Syngene International Ltd

Syngene International Ltd

₹ 707 -0.83%
24 Jun - close price
About

Syngene (established in 1993) as a Biocon subsidiary is India's first Contract Research Organization (CRO) which expanded later to be an integrated service provider offering end-to-end drug discovery, development, and manufacturing services on a single platform (CRAMS). Total research & manufacturing infrastructure for the company is spread across 1.9 million square feet across locations. [1]

Key Points

Business Footprint:[1]
The company caters to diverse end-user industries like Pharmaceuticals, Animal Health, Agrochemicals, Consumer Packaged Goods, Chemicals/Polymers.
It has 400+ active customers with engagements with 13 out of the top 15 global pharma companies. The company holds 400+ patents jointly with clients and has a base of 6000+ scientists.

  • Market Cap 28,461 Cr.
  • Current Price 707
  • High / Low 860 / 608
  • Stock P/E 59.8
  • Book Value 104
  • Dividend Yield 0.18 %
  • ROCE 13.6 %
  • ROE 12.2 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 42.8%

Cons

  • Stock is trading at 6.78 times its book value
  • The company has delivered a poor sales growth of 11.9% over past five years.
  • Company has a low return on equity of 13.1% over last 3 years.
  • Promoter holding has decreased over last 3 years: -15.8%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
658 594 610 640 759 644 768 787 994 716 831 792 865
443 429 432 437 509 473 552 556 678 552 614 592 565
Operating Profit 215 164 177 203 249 172 216 230 316 163 217 200 299
OPM % 33% 28% 29% 32% 33% 27% 28% 29% 32% 23% 26% 25% 35%
53 12 -18 13 15 16 15 17 23 23 14 25 15
Interest 7 8 1 9 6 9 12 14 10 6 9 6 8
Depreciation 70 75 76 78 80 86 90 95 88 89 91 94 96
Profit before tax 192 94 82 128 178 92 129 139 241 92 131 125 210
Tax % 16% 18% 19% 19% 17% 20% 21% 21% 21% 18% 22% 20% 10%
160 77 66 103 147 73 102 110 189 75 102 100 190
EPS in Rs 4.01 1.92 1.66 2.58 3.67 1.82 2.53 2.73 4.71 1.87 2.53 2.48 4.72
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
550 700 860 1,107 1,201 1,423 1,826 2,012 2,179 2,601 3,194 3,203
382 485 579 727 816 950 1,290 1,395 1,504 1,861 2,252 2,324
Operating Profit 168 214 281 380 385 473 536 617 676 741 942 879
OPM % 31% 31% 33% 34% 32% 33% 29% 31% 31% 28% 29% 27%
4 8 12 6 94 53 75 153 94 75 63 77
Interest 6 0 8 8 18 23 32 35 28 24 45 30
Depreciation 60 66 81 97 114 131 164 219 274 310 359 369
Profit before tax 106 157 204 281 346 372 414 516 467 482 601 557
Tax % 4% 14% 14% 14% 17% 18% 20% 20% 14% 18% 21% 16%
102 135 175 241 287 305 331 412 404 394 473 466
EPS in Rs 9.43 12.45 4.38 6.02 7.18 7.63 8.27 10.29 10.09 9.83 11.78 11.60
Dividend Payout % 0% 0% 239% 8% 7% 7% 3% 0% 0% 10% 11% 108%
Compounded Sales Growth
10 Years: 16%
5 Years: 12%
3 Years: 14%
TTM: 0%
Compounded Profit Growth
10 Years: 13%
5 Years: 8%
3 Years: 8%
TTM: 1%
Stock Price CAGR
10 Years: %
5 Years: 17%
3 Years: 7%
1 Year: -3%
Return on Equity
10 Years: 16%
5 Years: 14%
3 Years: 13%
Last Year: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 26 26 199 200 200 200 200 400 400 401 401 402
Reserves 492 633 646 825 1,213 1,520 1,767 1,774 2,418 2,891 3,218 3,790
4 155 155 891 806 787 813 773 893 1,022 639 332
201 377 422 440 555 681 922 1,215 1,166 1,247 1,590 1,310
Total Liabilities 724 1,191 1,422 2,356 2,775 3,188 3,702 4,162 4,878 5,561 5,848 5,834
381 394 503 580 810 1,030 1,377 2,020 2,201 2,393 2,260 2,319
CWIP 9 45 105 237 175 155 274 234 237 346 126 758
Investments 69 352 146 277 540 158 716 777 702 1,034 941 928
265 399 667 1,262 1,249 1,845 1,336 1,132 1,737 1,787 2,521 1,829
Total Assets 724 1,191 1,422 2,356 2,775 3,188 3,702 4,162 4,878 5,561 5,848 5,834

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
104 300 18 308 398 446 630 677 698 582 838 913
-150 -375 16 -753 -470 -350 -646 -424 -629 -611 -685 -384
21 155 -10 716 -81 -79 -72 -226 58 -31 -340 -536
Net Cash Flow -26 80 24 272 -153 17 -88 28 127 -60 -187 -6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 51 49 76 61 60 68 68 72 79 71 55 49
Inventory Days 45 28 59 44 37 82 30 18 41 87 141 95
Days Payable 208 146 106 87 116 194 154 157 166 115 110 104
Cash Conversion Cycle -112 -68 29 18 -19 -44 -56 -67 -45 44 86 41
Working Capital Days 5 -61 -6 -10 -14 -28 -65 -115 -19 -4 32 34
ROCE % 25% 23% 23% 20% 18% 16% 17% 17% 14% 13% 15%

Shareholding Pattern

Numbers in percentages

9 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
70.43% 70.42% 70.41% 70.41% 70.29% 64.86% 64.86% 54.88% 54.80% 54.79% 54.79% 54.79%
14.42% 14.09% 13.84% 13.69% 14.15% 16.79% 16.87% 23.31% 23.19% 23.55% 21.20% 20.92%
4.75% 4.80% 4.41% 4.41% 4.18% 6.75% 7.03% 10.71% 11.20% 11.70% 14.63% 15.80%
9.49% 9.82% 10.61% 10.81% 10.56% 11.11% 10.77% 10.65% 10.23% 9.47% 9.07% 8.17%
0.90% 0.86% 0.72% 0.68% 0.83% 0.49% 0.47% 0.46% 0.60% 0.48% 0.32% 0.00%
No. of Shareholders 1,26,3951,36,7491,37,8921,33,6101,28,2781,34,3341,27,9641,24,0141,25,4551,25,9921,21,8801,15,850

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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