Buy Syngene International; target of Rs 390: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Syngene International

Q4FY20 revenues grew 13.7% YoY to Rs 607.3 crore on the back of strong growth in discovery and development services business. EBITDA margins were up 371 bps YoY at 33.6% on account of better gross margins and lower other expenditure. EBITDA grew 27.9% YoY to Rs 204.1 crore. Net profit grew 20.4% YoY to Rs 120.2 crore. Delta vis-a-vis EBITDA was mainly due to higher depreciation.

Outlook

With elite client additions like Amgen, Zoetis, Herbalife, GSK, etc, and multiple year extension of BMS and Baxter contracts, the company remains well poised to capture opportunities in the global CRO space. We arrive at a target price of Rs 390 based on ~32x FY22 EPS of Rs 12.2.

For all recommendations report, click here

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