Q2FY23 Quarterly Result Announced for Solara Active Pharma Sciences Ltd.
Solara Active Pharma Sciences announced Q2FY23 results: Q2FY23: Q2FY23 demonstrates improved gross margin performance of the base business Quarterly revenues stood at Rs 3,421million, with reported EBITDA at Rs 300 million Gross margin at 44.2% in Q2FY23 vs 41.6% in Q1FY23 Regulated markets back to >60% of the total revenues Vizag facility receives CEP for Ibuprofen manufacturing, commercial production to commence in Q3FY23 with European supplies starting from FY24 Significant operational initiatives introduced to improve profitability, on track for a bounce back in H2FY23 Jitesh Devendra, Managing Director of the Company, remarked, “We are upbeat about the growth prospects of Solara. Our Q2 improved performance has played out as per our plan with our actions on CIP programs, new market extensions, new product filings, and focus on building the CRAMS business which will yield the results from the second half of this fiscal year. With the approval of Ibuprofen DMF from CDE China for our Puducherry site and Ibuprofen CEP from EDQM for our Vizag site, we believe we are the only Company to offer Ibuprofen from two manufacturing locations. We continue strengthening our position on Ibuprofen and its derivatives while adding new customers and markets for our other key Products. Overall, we remain on the right track to deliver a strong recovery.” Result PDF09-11-2022