4 August 2021
1QFY22 Results Update | Sector: Healthcare
Solara Active Pharma
Estimate change
TP change
Rating change
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CMP: INR1,728
TP: INR2,050 (+20%)
Buy
Comprehensive approach in API/CRAMS to drive growth
Customer additions/differentiated technology aids better visibility in
the CRAMS business
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR m)
Free float (%)
SOLARA IN
36
62.1 / 0.8
1859 / 830
-3/14/59
215
58.9
Financials & Valuations (INR b)
Y/E MARCH
2021 2022E 2023E
16.2 26.0 30.7
Sales
3.9
6.4
7.8
EBITDA
2.2
4.1
5.1
Adj. PAT
17.1 19.4 20.5
EBIT Margin (%)
45.0 82.4 103.4
Cons. Adj. EPS (INR)
93.2 83.1 25.4
EPS Gr. (%)
442.2 534.7 647.3
BV/Sh. (INR)
Ratios
0.2
0.3 0.13
Net D:E
16.6 23.1 24.0
RoE (%)
15.7 21.2 21.6
RoCE (%)
13.3 21.4 20.5
Payout (%)
Valuations
38.0 20.8 16.5
P/E (x)
16.7 14.1 11.2
EV/EBITDA (x)
0.4
0.9
1.1
Div. Yield (%)
(0.3) (2.9)
9.1
FCF Yield (%)
4.0
3.5 2.85
EV/Sales (x)
SOLARA delivered an in line 1QFY22 earnings, led by increased contribution
from new products, ramp in other markets like Asia-Pacific, and healthy
growth in the Contract Research and Manufacturing Services (CRAMS)
business. SOLARA has delivered a robust performance, with EBITDA
margin/PAT growing to 24%/INR2.2b in FY21 from 14%/INR380m in FY18.
SOLARA further aims to achieve 25% revenue CAGR over FY21-25 through
enhanced portfolio offering in generic API, strong scale-up in the CRAMS
segment, and the inorganic route.
We raise our FY22E/FY23E EPS estimate by 5%/7% to factor in: a) benefits
from successful backward integration for Ibuprofen manufacturing, b)
extended tax benefits, and c) increased growth prospects in the CRAMS
segment. We continue to value SOLARA at 13x its 12-month forward
EV/EBITDA to arrive at our TP of INR2,050.
We remain positive on SOLARA as it is well-placed in the API space (product
offering supported by manufacturing capacity/capability) to take advantage
of the favorable demand scenario and building its presence across the
CRAMS value chain. We reiterate our
BUY
rating.
Revenue grew 16.4% YoY to INR4.1b (est. INR4.2b) in 1QFY22.
Gross margin contracted by 100bp YoY to 56% due to the reduced share of
the regulated market business.
EBITDA margin contracted by 160bp YoY to 22.5%.
EBITDA margin contracted at a higher rate due to lower realizations in the
portfolio and increased opex (other expense up 110bp YoY, but partially
offset by a 50bp YoY decline in employee cost as a percentage of sales).
EBITDA grew 9% YoY to INR914m (est. INR953m).
PAT grew 20% YoY to INR507m (est. INR504m).
The management expressed its long-term aspiration of 25% revenue CAGR,
EBITDA margin of 23-25%, and ~30% revenue from the CRAMS segment
over FY21-25. This would be largely driven by the organic route.
Specifically for FY22, it guided at sales/EBITDA margin of INR28b/23-25%
(including the AURORE merger).
SOLARA expects INR1.5-2.2b in synergy benefits in the first year of
operations post the merger of SOLARA and AURORE.
It has been successful in backward integration in the Ibuprofen
manufacturing process. This would enhance the profitability of this product
considerably. SOLARA is one of the only two Ibuprofen manufacturers
globally to have complete backward integration.
The management does not expect any goodwill creation on the AURORE
acquisition.
Net debt is up INR1b to INR5.3b on higher working capital requirements.
line 1QFY22; lower regulated market sales impacts profitability
Highlights from the management commentary
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Jun-21 Mar-21 Jun-20
41.1
44.1
41.9
6.4
4.0
6.7
16.6
13.7
16.7
35.9
38.3
34.7
FII Includes depository receipts
Tushar Manudhane - Research Analyst
(Tushar.Manudhane@MotilalOswal.com)
Bharat Hegde, CFA
(Bharat.Hegde@motilaloswal.com);
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
Solara Active Pharma
Valuation and view
We raise our FY22E/FY23E EPS estimate by 5%/7% to factor in: a) better
profitability from complete integration in the Ibuprofen manufacturing process,
b) addition of customers/better traction from existing customers in the CRAMS
segment and c) extended tax benefits.
