Out of total employee strength of 2664, 2129 are scientists out of which 253 are PhDs...so total scientist count is 2129 and not 1665.....secondly if I check the revenue per scientist figure of scientists dedicated to top 3 clients and of others, although revenue from a scientist of top3 client is higher than that of others but difference is logical as in case of top3 you have a dedicated clear roadmap whereas in case of others, company is also doing project-based work so utilisation will vary each year.....also you need to understand one thing that the huge clientle that you see is in a sense building of a prospective inventory as there are two benefits to it -- first NME research is also associated with failures so it could very well happen that tomorrow some small company which is working on a NME might discover a blockbuster product so you need to be present with them also --- secondly, relationship building and therefore trust building is the most crucial pillar and infact the most long gestation investment of this industry and company seems to be very well aware of that.....
Regarding industry reports you can very well find many on CROs but I feel you should try exploring past 14-15 years ARs of Syngene and its peers (especially Indian ones) as it will be a very good study. In that you will not only be able to understand industry and company evolution better but also you will be able to study varied financial and other parameters in detail.
Rgds.
Discl.- Invested and still Accumulating as on date.
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