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Nirmal Bang Report
Advanced Enzyme Technologies Ltd.'s Q1 FY23 Ebitda came in ~40% below our estimate on account of demand pressure in majority of the segments, continued raw material inflation and logistics challenges.
Human nutrition segment, which contributes ~67% to overall revenue, declined by ~10% YoY. Significant decline in probiotics and biocatalyst segments resulted in overall lower sales in human nutrition. Inventory pile-up issue at customers' end seems to be affecting probiotics sales even now and the management hinted at similar issue even in nutraceuticals and SciTech Specialties Pvt. Ltd. segments.
In SciTech Specialties, after a strong FY22 post acquisition, Advanced Enzyme reported loss due to inadequate revenue in Q1 FY23.
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