Interim report
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Proven Ability In Life Sciences February 11, 2025 To, BSE Limited Corporate Relationship Department National Stock Exchange of India Limited Listing Department Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Exchange Plaza, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 001. Mumbai – 400 051. Scrip code: 512529 Symbol: SEQUENT Dear Sir/ Madam, Subject: Outcome of Board Meeting held on February 11, 2025, along with Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2024. Pursuant to Regulation 30 and Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors at its Meeting held today i.e., February 11, 2025 , upon the recommendation of the Audit Committee, has inter‐alia considered and approved the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and nine months ended December 31, 2024. The following documents are enclosed: 1. Unaudited Consolidated Financial Results along with Limited Review Report issued by the Statutory Auditors of the Company for the quarter and nine months ended December 31, 2024. 2. Unaudited Standalone Financial Results along with Limited Review Report issued by the Statutory Auditors of the Company for the quarter and nine months ended December 31, 2024. The Board Meeting commenced at 11:30 AM and concluded at 1:00 PM. The above-mentioned documents will also be available on the Company’s website www.sequent.in in the Investors Section. Kindly take the above information on record. Thanking you, Yours faithfully, For Sequent Scientific Limited Yoshita Vora Company Secretary & Compliance Officer Encl.: A/a SeQuent Scientific Limited Registered Office: 301, 3rd Floor, Dosti Pinnacle, Plot No. E7, Road No. 22, Wagle Industrial Estate, Thane (W), Mumbai - 400604, Maharashtra, India Tel No.: +91-22-4111-4777 I CIN: L99999MH1985PLC036685 Website : http://www.sequent.in I Email Id : investorrelations@sequent.in
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12th Floor. The Ruby SR BC & CO LLP 29 Senapati Bapat Marg Dadar (West) Chartere d Accountants Mumbai - 400 028, India Toi : +912268198000 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financia l Results of the Compan y Pursu ant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement s) Regulations, 2015 , as amended Review Report to The Board of Director s Sequent Scientific Limited I. We have reviewed the accompanying Statement of Unaudited Consolidated rinancial Results of Sequent Scientific Limited (the ··Holding Company .. ) including Sequent Scientific Employee Stock Option Plan Trust (the ··Trust") and its subsidiaries (the Holding Company, the Trust and its subsidiaries together referred to as .. the Group''), for the quarter ended December 31 , 2024 and year to date from April O I , 2024 to December 31 . 2024 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 15, as amended (the "Listing Regulations"). 2. The Holdin g Company 's Management is responsible for ~he preparation of the Statement in accordance with the recognition and measurement prin ciples laid ·down in Indian Account ing Standard 34, (Ind AS 34) '·Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read w ith relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance wi th Regulation 33 of the Listing Regulations. The Statement has been approved by the Holdin g Company's Board of Directors. Our responsibi lity is to express a conclusion on the Statement based on our review. 3. We conducted our revie\\ of the Statement in accordance with the Standard on Review Engagements (SR.E) 241 0. ··Review of Interim Financial Informati on Performed by the Independent Auditor of the Entity '' issued by the Institute of Chartered Accou ntants of India. Thi s standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inqui ries, primarily of persons responsible for financial and accounting matters, and applying analy tical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditin g and consequently does not enable us to obtain assurance that we wou ld become aware of all signifi cant matters that might be identified in an audit. Accordingl y, we do not express an audit opinion. We also performed procedures in accordance w ith the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I to the audit or's review report. