Syngene International Q3 Review - Growth Outlook Remains Intact: Dolat Capital
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Dolat Capital Report
Syngene International Ltd. reported an in-line Q3, where the top-line growth has been healthy at 13% YoY ($ term revenue growth – 10%) led by discovery services and steady traction in dedicated research and development segment.
Ebitda margins at 28.6% (up 100 basis points YoY, flat QoQ) were driven by operational efficiencies. Operational expenses from Mangalore active pharmaceutical ingredient plant dilutes margins by ~2%.
Though clinical trials across the globe are witnessing a slowdown due to intermittent lockdowns, company continues to maintain its FY21 revenue guidance of low double digit and flattish profit after tax.
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