Solara Active Pharma Sciences Limited has informed the Exchange about Earnings Call Transcript for the Board Meeting held on January 24, 2025
Communication Address: Solara Active Pharma Sciences Limited 2nd Floor, Admin Block
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January 31, 2025
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Exchange Plaza, Bandra-Kurla Complex
The National Stock Exchange of India Limited
Scrip Code: 541540, 890202
Scrip Code: SOLARA, SOLARAPP
Dear Sir / Madam,
Subject: Transcript of the earnings conference call for the quarter ended December 31, 2024
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the earnings conference call for the quarter ended December 31, 2024, conducted after the meeting of Board of Directors held on January 24, 2025, for your information and records.
The above information is also available on the website of Company at: https://solara.co.in/investor- relations/investor-update
Thanking you, Yours faithfully,
For Solara Active Pharma Sciences Limited
S. Murali Krishna Company Secretary
Encl.: As above
Solara Active Pharma Sciences Limited - CIN : L24230MH2017PLC291636 REGD. OFF: 201, Devavrata, Sector 17, Vashi Navi Mumbai - 400703. India/ Tel: 91-22-2789 2924 / 2789 3199 / Fax: 91-22-2789 2942
“Solara Active Pharma Sciences Limited Q3 FY ’25 Earnings Conference Call”
January 24, 2025
MANAGEMENT: MR. ARUN KUMAR – FOUNDER & NON-EXECUTIVE
DIRECTOR, SOLARA ACTIVE PHARMA SCIENCES LIMITED MR. POORVANK ROHIT – MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER, SOLARA ACTIVE PHARMA SCIENCES LIMITED MR. ARUN KUMAR BASKARAN – CHIEF FINANCIAL OFFICER, SOLARA ACTIVE PHARMA SCIENCES LIMITED MR. ABHISHEK SINGHAL – INVESTOR RELATIONS, SOLARA ACTIVE PHARMA SCIENCES LIMITED
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Moderator:
Ladies and gentlemen, good day and welcome to the Solara Active Pharma Sciences Limited Q3
FY ‘25 Earnings Conference Call.
Solara Active Pharma Sciences Limited January 24, 2025
As a reminder, all participant lines will be in listen-only mode. And there will be an opportunity
for you to ask questions after the presentation concludes. Should you need assistance during the
conference call, please signal an operator by pressing “*”, then “0” on your touch tone phone.
Please note that this conference is being recorded.
I now hand the conference over to Mr. Abhishek Singhal. Thank you and over to you, sir.
Abhishek Singhal:
Thank you. A very good afternoon to all of you and thank you for joining us today for Solora
Active Pharma Science’s earnings conference call for the third quarter and nine months ended
financial year 2025.
Today we have with us, Arun – Solara's Founder; Poorvank Purohit – CEO; and Arun Kumar
Baskaran – CFO, to share the highlights of the “Business and Financial Quarter”.
I hope you have gone through our Results Release and the Quarterly Investor Presentation which
have been uploaded on our Website as well as the Stock Exchange website. The transcript for
this call will be available in a week’s time on the Company’s website.
Please note that today's discussion will be forward-looking in nature and must be viewed in
relations with risks pertaining to our business. After the end of this call, in case you have any
further questions, please feel free to reach out to the Investor Relation team.
I now hand over the call to Arun to make his opening. remarks.
Arun Kumar:
Thank you, Abhishek, appreciate it. Thank you all for joining us today.
So, let me start by saying that it has been a very disappointing quarter in terms of our revenue
performance, and this is mainly a design situation that we have been confronted with increased
pricing competition on our portfolio of profitable range of products.
We have been taking conscious decisions, as you would notice, over several quarters, to be
focused on operating leverage, higher and improved margins and discipline of the balance sheet.
I think we have come a long way in several of those key metrics. But we decided not to accept
price challenges on our products that would be detrimental for our business on a long-term basis.
Consequently, it's very rare that we revise our guidance downwards. We have, this time in the
case of Solara, revised the guidance downwards in the revenue standpoint. But I am also at the
same time pleased to confirm that our margins are actually trending ahead, our Q3 margins are
trending significantly ahead of our H1 numbers in terms of an average percentage point. And we
will see growth coming back to business in a more disciplined and organized manner.
