Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>3QFY21 Result Update</p>
<h2>Sequent Scientific</h2>
<h3>Sustained revenue growth and margin expansion</h3>
<p>Sequent Scientific or SSL’s 3QFY21 revenue at Rs3,582mn was higher than our estimate by 2.8%. Revenue grew by 13.2% YoY and 3.4% QoQ and was led by strong growth in Latin America and API sales. API sales were up 20% YoY at Rs1,290mn (highest ever). This 20% growth in API business should sustain in the medium term as the company has the relevant ground work in terms of filings, customer relationships and…</p>

<p>2QFY21 Result Update</p>
<h2>Sequent Scientific</h2>
<h3>Emerging Market growth outpaces expectations</h3>
<p>Sequent Scientific or SSL’s 2QFY21 revenue at Rs3,463mn was higher than our estimate by 9.8%. Revenue grew by 21.8% YoY and 11.6% QoQ and was led by strong growth in the Emerging Markets (EM) and API sales. EM growth (135% QoQ) was led by the integration of Zoetis portfolio and revival in demand from the Poultry segment. Poultry demand had been subdued on account of COVID concerns. Revenue growth translated into…</p>

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<p>1QFY21 Result Update</p>
<h2>Sequent Scientific</h2>
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<p><strong>Growth momentum continues</strong></p>
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<p>Sequent Scientific or SSL’s 1QFY21 revenue at Rs3,103mn was higher than our estimate by 1.6%. Revenue grew by 11.6% YoY and was led by growth in both API and formulation sales across geographies, except the Emerging Markets (EM). There was a conscious decision to slow down in EMs considering the risk of bad debts. However, the situation is now normalizing and we should see sales in EMs back on track. Incrementally, the…</p>
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India

Sequent Scientific Ltd. manufactures active pharmaceutical ingredients, animal health products and specialty chemicals; and offers analytical services and custom research and manufacturing services.

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