Operating profit margin has jumped from 30.15% to 31.71%, leading to 15.44% rise in operating profit to Rs 203.40 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 27.22% to 29.45%.   Employee cost decreased from 29.32% to 28.38%.   Other expenses fell from 14.10% to 11.59%.   Loss on forex transaction rose from 1.48% to 2.99%.   

Other income fell 24.56% to Rs 12.9 crore.  PBIDT rose 11.90% to Rs 216.3 crore.  Provision for interest rose 32.39% to Rs 9.4 crore.  

PBDT rose 11.12% to Rs 206.9 crore.  Provision for depreciation rose 12.63% to Rs 78.5 crore.  

Profit before tax grew 10.21% to Rs 128.40 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 24.4 crore, compared to Rs 14.3 crore.  Effective tax rate was 19.00% compared to 12.27%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 1.76% to Rs 104.00 crore.  

Promoters' stake was 70.41% as of 31 December 2021 ,compared to 70.59% as of 31 December 2020 .  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Syngene International has increased 21% to Rs 1846.1 crore.  

Operating profit margin has declined from 29.91% to 29.57%, leading to 19.59% rise in operating profit to Rs 545.80 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 25.02% to 30.87%.   Employee cost decreased from 30.85% to 28.69%.   Other expenses fell from 14.64% to 11.68%.   Loss on forex transaction rose from 0.80% to 2.41%.   

Other income fell 17.53% to Rs 38.1 crore.  PBIDT rose 16.18% to Rs 583.9 crore.  Provision for interest fell 12.32% to Rs 18.5 crore.  

PBDT rose 17.42% to Rs 565.4 crore.  Provision for depreciation rose 12.18% to Rs 229.4 crore.  

Profit before tax grew 21.30% to Rs 336.00 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 57.3 crore, compared to Rs 32.7 crore.  Effective tax rate was 18.77% compared to 11.81%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 1.51% to Rs 248.00 crore.  

Promoters' stake was 70.41% as of 31 December 2021 ,compared to 70.59% as of 31 December 2020 .  

Full year results analysis.

Net sales (including other operating income) of Syngene International has increased 8.57% to Rs 2184.3 crore.  

Operating profit margin has jumped from 30.71% to 30.76%, leading to 8.72% rise in operating profit to Rs 671.80 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 25.79% to 24.97%.   Employee cost increased from 28.86% to 29.88%.   Other expenses rose from 14.63% to 14.75%.   Loss on forex transaction rose from 0.72% to 0.77%.   

Other income fell 20.83% to Rs 64.6 crore.  PBIDT rose 5.28% to Rs 736.4 crore.  Provision for interest fell 19.94% to Rs 27.7 crore.  Loan funds rose to Rs 892.90 crore as of 31 March 2021 from Rs 396.20 crore as of 31 March 2020.  Inventories rose to Rs 59.60 crore as of 31 March 2021 from Rs 25.20 crore as of 31 March 2020.  Sundry debtors were lower at Rs 339.20 crore as of 31 March 2021 compared to Rs 398.20 crore as of 31 March 2020.  Cash and bank balance rose to Rs 642.60 crore as of 31 March 2021 from Rs 281.50 crore as of 31 March 2020.  Investments declined from Rs 776.40 crore as of 31 March 2020 to Rs 702.00 crore as of 31 March 2021.  

PBDT rose 6.59% to Rs 708.7 crore.  Provision for depreciation rose 25.17% to Rs 274.5 crore.  Fixed assets increased to Rs 2,419.10 crore as of 31 March 2021 from Rs 2,233.10 crore as of 31 March 2020.  Intangible assets declined from Rs 20.70 crore to Rs 19.10 crore.  

Profit before tax down 2.56% to Rs 434.20 crore.  Share of profit/loss were nil in both the periods.  Extraordinary items were decreased to Rs 35.00 crore.  Provision for tax was expense of Rs 64.3 crore, compared to Rs 104.8 crore.  Effective tax rate was 13.70% compared to 20.27%.

Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 1.75% to Rs 404.90 crore.  

Equity capital stood at Rs 400.00 crore as of 31 March 2021 to Rs 400.00 crore as of 31 March 2020.  Per share face Value remained same at Rs 10.00.  

Promoters' stake was 70.58% as of 31 March 2021 ,compared to 70.69% as of 31 March 2020 .  

Cash flow from operating activities increased to Rs 701.20 crore for year ended March 2021 from Rs 677.10 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 446.50 crore, compared to Rs 643.10 crore during the year ended March 2020.  

Other Highlights

Company's growth drivers for Q3 FY22 was Discovery Services and the Dedicated Centers, while Development Services and Manufacturing Services delivered sustained performances.

Company Completed Phase II of R&D facility in Hyderabad during the quarter. Phase III expansion in Hyderabad is under progress and is expected to be completed in this financial year.

For 9M FY22, Exceptional item includes reversal of Rs 25.3 crore of service export incentives(net of tax) in relation to FY20 due to Government notification in the quarter ending 30 September 2021 capping the incentives for the research and development services at Rs 5 crore per exporter.

Capex for FY22 is expected to be between Rs 500 to 600 crore.

Management Commentary: Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, "Syngene's performance across all divisions has been positive through the year, and we expect a busy fourth quarter. As a result, we have raised our revenue growth guidance for the full year to high teens. A highlight for the quarter was the extension of our long-standing collaboration with Amgen Inc until 2026. Since 2012, Syngene has been partnering with Amgen on research and development to address some of the most serious diseases in the world. We are delighted with our joint commitment to not only extend the term of this partnership but also add a new stateof-the-art dedicated laboratory to accelerate the advancement of Amgen's R&D projects.

The 5-year renewal of the long-standing contract with Amgen, coming on the heels of the 10- year contract extension signed with BMS last year, confirms the stability of both relationships and provides a clear perspective on the future of our Dedicated Centers. I believe that Syngene is well-positioned to meet our clients' evolving requirements and capture market opportunities as they arise."