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Solara Active Pharma Sciences Limited January 24, 2025
I am also pleased with the gross margin expansion of 500 basis points and that is a good start
point for us to build a business from there. All of this obviously results in improved free cash
generation, resulting in reduced debt. And while the revenue guidance downwards is
disappointing, we are not changing the EBITDA guidance previously provided at Rs. 230 crores
to Rs. 260 crores.
And we expect Q4 is typically a high quarter for the pharma API industry, we expect that to be
the case for Solara too. While we have obviously reduced our revenue guidance, we had to adjust
our EBITDA guidance by about Rs. 10 crores for the quarter of Q4. But the EBITDA for the
entire year, which was guided earlier, will be maintained. Representing quite nicely on the debt
to EBITDA times that we have guided, and we will continue to improve on this.
A major decision we have taken is obviously to give focus to our CRAMS business, it's been
suboptimal, if I may say, over the last two to three years. And it requires a very different approach
to build value and also capabilities. And as most of you know, we have been mothballing our
Vizag facility for a long period of time, although it's been FDA approved. We have invested
significant amounts of capital there. And the carve-out of the CRAMS business will be beneficial
to shareholders.
Albeit the size of the business is small, today at Rs. 120 crores, but gross margins and EBITDA
will trend around significantly higher than the Company average and should be more than 25%
to 30% range. But we do acknowledge that this business is very suboptimal at this stage. But
given the infrastructure that we have in Vizag, which is one of the largest sites in the API sector.
And having two consecutive Zero 483 inspections, we think that we are well poised to have
significant capabilities built out of Vizag, away from the catalog generic business.
And at the same time, pushing down about Rs. 200 crores of debt into the new CRAMS business
and also funding it separately as and when it's required. It just gives the ability for the Solara’s
retain business to be significantly asset balance sheet, I mean, a lighter balance sheet. And will
deliver significant outcomes in terms of financial key ratios.
Consequent to all of this successfully getting completed and obviously subject to shareholder
approvals and other regulatory approvals, which would take upwards of between 12 and 15
months. We believe that the debt to EBITDA in Solara will be closer to the one time range, which
is in a very healthy position for us to then grow the business.
The carving out of the Vizag facility will not impact on our capacity for the next at least
foreseeable two to three years, in our core catalog business, as we currently operate the business
at around 65% capacity utilization. Even though we have made significant cost improvement
strategies, our OPEX and under recovery continues to be a challenge in this business. And
therefore, rather than adding significant new under recoveries by kick starting Vizag within the
same P&L, we thought it was prudent and in the interest of all stakeholders to strategize this
operation separately.
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Solara Active Pharma Sciences Limited January 24, 2025
So, that's a slightly longish opening note. But both Poorvank, Arun and I am happy to address
questions that you may have. We continue to believe strongly in the quality of the business that
is emerging in Solara’s research strategy. And I am sure that we will deliver improved results in
the coming quarters.
Thank you.
Abhishek Singhal:
We can take the Q&A now.
Moderator:
Thank you. We will now begin the question-and-answer session. The first question is from the
line of Amrish Kumar from GeoSphere Capital. Please go ahead.
Amrish Kumar:
Thank you for the opportunity, sir. And this is regarding the carve out of CRAMS business. So,
if you can give just a history of this business, how have you grown it so far? And the idea behind
you have explained it a bit, but a little bit more detail, and how it will compete in the current
environment. And how does a separate identity for this business helps us as Solara? And what
are the technological capabilities we have developed in this business so far? Some details, and
on how big the business is, and the context would be helpful. Thank you, sir.
Arun Kumar:
Thank you, Amrish. I mean, like you rightly said, most of your questions have been addressed
in my opening statement, but just to emphasize. Staying in the catalog generic business, we
believe Solara does not have the required bandwidth of leadership and the financial resources to
build this business, while it is resetting its own proprietary catalog business. So, the need to do
this was obvious. Vizag is a very significant plant with almost 700 KL capacity, and has the
ability to double that capacity easily, which is what typically potential partners would look at
large capacities if they were going to come our way.
Our CRAMS business has been very suboptimal, it's been very stagnant and has not been
growing so much. But we believe that with a renewed focus we can add significant velocity to
the growth of the business. This business is currently in FY ‘25 is approximately Rs. 120 crores.
It delivers that 25% to 27% range adjusted EBITDA. And of course, when we take this revenue
into the new Company, the first several years there would be not necessarily great numbers as
we will have under recoveries and additional expenses in terms of building new capabilities.
But overall, I think the pharmaceutical polymers business that we have got lot of legs to grow.
