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Pharmaceuticals company Solara Active Pharma Sciences announced Q1FY24 results:
- Q1FY24 Revenues at Rs 3,544 million up 5% YoY; Reported EBITDA at Rs 200 million up 11% YoY;
- Gross margins at 45.5% in Q1FY24 versus 41.0% in Q1FY23; YoY Improvement in Gross margins by 445 bps
- Reported EBITDA at Rs 200 million, EBITDA margins at 5.6%; YoY Improvement in EBITDA margins by 20 bps
- Reduction in under-recoveries at Vizag
Commenting on the financial performance, Poorvank Purohit, MD & CEO of the Company, remarked, “We are delighted to start FY24 on a positive note, after having accomplished many of the goals we set for ourselves at the beginning of the previous year. Our current priorities are to stay focused and move forward from what we had achieved in the last fiscal year. We continue to work on our key strategic priorities, which included resetting and concentrating the base business, restoring R&D velocity, addressing under-recoveries at our newly commissioned Vizag site, and expanding into new products and geographies. We are happy with the outcome of the USFDA inspection at our Cuddalore facility with Zero 483 inspectional observations. The result of these inspections demonstrates our commitment to regulatory excellence at our global manufacturing sites and our relentless focus on world-class quality and compliance.
Coming to the Q1FY24 performance, I am pleased to report that we achieved 5% YoY growth in Revenues and 11% YoY growth in EBITDA. Our order book continues to be strong. We are pleased to note the increase in demand for Ibuprofen and Ibuprofen derivatives. We continue to focus on Operating cost reduction, continuous improvement program (CIP), and inventory management. With a Strong order book position, expansion in margins, and reduced under recovery at Vizag, we have a visible growth momentum for the forthcoming quarters.”
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