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Motilal Oswal Report
Solara Active Pharma Science Ltd. delivered lower-than-expected operational performance in Q4 FY22. However, it has recouped sales and turned Ebitda positive on a QoQ basis.
We have revised our estimates to factor in:
the cancellation of merger with Aurore Life Sciences Pvt. Ltd., and
gradual normalisation of gross margin as well as operating leverage.
Accordingly, we have cut our estimates by 85%/67% for FY23/FY24.
With Solara Active Pharma's senior management changes over the past three to six months, the course correction is underway. We believe the financial performance to be at trough and improve gradually going forward.
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