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