US dollar exchange rate which helps the top line as most of our client contracts are dollar denominated and the recent agreement with Zoetis, which will start to benefit revenue in the second half of the year and build gradually in future years.” added, Sibaji Biswas, Chief Financial Officer, Syngene International.