Syngene reports strong Q3, guidance raisedSYNGENE - 545 Change: -11.35 (-2.04 %)
News:Revenue for Q3FY22 grew 9.7% YoY to ~| 641.4 crore driven by Discovery Sciences and Dedicated Centres while Development Services and Manufacturing Services also maintained sustained performance. EBITDA margins improved 157 bps YoY to 31.7% mainly due to lower other expenditure offsetting the rise in raw material expenditure. EBITDA grew 15.4% YoY to | 203.4 crore. Net profit grew 1.8% YoY to Rs.104 crore. Delta vis-à-vis EBITDA is mainly due to higher depreciation, tax and interest expenses and lower other income.
Views: Syngene’s Q3FY22 revenues and margins were better than our expectation. SynVent, Syngene’s Integrated Drug Discovery platform, continued to attract new clients as well as expand business from existing client. Syngene also signed the extension of the long-standing, multi-discipline research collaboration with Amgen this quarter and remains a compelling play in the CRO space with elite client profile like Amgen, Zoetis, Herbalife, GSK, etc.