Sequent Scientific down 8%

Sequent Scientific opened 4% lower today at Rs.100.95, going down further by 8% to an intraday low at Rs.96.95. Its 52-week low is at Rs.81.40.

The market gave its Q2FY23 earnings a big thumbs down after it reported a consolidated net loss of Rs.4 crore v/s loss of Rs.15 crore (QoQ) and profit of Rs.14 crore (YoY).

This was on a 4% lower revenue at Rs.338 crore.

EBITDA came in at Rs.4 crore, down 81.5% (YoY) while EBITDA margins fell from 5.6% to 1%.

The performance was down on account of a delay in few contracts and much slower demand revival for APIs.