For
quarter ended March 2022, consolidated net sales (including other operating income) of Syngene International has increased 15.11% to Rs 758.1 crore compared to quarter ended March 2021.
Operating profit margin has jumped from 32.71% to 33.02%, leading to 16.20% rise in operating profit to Rs 250.30 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 24.84% to 25.37%. Employee cost decreased from 27.61% to 23.85%. Other expenses rose from 14.98% to 16.40%. Other income fell 20.11% to Rs 14.7 crore. PBIDT rose 13.34% to Rs 265 crore. Provision for interest fell 15.15% to Rs 5.6 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 14.17% to Rs 259.4 crore. Provision for depreciation rose 14.71% to Rs 80.3 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 13.93% to Rs 179.10 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 31.3 crore, compared to Rs 31.6 crore. Effective tax rate was 17.48% compared to 16.44%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 7.97% to Rs 147.80 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 .
Full year results analysis.
Net sales (including other operating income) of Syngene International has increased 19.22% to Rs 2604.2 crore. Operating profit margin has declined from 30.76% to 30.57%, leading to 18.50% rise in operating profit to Rs 796.10 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 24.97% to 29.35%. Employee cost decreased from 29.88% to 27.35%. Other expenses fell from 14.75% to 12.99%. 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
Phase
three of the expansion plan at the Hyderabad research facility was completed
during the quarter. The Company commissioned the first phase of the facility in
February 2020 and phase two was completed in November 2021. With the completion
of phase three, the facility now accommodates approximately 600 scientists and
further expansion is planned in the year ahead.
Management
expects revenue from operations for FY23 is expected to grow in the mid-teens.
Board of
Directors has recommended a dividend of Rs 0.50 per share for the year and a a
special additional dividend of Rs 0.50 per share for the year. Record date for
the purpose is July 01, 2022.
Management Comments :
Jonathan
Hunt, Managing Director and Chief Executive Officer, Syngene International
Limited, said, “I am pleased with the strong finish we had to the year and that
we delivered results at the high end of our upgraded guidance range. Reflecting
on the pandemic period, we created more than 1000 new jobs in the last two
years and gained more than 100 new clients in the last year. We also extended
and expanded our long-term partnership with Amgen Inc. and continued to invest
in new capacity and technology to underpin future growth. Looking ahead, we see
growing demand for research, development and manufacturing services around the
world and we are well-positioned to take advantage of these new opportunities.”
| Syngene International : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 758.10 | 658.60 | 15.11 | 2,604.20 | 2,184.30 | 19.22 | | OPM (%) | 33.02 | 32.71 | 31 bps | 30.57 | 30.76 | -19 bps | | OP | 250.30 | 215.40 | 16.20 | 796.10 | 671.80 | 18.50 | | Other Inc. | 14.70 | 18.40 | -20.11 | 52.80 | 64.60 | -18.27 | | PBIDT | 265.00 | 233.80 | 13.34 | 848.90 | 736.40 | 15.28 | | Interest | 5.60 | 6.60 | -15.15 | 24.10 | 27.70 | -13.00 | | PBDT | 259.40 | 227.20 | 14.17 | 824.80 | 708.70 | 16.38 | | Depreciation | 80.3 | 70 | 14.71 | 309.7 | 274.5 | 12.82 | | PBT | 179.10 | 157.20 | 13.93 | 515.1 | 434.2 | 18.63 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 179.1 | 157.2 | 13.93 | 515.1 | 434.2 | 18.63 | | EO Income | 0 | 35 | - | -30.7 | 35 | PL | | PBT after EO | 179.1 | 192.2 | -6.82 | 484.4 | 469.2 | 3.24 | | Taxation | 31.3 | 31.6 | -0.95 | 88.6 | 64.3 | 37.79 | | PAT | 147.8 | 160.6 | -7.97 | 395.8 | 404.9 | -2.25 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 147.8 | 160.6 | -7.97 | 395.8 | 404.9 | -2.25 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 147.8 | 160.6 | -7.97 | 395.8 | 404.9 | -2.25 | | EPS (Rs)* | 3.69 | 3.28 | 12.52 | 10.50 | 9.35 | 12.32 | | | * EPS is on current equity of Rs 400.80 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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