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attenti on that causes us to be! ieve that the accompanying Statement, prepared in accordance with recognition and measurement princi ples laid down in the aforesaid Indi an Account ing Standards (' Ind AS ') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has r.ot disclosed the inform ation required to be disclosed in terms of the List ing Regulations, inc luding the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The accompanying Statement includes the unaudited interim financial results and other financial info rmation, in respect of: • Thirteen subsidiarie s, whose unaudited interim financial results include total revenues of Rs. 2,807.10 million and Rs 7,968.90 million , total net (loss)/profit after tax of Rs. (29.00 million ) and Rs. 227.00 million , total comprehensive (expen·se)/income of Rs. (29.00 million ) and Rs. 227.00 SR 8 C & CO LLP. a Limited Liability Partnership with LLP Identity No. AA6·4318 Re9d. Office· 22, Ca'Tlac Street. Biocft ·s·. 3rd noor. Kotkata-700 016
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SR BC & COLLP Chartered Accountants million. for the quarter ended December 31, 2024, and the period ended on that date respectively, as considered in the Statement which have been reviewed by their respective independent auditors. The independent auditor 's reports on interim financia l results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries is based solely on the repo1t of such auditors and procedures performed by us as stated in paragraph 3 above. Certain of these subsidiaries are located outside India whose fi nancial results and other fi nancial infor mation have been prepared in accordance with accounting princip les generally accepted in their respective countr ies and which have been audited by 0th.er auditors under generally accepted auditing standards applicab le in their respective countries. The Holding Company's management has converted the financial results of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us. 7. The accompanying Statement includes unaudited interim finan cial results and other unaudited financial informati on in respect of: • Sequent Scientific Employee Stock Option Plan Trust, whose interim financial results and other financial information reflect total revenues of Rs. Nil and Rs. Nil, total net loss after tax of Rs. 0.07 million and Rs. 0.27 million and total comprehensive expense of Rs. 0.07 million and Rs. 0.27 mil lion , for the quarter ended December 31, 2024, and period ended on that date respectively and • Two subsidiaries, whose interim financial results and other financial informa tion reflect total revenues of Rs 32.20 million and Rs 88.70 mil lion, total net profit after tax of Rs. 2.90 millio n and Rs. I. IO million and total comprehensive income of Rs. 2.90 mil lion and Rs. I. IO mill ion, for the quarter ended December 31, 2024, and period ended.on that date, respectively. The unaudited interim financial results and other unaudited financial informatio n of these subsidiaries have not been reviewed by any auditor and have been approved and furnished to us by the Management and our conclusion . on the Statement, in so far as it relates to the affairs of these subsidiaries, is based solely on such unaudited interim financial results and other unaudited financial info rmation. Accord ing to the inform ation and explanations given to us by the Management. these interim financial results are not material to the Group. Our conclusion on the Statement in respect of matters stated in para 6 and 7 above is not modified with respect to our reliance on the work done and the repo11s of the other auditors and the financial results ce11ified by the Management. For SR B C & CO LLP Chartered Accountants ICAI Firm registration numb er: 324982E/E300003 per Anil Job anputra Partner Membership No.: 110759 UDIN: 251 10759BMKXNB29 52 Place: Mumbai Date: February I I. 2025 .--. ,, ,: :1/ /;'
