For
quarter ended June 2023, consolidated Net sales (including other operating income) of Syngene International has increased 25.38% to Rs 808.1 crore compared to quarter ended June 2022. Operating profit margin has declined from 26.81% to 26.22%, leading to 22.63% rise in operating profit to Rs 211.90 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 30.31% to 27.26%. Employee cost decreased from 26.83% to 26.77%. Other expenses rose from 17.94% to 19.63%. Other income rose 52.26% to Rs 23.6 crore. PBIDT rose 25.07% to Rs 235.5 crore. Provision for interest rose 11.70% to Rs 10.5 crore.
PBDT rose 25.77% to Rs 225 crore. Provision for depreciation rose 18.58% to Rs 102.1 crore.
Profit before tax grew 32.44% to Rs 122.90 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 29.5 crore, compared to Rs 18.9 crore. Effective tax rate was 24.00% compared to 20.37%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 26.39% to Rs 93.40 crore. Promoters’ stake was 54.80% as of 30 June 2023 ,compared to 70.29% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Syngene International has increased 22.61% to Rs 3192.9 crore. Operating profit margin has declined from 30.57% to 29.26%, leading to 17.37% rise in operating profit to Rs 934.40 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 29.35% to 27.89%. Employee cost decreased from 27.35% to 26.02%. Other expenses rose from 12.99% to 17.21%. Loss on forex transaction fell from 2.09% to 1.29%. Other income rose 34.28% to Rs 70.9 crore. PBIDT rose 18.42% to Rs 1005.3 crore. Provision for interest rose 87.55% to Rs 45.2 crore. Loan funds declined from Rs 1,021.60 crore as of 31 March 2022 to Rs 815.20 crore as of 31 March 2023. Inventories rose to Rs 332.80 crore as of 31 March 2023 from Rs 179.40 crore as of 31 March 2022. Sundry debtors were higher at Rs 529.30 crore as of 31 March 2023 compared to Rs 507.70 crore as of 31 March 2022. Cash and bank balance rose to Rs 531.70 crore as of 31 March 2023 from Rs 517.90 crore as of 31 March 2022. Investments declined from Rs 1,034.10 crore as of 31 March 2022 to Rs 918.50 crore as of 31 March 2023.
PBDT rose 16.40% to Rs 960.1 crore. Provision for depreciation rose 18.34% to Rs 366.5 crore. Fixed assets increased to Rs 2,825.30 crore as of 31 March 2023 from Rs 2,726.60 crore as of 31 March 2022. Intangible assets increased from Rs 12.60 crore to Rs 18.50 crore.
Profit before tax grew 15.24% to Rs 593.60 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 129.2 crore, compared to Rs 88.6 crore. Effective tax rate was 21.77% compared to 18.29%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 17.33% to Rs 464.40 crore.
Equity capital increased from Rs 400.80 crore as of 31 March 2022 to Rs 401.40 crore as of 31 March 2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 54.88% as of 31 March 2023 ,compared to 70.41% as of 31 March 2022 .
Cash flow from operating activities increased to Rs 823.50 crore for year ended March 2023 from Rs 580.60 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 518.30 crore, compared to Rs 475.50 crore during the year ended March 2022.
Business Highlights
In Biologics manufacturing, Syngene
continued to make good progress on the long term contract with Zoetis.
Additionally, the Company has entered into a binding term sheet to acquire a
multi-modal facility (Unit 3) from Stelis Biopharma, adding 20,000 liters of
installed biologics drug substance manufacturing capacity, with scope for
further expansion, and a high speed, commercialscale, fill-finish unit.