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Syngene International Limited announced its third quarter results. The Company reported revenue from operations growth of 10% year-on-year to Rs. 6,414 Mn, delivering 10% growth in profit before tax to Rs. 1,284 Mn. Profit after tax for the quarter was Rs.1,040 Mn, representing year-on-year growth of 2%. Growth in profit after tax was impacted by a lower effective tax rate in the third quarter last year due to a tax reversal and other factors.
For the nine months to December 31 2021, the Company delivered growth of 21% in revenue from operations to Rs.18,461 Mn and profit after tax, before exceptional items, was Rs 2,733 Mn, an increase of 12% compared the same period in the previous year. Based on the Company’s performance to date and the anticipated project deliveries in the fourth quarter, the Company updated the full year revenue growth guidance to high teens, from the mid-teen guidance shared at the beginning of the financial year.
Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, “Syngene’s performance across all divisions has been positive through the year, and we expect a busy fourth quarter. As a result, we have raised our revenue growth guidance for the full year to high teens.
A highlight for the quarter was the extension of our long-standing collaboration with Amgen Inc until 2026. Since 2012, Syngene has been partnering with Amgen on research and development to address some of the most serious diseases in the world. We are delighted with our joint commitment to not only extend the term of this partnership but also add a new state-of-the-art dedicated laboratory to accelerate the advancement of Amgen’s R&D projects.
The 5-year renewal of the long-standing contract with Amgen, coming on the heels of the 10-year contract extension signed with BMS last year, confirms the stability of both relationships and provides a clear perspective on the future of our Dedicated Centers.
I believe that Syngene is well-positioned to meet our clients’ evolving requirements and capture market opportunities as they arise.”
Quarterly Financial Highlights (All numbers are in Indian rupees in Million except margins)
| Q3 FY22 | Q3 FY21 | YoY Change (%) | |
| Revenue from Operations | 6,414 | 5,845 | 10% |
| Total Revenue | 6,543 | 6,016 | 9% |
| EBITDA | 2,163 | 1,933 | 12% |
| EBITDA Margin (%) | 33% | 32% | |
| Profit Before Tax | 1,284 | 1,165 | 10% |
| Profit After Tax | 1,040 | 1,022 (note <1>) | 2% |
| Pat Margin | 16% | 17% |
9M FY22 Financial Highlights (All numbers are in Indian rupees in Million except margins)
| 9M FY22 | 9M FY21 | YoY Change (%) | ||
| Revenue from Operations | 18,461 | 15,257 | 21% | |
| Total Revenue | 18,842 | 15,719 | 20% | |
| EBITDA | 5,839 | 5,026 | 16% | |
| EBITDA Margin (%) | 31% | 32% | ||
| Profit Before Tax | 3,360 | 2,770 | 21% | |
| PAT before exceptional items | 2,733 | 2,443 (note 1) | 12% | |
| PAT Margin (%) | 15% | 16% | ||
| PAT After exceptional items | 2,480 (note <2>) | 2,443 | 2% | |