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SR BC & COLLP Chartered Accountants Annexure 1 to Auditor 's report Na me of the Holding Company I . Sequent Scientific Limited Including its following wholly owned subsidiarie s: 2. Al ivira Animal Health Limited, India 3. Sequent Research Limited Includ ing its followi ng subsidiary: 4. A livira Animal Health Limited , Ireland Including its following subsidiaries and sub subsidiaries: 5. Vila Vina Participacions, S.L. 6. Laboratories Karizo o, S.A. 7. Phytotherapic Solutions S.L. 8. Aliv ira Saude Animal Ltda 9. Aliv ira Saude Animal Brasil Participacoes Ltda I 0. Expeden Distribuidora De Produtos Veterinaries Ltda I I. Prevet Veteriner OrUnleri San. Ve Tic. A. $. 12. Topkirn Topkapi I lay premiks Sanayi Ve Ticaret A.$. 13. Laboratori es Kariz oo, S.A. de C.V. (Mexico) 14. Aliv ira Animal Health UK Limited 15. A livira Italia S.R.L. 16. A livira An imal Health USA LLC 17. Fendigo BV 18. N-Vet AB 19. Bremer Pharma GmbH 20. Fendigo SA Including following Trust: I. Sequent Scientific Employee Stock Option Plan Trust
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Seouent SEQUENT SCIENTIFIC LIMITED Regd Office: 301/A 3rd Floor Dosb P,nnade , Plot No.E7,Road No. 22. Wagle Industrial Area, Thane 0N). Mumbai - 400604 . Maharashtra , India. Tel No +91 22 41114TT7 E-mail: mar1<eting@sequent.in Website : www.sequent.in CIN: L99999MH1985PLC036685 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2024 "inMillionsJ Corresponding Preceding 3 Corresponding 3 Year to date for year to date for Previ ous year 3 months ended • months ended months ended In current period previous period ended Sr. Particula rs 31-December-2024 JO-September- previous period ended ended No. 2024 31-December-2023 31-Oecember-2024 31-Oecembe r- 31-March-2024 2023 Unaudited Unaud ited Unaudited Unaudited Unaudited Audited I Revenue from operatJons (Refer Note 4) 3,908.10 3,686.50 3,293.60 11,496.70 10,085.30 13,697.30 II Other income (Refer Note 6) 58.40 45.10 45.20 130.30 69.60 109.60 Ill Total Income (1+11) 3,966.50 3,731.60 3,338.80 11,627.00 10,154.90 13,806.90 IV Expenses (a) Cost of matenals consumed 1,699.30 1,353 40 1,456.90 4,583 70 4,473.00 6 ,136.70 (b) Purchases of stock-in-trade 417 90 65960 382 20 1 759 70 1,341.70 1.755.40 (c) Changes 111 anventones of finished goods, work-in-progress and stock-in-trade (9190 ) (60 10) (32 80) (222 30) (162 50) (29460 ) (d) Employee benefits expense 752.20 670 40 578.60 2,043.10 1,883.80 2,505.70 (e) Finance costs 149.50 142.90 125.80 456 20 356 40 480.90 (f) Depreciation and amortJsatJon expenses 169.80 171.00 154.60 503.30 450.60 615.40 (g) Other expenses 791.00 697 50 679.80 2. 199.90 2.199.60 2,901.80 (h) Net Monetary loss on HypennflatJon economy (refer note 7) (5.40) (25.30) 6.40 (22.90) 58.30 78.20 Total expenses (IV) 3,882. 40 3,609.40 3,351.50 11,300.70 10,600.90 14,179.50 V Profit I (lo ss) before tax and exceptional items {Ill-IV) 84.10 122.20 (12.70) 326.30 (446.00 ) (372.60) VI Exceptional items (refer note 5) (3 10) (43 20) 27.60 (46 30) (126.80) (173.90) VII Profit / (loss) before tax (V-VI) 81.00 79.00 14.90 280.00 (572.80 ) (546.50) VIII Tax expense I (credit) (a) Current tax 88.30 79.80 53.80 279.20 113.50 144.80 (b) Deferred tax (72.10) (64.10) (137.30) (218.40) (369.00) (389.80) (c} Adjustment of tax pertaining to earlier period (0.10) (8.40) 0.40 (8.40) (5.30) Total tax expense / (credit) (VIII) 16.20 15.60 (91.90) 61.20 (263.90) (250.30) IX Profit / (loss) alter tax (VII-VIII) 64.80 63.40 106.80 218.80 (308 .90) (296.20) X Other comprehensive income/ (expense ) Item s that will not be reclassified to profit or loss (a) Re-measurement gain / {loss) on defined benefits plans (4.20) (0.20) (4.20) (2 00) (13.20) (b) Fair value gain I (loss) from investment in eqully instruments (0 10) (1.40) 0.00 020 050 0.70 (c) Income tax relatmg to items that will not be reclassified to profit or loss 240 (100) 0.10 1 40 0.70 (0.60) Items that w ill