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ICICI Securities Report
Solara Active Pharma Science Ltd.'s Q1 FY23 performance was below our estimates across all parameters. Revenue declined 18.6% YoY (down 8.5% QoQ) to Rs 3.3 billion (our estimate: Rs 3.8 billion) with slower recovery across segments.
Ebitda margin was down 1,870 basis points YoY (flat QoQ) to 3.8% (our estimate: 5.5%).
Solara Active Pharma reported a loss of Rs 164 million during the quarter. It remains confident of a strong recovery H2 FY23 onwards. While we believe near-term performance would remain under pressure due to business volatility, cost inflation and decline in demand, sharp correction in stock (~60% in last six months) have already priced in most concerns and provide comfort on valuations.
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