And we will build that business quite significantly. But it will take us two to three years before
you see the emergence of a challenge or a new player in the CRAMS business. We have several
types of chemistry and capabilities that we can offer from this plant. At this time, our primary
focus is going to be the polymer-based API chemistry which not many players have out of this
country. Yes, thank you.
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Solara Active Pharma Sciences Limited January 24, 2025
Moderator:
Thank you. The next question is from the line of Jagdish Sharma, an individual investor. Please
go ahead.
Jagdish Sharma:
Sir, I have a couple of questions for the carve out of CRAMS and polymer business. You just
mentioned that you have Rs. 120 crores of top line for this business. What are the EBITDA
margins you have made in this quarter?
Arun Kumar:
We cannot give you that. I do not think we can give you specifics for this quarter, but generally
the business delivers about 25% EBITDA.
Jagdish Sharma:
So, my second question is like, you mentioned this business is subscale, right, this currently is
at subscale level. What is our aspiration over the next three years in terms of revenue and margin?
Arun Kumar:
I think we believe that we can take a revenue expansion obviously to be in the 35% to 40%
EBITDA range, has to happen to be a serious comparable CRAMS player. I think we can triple
or even quadruple our turnover from the current Rs. 120 crores. We do have a nice pipeline. And
with a new arrangement that is being proposed, we think in about three to four years we can get
to that Rs. 500-odd crores number.
Moderator:
Thank you. The next question is from the line of Naman Bhansali from 9 Rivers Capital. Please
go ahead.
Naman Bhansali:
First question is, you mentioned in the presentation that we received six key product approvals
and 11 market extensions in the Q3 quarter. So, could you elaborate a bit on this? And if there
are any material product approvals that can come out of these?
Arun Kumar:
I am going to request Poorvank answer your question, he will give you more specific.
Poorvank Purohit:
So, specifically, we have already mentioned about this that we are strongly focusing on the
polymer space. And we did get some of the approvals in the polymer space for some of the key
markets. And then there were some approvals that we got in the ibuprofen space wherein we
actually talked about some of the markets which we have not catered for some of the existing
customers. So, it is adding to a mix of new geographies, that is actually opening new markets
for us.
Naman Bhansali:
Got it. That is helpful. And second question is on the financial side of the CRAMS and polymer
business. So, if you could share what is the total capital employed till date for this business? And
what incremental CapEx would we need to do for this particular facility?
Arun Kumar:
So, basically the Capex that has been invested in Vizag is close to about Rs. 500 crores, but not
all of that capital will be useful for a CRAMS business because it was predominantly an
ibuprofen facility. So, I would like to say that the good assets that the CRAMS business can
enjoy would be about in the range of Rs. 250 crores to Rs. 300 crores, because the rest of the
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Solara Active Pharma Sciences Limited January 24, 2025
plant has to be retrofitted. We probably need to invest at least another Rs. 100 crores to Rs. 150
crores in the next three years to achieve the goals of what we want to be. And then, that should
take us to the next big level you want to build this platform to.
Moderator:
Thank you. The next question is from the line of Sajal Kapoor from Antifragile Thinking. Please
go ahead.
Sajal Kapoor:
Solara made an excellent move I think by separating CRAMS, polymer and HPAPI. A couple of
questions from my side, if I may Arun, and Poorvank you as well. Can you share some
perspective on the R&D infrastructure? As on today do we have separate teams for CRAMS and
generics? And what is the combined team size on the R&D site today? And where do you see
this number growing over the period?
Arun Kumar:
So, basically today our R&D is combined for both generics and for the CRAMS business, and
that is one of the key reasons that we need to separate and segregate the two, considering that
we need a very different level of capabilities and infrastructure to attract customers. So, this
move of us would facilitate that. We think that we will end up adding at least 100 new scientists
for our CRAMS division in the next 12 months.
Sajal Kapoor:
On the gross margin side, clearly CRAMS is a higher gross margin business, we all know that.
But its subscale today, its low volumes as disclosed. Now, given that it's a higher margin business
and it's contributing almost negligible amount, let's say 10%, to the overall. Our consol gross
margins are still 56%, which is very healthy. And that kind of suggests that the other business,
the non-CRAMS business is also not having very low gross margins as on today. Is that a fair
assumption?
Arun Kumar:
It is, because of our focused attention to margin and that is what has caused the revenue drop.
So, our attention has been that when we have price challenge, we are happy to let go of business.
