Syngene International Q1 net profits up 33.28% yoy at Rs77.3cr but profits lower on sequential basis

Syngene International Ltd reported 41.01% growth in total revenues for the Jun-21 quarter on consolidated basis at Rs594.50cr

Jul 21, 2021 01:07 IST India Infoline News Service

Syngene
Syngene International Ltd reported 41.01% growth in total revenues for the Jun-21 quarter on consolidated basis at Rs594.50cr on strong revenue support for the company from the manufacture of Remdesevir.

In the Jun-21 quarter, the biologicals business has signed a five year agreement with US based IAVI to develop 3 monoclonal antibodies for HIV. On a sequential basis, the revenues were down -9.73% compared to Rs658.60cr revenues reported in the Mar-21 quarter as COVID 2.0 took its toll on sequential growth traction.

The net profit for the Jun-21 quarter was up 33.28% at Rs77.30cr and the growth was muted compared to sales growth due to the strong impact of the spike in raw material input costs. On a yoy basis, the raw material and input costs were up 126% at Rs207cr.

Even on a sequential basis, when the revenues were actually lower by 9.73%, the cost of raw materials and inputs were actually up by 26%. Hence, the EBITDA margins contracted 300 bps to 29%. Net margins at 13% in Jun-21 quarter was lower yoy and deeply lower on sequential basis.


Financial highlights for Jun-21 compared yoy and sequentially


Syngene Ltd
Rs in Crore Jun-21 Jun-20 YOY Mar-21 QOQ
Total Income (Rs cr) ₹ 594.50 ₹ 421.60 41.01% ₹ 658.60 -9.73%
Net Profit (Rs cr) ₹ 77.30 ₹ 58.00 33.28% ₹ 160.60 -51.87%
Diluted EPS (Rs) ₹ 1.89 ₹ 1.46 ₹ 4.01
Net Margins 13.00% 13.76% 24.39%

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