Syngene Ltd Q3 PAT up 11.33% yoy at Rs102.2cr on improved revenues

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Syngene Ltd reported 12.60% growth yoy in Dec-20 quarter consolidated revenues at Rs584.50cr. In the midst of the pandemic, the company has seen good demand traction for its core business of contract research & manufacturing services (CRAMS).


For the Dec-20 quarter, the consolidated operating profits were up 10.36% at Rs106.50cr. Despite better inventory management and lower inventory cost, the company saw a spike in its manpower costs and its other expenses. As a result of this, the operating margin or OPM slightly contracted from 18.59% in the Dec-19 quarter to 18.22% in Dec-20 quarter.


Consolidated Profit after tax (PAT) for the Dec-20 quarter was up 11.33% at Rs102.20cr purely on sales growth as operating metrics were not too favorable, despite a fall in finance costs in the quarter. PAT margins narrowed from 17.68% in Dec-19 to 17.49% in Dec-20.


Financial highlights for Dec-20 compared yoy and sequentially











Syngene Ltd

Rs in Crore

Dec-20

Dec-19

YOY

Sep-20

QOQ

Total Income (Rs cr)

₹ 584.50

₹ 519.10

12.60%

₹ 519.60

12.49%

Operating Profit (Rs cr)

₹ 106.50

₹ 96.50

10.36%

₹ 87.00

22.41%

Net Profit (Rs cr)

₹ 102.20

₹ 91.80

11.33%

₹ 84.10

21.52%

Diluted EPS (Rs)

₹ 2.55

₹ 2.31

₹ 2.10

OPM

18.22%

18.59%

16.74%

Net Margins

17.49%

17.68%

16.19%

 
 

Key takeaways from the Dec-20 quarter results


  • In the nine months to December 2019, the company had taken an exceptional write-off of Rs71cr on account of the fire incident in Dec-16. The actual loss exceeded Rs.100 crore and this was just the amount that was recognized.

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( With inputs from indiainfoline)

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