We expect 38% revenue CAGR over FY21-23E, driven by 31%/112% CAGR in
API/CRAMS revenue in SOLARA and addition of the AURORE business. With
operating leverage and synergy benefits, we expect EBITDA to grow at 42%
CAGR over FY21-23E.
We value SOLARA at 13x EV/EBITDA on a 12-month forward EBITDA, arriving at
our TP of INR2,050. We reiterate our
BUY
rating.
Consolidated quarterly earnings model
(INR m)
Y/E March
FY21
FY22
FY21
FY22E
FY22E Var. (%)
1Q
2Q
3Q
4Q
1Q
2QE
3QE
4QE
1QE
Gross Sales
3,484 3,976 4,267 4,442
4,056
4,572
4,992
6,138 16,169 26,022
4,200
-3.4
YoY Change (%)
5.5
13.2
24.2 49.7
16.4
15.0
17.0
38.2
22.3
60.9
20.5
Total Expenditure
2,646 2,999 3,214 3,451
3,142
3,525
3,819
4,824 12,310 19,595
3,247
EBITDA
838
976 1,053
991
914
1,047
1,173
1,314
3,859
6,427
953
-4.1
YoY Change (%)
31.6
43.5
35.6 97.9
9.1
7.2
11.4
32.6
48.7
66.6
13.8
Margin (%)
24.1
24.6
24.7 22.3
22.5
22.9
23.5
21.4
23.9
24.7
22.7
Depreciation
262
276
274
274
277
280
282
311
1,087
1,383
270
Interest
198
194
205
248
190
198
215
217
845
1,089
200
Other Income
46
61
83
98
59
56
61
52
288
312
20
PBT before EO expense
423
568
658
566
507
626
737
838
2,215
4,268
503
0.7
Extra-Ord. expense
0
0
0
0
6
0
0
0
0
0
0
PBT
423
568
658
566
501
626
737
838
2,215
4,268
503
-0.5
Tax
1
1
0
0
0
5
5
10
2
213
0
Rate (%)
0.1
0.1
0.0
0.0
0.0
0.8
0.7
1.2
0.1
5.0
0.0
Reported PAT
423
567
658
566
501
621
732
828
2,214
4,055
504
-0.5
Adj. PAT
423
567
658
566
507
621
732
828
2,214
4,055
504
0.7
YoY Change (%)
59.4
96.4
59.1 217.8
19.9
9.5
11.3
46.2
93.3
83.1
19.1
Margin (%)
12.1
14.3
15.4 12.8
12.5
13.6
14.7
13.5
13.7
15.6
12.0
Note: FY22 numbers are not comparable to the sum of the four quarters as only the fiscal numbers include business from the Aurore Life
Science merger. The merger process is awaiting regulatory approvals.
Key performance indicators (consolidated)
Y/E March
1Q
RM Cost (% of Sales)
43.0
Staff Cost (% of Sales)
15.6
Other Cost (% of Sales)
17.3
Gross Margin (%)
57.0
EBITDA Margin (%)
24.1
EBIT Margin (%)
16.5
FY21
2Q
43.8
14.6
17.0
56.2
24.6
17.6
3Q
44.0
14.0
17.3
56.0
24.7
18.3
4QE
47.9
12.8
16.9
52.1
22.3
16.1
1Q
44.0
15.1
18.4
56.0
22.5
15.7
FY22
2QE
43.9
15.4
17.8
56.1
22.9
16.8
FY21
3QE
43.5
16.0
17.0
56.5
23.5
17.9
4QE
47.9
12.8
16.9
52.1
21.4
16.3
44.0
14.5
16.8
56.0
23.9
17.1
FY22E
43.9
14.6
16.2
56.1
24.7
19.4
FY22E
1QE
43.1
17.0
18.0
56.9
22.7
16.3
Highlights from the management interaction
4 August 2021
CRAMS contribution to revenue was in the high single-digits in 1QFY22.
Most of the CRAMS projects are in contract manufacturing and a few are in
contract development.
The management said regulated market sales will remain muted in 2QFY22 due
to the COVID-19 outbreak. This is expected to normalize in 3-6 months.
Demand for Ibuprofen softened in regulated markets due to the pandemic. This
is expected to normalize in 3-6 months.
SOLARA has addressed the issues in Cuddalore and awaits USFDA inspection.
OAI from USFDA for Cuddalore was due to NDMA issue in Ranitidine.
