Shares of Sequent Scientific tumbled nearly 6 percent in morning trade on August 11 after the company reported widening of its net loss to Rs 34.7 crore for the quarter ended June 2023.
At 10 am, shares of the company were trading 5.93 percent down at Rs 95.04 on the BSE.
The animal health (active pharmaceutical ingredients and formulations) company had posted a consolidated net loss of Rs 15.3 crore in Q1 FY23, it said in a post-market hours filing on August 10.
Revenue from operations slipped 2.3 percent to Rs 333.2 crore in the first quarter of FY24 compared to Rs 341.3 crore in the year-ago period.
EBITDA (earnings before interest, taxes, depreciation, and amortisation) fell 73.6 percent to Rs 2.9 crore as against Rs 11 crore in Q1 FY23.
EBITDA margin stood at 0.9 percent compared to 3.2 percent in the same quarter of the previous fiscal.
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The company said there were exceptional expenditures amounting to Rs 23.5 crore -- Rs 20.7 crore pertaining to domain expert fees towards revamping its API manufacturing operations and Rs 2.8 crore towards Tarapur settlement pay and asset write‐downs.
“Our programme for driving operational excellence in APIs is on course and we expect to see steady margin improvement. Our manufacturing footprint has been further optimised with the discontinuance of manufacturing operations in Tarapur,” it added.
The company said while Q1 FY24 has seen muted performance in sales on account of some transitionary connectivity challenges as it undertook network optimisation during the quarter, it expects acceleration in revenues and margins during the year.
Shares of Sequent Scientific are up 7 percent on YTD basis, but the 1-year return stands at (-) 8.65 percent.
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