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Dolat Capital Report
Syngene International Ltd. reported mixed set of numbers in Q2, where the top-line growth has been healthy at 12% YoY (dollar term revenue growth - 10%) led by discovery services and steady traction in dedicated research and development segment.
However, Ebitda margins were weak at 28.7% (down 60 basis points YoY, 170 basis points QoQ).
Operational expenses from Mangalore active pharmaceutical ingredient plant along with front loaded costs of employee ESOP plan (to be amortized over a period of time) impacted margins.
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