It will continue to be a MAT paying company for 1-2 years after FY22.
2
 Motilal Oswal Financial Services
Solara Active Pharma
New product sales stood at INR800m (~20% of sales), including some
contribution from Favipiravir.
The company is on track to file 25 products globally in FY22.
Well laid out plans in API/CRAMS space to better return ratios
going forward
Solara 2.0 unveiled
SOLARA unveiled its goal of being among the top 10 global pure-play API players. It
is targeting 25% sales CAGR over FY21-25, 23-25% EBITDA margin, and a 30%
revenue contribution from CRAMS by FY25. This includes the recent (AURORE) and
future inorganic expansion opportunities. It has also strengthened its organizational
structure by appointing Mr. Aditya Puri as Chairman of the board and Mr. Arun
Kumar, founder of SOLARA, to the board as a Non-Executive Director.
C
Generic APIs – healthy traction in ‘other markets’
SOLARA reported ~INR3.7b revenue in API in 1QFY22, aided by INR800m in
revenue contribution from new launches, which included Favipiravir API sales.
It has been successful in backward integration in the Ibuprofen manufacturing
process. It will start accruing commercial benefits in coming quarters, making it
one of the only two fully backward integrated Ibuprofen manufacturers in the
world. This will help it gain market share, improve margin, and navigate price
volatility in Ibuprofen.
It is on track to file 10-12 DMFs in the US in FY22. The acquired portfolio of
AURORE is expected to increase the breadth of SOLARA’s offerings as there is
minimum overlap. The acquisition also adds the Anti-Viral product portfolio to
its offerings. The management expects to launch 25 products in FY22, leveraging
its ALS’ filing capabilities. We expect 31% CAGR in API sales to INR27b over FY21-
23E.
CRAMS adds differentiated capabilities to fast-track growth
SOLARA added four new customers in the CRAMS segment in 1QFY22. It also grew
the opportunity pipeline by 40% QoQ. The management is now focusing on
increasing projects in the R&D stage. It intends to build its CRAMS business through
strong expertise in chemistry, and adds science-based differentiation and
technological capabilities. We expect CRAMS sales to expand 4.5x to INR3.6b over
FY21-23E.
Synergy benefits from the ALS acquisition to support margin expansion
SOLARA expects INR1.5-2.2b in synergy benefits in the first year of operations post
the merger. Savings of INR500-750m are expected to accrue in overhead costs,
INR250-350m from R&D cost rationalization, INR250-300m in procurement, and
INR500-750m in additional gross profit from cross-selling opportunities.
Earnings growth momentum to sustain over the next 3-4 years
We raise our FY22E/FY23E EPS estimate by 5%/7% to factor in: a) benefits from
successful backward integration for Ibuprofen manufacturing, b) extended tax
benefits, and c) increased growth prospects in the CRAMS segment.
We continue to value SOLARA at 13x its 12-month forward EV/EBITDA to arrive
at our TP of INR2,050.
We expect 38% revenue CAGR over FY21-23E, driven by 31%/112% CAGR in
API/CRAMS revenue. With operating leverage and synergy benefits, we expect
EBITDA to grow at 42% CAGR over FY21-23E.
4 August 2021
3
 Motilal Oswal Financial Services
Solara Active Pharma
Story in charts
Exhibit 1: Revenue grew by ~16% in 1QFY22
Revenue (INRm)
5,000
Exhibit 2: Revenue contribution from regulated markets
stood at 43%
Revenue contribution in 1QFY22
70.0
Growth YoY (%)
49.7
9.0
2.6
-3.5
5.5
13.2
24.2
16.4
4,500
50.0
4,000
3,500
30.0
3,000
2,500
10.0
2,000
-23.0
3,302 3,511 3,437 2,968 3,484 3,976 4,267 4,442 4,056
-10.0
1,500
1,000
Semi-regula
tde markets
57%
Regulated
markets
43%
-30.0
500
0
-50.0
