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ICICI Securities Report
Solara Active Pharma Science Ltd.'s reported Q1 FY22 performance was below estimate due to demand pressure in some products including Ibuprofen in the regulated markets and temporary shutdown of plants due to Covid-19.
Consolidated revenues grew 16.4% to Rs 4.1 billion led by strong growth in non-regulated markets, Ebitda margin was down 160 basis points YoY but flat QoQ to 22.5% due to lower proportion of regulated markets and adjusted profit after tax grew 19.9% to Rs 507 million.
We remain positive on the long term outlook considering presence only in the active pharma ingredient and contract research and manufacturing services space thereby removing any potential conflict with clients, maintaining large market share in key products, strong regulatory track record places Solara Active Pharma in a strong position to monetise the growing API business opportunities which would be augmented by the potential merger with Aurore Life.
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