Solara Active Pharma Science Q4 Review - Strong Growth Continues: ICICI Securities

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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:

1. presence only in the active pharmaceutical ingredient and contract research and manufacturing services space thereby removing any potential conflict with clients,
2. maintaining large market share in key products,
3. long term business relationships with customers.

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