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Yes Securities Report
Sequent Scientific Ltd. clocked a steady growth quarter with 11-12% growth across active pharma ingredient and formulations businesses while margin did improve on sequential basis as higher margin API share increased ~200 basis points QoQ.
Management expects to implement price increase at least in some part of long term contracts whose benefit would be gradually seen over course of FY23.
API business rebounded on weak Q3 base as expected though still fell short of expectations.
New Chief Executive Officer reiterated no change in Sequent evolution as focus remains on key markets of India, Latin America, Turkey coupled with U.S. ambition over next three years.
Gross margin improved 100 bps in Q4 and company guided to better operating margin with aspiration to reach FY21 margin – though unlikely in current or next fiscal.
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