Syngene International Q3 PAT up 55.92% sequentially at Rs104cr on inventory and forex gains

20 Jan 2022 , 09:20 AM

Syngene International Ltd reported 9.73% growth in total revenues for the Dec-21 quarter on consolidated basis at Rs641.40cr. The revenues were higher by 5.11% on sequential basis.

The company operates in the niche space of providing Contract Research and Manufacturing Services (CRAMS), which is one of the fastest growing segments of the pharma market.

Syngene is a subsidiary of Biocon Ltd. The CRAMS business has been seeing strong traction of late due to the urgent needs presented by the pandemic.

The consolidated Profit after tax (PAT) for the Dec-20 quarter was up 1.76% at Rs104cr on yoy basis. However, the profits were up 55.92% on sequential basis.

This sequential growth in profits was largely on account of the exceptional loss of Rs30.7cr recorded in the Sep-21 quarter. The exceptional loss was a reversal of the SEIS claims receivable, which  had been capped at Rs.5 crore per exporter.

PAT margins were marginally lower from 17.49% in Dec-20 quarter to 16.21% in the Dec-21 quarter. NPM was sharply higher sequentially.

Financial highlights for Dec-21 compared yoy and sequentially

	Syngene International
Rs in Crore	Dec-21	Dec-20	YOY	Sep-21	QOQ
Total Income (Rs cr)	₹ 641.40	₹ 584.50	9.73%	₹ 610.20	5.11%
Net Profit (Rs cr)	₹ 104.00	₹ 102.20	1.76%	₹ 66.70	55.92%
Diluted EPS (Rs)	₹ 2.55	₹ 2.55		₹ 1.63
Net Margins	16.21%	17.49%		10.93%