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Solara announces Q2FY20 Financial Results

Posted On: 2019-10-22 21:55:11

Solara Active Pharma Sciences Ltd (Solara) (NSE: SOLARA; BSE: 541540), a leading Active Pharmaceutical Ingredient provider today announced the financial results for the second quarter (Q2FY20).

- Revenues at Rs. 3,561 Mn up by 4% YoY, EBITDA up 43% YoY at Rs. 705 Mn
- Continued momentum resulting in >20% operating margins for four quarters in a row
- 2x growth in PAT to Rs. 289 Mn in Q2FY20
- Reported highest ever EPS in a quarter at Rs. 11.21
- Momentum across the cost improvement programs and a favourable product mix resulted into 350 basis point improvement in the Operating EBITDA margins over the same period in the previous year.

- Reported forex loss of Rs. 3mn in Q2FY20 as against the loss of Rs. 64mn in Q2FY19.
- Our Reported EBITDA margins in Q2FY20 are at 19.8%, which is a 540 basis point expansion over the same period in the previous year

- Top ten customers and ten products account for 51% and 79% of revenues respectively in Q2FY20.

Jitesh Devendra, MD and CEO commented "We are happy to report yet another quarter of consistent performance thereby delivering profitable growth. While we had a 4% growth in the revenues, our EBITDA grew by over 43% resulting in a fourth successive quarter of >20% Operating margins. This performance also led to a two times growth in the PAT, which is now at Rs. 289Mn.

From a business standpoint, our combined growth of base business and new products continue to perform on the expected lines and receive traction from the new customers and existing partners alike. We sustained our focus on R&D and filed one additional drug master file for the US markets and did market extensions for three of our existing products to four new markets. With our basket of commercialised APIs and R&D pipeline, We are reasonably placed for the growing industry opportunities. On the CRAMS front, we have had a series of positive customer interactions and progression in the funnel build-out, thereby indicative of a promising future. The CRAMS business is still in incubation, and with our relentless efforts, we are hopeful of achieving a commercial breakthrough in the near term.

During the quarter, one of our top 10 products Ranitidine Hydrochloride experienced regulatory headwinds due to USFDA's notification around the NDMA impurity in the product, and we had voluntarily suspended our sales and production of the product. While the USFDA has suggested all the drug substance manufacturers to conduct some specific tests on this issue, it did not notify any product recalls for the Ranitidine formulations. We have completed our internal assessment on the criteria indicated and are now collaborating with the agency and our customers to understand the next set of actions. We firmly believe that the issue is temporary and should not impact the prospects of our performance this fiscal. We continue to remain optimistic about meeting our growth outlook."

Shares of Solara Active Pharma Sciences Ltd was last trading in BSE at Rs.418.05 as compared to the previous close of Rs. 409.45. The total number of shares traded during the day was 10572 in over 820 trades.

The stock hit an intraday high of Rs. 448.65 and intraday low of 408.1. The net turnover during the day was Rs. 4573586.


Source: Equity Bulls

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