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Solara Active Pharma worst performer on Nifty500; poor results continue to drive sell-off

Solara Active Pharma worst performer on Nifty500; poor results continue to drive sell-off

Solara Active Pharma worst performer on Nifty500; poor results continue to drive sell-off
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By CNBCTV18.com Feb 11, 2022 10:50:00 AM IST (Published)

Solara Active Pharma Sciences share price: Shares of Solara Active Pharma Sciences extended losses on Friday as poor results for the December quarter likely drove the sell-off. Reacting to the dismal earnings, the company's shares had ended 20 percent lower on Thursday. The stock has slumped about 34 percent from the closing of Wednesday. The company had reported its earnings after market hours on Wednesday. 

Shares of Solara Active Pharma Sciences extended losses on Friday, falling as much as 18 percent today, as poor results for the December quarter likely drove the sell-off. At 9:59 am, the stock was trading 12.9 percent lower at Rs 675.20 on BSE. It was the worst performer on Nifty500.

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The company reported a net loss of Rs 139.8 crore for the quarter ended December, as against a net profit of Rs 65.8 crore for the corresponding period a year ago. Its quarterly revenue plunged nearly 88 percent YoY to Rs 100.3 crore.
Solara Active said a change in its commercial business strategy impacted its revenues and profitability on a one-time basis.
Reacting to the dismal earnings, the company's shares had ended 20 percent lower on Thursday. The stock has slumped about 34 percent from the closing of Wednesday. The company had reported its earnings after market hours on Wednesday.
The Bengaluru-headquartered company offers diversified, high-value Commercial APIs and Contract manufacturing services in over 75 countries. It has a manufacturing base comprising five globally compliant API facilities, with approvals including the US FDA, EU GMP, and PMDA in Japan.
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"We remain committed to delivering our long-term goals on growth and profitability, and we expect to bounce back from the second half of next fiscal. In the near term, we expect the topline trajectory to be back to pre-Q3 FY22
levels," said Rajender Rao Juvvadi, Managing Director and CEO, Solara Active Pharma Sciences.
The company had also said in its investor presentation that while Q4 FY22 is expected to deliver a normalised performance similar to pre-Q3 levels, Solara Active Pharma Sciences will strongly bounce back from H2 FY23 when the demand is stabilised.
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