And we give credit to the new challengers for having built plants which are very modern, of very
large scale. But considering that we have been an ibuprofen player for 40 years, obviously we
find ourselves pitted against very young challengers. And we are happy to let go of business in
the interest of margins.
And you have rightly pointed out that, and if you look at Poorvank’s commentary, 76% of our
business continues to be in the regulated market. So, they are very sticky businesses. There are
long term partnerships where we would rather service those customers and increase the wallet
share than trying to expand markets at price. So, you are right, at 55% I think we have achieved
our first threshold of an ideal margin situation. I do not think the carve out of the CRAMS
business is going to drop this dramatically, may drop it by 100 bps, 200 bps. But even 53%, 55%
range is what we want to first establish.
Growth, given the structured approach of not chasing revenues will come because seeding
customers and geographical expansions, and that is why we highlighted that we got new same
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Solara Active Pharma Sciences Limited January 24, 2025
products expanded to new territories or acquiring new customers are good. These are healthy
signs where we can show growth. So, I think growth will be tepid on the top line, but I think you
could see margin expansion, OPEX leverage, inefficiencies in our manufacturing infrastructure,
and our corporate overheads coming down dramatically. And if you see our presentation, you
will see in the last five quarters we have had a very successful run on cost management.
Sajal Kapoor:
Brilliant thinking, Arun. Definitely a masterstroke, no doubt. I am done with my questions.
Thank you.
Moderator:
Thank you. The next question is from the line of Divya Shah, an individual investor. Please go
ahead.
Divya Shah:
Sir, my question was, one on the top line guidance, which has been revised down. So, if you
look at the FY ‘25 as a whole, at the mid range of your Q4 guidance we will be doing mid single
digit revenue growth in FY ’25. And if I take a three-year view, what is the potential growth that
we can achieve for Solara? That’s my first question.
Arun Kumar:
Low double digits would be a fair assumption.
Divya Shah:
And my second question was on the EBIDTA margin side. So, I mean, we have already reached
our 20% EBITDA margin in this quarter. So, going forward, if we take a long term view of three
to four years, again, what kind of margins can Solara catalog API business do?
Arun Kumar:
I do not think we can go much further from here. I think 20% to start off, and if we can have
three or four consistent quarters at these percentage numbers, then we can start accelerating.
Because incremental growth will flow through, margins will improve if we keep the gross
margin. So, at this time I am following a group strategy of consolidation every three, four
quarters, and then growth coming after. And this worked well and I think it will flow through
here, too.
I think the margin expansion from 20% to 22%, 23% in this three-year horizon that you are
talking about is feasible, but let's take one year at a time. And I think, importantly, if we can have
another five quarters of 20% EBITDA, and even if the growth is only 10%, it delivers close to
Rs. 350 crores to Rs. 400 crores of free cash in that period. And the first target is to make the
balance sheet even lighter and make the Company debt free. And that's my goal and I think we
will get there.
Moderator:
Thank you. The next question is from the line of Jagdish Sharma, an individual investor. Please
go ahead.
Jagdish Sharma:
Once again, our gross margin improved to 55% during this quarter, that's a 500 bps sequential
jump. What were the main drivers for this margin expansion? And is this number sustainable
going forward?
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Poorvank Purohit:
Yes. So, basically what we have done is, basically while as Arun mentioned about the fact that
Solara Active Pharma Sciences Limited January 24, 2025
we have significantly focused on profitable products. And one of the questions was also that why
we are talking about CRAMS business, there are other businesses wherein we have actually been
able to sustain our margins. Having said that, with respect to this, we did debottlenecking of
capacities on some of the high margin products, also while continuous focus on the cost
improvement program that we had in place which actually allowed us to expand the margins.
And that's how we have been able to do that. And we see a demand for these two products, which
would sustain in the coming quarters.
Jagdish Sharma:
My second question is, like our other expenses have reduced to Rs. 56 crores in this quarter, is
this sustainable going forward? What were the key initiatives taken by us to bring this efficiency?
Arun Kumar Baskaran:
See, over the last four quarters our OPEX has been coming down, it's mainly because of
mothballing of sites we have worked on Vizag and Mysore sites. Plus, we have also taken some
cost reduction measures in other sites which have brought down this cost.
Moderator:
Thank you. The next question is from the line of Aditya Sen from Robo Capital. Please go ahead.
Aditya Sen:
I got my answer just now. Sir, can you please come back on the revenue guidance for the next
three years? I guess you answered, but I missed that point.
