Syngene International Q4 Results: Profit Up 5.5% At Rs 188.6 Crore, Revenue Falls
Syngene International's Q4 revenue was down 7.8% to Rs 916.9 crore as against an estimate of Rs 1,024 crore.
Syngene International Ltd.'s consolidated net profit rose 5.54% in the fourth quarter of financial year 2024, and beat analysts' estimates.
The contract research and manufacturing services firm posted a profit of Rs 188.6 crore in the quarter-ended March, in comparison with Rs 178.7 crore in the year-ago period, according to an exchange filing on Wednesday. Analysts tracked by Bloomberg had estimated a profit of Rs 155.7 crore.
Syngene Q4 FY24 Highlights (Consolidated, YoY)
Revenue down 7.8% to Rs 916.9 crore vs Rs 994.4 crore (Bloomberg estimate: Rs 1,024 crore).
Ebitda rose to Rs 316.9 crore vs Rs 318.3 crore (Bloomberg estimate: Rs 314 crore).
Margin at 35% vs 32% (Bloomberg estimate: 30.7%).
Net profit up 5.54% at Rs 188.6 crore vs Rs 178.7 crore (Bloomberg estimate: Rs 155.7 crore).
“While the fourth quarter performance came in lower than expected, the underlying driver reduced demand for research and development services within US biotech stemming from a difficult funding environment—is well-understood and already showing positive signs of recovery," said Jonathan Hunt, managing director and chief executive officer at Syngene International.
"Looking ahead, we expect revenue growth in fiscal year 2025 to be in the range of high single-digits to low double-digits, with momentum building up during the year. We expect the Ebitda margin to be similar to the level delivered in fiscal year 2024 and PAT growth in single digits," he said.
Shares of Syngene International closed 1% lower at Rs 694.20 apiece on the BSE, as compared with a 0.16% advance in the benchmark Sensex.
