Syngene International Limited Reports 9% Revenue Growth in FY 2024

On April 24, 2024, Syngene International Limited announced its full-year and fourth-quarter results of FY 2024. The company’s revenue from operations was up by 9%, and the Profit After Tax (PAT) was up by 12% in FY 2024.

In FY 2024, Syngene International Limited’s revenue from operations was ₹3,489 crore, which grew by 9% compared to FY 2023. The company reported a PAT of ₹519 crore, which grew by 12% compared to FY 2023.

IN Q4 FY 2024, Syngene International Limited’s revenue from operations declined 8% year-on-year to ₹917 crore. However, the company reported that the Profit after tax for the quarter increased 6% year-on-year to ₹189 crore.

Commenting on the results, the Managing Director and Chief Executive Officer of Syngene International Limited, Jonathan Hunt, said, “While the fourth quarter performance came in lower than expected, the underlying driver – reduced demand for research and development services within US biotech stemming from a difficult funding environment – is well understood and already showing positive signs of recovery. Despite the business environment, we delivered growth during the year. This resilience results from our broad operating span and the investments made to establish our development and manufacturing divisions with biologics, in particular, delivering a strong performance throughout the year.”

He further added that he is motivated by the recent step up in new funding into US biotech and anticipates this will drive a recovery in demand for research and development services, translating into revenue growth in the latter part of the year.

He also stated, “Looking ahead, we expect revenue growth in fiscal year 2025 to be in the range of high single digits to low double digits with momentum building up during the year. We expect the EBITDA margin to be similar to the level delivered in fiscal year 2024 and PAT growth in single digits. The long-term indicators for the sector are positive, and I am confident that we will continue to perform well in the long term.”

The Chief Financial Officer and Executive Director of Syngene International Limited, Sibaji Biswas, said, “For the fiscal year 2024, the Board of Directors has recommended a final dividend of ₹1.25 per share, an increase of 150% over last year’s core dividend of 50 paise per share, subject to shareholders approval.”

Regarding the business updates for FY 2024, the company stated that in Manufacturing Services, the acquisition of the biologics manufacturing facility from Stelis Biopharma was concluded successfully.

Further, the company continued to invest in its fully integrated therapeutic discovery and development for small molecules and biologics, SynVent, covering a range of therapeutic areas, including oncology, gene therapy, central nervous system (CNS) and pain management for use in human and animal health. Also, the company’s artificial intelligence-driven programs continued to evolve.

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