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POOR GROWTH IN
LONG TERM NET SALES
Negative Syngene Intl.
Results in Jun 22
Strong sell
Mildly Bearish
Technical Trend
CMP: 575.25
Very Expensive STOCK INFO:
Valuation BSE – 539268/ NSE – SYNGENE
Market Cap - Large Cap (Rs. 22,886 cr)
Sector – Pharma
Market 52 w H/L (Rs.) – 686.3/510.1
Dividend Yield: 0.17%
www.marketsmojo.com
Syngene Intl.
CMP: 575.25 27 Strong Sell
Report as on 28 July 2022 at 12:07 AM
Strong Sell Sell Hold Buy Strong Buy
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O 21
Fe 2 0
Fe 2 1
Se -1 9
Se 0
2
Au 21
Ju 2
D -2 0
Ap 21
Ju 2 1
D -2 1
Ap 22
Ju 2 2
M 20
M -2 0
Ju 0
N 19
O 20
l- 2
l- 2
2
-2
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Underperformed the market in the last 1 year Syngene International Ltd SENSEX
-Even though the market (BSE 500) has generated
returns of 4.88% in the last 1 year, the stock has
Investors Returns (3 years) –
hugely underperformed and has generate negative
returns of -6.23% returns Period 6M 1Y 2Y 3Y
Stock (%) 3.78% -6.15% 26.28% 84.71%
Sector (%) -3.70% -3.70% 25.90% 65.21%
WHAT ARE OTHER FACTORS? Sensex (%) -2.55% 6.16% 47.14% 47.34%
Company has a low Debt to Equity ratio (avg) at 0
times
MOJO PROFESSIONAL 1
Syngene Intl. STRONG SELL | Report as on 28 July 2022 at 12:07 AM
Click Here
MOJO PROFESSIONAL 2
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GROWTH
period
0Cr
Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022
MOJO PROFESSIONAL 3
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FINANCIAL TREND
Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
falling
cr Operating Cash Flows (Rs Cr)
Operating Cash Lowest at Rs 582.20 Cr
Flow- Annually in the last three years
MOJO PROFESSIONAL 4
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FINANCIAL TREND
Non Operating
Non Operating Income
Income -
Highest at Rs 15.50 cr
Quarterly
in the last five quarters
Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
MOJO PROFESSIONAL 5
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perform, modify, create derivative works, transmit, or in any way exploit any such content. Unauthorized usage is an infringement of our intellectual property rights and
a violation of law and it may also result in cancellation of your subscription package without any refund and may lead to legal action.
TECHNICALS
-6.83%
-6.23%
MOJO PROFESSIONAL 6
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VALUATION
Syngene Intl.
valuation
Glaxosmi.
Laurus
Ipca Labs.
Pharma
Labs
Valuation
Attractive 24 12
Fundamental
Valuation
as compared to its 12 7.2
2
18
19
20
21
01
01
01
02
02
02
20
20
20
20
-2
-2
-2
-2
-2
l- 2
n-
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Ju
Ju
Ju
Ju
Ju
D
MOJO PROFESSIONAL 7
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RETURNS
Ja 1 9
O 20
Se -2 1
Ja 2 1
Fe 2 0
Se -1 9
Au 0
2
Au 21
Ap 21
D -2 0
Ju 2 1
M 20
M 22
M -2 0
M -2 2
N 19
Ju 0
N 21
Ju 2
returns
l- 2
l- 2
-2
-2
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Ju
Syngene International Ltd BSE500
3rd
Quartile
4th
Quartile
1st
Quartile
Stock has been in the 4th quartile in 2021
and in 3rd in YTD period
MOJO PROFESSIONAL 8
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FACTORS
WORKING
FOR THE COMPANY
MOJO PROFESSIONAL 9
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MANAGEMENT RISK
ROE
The company has been able to generate a Return on Equity
14.85% ROE
(avg) of 14.85% signifying average profitability per unit of
shareholders funds
Tax Ratio
High Tax Ratio signifies that the profits generated by the
18.67% Tax Ratio
company are real and it is making adequate contributions
towards by paying due taxes
Institutional Holding
High Institutional Holdings at 18.33%- These investors have
