India's SeQuent Scientific tumbles after June-qtr profit slumps

Viyash Scientific

11/08/2021 07:49

** Carlyle-backed animal health co's shares  SEQU.NS  fall
as much as 20% to 224.40 rupees, biggest intraday pct loss since
March 13, 2020
    ** SEQU on Tuesday posted a 86.3% fall in June-qtr
consolidated profit after tax to 26.5 mln rupees ($356,048.80),
though rev from ops rose 8.6% to 3.21 bln rupees  urn:newsml:reuters.com:*:nFWN2PH0TV
    ** SEQU Q1 results hurt due to muted performance in active
pharmaceutical ingredient (API) business, which was impacted by
subdued demand and supply chain disruptions
    ** "The quarter gone by has indeed been the most challenging
one, both from demand and execution perspective ... our API
business reported a de-growth after many quarters of delivering
consistent growth" - MD Manish Gupta
    ** More than 8.8 mln shares traded as of 0637 GMT, 3.6 times
their 30-day moving avg 
    ** Up to Tuesday's close, stock had risen 65.4% YTD

($1 = 74.4280 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))