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Last Updated : Apr 26, 2019 05:09 PM IST | Source: Moneycontrol.com

Buy Syngene International; target of Rs 715: ICICI Direct

ICICI Direct is bullish on Syngene International has recommended buy rating on the stock with a target price of Rs 715 in its research report dated April 25, 201

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ICICI Direct's research report on Syngene International


Q4FY19 revenues grew 30.5% YoY to Rs 533.9 crore (I-direct estimate: Rs 478.6 crore). Growth was driven by strong performances in both discovery services and development services. EBITDA margins declined 166 bps to 29.9% YoY (I-direct estimate: 29.5%) mainly due to higher other expenses. EBITDA increased 23.6% YoY to Rs 159.6 crore (I-direct estimate: Rs 141.2 crore). Net profit grew 18.1% YoY to Rs 99.8 crore (I-direct estimate: Rs 88.1 crore). Delta vis-à-vis operational performance was mainly due to higher depreciation and higher tax rate (22.2% vs. 19.1% in Q4FY18).


Outlook


We arrive at a target price of Rs 715 based on ~35x FY21 EPS of Rs 20.5.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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First Published on Apr 26, 2019 05:09 pm
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