be reclassified to profit or loss (a) Exchange differences on translation of foreign operattons (310.90) 146 40 (3.70) (316.40) (195.20) (263.50) (b) Exchange differences on net investment in foreign operauons (260 00) 53 10 51 90 (364.60) (238.60) (374.90) Tot al other comp rehensive income / (expense) (net of tax) (568.6 0) 192.90 48.10 (683.60) (434.60 ) (651.50) XI Total comprehen sive income/ (expense), net of tax (IX+X) (503.80 256.30 154.90 (464.80) 1743.50) (947.70 ) Profit I (loss) attributable to: - O.vners of the Company 34.40 26.10 82.70 12560 (349.60) (358.80) - Non-controlling mterest 30.40 37 30 24.10 93 20 40.70 62.60 Other comprehensive income/ (expense) attributable to: - Owners of the Company (549 10) 178.00 38.40 (67200) (437.00) (654.20) • Non-controlling InteresI (19.50) 14.90 9.70 (11.60) 2.40 2.70 Total comprehe nsive income I (expense) attributable to: - Owners of the Company (514.70) 204.10 121 10 (54640) (786.60) (1,013.00) - Non-controlling interest 10.90 52.20 33.80 81.60 43.10 65.30 XII Equity share capital {face value off 2 each) 500.60 499.20 498.90 500.60 498.90 498.90 XIII Other equity 6,066.70 XIV Earnings per equity share: (face value off 2 each) (not annualised) (1) Basic (1n ! ) 014 0.11 0.33 0 50 (1.41) (1.44) (2) Diluted (in ! ) 0.13 0.10 0.33 0.49 (1.41) (1.44) See accompanying notes to the unaudited consolidated financial resul ts
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,,, Seouent SEQUENT SCIENTIFIC LIMITED Regd. Office : 301/A , 3rd Floor, Dosti Pinnac le , Plot No.E7,Road No. 22, Wagle Industrial Area, Thane (W), Mumbai - 400604, Maharas htra, India . Tel No: +91 22 41114 777 E-mail : marketing@sequent.in Website : www.seq uent.in CIN: L99999MH 1985PLC036685 Notes: 1. The above unaudllod consolidated financial resulls have been reviewed by ttie Audit Comm11lee and approved by the Board of Directors at its meeting held on 11 February 2025 2 The Board of OirecIors monitor lhe business activity as a smgle segmenl viz Pharmaceuhcals The financial results are reflecl!ve or the d1sciosure requirements of Ind AS 108. Operaung Segments J. Information on Standal one Results: ((in MIii ion) 3 months ended 3 months ended Co,rcspo ndlng 3 Year to date for Correspo nding year to Previo us Year 31-0cccmbcr • 30-Seplember- months ended In current period date for previous Parti culars previous period ended period ended ended 2024 2024 31-Mar-2024 31-December-2023 31-December-2024 31-0cccmbcr-2023 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Revenue from operations 362 70 41990 42,: 10 1,359 30 1,317 50 1,685 20 Prol1t 1 (loss) before tax 3680 64 10 60,90 161 40 (43 40) (230) Profit I (loss) after tax 2810 42 60 45.80 115 70 (31.40) 630 Total comp,ehensive Income/ (expense). (net of tax) 2800 42 40 4~ 80 11530 (3110) 660 4 Our1f'1g the quar1cr ended 30 September 2024. based on lhe confinnallon from t11e customer, the Group had reduced the prov1s1on for customer claim by Rs 12 50 mdl,on Ttm total claim amount of Rs. 73.60 million for the nine monlhs ended 31 December 2024 has been netted from revenue from operations. The Group has intimated the insurance company for tho claim. 5 ExcepI1onal items includes· 3 months ended 3 month s ended Corres pond ing 3 Year to date for Corresponding year to Previous Year 31-0ccc mbcr- 30-Seplember- months ended _In current period date for previous ended Parti culars Noto Reference previous period ended period ended 2024 2024 31-December-2023 31-December-2024 31-December-2023 31-Mar-2024 Unaudlled Unaudlled Unaudited Unaudited Unaudited Audited Expenses related to proposed Scheme of Amalgamation 5(a) 3 10 43 20 46.30 Expenses related 10 closure or Tarapur manufacturing facility and operations rcslructuring drive 5(b) 235 10 29510 Loss due 10 cyber-allack incident al N-VET AB (overseas subsidiary) 5(c)(1) 2650 26 50 2650 Thell of 1nvontones at Bremer Pharma GmbH, overseas subs1d1ary and insurance da1m recewed 5(C)(11) Insurance claim received for loss by fire in Al1vlfa Animal Health Um1led 5(d) (80,70) (80.70) True up or Restructuring costs