For
quarter ended Dec 2023, consolidated Net sales (including other operating income) of Syngene International has increased 8.60% to Rs 853.5 crore compared to quarter ended Dec 2022. Operating profit margin has declined from 29.39% to 27.12%, leading to 0.22% rise in operating profit to Rs 231.50 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 27.29% to 28.06%. Employee cost decreased from 26.44% to 25.79%. Other expenses rose from 17.30% to 19.11%. Other income rose 70.35% to Rs 29.3 crore. PBIDT rose 5.08% to Rs 260.8 crore. Provision for interest fell 21.17% to Rs 10.8 crore.
PBDT rose 6.61% to Rs 250 crore. Provision for depreciation rose 14.27% to Rs 108.1 crore.
Profit before tax grew 1.43% to Rs 141.90 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 26.7 crore, compared to Rs 30.2 crore. Effective tax rate was 19.32% compared to 21.59%.
Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 1.64% to Rs 111.50 crore. Promoters’ stake was 54.79% as of 31 December 2023 ,compared to 64.86% as of 31 December 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Syngene International has increased 16.98% to Rs 2571.7 crore.
Operating profit margin has declined from 28.21% to 27.12%, leading to 12.45% rise in operating profit to Rs 697.50 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 28.36% to 27.56%. Employee cost decreased from 26.52% to 26.00%. Other expenses rose from 17.90% to 19.05%. Other income rose 54.89% to Rs 74.5 crore. PBIDT rose 15.50% to Rs 772 crore. Provision for interest fell 1.44% to Rs 34.3 crore.
PBDT rose 16.43% to Rs 737.7 crore. Provision for depreciation rose 16.21% to Rs 314.8 crore.
Profit before tax grew 16.60% to Rs 422.90 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 90.4 crore, compared to Rs 77.1 crore. Effective tax rate was 21.95% compared to 21.26%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 12.54% to Rs 321.40 crore.
Promoters’ stake was 54.79% as of 31 December 2023 ,compared to 64.86% as of 31 December 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
During the quarter, Syngene concluded the
acquisition of the multi-modal biologics manufacturing facility from Stelis
Biopharma as announced in July 2023. The acquisition of the facility was
concluded at a revised gross value of Rs 617 crore, adjusted from the earlier
gross value of Rs 702 crore.