Syngene International skids 4% as Q4 PAT declines 8% YoY

NEW DELHI – Shares of Syngene International dropped 3.6 per cent in early trade on Thursday as investors were unenthused with the contract manufacturing services firm’s showing in the fourth quarter of the previous financial year.

On a standalone basis, the company’s quarterly net profit stood at Rs 147 crore in March 2022, down 8.41 per cent from Rs 160.50 crore in March 2021.

Net sales clocked in at Rs 758.70 crore in March 2022, up 15.29 per cent from Rs 658.10 crore in March 2021, reports said.

Following this development, Syngene International’s scrip fell to a low of Rs 596.95 as against Rs 619.40 at the previous close on the BSE.

According to reports, consolidated profit before tax registered a decline of 6.81 per cent to Rs 179.10 crore in the fourth quarter of the previous financial year as against Rs 192.20 crore in the same period a year ago.

The total expenses increased by 14.21 per cent to Rs 593.70 crore in the period under review as compared to Rs 519.80 crore in Jan-March 2021, reports said.

On a yearly basis, consolidated net profit declined 2.24 per cent to Rs 395.80 crore, reports said.

The firm clocked a 19.22 per cent rise in revenue from operations to Rs 2,604.20 crore in FY22 over FY21, reports said.

The company’s earnings before interest taxes depreciation and amortization (EBITDA) stood at Rs 264 crore in March 2022, up 13.01 per cent over Rs 233.60 crore in March 2021, reports said.

Syngene International’s earnings per share has dropped to Rs 3.69 in March 2022 versus Rs 4.03 a year ago, reports said.