Syngene International Ltd - Q3FY22 Result First cut - YES Securities

Inline revenues, margin but PAT misses; raises FY22 guidance to high teens v mid-teens earlier

• An in line quarter with miss on PAT due to higher interest costs and ETR; notably, seeing stronger deliveries in Q4, company raises growth guidance to high teens (clocking 21% growth in 9m FY22 on Remdesivir fueled rise in Q1) v mid-teens earlier still translating into a tepid 11-14% YoY growth in Q4 FY22. Ex-Remdesivir still an underwhelming 14% growth in FY22
• Reported revenues of Rs 6,414mn (up 10% YoY), slightly below our estimate of +12% yoy.
• Gross margin came in at 73.2% growing 62bps sequentially, which in turn improved EBITDA margins by 124bps QoQ and flat YoY, coming in at 28.6% v our expectation of ~28%
• PAT came in at Rs1,040mn including Rs199mn in foreign exchange gain though ex-FX gain, reported PAT lower than estimate on higher interest costs QoQ. ETR higher sequentially at 23% v 15% in Q2
• Call today at 4pm, dial in details: 022 6280 1279, 022 7115 8180

Shares of Syngene International Limited was last trading in BSE at Rs. 594.25 as compared to the previous close of Rs. 611.30. The total number of shares traded during the day was 37866 in over 2459 trades.

The stock hit an intraday high of Rs. 605.40 and intraday low of 588.80. The net turnover during the day was Rs. 22647069.00.

Source : Equity Bulls

Keywords

SyngeneInternational INE398R01022 Q3FY22Results FirstCut YESSecurities