with respect to Bremer Pharma GmbH (overseas subsidiary) 5(e) (54 10) (5410) (67 00) Tolal 3.10 43,20 (27.60) 46.30 126.80 173.90 5(a) The Board of Directors of tho Company al their meeting held on 26 September 2024 have approved the Composite Scheme of Amalgamation (the Scheme) amongst lhe Company, Sequent Research Limited (wt1olly owned subsidiary of the Company): Viyash Life Sciences Private Um1led, Symed Labs Limited. Vandana Ure Sciences Private Lun1ted, Appcurc Labs Private Limited, V1ndhya Pharma (India) Private Limited, SV Labs Pnvale L1m1ted, V1ndhya Organics Private Limited, Genin Life Sciences Private Limited 1n terms of Section 230-232 and Other apphcable provisions of Companies Act 2013 The Scheme would become effective after rece,pt of all requisite approval Pend,ng rece1pl of necessary approvals, no effect of the Scheme has been given in the financtal results for the quarter and nne months ended 31 December 2024 In this regard, the Group has incurred transaction costs pertaining 10 Scheme amoun11ng 10, 3 10 m1ll1on and I •3 20 million during the quar1er ended December 31, 2024 and September 30, 2024 respectively (aggregahng 10, 46.30 m1lilon for 11,e period ended December 31, 2024) 5(b) Duri"!l lhe nine months ended 31 December 2023 and year ended 31 March 2024: The Group decided to restructure lhe operations by closing 1Is API manufaclunng fac1llly at MJOC, Tarapur, Mat1arashtra and relocated its sourcing from new facihhes Further, as part of operations restructuring drive, !he Group has revamped the manufacturing and procurcmonl processes at its API manufacturing racililies in India with the objeclivc of network optimization and cost reduction. In this regard, the Group t1ad incurred the following non.recurring expenses: a) Domain expert advisory fees towards revamping or manufactunng and procurement processes amounl1ng tot 206 80 minion and f" 266 80 million for the nine months ended 31 December 2023 and ,ear ended 31 March 2024, respectively b) Prov,s,on for diminution in value of immovable assets at Tarapur manufaclunng facility aggregating to f" 19.70 minion. c) Settlement oavment to the emolovees at Taraour manufacturina facility aaareoatina lo f 8.60 million. - V ~(C\t~~ ~ <) j~ ~I~ ~ "' J' ., V
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~ Seouent SEQUENT SCIENTIFI C LIMITED Regd . Office: 301/A, 3rd Floor, Oosti Pinnac le, Plot No.E7,Road No. 22, Wagle Industrial Area , Thane (W), Mumbai - 400604 , Maharashtr a. India. Tel No: +91 22 41114777 E-mail : marketing@sequent.in Website: www.sequent.in CIN: L99999MH1985PLC036685 I S(c) During the quarter I nine months ended 31 December 2023 and year ended 31 March 2024: (i~ The Group had inc~rred a loss off 26.50 mdlion due to a cyber-atlack incident at its overseas subsidiary N-VET AB 1n Sweden The Group has fifed an insurance claim against the said loss (u) T11ere was theft of inventory amounting to ~ 3.60 million at its overseas subsidiary Bremer Pharma GrnbH in Germany aga111s1 which insurance claim was received. 5(d) During lhe rnne monlhs ended 31 December 2023 / Year ended 31 March 2024, the Group had received an insurance cla11n of~ 80 70 m1ll1on for loss due to an incident or fire al Company's wholly owned subsidiary Alivira Animal Heallh Umited's (Alivira} API facility inl Visakhapatnam. I S(e) Ou.ring the rnne months ended 31 December 2023 and year ended 31 March 2024, the Group trued up the provision (relating to restruc1uring of 11,e operations of 11s overseas subsidiary. Bremer Pharma GrnbH 1n Germany) by t 54.10 million and f 67,00 m1lhon,1 respecllvely 16(a) During the year ended 31 March 2024, the Group 11ad decided to transfer leasehold rights and bu1ld1119 of manufacturing ract11ty at Tarapur and leasehold rights of Allv1ra's Ambernath land having a carrying value of l 64 milhon and~ 35.20 milhon respecti vely. In thisl regard, during the previous Ql1arter ended 30 September 2024, the Group t1as recognised gam of t 30 50 million and t 3.80 mllhon respecllvely under the head 'Other Income· on execution of the deed or assignment for transfer of said assets. 