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ICICI Direct Report
Syngene International Ltd. reported upbeat numbers in Q3 FY22.
Revenue grew 9.7% YoY to ~Rs 641.4 crore driven by discovery sciences and dedicated centres while development services and manufacturing services also maintained sustained performance.
Ebitda margins improved 157 basis points YoY to 31.7%, mainly due to lower other expenditure off-setting the rise in raw material expenditure. Net profit grew 1.8% YoY to Rs 104 crore.
Syngene International’s integrated drug discovery platform, continued to attract new clients as well as expand business from existing client.
The company also signed the extension of the long-standing, multi-discipline research collaboration with Amgen this quarter and remains a compelling play in the contract research organisation space with elite client profile like Amgen, Zoetis, Herbalife, GlaxoSmithKline Pharmaceutical Ltd., etc.
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