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Syngene records strong Q4 and FY19 growth

Posted On: 2019-04-25 09:36:33

Syngene International Limited today announced its fourth quarter and full year financial results for FY19.

- The Company posted Q4 revenue of Rs. 555 Cr, an increase of 30% from the prior year quarter.

- Full year revenue was up 28% to Rs 1901 Cr compared to the previous year.

Commenting on the results, Mr. Jonathan Hunt, Chief Executive Officer - Syngene International Limited said, "We are very pleased to report strong revenue growth of 30% for Q4 FY19, with revenues growing to Rs 555 Cr from Rs 426 Cr in the prior year quarter. The growth was driven by strong performances in both Discovery Services and Development Services. EBITDA for the quarter was up 24% to Rs. 181 Cr, while PAT was up 19%.

On a full year basis, revenue recorded robust 28% growth from Rs. 1485 Cr in FY18 to Rs. 1901 Cr in FY19. During the year we strengthened our partnerships with key strategic clients such as Baxter, Merck KGaA, Bristol-Myers Squibb, Amgen and GSK as well as improved our position within the emerging biopharma segment. Our CAPEX investment programme through the year has added capacity and new capability to drive future growth and our ongoing initiatives to improve service delivery, safety and quality our already beginning to have a positive impact."

Q4 FY19 was a record quarter that saw revenue crossing the Rs 500 Cr mark for the first time. The strong growth was driven by sustained growth in the discovery and development services.

During the quarter, Syngene and the Biotechnology Industry Research Assistance Council (BIRAC) collaborated to set up a Centre for Advanced Protein Studies (CAPS) at its Bengaluru campus. The Centre hosts a state-of-the-art GLP accredited analytical laboratory which will be available to BIRAC-funded start-ups, SMEs/MMEs and academia in India at an affordable cost.

For the full year, Syngene recorded strong growth of 28% with revenue increasing from Rs. 1485 Cr to Rs. 1901 Cr in FY19. The growth was driven by robust performances in both Discovery Services and our Dedicated R&D Centre business. The Company expanded its customer base, adding new clients as well as extending existing client relationships, taking the total active client base in FY19 to 331 from 316 in FY18.

Shares of Syngene International Ltd was last trading in BSE at Rs.601.15 as compared to the previous close of Rs. 597.1. The total number of shares traded during the day was 9847 in over 665 trades.

The stock hit an intraday high of Rs. 610.2 and intraday low of 598. The net turnover during the day was Rs. 5929513.

Source: Equity Bulls

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