1 6(b) The Group had recognised gain of t 23 00 million during the quarter ended 31 December 2023 (gain or t 44.30 million for Ille year ended 31 March 2024) under the head 'Other Income' on transfer of leasehold rights of its Ambemath Land. 7 Tt1e Group has apphed IND AS 29 'Accoun ting for Hyperinflalionary economies' on Turkish subsidiaries, since the Turkist, Lira 1s a functional currency of lhese subsidiaries ,n Turkey which 1s a hyperinflallonal')' economy In preparing the consolidaled financial results for thel quarter and nine months ended 31 December. 2024, tile non-monetary assets (includes goodwill, property plant and equipment, etc}, liabihhes. owner's equity and statement of profit and loss of the aforesaid subs1d1anes have been restated to the measuring unit current as on the reporting date by applying genera! pnce index of the Turkish economy Considering that the presentation currency of consolidated financial results is t, lhe restatement or comparative figures in consohdated financial results is not required. 18. The previous period figures have been regrouped/ re- classified, wherever necessal')' to conform to current period's presentation. For SeQucnt Scientifi c Limited . IT11ane~ 11 February 2025
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12th Floor. The Ruby SR 8 C & CO LLP 29 Senapati Bapat Marg Dadar (West) Chartered Accountants Mumbai • 400 02B, India Tel : +91 22 6819 8000 Independent Auditor's Review Report on the Quarterl y and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclo sure Requirement s) Regulation s, 2015, as amended Review Report to The Board of Director s Sequent Scientific Limited 1. We have reviewed the accompanying statement ofunaudited standalone financial results of Sequent Scientific Limited (the '·Company") which includes Sequent Scientific Employee Stock Option Plan Trust (the " Trust" ) for the quarter ended December 31 , 2024 and year to date from April 0 I, 2024 to December 31, 2024 (the "Statement") attached herewith , being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation s, 20 15. as amended (the " Listing Regulations"). 2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Account ing Standard 34, (Ind AS 34) ·'Interim Financial Reporting· ' prescribed under Section 133 of the Companies Act, 2013 as amended, read w ith relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Director s. Our responsibility is to express a conclusio11 un the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2-l I 0. ··Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquirie s, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordin gly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, pr~pa1c:J i11 a1,;wn.lam:e wlrh the recognit,on and measurement principles laid down in the aforesaid Indian Account ing Standards (' Ind AS ' ) specified under Section 133 of the Compan ies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. The accompanying Statement includes the unaudited interim financial results and other financial information in respect of Sequent Scientific Employee Stock Option Plan Trust, whose interim fin ancial results and other financial informatio n reflect total revenues of Rs. Nil and Rs. Nil, total net loss after tax of Rs. 0.07 million and Rs. 0.27 mill ion, total comprehensive expense of Rs. 0.07 million and Rs. 0.27 million for the quaIter ended December 31, 2024 and the period ended on that date respectivel y. 5 R 8 C & CO LLP. a Limit ed Liability Partnership with LLP Identity No. AA6·4318 Regd. Office: 22, Camac Street. Block ·a·. 3rd floor, Kolkata·700 016
