Profit after tax (before exceptional items) up 23% to Rs 215 crores

Mumbai, October 17, 2023: Syngene International Limited today announced its second quarter and half year financial results. Reported revenue from operations for the quarter was up 18.5% year-on-year to Rs. 910 crores, around 15% at constant currency.  Profit after tax (before exceptional items) for the quarter increased 20% year-on-year to Rs 122 crores.

For the half year ended 30^th September 2023, reported revenue from operations was up 22%, around 17% at constant currency, and profit after tax (before exceptional items) increased by 23% to Rs 215 crores compared to the same period last year.

Commenting on the quarter, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, “I am pleased to report a strong set of results for the second quarter and first half of the financial year, particularly in our Development and Manufacturing Services. In Development Services, we also added a new non-GMP capability center to meet market demand for agile, cost-efficient, early phase development and scale-up services. In Manufacturing, we made good progress on our long-term biologics partnership with Zoetis, as well as commissioning a state of the art, digitally-enabled Quality Control laboratory to support our growing biologics operations. The acquisition of a multi-modal facility from Stelis Biopharma Ltd, announced last quarter, is progressing.

Within research services, our Dedicated Centers made a steady contribution to growth and in Discovery Services, while global demand remained generally healthy, we saw the US-based biotech segment showing signs of slowed growth year-on-year as companies adjust to a new funding environment.

Long term sector fundamentals remain strong and we expect continued growth but at a lower level in the second half of the year, this short-term slowing in the US biotech segment is reflected in our latest outlook.

Overall, we reported a strong first half to the year and I am pleased with the good progress made on our strategic priorities in both our research services and our development and manufacturing divisions.”

Sibaji Biswas, Chief Financial Officer, Syngene International Limited added, “We have reported strong second quarter and half year results with operating EBIT growth, tracking revenue growth. 

During the second half of the year, we will continue to invest in new science, technology and digitization, as well as building capacity to support future growth, while balancing discretionary expenditure in order to maintain margins.”

Q2 FY24 Financial Highlights (All numbers are in Indian rupees in Crores except margins)

*Note: Exceptional item (net of tax) in FY24 pertains to transaction costs relating to the acquisition of the multi-modal facility of Stelis Biopharma Limited.

H1 FY24 Financial Highlights (All numbers are in Indian rupees in Crores except margins)

	H1 FY23	H1 FY24	YoY Change (%)
Revenue from operations	1,413	1,718	22%
Reported Revenue	1,443	1,763	22%
Reported EBITDA	420	511	22%
Reported EBITDA margin (%)	29.1%	29.0%
PAT before exceptional item	176	215	23%
PAT Margin (%)	12.2%	12.2%
PAT after exceptional item*	176	210	19%

*Note: Exceptional item (net of tax) in FY24 pertains to transaction costs relating to the acquisition of the multi-modal facility of Stelis Biopharma Limited.

Business updates

The second quarter was underpinned by strong performances in Development and Manufacturing Services supported by sustained momentum in the Dedicated Centers.

In Manufacturing Services, the Company continued to make good progress on the long-term biologics manufacturing partnership with Zoetis. During the quarter, the Company commissioned a Quality Control laboratory for biologics testing equipped with the latest technology to drive higher throughput and seamless data transfer.

In the first quarter, Syngene announced the intention to acquire a multi-modal facility from Stelis Biopharma Ltd and the transaction is progressing.

During the quarter, the Company operationalized a non-GMP facility, which added the capability to conduct API synthesis in a non-GMP environment resulting in agile, cost-effective solutions for early phase development projects.

First half performance was characterised by positive contributions from all divisions, as well as the achievement of several significant strategic goals: the agreement to acquire the multi-modal biologics facility from Stelis Biopharma Ltd; the purchase of a 17-acre land parcel in Genome Valley, Hyderabad, as an extension to the existing research campus; and the regulatory approval from the US Food and Drug Administration (US FDA) for the commercial manufacturing facility in Mangalore.

