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SYNCOM FORMULATIONS 2024-25 Annual Report Analysis

Mon, 3 Nov

SYNCOM FORMULATIONS has announced its results for the year ended March 2025. Let us have a look at the detailed performance review of the company during FY24-25.

SYNCOM FORMULATIONS Income Statement Analysis

• Operating income during the year rose 76.6% on a year-on-year (YoY) basis.
• The company's operating profit increased by 82.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 11.6% in FY25 as against 11.2% in FY24.
• Depreciation charges increased by 10.0% and finance costs decreased by 80.7% YoY, respectively.
• Other income grew by 28.9% YoY.
• Net profit for the year grew by 95.3% YoY.
• Net profit margins during the year grew from 9.6% in FY24 to 10.6% in FY25.

SYNCOM FORMULATIONS Income Statement 2024-25

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Net Sales	Rs m	2,634	4,650	76.6%
Other income	Rs m	135	174	28.9%
Total Revenues	Rs m	2,769	4,824	74.2%
Gross profit	Rs m	296	541	82.8%
Depreciation	Rs m	47	52	10.0%
Interest	Rs m	45	9	-80.7%
Profit before tax	Rs m	340	655	93.0%
Tax	Rs m	86	161	86.1%
Profit after tax	Rs m	253	494	95.3%
Gross profit margin	%	11.2	11.6
Effective tax rate	%	25.4	24.5
Net profit margin	%	9.6	10.6

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SYNCOM FORMULATIONS Balance Sheet Analysis

• The company's current liabilities during FY25 down at Rs 618 million as compared to Rs 1 billion in FY24, thereby witnessing an decrease of -43.2%.
• Current assets fell 2% and stood at Rs 3 billion, while fixed assets rose 10% and stood at Rs 1 billion in FY25.
• Overall, the total assets and liabilities for FY25 stood at Rs 4 billion as against Rs 4 billion during FY24, thereby witnessing a growth of 2%.

SYNCOM FORMULATIONS Balance Sheet as on March 2025

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*	% Change
Networth	Rs m	2,881	3,422	18.7
Current Liabilities	Rs m	1,088	618	-43.2
Long-term Debt	Rs m	0	0	0.0
Total Liabilities	Rs m	4,069	4,158	2.2
Current assets	Rs m	2,770	2,724	-1.7
Fixed Assets	Rs m	1,299	1,433	10.3
Total Assets	Rs m	4,069	4,158	2.2

SYNCOM FORMULATIONS Cash Flow Statement Analysis

• SYNCOM FORMULATIONS's cash flow from operating activities (CFO) during FY25 stood at Rs 234 million on a YoY basis.
• Cash flow from investing activities (CFI) during FY25 stood at Rs -182 million on a YoY basis.
• Cash flow from financial activities (CFF) during FY25 stood at Rs -679 million on a YoY basis.
• Overall, net cash flows for the company during FY25 stood at Rs -627 million from the Rs 625 million net cash flows seen during FY24.

SYNCOM FORMULATIONS Cash Flow Statement 2024-25

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-24	Mar-25
Cash Flow from Operating Activities	Rs m	-60	234	-
Cash Flow from Investing Activities	Rs m	830	-182	-
Cash Flow from Financing Activities	Rs m	-146	-679	-
Net Cash Flow	Rs m	625	-627	-

Current Valuations for SYNCOM FORMULATIONS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 0.5, an improvement from the EPS of Rs 0.3 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 16.6, stands at 27.1 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 4.6 times, while the price to sales ratio stands at 3.4 times.
• The company's price to cash flow (P/CF) ratio stood at 33.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Sales per share (Unadj.)	Rs	2.8	4.9
TTM Earnings per share	Rs	0.3	0.5
Diluted earnings per share	Rs	0.3	0.5
Price to Cash Flow	x	35.0	33.5
TTM P/E ratio	x	41.5	27.1
Price / Book Value ratio	x	4.0	5.3
Market Cap	Rs m	11,492	18,302
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for SYNCOM FORMULATIONS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 4.4x during FY25, from 2.5x during FY24. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 76.7x during FY25, from 8.6x during FY24. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 14.4% during FY25, from 8.8% during FY25. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 19.4% during FY25, from 13.3% during FY24. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 12.1% during FY25, from 7.3% during FY24. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-24*	12 Mar-25*
Current ratio	x	2.5	4.4
Debtors’ Days	Days	1,432	844
Interest coverage	x	8.6	76.7
Debt to equity ratio	x	0.0	0.0
Return on assets	%	7.3	12.1
Return on equity	%	8.8	14.4
Return on capital employed	%	13.3	19.4

To see how SYNCOM FORMULATIONS has performed over the last 5 years, please visit here.

SYNCOM FORMULATIONS Share Price Performance

Over the last one year, SYNCOM FORMULATIONS share price has moved down from Rs 20.8 to Rs 16.6, registering a loss of Rs 4.2 or around 20.2%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 44,852.6 (up 0.7%). Over the last one year it has moved up from 44,216.4 to 44,852.6, a gain of 636 points (up 1.4%).

Overall, the S&P BSE SENSEX is up 4.9% over the year.

(To know more, check out historical annual results for SYNCOM FORMULATIONS and quarterly results for SYNCOM FORMULATIONS)