18.33%
Institutional Holding
better capability and resources to analyse fundamentals of
companies than most retail investors
MOJO PROFESSIONAL 10
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CAPITAL STRUCTURE
MOJO PROFESSIONAL 11
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RESULT
ANALYSIS
MOJO PROFESSIONAL 12
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QUARTERLY VARIANCE
Margins
Jun'22 Mar'22 Dec'21 Sep'21 Jun'21 Avg. (4 Comments
Qtrs)
OPM 26.8% 33.0% 31.7% 29.1% 27.8% 30.4% Lower than average (4 Qtrs)
GPM 27.8% 34.2% 32.3% 26.0% 28.5% 30.2% Lower than average (4 Qtrs)
NPM 11.5% 19.5% 16.2% 10.9% 13.0% 14.9% Lower than average (4 Qtrs)
MOJO PROFESSIONAL 13
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ANNUAL RESULT
Net Sales-YoY Growth in year ended Mar 2022 is 19.22% vs Consolidated Net Profit-YoY Growth in year ended Mar 2022
8.57% in Mar 2021 is -2.25% vs -1.75% in Mar 2021
4000 500
412.10 404.90 395.80
2,604.20 331.60
305.40
2,011.90 2,184.30
1,825.60
2000 1,423.10 250
0 0
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2022 is 18.50% vs 8.72% in Mar 2021 Mar 2022 has fallen from Mar 2021
1000 50
796.10
671.80
617.90 29.40 30.71 30.76 30.57
536.80 27.47
500 390.90 25
0 0
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Figures in Rs Crore
MOJO PROFESSIONAL 14
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2.83% Borrowings
Mar'22
1,321.10
Mar'21
1,284.70
Change%
2.83%
Increase
Other Long Term Liabilities 471.40 364.40 29.36%
Fixed Assets 2,481.90 2,288.50 8.45%
Investments 308.80 316.30 -2.37%
in Borrowings in quarter Current Assets 2,205.90 1,806.70 22.10%
ended Mar 2022 vs in
Figures in Rs Cr
Mar 2021
Other Long Term Liabilities: YoY Growth in year ended Mar 2022 is 29.36% vs -10.47% in Mar 2021
Fixed Assets: YoY Growth in year ended Mar 2022 is 8.45% vs 7.37% in Mar 2021
Investments: YoY Growth in year ended Mar 2022 is -2.37% vs 327.43% in Mar 2021
Current Assets: YoY Growth in year ended Mar 2022 is 22.10% vs 12.04% in Mar 2021
750 701.20
677.10
630.40
580.60
500 446.20
250
0
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
MOJO PROFESSIONAL 15
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SHAREHOLDING
Promoter holding-Promoter holding has decreased by -0.12% FII Holdings-FII holding has increased by 0.45%
100% 20%
70.43% 70.42% 70.41% 70.41% 70.29% 14.40% 14.07% 13.82% 13.67% 14.12%
50% 10%
MF Holdings-MF holding has decreased by -0.47% Other DII Holdings-Other DII holding has increased by 0.25%
5% 2%
3.77% 4.03%
3.64% 1.42%
3.26%
2.79% 1.17%
1.00%
2.5% 1% 0.79% 0.80%
0% 0%
Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
Figures in Rs Crore
MOJO PROFESSIONAL 16
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PEER COMPARISION
PEER COMPARISON
Syngene Intl. Ipca Labs. Glaxosmi. Pfizer Ajanta Pharma
Pharma
Size
Market Cap (Cr.) 23,062 25,028 24,586 18,965 16,303
Annual Sales (TTM) (Cr.) 2,654 5,830 3,305 2,611 3,341
Annual Net Profit (TTM) (Cr.) 417 883 1,678 613 713
Growth Factors (TTM)
Net Sales Growth 1 year 12.6% 7.6% -1.1% 16.6% 15.6%
Operating Profit Growth 1 year 12.5% -19.4% 8.5% 19.6% -8.9%
Net Profit Growth 1 year 5.7% -22.5% 293.6% 23.1% 9%
Net Sales Growth 5 year 13% 15.6% 1.3% 5.8% 10.8%
Operating Profit Growth 5 year 8.9% 28.3% 7.5% 20.3% 5.6%
Net Profit Growth 5 year 7.3% 25.7% 56% 19.3% 7.1%
Capital Structure Factors
EBIT to Interest 18.9 140 357.2 68.7 78.8
Debt to EBITDA 1.3 0.6 0 0.1 0
Net Debt to Equity -0.1 -0.1 -1.1 -0.6 -0.1
MOJO PROFESSIONAL 17
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COMPANY BACKGROUND
COMPANY BACKGROUND
Board of Directors
Kiran Mazumdar Shaw Chairperson
Vijay Kuchroo
Company Coordinates
MOJO PROFESSIONAL 18
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