Buy Syngene International, target price Rs 880: IIFL

IIFL has buy call on Syngene International with a target price of Rs 880. The current market price of Syngene International is Rs 848.05. IIFL recommended to keep stop loss at Rs 810.

Syngene International, incorporated in the year 1993, is a Mid Cap company (having a market cap of Rs 34123.03 Crore) operating in Pharmaceuticals sector.

Syngene International key Products/Revenue Segments include Contract Research & Contract Manufacturing (CRAMS), Other Operating Revenue and Scrap for the year ending 31-Mar-2023.


Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 831.70 Crore, down -18.24 % from last quarter Total Income of Rs 1017.20 Crore and up 26.02 % from last year same quarter Total Income of Rs 660.00 Crore. Company has reported net profit after tax of Rs 93.40 Crore in latest quarter.

Investment Rationale
The stock has given a rounding bottom break-out.

Promoter/FII Holdings
Promoters held 54.8 per cent stake in the company as of 30-Jun-2023, while FIIs owned 23.19 per cent, DIIs 11.2 per cent.