Sequent Scientific (SSL) has posted revenue of INR 3,580mn with a 0.8% YoY increase, which was 14.6% above our estimate of INR 3,124mn. The revenue beat was mainly driven by higher than expected growth in formulation business (mainly in Turkey); However, API business de-grew by 20.1% (YoY) due to lower offtake of Albendazole (key product in API). Moreover, Logistical challenges (port congestion, vessel availability) has also impacted API sales in Q3. The formulation business grew by 18.5% (YoY), led by strong performance in LATAM (+52.6% YoY) and Turkey (+34.2%) on a constant currency basis. India business performed well across both Cattle & Poultry segments with a growth of 20.5% (YoY). Revenue from Emerging markets (ex India) declined by 3.4%. Management expects a strong recovery in the API business during Q4 supported by a strong order book and revival in...