ICICI Direct's research report on Advanced Enzyme Technologies
Advanced Enzyme Technologies (AET) is a focused, research driven Indian enzymes company with a product basket of 400+ proprietary products developed from 68 indigenous enzymes and probiotics. • The business is divided into three segments - 1) human healthcare, 2) animal healthcare and 3) industrial processing business • It has seven manufacturing and six R&D facilities, which consist of three integrated fermentations, recovery & formulation facilities, one extraction and recovery facility and one satellite blending, mixing & formulation facility.
Outlook
Downgrade from BUY to HOLD as we wait for normalcy to return in core businesses of Human Nutrition as well as improvement in margin profile. We value AET at Rs 290 i.e. 22x FY24E EPS of Rs 13.2.
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