Syngene records Rs 3,193 Crore revenue in FY23, up by 23%

Fourth quarter revenue from operations up 31% to Rs. 994 Crore and PAT up 21% to Rs. 179 Crore

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New Delhi: Syngene International has registered a revenue of Rs. 3,193 Crore from operations in the full year ending March 31, 2023. The revenue is up by 23% as compared to previous fiscal year resulting in profit after tax, before exceptional items, up 10% to Rs. 464 Crore.
Momentum in the fourth quarter drove revenue from operations up 31% to Rs. 994 Crore and profit after tax was up 21% to Rs. 179 Crore
Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International said, “Strong growth in the fourth quarter, added to a positive performance over the course of the year, delivered full-year results ahead of our upgraded guidance.
All business divisions delivered growth through the year triggering investment in additional laboratory capacity and new facilities at our campuses in Bangalore and Hyderabad, as well as creating over 1000 new jobs.
Manufacturing Services had a particularly strong year, led by our commercial-scale biologics manufacturing business which had a busy fourth quarter supporting our partnership with Zoetis, following successful regulatory inspections by the US, European and UK regulatory authorities.
Looking ahead, we are optimistic – despite challenges such as inflation, geopolitical uncertainties and recessionary pressures visible in some regions of the world – that our performance over the last year and the progress we have made on the strategic development of the Company, position us well for the year ahead.”
“I am pleased to report a strong performance throughout the year, including our biggest ever quarter to finish this fiscal year. Our robust business model, broad customer base and strong balance sheet, combined with a tight focus on execution, enabled us to deliver revenue growth of 23% year-on-year, margins at around 30% and increased net cash of Rs 224 Crs.
As a result, in this fiscal year, the Company delivered the highest absolute year-on-year increase in revenue and EBITDA that we have seen in the last 5 years, providing a strong foundation for our future plans.” added Sibaji Biswas, Chief Financial Officer, Syngene International Limited
Quarterly Financial Highlights (All numbers are in Indian rupees in Crores except margins)
Q4 FY23
Q4 FY22
YoY Change (%)
Revenue from operations
994
758
31%
Revenue
1017
773
32%
Reported EBITDA
337
265
27%
EBITDA margin (%)
33.1%
34.3%
PAT before exceptional item
179
148
21%
PAT Margin (%)
17.6%
19.1%
FY23 Financial Highlights (All numbers are in Indian rupees in Crores except margins)
FY23
 FY22
YoY Change (%)
Revenue from Operations
3,193
2,604
23%
Revenue
3,264
2,657
23%
Reported EBITDA
1,005
849
18%
EBITDA margin (%)
30.8%
31.9%
PAT before exceptional item
464
421
10%
PAT Margin (%)
14.2%
15.8%
PAT after exceptional item
464
396
17%
PAT Margin after exceptional item (Note1)
14.2%
14.9%