Dear Shareholders,
This year Syngene crossed a memorable milestone, completing 25 years of successful operations. It has been an exhilarating journey and one where we have placed building value creating partnerships with all our stakeholders at the core, allied to an unwavering commitment to innovation and maintaining the very highest standards of business and scientific ethics. This strategy along with the commitment and talent of all our employees has made Syngene a leading contract research organisation (CRO) globally.

The global contract research industry continues to offer attractive growth opportunities, with clients recognising the strategic advantage of outsourcing part or all of their R&D activities. The industry is witnessing a shift in favour of integrated, end-to-end solution providers alongside the traditional demand for standalone services. Access to deep-domain knowledge and sophisticated technologies is evolving as a key competitive and comparative advantage. At Syngene, our portfolio of integrated service offerings, customisable to meet client needs, world-class infrastructure, access to a top-quality talent pool and investments in developing expertise in emerging technologies, ensure our service offerings remain well aligned with market requirements and position the company to deliver the best in innovation and collaboration. Today, we are established as a trusted strategic partner for leading life sciences companies around the world and across the drug discovery and development continuum. Additionally, our scientific solutions are increasingly bringing benefit to companies in the consumer, nutrition, agrochemicals and specialty sectors. For all our clients, our purpose remains the same: to accelerate innovation and deliver solutions with great efficiency at world-class levels of quality and service.

The fiscal year was a successful one for Syngene from a growth perspective. Total revenue for the year grew by 28% and key measures of profit also increased with EBITDA growing by 16% and PAT increasing by 9%. We continued to diversify our client base with a combination of renewals and engagement expansion with existing clients and new wins. During the year, the total number of clients increased to 331 from 316 in the previous year. The growth in new client additions from small and mid-sized companies was particularly pleasing. This demonstrates the strength of our capabilities and our ability to create value for all our clients – big and small, new and existing. All through the year, we continued to engage and partner with our clients through better alignment of processes, technologies, infrastructure and talent. While this continual investment in our capabilities enables us to meet our clients’ emerging R&D requirements, it also sets the stage for continued renewals and repeat business.

The fast-growing space of biologics provides ample growth opportunities for contract research and manufacturing organisations. While the global demand for biologics is bolstered by their ability to treat major chronic diseases, the development and manufacture of these drugs can be complex and expensive. As a specialised CRO, Syngene is well-positioned to capture more of the increasingly outsourced biologics drug development market. We have already built a reputation for providing world-class end-to-end solutions and have a prestigious client portfolio. Together, these give us confidence in our ability to deliver further growth as we continue to invest in our biologics business.

Recognising that our staff are our strongest enabler of business growth, we made significant investments throughout the year to build their skills and to ensure we continue to recruit the very best talent in the region. During the year, we added experienced leadership in the areas of discovery services, quality, marketing, and operations as well as continuing to invest in the scientific, business and leadership skills of the organisation. Also, during the year, our human resources programme received external recognition – The ‘Best Leadership Development Program for Middle Management Award’ conferred by the World HR Congress, in Mumbai. We remain committed to invest in this area to support the further development of our staff as well as drive higher future performance.


total revenue in

FY19 (RS. Mn)

The fiscal year was a successful one for Syngene from a growth perspective. Total revenue for the year grew by 28% and key measures of profit also increased with EBITDA growing by 16% and PAT increasing by 9%.

Furthermore, Syngene received external recognition for its efforts on several fronts, including, notably sustainability. Our investment in restoring the Hebbagodi Lake in Bengaluru, India won a national CSR award from the Federation of Indian Chambers of Commerce and Industry (FICCI). I am also delighted to share that we organised our first international scientific antibody symposium in India, bringing together international experts from the field.

Entering FY20, we believe that Syngene is well-positioned for continued growth and to meet the needs of clients around the world. Our range of differentiated services coupled with our ability to adapt our partnership model to a client-specific requirements will continue to stand us in good stead. We continue to attract and develop the best talent in the region, underpinning our promise of delivering high-quality scientific solutions. Our proven track record in regulatory compliance, quality, safety and operational efficiency strengthen our value proposition and this is sustained by a work culture of continuous improvement. In short, the strategic investments we have made – and continue to make – will further strengthen our position of being a trusted strategic partner to all our clients.

Central to our achievements in FY19 and the success that Syngene has enjoyed over the last 25 years, is the hard work and dedication of our employees. On behalf of our Board of Directors, I extend to them our sincere thanks for their energy, perseverance and professionalism. My sincere appreciation goes to my fellow Board members and to the senior management for their leadership in making Syngene a leading CRO in the global arena. I would also like to thank all our clients, partners and suppliers for their continued support and last but not the least, our investors for their continued support of our business. Syngene could not have evolved and grown into the Company it is today without your confidence and support. As we embark on the next era of our journey, with your continued trust, we aim to take Syngene to new heights.

Thank you,

Kiran Mazumdar Shaw