Guidance

While the Company delivered strong performance in the first half, with the temporary slowdown in US biotech funding, we expect continued growth at a lower level in the second half of the year. Adjusting for this, against our previous guidance of high teens constant currency growth, we now expect the revenue to grow at mid-teens on constant currency basis.

Earnings call

Syngene will host an investor call at 3.00 pm IST on October 18, 2023, where the senior management will discuss the Company’s performance and answer questions from participants. Please dial the numbers provided below ten minutes ahead of the scheduled start time to participate in this conference call. The dial-in number for this call is +91 22 6280 1279/ +91 22 7115 8180. Other toll numbers are listed in the conference call invitation which is posted on the Company website www.syngeneintl.com. The operator will provide instructions on asking questions before the start of the call. A replay of this call will also be available on the website and until 25^th October 2023, on +91 22 71945757, Playback ID: 61353. We will aim to post the transcript of the conference call on the Company website within seven working days of the investor conference call.

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Based on specific intelligence, officers of DRI intercepted 3 passengers arriving from Sharjah by Air India Express Flight No. IX172 at Surat International Airport on 07.07.2023 suspected to be carrying gold in paste form to be smuggled into India. Examination of their hand baggage and check-in baggage was carried out and 43.5 kg of gold in paste form was found concealed in 20 white color packets hidden in 5 black belts.

The interrogation of passengers revealed that the gold was concealed for smuggling into India with the help of officials posted at the Surat International Airport. The exchange of gold was planned to be done in a toilet located before the immigration to evade screening and examination by authorities. Subsequent actions resulted in further recovery of 4.67 kg of gold in paste form, found abandoned in the men’s washroom adjacent to the immigration checkpoint, which was handed over by CISF to DRI. A total of 48.20 kg gold paste recovered from the passengers was subjected to extraction, and more than 42 kg of gold (purity 99%) worth Rs. 25.26 crore approx. was recovered.

Statement of persons were recorded under Customs Act, 1962, and based on their role, 3 passengers along with one official have been arrested. From the investigation so far, it appears that an organized smuggling racket has been operating at the Surat International Airport. Further investigation to find out involvement of other persons including officials at the airport, is being carried out, to dismantle the whole syndicate. PIB

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Monthly GST revenues more than the ₹ 1.4 lakh crore for six months in a row

The gross GST revenue collected in the month of August 2022 is

₹ 1,43,612 crore of which CGST is ₹ 24,710 crore, SGST is ₹ 30,951 crore, IGST is
₹ 77,782 crore (including ₹ 42,067 crore collected on import of goods) and cess is
₹ 10,168 crore (including ₹ 1,018 crore collected on import of goods).

The government has settled ₹ 29,524 crore to CGST and ₹ 25,119 crore to SGST from IGST. The total revenue of Centre and the States in the month of August 2022 after regular settlement is ₹ 54,234 crore for CGST and ₹ 56,070 crore for the SGST.

The revenues for the month of August 2022 are 28% higher than the GST revenues in the same month last year of ₹ 1,12,020 crore. During the month, revenues from import of goods was 57% higher and the revenues from domestic transaction (including import of services) are 19% higher than the revenues from these sources during the same month last year.

For six months in a row now, the monthly GST revenues have been more than the ₹ 1.4 lakh crore mark. The growth in GST revenue till August 2022 over the same period last year is 33%, continuing to display very high buoyancy. This is a clear impact of various measures taken by the Council in the past to ensure better compliance. Better reporting coupled with economic recovery has been having positive impact on the GST revenues on a consistent basis. During the month of July 2022, 7.6 crore e-way bills were generated, which was marginally higher than 7.4 crore in June 2022 and 19% higher than 6.4 crore in June 2021.

The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of August 2022 as compared to August 2021.

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The government has settled ₹ 23,276 crore to CGST and ₹ 17,681 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of December 2020 is
₹ 44,641 crore for CGST and ₹ 45,485 crore for the SGST.

