Syngene International

Syngene International Q3 concall –

Received regulatory approvals for commercial biologics manufacturing from US,UK and EU during the Qtr

Sales up 23 pc at 787 cr

EBITDA up 14 pc at 231 cr

PAT up 5 pc at 110 cr

On track to achieve a revenue growth of high teens for FY 23

Last year had high Remdesevir sales for first 9Months. This FY, it has been zero

Without Remdesevir- Q3 sales are up 28 pc , 9M up 30 pc

EBITDA growth is lower at 14 pc due sub-scale manufacturing capacity utilization

Hedging losses at 16 cr led to lower bottomline growth

Higher Depreciation costs due absorption of heavy investments made over the past yr

Capex for 9M has been 400cr. An equal amount is under execution

For full FY 23, guiding for EBITDA margin of 30 pc

PAT to increase in single digits

PAT to grow at increased rates in FY 24 due kicking in of operating leverage

Disc- invested, biased