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SR BC & COLLP Chartered Accountants These unaudited financial results and other financial information of the Trust have not been revie wed by any auditors and have been approved and furni shed to us by the Management and our conclusion on the Statement , in so far as it relates to the affairs of the Trust is based solely on such unaudited interim financia l resu lts and other unaudited financial information. According to the inform ation and explanations given to us by the Manageme nt, these interim financial results and other unaudited financial informat ion of the Trust are not materi al to the Company. Our concl usio n on the Statement in respect of matter stated in paragraph 5 above is not modified with respect to our reliance on the financial results certified by the Management. For S R B C & CO LLP Chartered Accountan ts ICAI Firm registration number: 324982E /E300003 per Anil Jobanputra Partner Membership No.: 110759 UD IN: 25110759BMKXNA2177 Place : Mumbai Date: Februar y I I, 2025
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Seouent SEQUENT SCIENTIFIC LIMITED Regd Office· 301/A, 3rd Floor, Dos~ Pinnade, Plot No.E7.Road No. 22, Wagle Industrial Area. Thane (W). Mumbai -400604, Maharashtra, India. Tel No +912241114 777 E•ma1I: markeung@sequenl.in Website: www.sequent.in CIN: L99999MH1985PLC036685 STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2024 (~ in Million) 3 months ended 3 months ended Corresponding 3 Year to date for Corresponding Previous year 31•0ecember• 30-September- months ended in current period year to date for ended Sr. 2024 2024 previous period ended previous period 31-March-2024 No. Particulars 31-0ecember- 31-December- ended 2023 2024 31-December-2023 Unaudited Unaudited Unudited Unudited Unaudited Audited I Revenue from operations 362.70 419.90 422.10 1,359.30 1,317.50 1,685.20 II Other income (refer note 4 (a) and (b)J 118.80 159.50 134.40 386.70 330.00 459.80 Ill Total income (1+11) 481.50 579 .40 556 .50 1,746.00 1,647.50 2,145.00 IV Expenses (a) Cost of materials consumed 225.50 245.20 271.70 654.90 788.60 1,025.40 (b) Purchases of stock-in-trade 102.80 (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (32.50) (4.80) (28 30) 74.40 60.10 G3.50 (d) Conversion antJ µ1~ssing charges 8.20 19.00 30.90 45.30 124.60 133.30 (e) Employee benefits expenses 93.00 80.40 71.20 244.70 229.60 300.50 (f) Finance costs 11.70 10.00 11.50 29.80 33.40 43.60 (g) Depreciation and amortisation expenses 22.40 21.20 20.50 63.60 68.30 89.40 (h) Other expenses 113.30 101.10 118.10 322.80 323.80 439.10 Total expenses (IV) 441.60 472.10 495.60 1,538.30 1,628.40 2,084.80 V Profit / (loss) before tax and exceptional items (Ill-IV) 39.90 107.30 60.90 207.70 19.10 60.20 VI Exceptional items [refer note 3(a) & 3(b)J (3.10) (43.20) (46.30) (62.50) (62 50) VII Profit / (loss) before tax (V-VI) 36.80 64.10 60.90 161.40 (43.40) (2.30) VIII Tax expense / (credit) (a) Current tax 7.30 10.70 27.70 (b) Deferred tax 140 10 80 10.50 1800 (16.60) (13.20) (c) Ad1ustment of tax relating to eM,er periods 4.60 4.60 4.60 Total tax expense / (credit) (VIII) 8,70 21.50 15.10 45.70 (12.00) (8.60) IX Profit / (loss) after tax (VII-VIII) 28.10 42.60 45.80 115.70 (31.40) 6.30 X Other compreh ensive income/ (expense) Items that will not be reclassified to profit or loss (a) Re-measurement gain / (loss) on defined benefits plans (0.90) (0.90) (0.30) (0.50) (b) Fair value gain / (loss) from investment in equity instruments (0.10) 0.40 0.00 0.20 0.50 0.70 (c) Income tax relating to items that will not be reclassified to profit or loss 0.30 0.30 0.10 0.10 Total other comprehensive income / (expense) (net of tax) (0.10) (0.20) 0.00 (Q.40) 0.30 0.30 XI Total comprehensive income / (expense) , net of tax (IX+X) 28.00 42.40 45.80 115.30 (31.10 6.60 XII Equity share capital (face value of , 2 each) 500.60 499.20 498.90 500.60 498.90 498.90 XIII Other equity 10,373.40 XIV Earnings per equity share: (face value of, 2 each) (not annualised) (1) Basic (inf) 0.11 0.17 0.18 0.46 (0.13) 0.03 (2) Diluted (in?) 0.11 0.17 0.18 0.45 (0.13) 0.03 See accompanying notes to unaudited standalone financial results if
