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Nirmal Bang Report
Advanced Enzyme Technologies Ltd.'s Q4 FY21 operating performance came in below our estimates mainly on account of pressure on margins.
Raw material inflation, higher logistics costs and addition of new subsidiary from January 2021 resulted in margin contraction.
Management has not given any guidance for FY22 on account of uncertainty prevailing due to Covid-19.
While the biocatalyst and nutraceuticals segments are expected to report strong growth, animal nutrition and bio-processing (food as well as non-food) are under pressure.
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