Syngene International Ltd

About [ edit ]

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. #

Key Points [ edit ]
  • Market Cap 22,658 Cr.
  • Current Price 566
  • High / Low 645 / 331
  • Stock P/E 60.7
  • Book Value 70.5
  • Dividend Yield 0.00 %
  • ROCE 13.8 %
  • ROE 15.0 %
  • Face Value 10.0

Pros

  • Company's median sales growth is 22.93% of last 10 years

Cons

  • Stock is trading at 8.04 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Tax rate seems low
  • Dividend payout has been low at 1.01% of profits over last 3 years
  • Promoter holding has decreased over last 3 years: -5.02%
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
406 419 467 534 421 465 519 607 420 517 584 658
297 292 327 374 300 326 366 404 296 362 408 443
Operating Profit 109 126 140 160 121 139 153 204 124 155 176 215
OPM % 27% 30% 30% 30% 29% 30% 29% 34% 30% 30% 30% 33%
Other Income 19 18 17 21 20 92 20 20 15 14 17 53
Interest 8 8 8 8 7 8 10 9 7 7 7 7
Depreciation 37 40 43 44 47 53 57 62 66 69 70 70
Profit before tax 83 97 106 128 87 170 106 153 66 94 116 192
Tax % 20% 19% 19% 22% 17% 25% 14% 21% 12% 11% 12% 16%
Net Profit 66 78 87 100 72 128 92 120 58 84 102 160
EPS in Rs 1.65 1.96 2.17 2.50 1.80 3.20 2.29 3.00 1.44 2.09 2.54 4.01

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
267 322 417 550 700 860 1,107 1,201 1,423 1,826 2,012 2,179
180 223 280 382 485 579 727 816 959 1,290 1,395 1,509
Operating Profit 87 99 137 168 214 281 380 385 464 536 617 670
OPM % 33% 31% 33% 31% 31% 33% 34% 32% 33% 29% 31% 31%
Other Income 1 1 2 4 8 12 6 94 62 75 153 100
Interest 8 21 10 6 0 8 8 18 23 32 35 28
Depreciation 45 52 55 60 66 81 97 114 131 164 219 274
Profit before tax 35 28 74 106 157 204 281 346 372 414 516 467
Tax % 12% 1% 4% 4% 14% 14% 14% 17% 18% 20% 20% 14%
Net Profit 30 27 71 102 135 175 241 287 305 331 412 404
EPS in Rs 52.41 46.90 7.37 9.43 12.45 4.38 6.02 7.18 7.63 8.27 10.29 10.09
Dividend Payout % -0% -0% -0% -0% -0% 239% 8% 7% 7% 3% -0% -0%
Compounded Sales Growth
10 Years:21%
5 Years:15%
3 Years:15%
TTM:8%
Compounded Profit Growth
10 Years:30%
5 Years:9%
3 Years:9%
TTM:6%
Stock Price CAGR
10 Years:%
5 Years:24%
3 Years:23%
1 Year:67%
Return on Equity
10 Years:19%
5 Years:18%
3 Years:16%
Last Year:15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
3 3 24 26 26 199 200 200 200 200 400 400
Reserves 191 218 273 492 633 646 825 1,224 1,520 1,767 1,774 2,418
Borrowings 200 159 97 4 155 155 891 806 787 813 773 893
118 124 193 201 377 422 440 544 681 922 1,215 1,166
Total Liabilities 512 504 587 724 1,191 1,422 2,356 2,775 3,188 3,702 4,162 4,878
403 388 383 381 394 503 580 810 1,030 1,377 2,020 2,201
CWIP 6 1 11 9 45 105 237 175 155 274 234 237
Investments 11 3 0 69 352 146 277 540 158 716 777 702
93 113 193 265 399 667 1,262 1,249 1,845 1,336 1,132 1,737
Total Assets 512 504 587 724 1,191 1,422 2,356 2,775 3,188 3,702 4,162 4,878

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
81 80 122 104 300 18 308 398 446 630 677 698
-30 -18 -20 -150 -375 16 -753 -470 -350 -646 -424 -628
-45 -62 -70 21 155 -10 716 -81 -79 -72 -226 58
Net Cash Flow 6 -1 32 -26 80 24 272 -153 17 -88 28 128

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 13% 22% 25% 23% 23% 20% 18% 16% 17% 17% 14%
Debtor Days 45 44 38 51 49 76 61 60 68 68 72 57
Inventory Turnover 14.31 12.44 10.15 13.10 10.00 8.97 10.08 7.05 8.85 16.48 12.42

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
71.65 71.11 71.06 71.05 71.03 70.77 70.70 70.69 70.65 70.61 70.59 70.58
17.81 17.01 16.95 16.51 15.68 15.39 14.80 13.41 13.10 14.58 14.32 14.25
3.93 4.39 4.63 5.59 6.55 7.41 8.12 9.30 9.63 6.68 5.78 5.27
5.13 6.29 6.28 5.83 5.75 5.49 5.46 5.74 5.78 7.39 8.58 9.19
1.48 1.20 1.08 1.02 0.99 0.94 0.91 0.87 0.85 0.74 0.73 0.71

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