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Seouent SEQUENT SCIENTIFIC LIMITED Regd. Office: 301/A, 3rd Floor. Dos ti Pinnacle, Plot No.E7 ,Road No. 22, Wagle Industrial Area, Thane 0/V), Mumbai - 400604, Maharashtra, India. Notes : Tel No: +91 22 41114777 E-mail: marketing@sequent.in Website: www.sequent.in CIN: L99999MH1985PLC036685 The above unaudited standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 11 February 2025. 2 As the Board of Directors monitors the business activity as a single segment viz. Pharmaceuticals, the financial results are reflective of the disclosure requirements of Ind AS 108 - Operating Segments. 3 (a) The Board of Directors of the Company at their meeting held on 26 September 2024 have approved the Composite Scheme of Amalgamation (the Scheme) amongst the Company, Sequent Re.search Limited (wholly owned subsidiary of the Company); Viyash Life Sciences Private Limited, Symed Labs Limited, V.andana Life Sciences Private Limited, Appcure Labs Private Limited, Vindhya Pharma (India) Private Limited, SV Labs Private Limited, Vindhya Organics Private Limited, Genin Life Sciences Private Limited in terms of Section 230-232 and Other applicable provisions of Companies Act, 2013. The Scheme would become effective after receipt of all requisite approval. Pending receipt of necessary approvals, no effect of the Scheme has been given in the financial results for the quarter and nine months ended 31 December 2024. In this regard, the Company has incurred transaction costs pertaining to Scheme amounting to z 3.10 million and z 43.20 million during the quarter ended 31 December 2024 and 30 September 2024 respectively (aggregating to z 46.30 million for the period ended 31 December 2024). (b) During the nine months ended 31 December 2023 / previous year ended 31 March 2024, the Company decided to restructure the operations by closing its API manufacturing facility at MIDC, Tarapur, Maharashtra and relocated its sourcing from new facilities . Further, as part of operations restructuring drive, the Company had revamped the manufacturing and procurement processes at its API manufacturing facilities in India with the objective of network optimization and cost reduction. In this regard, the Company had incurred the following non-recurring expenses; (i) Domain expert advisory fees towards revamping of manufacturing and procurement processes estimating to z 34.20 million. (ii) Provision for diminution in value of immovable assets at Tarapur manufacturing facility aggregating to z 19.70 million. (iii) Settlement payment to the employees at Tarapur manufacturing facility aggregating to z 8.60 million. 4 (a) During the previous year ended 31 March 2024, the Company had decided to transfer leasehold rights and building of manufacturing facility at Tarapur having a carrying value of z 84 million. In this regard, during the previous quarter ended 30 September 2024, the Company had recognised gain of z 30.50 million under the head 'Other Income' on execution of the deed of assignment for transfer of said assets. (b) The Company had recognised gain of z 23.00 million during the quarter ended 31 December 2023 (gain of z 44.30 million for the year ended 31 March 2024) under the head 'Other Income' on transfer of leasehold rights of its Ambernath Land. 5 The previous period figures have been regrouped/ re-classified , wherever necessary to conform to current period's presentation. For SeQu nt Scientific Limited Thane, 11 February 2025
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Proven Ability In Life Sciences SeQuent Scientific Limited Registered Office: 301, 3rd Floor, Dosti Pinnacle, Plot No. E7, Road No. 22, Wagle Industrial Estate, Thane (W), Mumbai - 400604, Maharashtra, India Tel No.: +91-22-4111-4777 I CIN: L99999MH1985PLC036685 Website: http://www.sequent.in I Email Id: investorrelations@sequent.in B. Statement on Deviation or Variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement etc. Not applicable C. Format for disclosing outstanding default on Loans and Debt Securities: No default, hence, not applicable D. Format for disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter): Not Applicable for this quarter E. Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along with Annual Audited Financial Results (Standalone and Consolidated separately) (applicable only for Annual Filing i.e., 4th quarter): Not applicable for this quarter