Consolidated profit before tax (PBT) tanked 52.3% to Rs 23.61 crore in Q3 FY22 from Rs 49.54 crore in Q3 FY21. Active Pharmaceutical Ingredients (API) sales fell 18.8% to Rs 102.60 in Q3 December 2021 as against Rs 126.40 crore in Q3 December 2020.
Consolidated EBITDA (post-ESOP) skid 42.81% to Rs 36.20 crore in Q3 FY22 as against Rs 63.30 crore in Q3 FY21. EBITDA margin stood at 10.1% in Q3 December 2021 from 17.8% in Q3 December 2020. Profit margin stood at 4.8% in Q3 December 2021 from 10% in Q3 December 2020.
Commenting on the Q3 performance, Manish Gupta, the managing director (MD) of Sequent Scientific, stated, Q3 reflects the beginning of a recovery in business across both APIs and formulations. We saw a strong growth in our formulations business, which grew 18.5% on constant currency basis, driven by scale up across our key markets – Brazil, India, and Turkey. On API side, we had strong orderbook & dispatches. However, port congestion challenges impacted 15% of dispatches, depressing revenues, and thereby overall profitability. While the cost environment continues to be concerning for the industry, our concerted efforts towards price increases have started reflecting in our financial performance and we expect to see full benefit from Q4 FY22.
Performance in Turkey in a volatile currency environment is significant. Our robust manufacturing footprint in the country makes us extremely confident of our continuing growth in local and export markets. Overall, we stay extremely confident of our unique, multi-pillar business model and envisage strong recovery in Q4 led by our API business and normalization of performance across revenues and profitability in FY23, Gupta added.
Shares of Sequent Scientific lost 4.79% to end at Rs 146.05 on Friday, 11 February 2022. SeQuent Scientific is Indias largest and amongst the Top 20 global animal health companies, backed by global investment firm The Carlyle Group as promoter. The company has 8 manufacturing facilities across Europe, Turkey, Brazil & India with the Vizag site being Indias only USFDA approved dedicated veterinary API facility.
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