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Dolat Capital Report
Syngene International Ltd. reported an operationally strong Q4 (32% Ebitda margins versus our estimate of 29%) despite an in-line top-line growth at 8% year-on-year (dollar term revenue growth 12%) led by discovery services and steady traction in dedicated research and development segment.
Ebitda margins at 32% (down 160 basis points YoY, up 340 basis points QoQ) driven by seasonality.
Two milestone developments in Q4 were:
Commercialisation at Mangalore facility with a small project and we expect large scale operations once the U.S. Food and Drug Administration inspection and approval comes through.
Extension of its long term contract with one of its oldest and largest customer, Bristol Myers Squibb, up to 2030.
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