In line with the recent trend of recovery in the GST revenues, the revenues for the month of December 2020 are 12% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 27% higher and the revenues from domestic transaction (including import of services) are 8% higher that the revenues from these sources during the same month last year.

The GST revenues during December 2020 have been the highest since the introduction of GST and it is the first time that it has crossed ₹ 1.15 lakh crore. The highest GST collection till now was ₹ 1,13,866 crore in the month of April 2019. The revenues of April normally tend to be high since they pertain to the returns of March, which marks the end of financial year. The December 2020 revenues are significantly higher than last month’s revenues of ₹ 1,04.963 crore. This is the highest growth in monthly revenues since last 21 months. This has been due to combined effect of the rapid economic recovery post pandemic and the nation-wide drive against GST evaders and fake bills alongwith many systemic changes introduced recently, which have led to improved compliance.

Till now, GST revenues have crossed ₹ 1.1 lakh crore three times since introduction of GST. This is the third month in a row in the current financial year after the economy has been showing signs or recovery post pandemic that the GST revenues have been more than ₹ 1 lakh crore. The average growth in GST revenues during the last quarter has been 7.3% as compared to (-) 8.2% during the second quarter and
(-) 41.0% during the first quarter of the financial year.

The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of December 2020 as compared to December 2019.

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The government has settled Rs. 13,325 crore to CGST and Rs. 11,117crore to SGST from IGST as regular settlement.The total revenue earned by Central Government and the State Governments after regular settlement in the month of June,2020 is Rs. 32,305 crore for CGST and Rs. 35,087 crore for the SGST.

The revenues for the month are 91% of the GST revenues in the same month last year. During the month, the revenues from import of goods were 71%and the revenues from domestic transaction (including import of services) were 97% of the revenues from these sources during the same month last year.During the month of June, returns of February, March, and April 2020 have also been filed in addition to some returns of May 2020 since Government has allowed a relaxed time schedule for filing of GST returns. Some returns of May 2020, which would have otherwise got filed in June 2020, will get filed during first few days of July 2020.

The revenues during the financial year has been impacted due to COVID-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations given by the Government in filing of returns and payment of taxes due to the pandemic. However, figures of past three months show recovery in GST revenues.

The GST collections for the month of April was Rs. 32,294 crore which was 28% of the revenue collected during the same month last year and the GST collections for the month of May was Rs. 62,009 crore which was 62%of the revenue collected during the same month last year. The GST collections for the first quarter of the year is 59%of the revenue collected during the same quarter last year. However, a large number of taxpayers still have time to file their return for the month of May, 2020

The chart shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of June, 2020 as compared to June, 2019 and for the full year.

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The GST revenues during the month of December, 2019 from domestic transactions has shown an impressive growth of 16% over the revenue during the month of December, 2018. If we consider IGST collected from imports, the total revenue during December, 2019 has increased by 9% in comparison to the revenue during December, 2018. During this month, the IGST on import of goods has seen a negative growth of (-) 10%, but is an improvement over (-) 13% last month and (-) 20% in the month of October.

The government has settled ₹ 21,814crore to CGST and ₹ 15,366crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of December, 2019 is ₹ 41,776 crore for CGST and ₹ 42,158 crore for the SGST.

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The government has settled Rs 25,150 crore to CGST and Rs 17,431 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of November, 2019 is Rs 44,742 crore for CGST and Rs 44,576 crore for the SGST.

After two months of negative growth, GST revenues saw an impressive recovery with a positive growth of 6% in November, 2019 over the November, 2018 collections. During the month, the GST collection on domestic transactions saw a growth of 12%, highest during the year.

The GST collection on imports continued to see negative growth at (-)13%, but was an improvement over last month’s growth of (-)20%.This is the eighth time since the inception of GST in July 2017 that monthly collection has crossed the mark of Rs one lakh crore. Also, November 2019 collection is the third highest monthly collection since introduction of GST, next only to April 2019 and March 2019 collections.

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