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 3: New products contribute 20% to revenue
Revenue Contribution from new products (INRm)
as a % of sales (%)
Exhibit 4: R&D spends at 3.5% of sales in 1QFY22
R&D Spend (INRm)
160
as a % of sales (%)
3.2
3.2
3.5
4.5
4.0
900
16.4
19.7
25.0
3.5
3.9
3.1
3.7
4.0
2.8
140
3.5
800
700
7.1
5.1
5.1
7.3
5.1
9.2
120
7.2
20.0
3.0
100
15.0
2.5
10.0
80
600
500
5.0
2.0
60
400
-
1.5
300
(5.0)
40
1.0
200
100
234
178
175
216
570
202
392
318
800
(10.0)
20
(15.0)
115
110
134
110
140
111
138
140
141
0.5
-
(20.0)
0
-
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 5: EBITDA margin contracts by 160bp YoY in 1QFY22
EBITDA (INRm)
1,200
Exhibit 6: PAT grew by 20% YoY in 1QFY22
PAT (INRm)
EBIDTA Margin (%)
24.1
1,000
19.3
19.4
22.6
16.9
24.6
24.7
30.0
700
22.3
22.5
25.0
20.0
600
500
800
400
600
15.0
300
400
10.0
200
200
637
680
777
501
838
976 1,053 991
914
5.0
100
265
289
414
178
423
567
658
566
507
0
0.0
0
Source: MOFSL, Company
Source: MOFSL, Company
4 August 2021
4
 Motilal Oswal Financial Services
Solara Active Pharma
Exhibit 7: Expect revenue to exhibit ~38% CAGR over FY21-
23E
Revenue (INRm)
35,000
Exhibit 8: DMF filings to improve with the ALS acquisition
DMF Filings
Growth YoY (%)
210
166
61
30,000
160
8
110
9
6
6
4
8
25,000
20,000
15,000
-5
5,210
FY18
13,867
FY19
13,218
FY20
22
18
60
10
10,000
-40
5,000
16,169
FY21
26,022
FY22E
30,657
-90
0
FY23E
FY16
FY17
FY18
FY19
FY20
FY21
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 9: Expect 150bp margin expansion over FY21-23E
EBITDA (INRm)
9,000
Exhibit 10: Return ratios to improve over the next two years
ROE (%)
30.0
EBITDA Margin (%)
23.9
24.7
25.3
ROCE (%)
23.1
16.6
21.2
15.7
24.0
8,000
7,000
10.9
15.4
19.6
25.0
20.0
15.0
6,000
10.0
5,000
5.0
11.7
9.8
3.3
6.9
0.1
FY18
FY19
FY20
FY21
11.2
21.6
4,000
0.0
3,000
-5.0
2,000
-10.0
1,000
569
FY18
2,131
FY19
2,594
FY20
3,859
FY21
6,427
FY22E
7,756
FY23E
-15.0
0
-20.0
FY22E
FY23E
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 11: Asset turnover ratio on an uptrend
Asset Turnover ratio (x)
Exhibit 12: Expect 52% earnings CAGR over FY21-23E
Adjusted PAT (INRm)
6,000
Growth YoY (%)
210
1.43x
1.07x
0.68x
1.21x
1.35x
1.43x
26631
5,000
160
93
4,000
3,000
93
83
25
110
60
2,000
10
1,000
-40
2
0
595
FY19
1,146
FY20
2,214
FY21
4,055
FY22E
5,087
-90
FY18
FY19
FY20
FY21
FY22E
FY23E
FY18
FY23E
Source: MOFSL, Company
Source: MOFSL, Company
4 August 2021
5
 Motilal Oswal Financial Services
Solara Active Pharma
Financials and valuations
Consolidated Income Statement
Y/E March
Total Income from Operations
Change (%)
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Total Tax
Tax Rate (%)
Minority Interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
Consolidated Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liabilities
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Total Investments
Curr. Assets, Loans and Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability and Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Appl. of Funds
FY18
5,210
NA
4,641
89.1
569
10.9
340
229
251
25
2
-18
-16
-1
8.7
0
-14
2
NA
0.0
FY19
13,867
166.2
11,736
84.6
2,131
15.4
831
1,300
824
124
600
-6
594
6
1.0
-1
589
595
NA
4.3
FY20
13,218
-4.7
10,623
80.4
2,594
19.6
942
1,653
779
275
1,149
3
1,152
4
0.3
-1
1,149
1,146
92.6
8.7
FY21
16,169
22.3
12,310
76.1
3,859
23.9
1,087
2,772
845
288
2,215
0
2,215
2
0.1
-1
2,214
2,214
93.2
13.7
FY22E
26,022
60.9
19,595
75.3
6,427
24.7
1,383
5,045
1,089
312
4,268
0
4,268
213
5.0
-1
4,055
4,055
83.1
15.6
(INR m)
FY23E
30,657
17.8
22,901
74.7
7,756
25.3
1,462
6,294
1,193
368
5,469
0
5,469
383
7.0
-1
5,087
5,087
25.4
16.6
(INR m)
FY23E
492
22,760
23,252
42
7,257
-256
30,295
21,402
5,997
15,404
3,651
1,295
4
18,673
