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Syngene International (NSE: SYNGENE) saw its share price plunge by over 10% intraday on April 24, as investors reacted sharply to disappointing Q4 earnings. The biopharmaceutical services giant reported an 8% year-on-year decline in net profit, triggering a sell-off that saw the stock drop to an intraday low of ₹657.90 — its worst single-day performance in months.
The company posted a net profit of ₹151 crore for Q4 FY24, down from ₹164 crore in the same quarter last year. Revenue for the quarter stood at ₹910 crore, representing just a 2% annual growth, which missed analyst estimates. Weakness in the Dedicated R&D Centres segment and soft international client demand were cited as key drags on performance.
Earnings Fallout Weighs on Technical Setup
- Sharp rejection at ₹755.10, a key resistance level tested multiple times in April.
- Stock broke down below ₹696.05 (prior support) after earnings release, confirming bearish momentum.
- Next critical support sits at ₹657.90, which has been tested twice this year.
- A deeper correction could see the stock revisit ₹635.90, the January low.
- On the upside, any rebound would need to clear ₹696.05 first, followed by ₹755.10 to re-establish a bullish outlook.
Syngene Outlook: Cautious Near-Term, Long-Term Fundamentals Still in Play
The Q4 results raise questions over Syngene’s short-term growth visibility, especially as international biotech clients reduce outsourcing budgets amid macro uncertainty. While the company reaffirmed its medium-to-long-term strategic goals in biologics and R&D expansion, the market clearly reacted to the short-term earnings miss and profit pressure.