SeQuent Scientific dips 2% after Q4 loss

The animal health company posted a net loss of Rs 92.43 crore for the quarter ended March.

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Shares of SeQuent Scientific declined 2.20 percent to Rs 75.69 in morning trade on May 24 after the animal health company posted a net loss of Rs 92.43 crore for the quarter ended March.

The Carlyle Group-promoted firm had clocked a net profit of Rs 9.90 crore in the year-ago period, the company said in a regulatory filing post-market hours on May 23.

Revenue from operations dropped 4.44 percent to Rs 366.66 crore in Q4 FY23 from Rs 383.70 crore in the March quarter of FY22.

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For the full fiscal 2022-23, the company reported a net loss of Rs 121.97 crore, as against a profit of Rs 44.76 crore in FY22.

Revenue from operations inched up to Rs 1,420.90 crore from Rs 1,412.81 crore in the previous financial year.

The Board has not recommended any dividend for FY 2022?23.

In a note, Yes Securities said SeQuent reported yet another disappointing quarter with a 4 percent YoY revenue decline versus an estimated 2 percent drop.

“Margin at 3 percent excluding ESOP cost came in much below expectation of 8 percent led by a gross margin at sub-40 percent,” it said.

Know your stock | Is there a glimmer of hope for SeQuent Scientific?

Supply of products does not look to have boosted margins, it added.

The company also had write-offs to the tune of Rs 61.6 crore, including in Germany (Rs 41.1 crore) and Turkey Rs (20.4 crore).

Shares of the company are down 14 percent year-to-date, and have shed around 40 percent over the past 1-year period.

SeQuent Scientific is an integrated pharmaceutical company that was founded in 2002, specialising in animal health products, including Active Pharmaceutical Ingredients (APIs) and formulations.

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