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ICICI Securities Report
Solara Active Pharma Science Ltd. reported strong growth in Q4 FY21 led by healthy growth in the non-regulated markets.
Consolidated revenues grew 49.7% to Rs 4.4 billion led by growth across geographies, adjusted Ebitda margin was up 540 basis points YoY but declined 240 basis points QoQ to 22.3% and adjusted profit after tax grew 217.7% to Rs 566 million.
We believe the key moats of the company are:
- presence only in the active pharmaceutical ingredient and contract research and manufacturing services space thereby removing any potential conflict with clients,
- maintaining large market share in key products,
- long term business relationships with customers.
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