Syngene International (SYNGENE) Q4 24/25 earnings summary

Executive summary

• Q4 revenue from operations reached INR 1,080 crore, up 11% year-on-year and 8% sequentially, crossing INR 1,000 crore for the first time.

• Consolidated revenue from operations for FY25 was ₹36,424 million, up from ₹34,886 million in FY24, reflecting continued growth in contract research and manufacturing services.

• Operating EBITDA for Q4 rose 8% year-on-year and 21% sequentially to INR 344 crore, with a margin of 34%.

• The year included the acquisition of biologics manufacturing facilities in Bangalore and the USA, expanding capacity and global reach.

• Net profit for FY25 (consolidated) stood at ₹4,962 million, compared to ₹5,100 million in FY24, with the prior year including a one-time tax refund benefit.

Financial highlights

• Q4 operating profit (EBIT) increased 15% year-on-year; reported PAT before exceptional items declined 3% to INR 183 crore.

• Full-year reported PAT before exceptional items fell 8% to INR 475 crore; underlying PAT rose 1% after adjusting for one-offs.

• Consolidated profit before tax for FY25 was ₹6,599 million, up from ₹6,208 million in FY24.

• Basic EPS (consolidated) for FY25 was ₹12.35, compared to ₹12.71 in FY24.

• Cash flow from operations (consolidated) for FY25 was ₹11,676 million, up from ₹10,421 million in FY24.

Outlook and guidance

• Underlying revenue growth for FY 2026 expected in the early teens, broad-based across research services and CDMO.

• Reported revenue growth for FY 2026 guided to mid-single digits due to inventory normalization in biologics.

• Operating EBITDA margin expected to moderate to mid-20s in FY 2026 due to new facility ramp-up.

• Effective tax rate to rise to 26% as SEZ units exit tax holidays; PAT expected to decline year-on-year.

• A final dividend of ₹1.25 per share has been recommended, subject to shareholder approval.