5,333
6,719
4,168
2,453
8,732
5,019
3,463
250
9,941
30,295
FY18
247
7,393
7,640
45
6,329
484
14,497
7,641
367
7,274
3,586
715
8
6,633
1,877
2,625
470
1,661
3,718
3,207
390
121
2,915
14,497
FY19
258
8,261
9,559
44
5,381
328
15,311
9,697
1,170
8,527
3,651
404
4
7,014
2,139
2,888
765
1,222
4,289
2,532
1,624
133
2,725
15,311
FY20
269
9,631
10,859
43
7,068
118
18,088
12,384
2,066
10,319
3,651
405
3
7,157
2,797
2,265
568
1,527
3,447
2,262
1,053
132
3,711
18,088
FY21
359
15,526
15,885
42
5,157
-256
20,829
13,317
3,152
10,165
3,651
880
4
11,180
2,950
4,839
1,985
1,406
5,051
3,093
1,826
132
6,129
20,829
FY22E
492
18,714
19,206
42
7,657
-256
26,649
19,221
4,535
14,686
3,651
1,476
4
14,547
4,724
6,416
1,324
2,082
7,714
4,563
2,939
212
6,832
26,649
4 August 2021
6
 Motilal Oswal Financial Services
Solara Active Pharma
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Current Ratio
Interest Coverage Ratio
Net Debt/Equity
Consolidated Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest and Finance Charges
Direct Taxes Paid
(Inc.)/Dec. in WC
CF from Operations
Others
CF from Operations incl. EO
(Inc.)/Dec. in FA
Free Cash Flow
Others
CF from Investments
Issue of Shares
Inc./(Dec.) in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc./Dec. in Cash
Opening Balance
Closing Balance
FY18
0.1
9.5
212.7
NA
0.0
27,592.5
179.6
8.0
1.1
10.3
NA
NA
0.1
3.3
3.1
0.7
0.4
131
184
225
1.8
0.9
0.8
FY19
12.1
39.7
266.1
NA
0.0
141.4
43.1
6.4
0.3
2.2
NA
NA
6.9
9.8
9.4
1.4
0.9
56
76
67
1.6
1.6
0.5
FY20
23.3
58.1
302.3
0.0
0.0
73.4
29.4
5.7
4.0
20.2
0.0
-8.7
11.2
11.7
10.5
1.1
0.7
77
63
62
2.1
2.1
0.6
FY21
45.0
91.9
442.2
7.0
13.3
38.0
18.6
3.9
4.0
16.7
0.4
-4.4
16.6
15.7
15.8
1.2
0.8
67
109
70
2.2
3.3
0.2
FY22E
82.4
151.4
534.7
15.0
21.4
20.8
11.3
3.2
3.5
14.1
0.9
-33.5
23.1
21.2
22.9
1.4
1.0
66
90
64
1.9
4.6
0.3
FY23E
103.4
182.3
647.3
18.0
20.5
16.5
9.4
2.6
2.8
11.2
1.1
103.8
24.0
21.6
24.1
1.4
1.0
63
80
60
2.1
5.3
0.1
(INR m)
FY23E
5,469
1,462
825
-383
-265
7,108
0
7,108
-2,000
5,108
368
-1,632
0
-400
-1,193
-1,041
1
-2,633
2,843
1,324
4,168
FY18
2
367
226
-29
-108
458
35
492
-347
145
-497
-844
0
528
-220
0
369
677
326
145
470
FY19
578
837
749
-144
-253
1,767
-103
1,663
-582
1,081
-546
-1,124
440
-881
-775
0
982
-234
305
460
765
FY20
1,149
942
723
-243
-165
2,406
36
2,442
-2,676
-234
-906
-3,581
298
1,618
-810
-129
-27
949
-189
757
568
FY21
2,215
1,087
703
-334
-2,057
1,613
-58
1,556
-1,715
-160
653
-1,063
2,982
-1,002
-832
-197
-26
925
1,417
568
1,985
FY22E
4,268
1,383
777
-213
-1,364
4,850
0
4,850
-6,500
-1,650
312
-6,188
133
2,500
-1,089
-867
1
677
-661
1,985
1,324
4 August 2021
7
 Motilal Oswal Financial Services
Solara Active Pharma
NOTES
4 August 2021
8
 Motilal Oswal Financial Services
Solara Active Pharma
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
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2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
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9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
4 August 2021
9
 Motilal Oswal Financial Services
Solara Active Pharma
********************************************************************************************************************************
The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies)
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The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
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Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
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Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
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* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
4 August 2021
10