Arun Kumar:
Low double digits.
Aditya Sen:
And sir, for the Vizag plant would be 1.2x to 1.3x, right?
Arun Kumar:
Asset turn, yes.
Moderator:
Thank you. The next question is from the line of Sunil Kothari from Unique PMS. Please go
ahead.
Sunil Kothari:
Sir, my question is a little bit broad to understand. Arun Kumar, your success of acquiring assets,
merging and then demerging, and then creating value is very highly successful. Very few
entrepreneurs up to now have done this type of successful researching and creating value. My
question is, internally you have a capable team, and you have proven yourself. Are you seeing
larger external opportunities maybe because of regulatory markets, supply chain disruptions or
maybe China plus one, if you can talk a little bit more on those opportunities, it will be really
helpful.
Arun Kumar:
Let's restrict our conversations to Solara at this time. I think Solara is a classic case of a legacy
business which missed out on the CRAMS front. And I think our primary focus today is to
segregate the business, give it the attention it requires, resource the capital, get the teams, the
technical capabilities, and that is a lot to do. And I think that itself will create value to Solara
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Solara Active Pharma Sciences Limited January 24, 2025
stakeholders. So, that's what we do well as a group, like you rightly said. And we will stay
focused on that approach here, too.
Sunil Kothari:
And sir, your thoughts on external opportunity, is there any major shift happening compared to
the last 10, 15 years? Or this is the opportunity which was there, and it is continuing or maybe
increasing, how do you see this?
Arun Kumar:
We see CRAMS as an opportunity increasing. I think there is some benefit of the China plus one
strategy. I do not see it’s a tsunami coming our way. I just think that the pharmaceutical industry
and the life sciences industry is looking at India as a very serious player, just that we now have
the capabilities, infra, people, skill sets, and we are benefiting from that. But we still are a very
small part of the global supply chain in terms of CRDMO activities. But I think we still have a
chance, some of the chemistries that Solara has is historically in a good spot. And we are
benefiting from that opportunity by doing what we did. On your themes, I think internationally
there are several opportunities, but I think valuations are high and building international assets
at this stage on the API platform is not necessarily what we are looking at.
Moderator:
Thank you. The next question is from the line of Rakesh Banerjee, an individual investor. Please
go ahead.
Rakesh Banerjee:
First of all, congratulations for hitting 55% gross margins, that's really awesome at this stage of
the business. What I was trying to understand, you have already mentioned that you got six
approvals in the last quarter. So, if you can elaborate a bit on the expected approvals in the
coming quarters as well, maybe in the next or next two quarters, that would be really helpful.
And also, if you can comment on, out of the six approvals that we have already obtained, if there
is any major molecules which got approved, I mean, that would be also very insightful.
Arun Kumar:
Rakesh, we do not give any specifics on products. Obviously, that's not what most companies
do. Like Poorvank mentioned, we do have some nice products and some difficult to make
products approvals, mainly portfolio maximization strategies, that is new markets, not
necessarily in products. They will funnel growth to the guidance that we are giving long term,
that low double-digit growth with a focus on keeping the margins. So, we do not have any
specific answers to your question.
Poorvank Purohit:
And to add to what Arun just mentioned, we have also mentioned earlier that we have close to
95 DMFs already filed in the US. And we are actually roughly selling, just to give a ballpark,
we are selling close to 30 products only. So, there is still lot of intrinsic value in the system that
needs to be capitalized. And that's where we are getting into cost improvement programs and
seeding the market, seeding the new customers and seeing the growth coming from there.
Moderator:
Thank you. The next question is from the line of Manas from Zailam Investment. Please go
ahead.
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Solara Active Pharma Sciences Limited January 24, 2025
Manas:
So, my question is regarding, what is the timeline for the demerger of this CRAMS business?
Arun Kumar:
So, typically any demerger through an NCLT process takes between 9 and 12 months, so that's
what we expect this will also take.
Manas:
And you are guiding for low single digit guidance, right, can I have the clarity?
Arun Kumar:
Low double digit.
Moderator:
Thank you. The next question is from the line of Parth Zariwala, an individual investor. Please
go ahead.
Parth Zariwala:
I have three questions, here is the first one. In the previous quarter, it was mentioned that the
revenue was expected to be in the range between Rs. 1,400 crores to Rs. 1,500 crores by the end
of FY ‘25. Do you believe this target is achievable? And what are your expectation regarding
EBITDA and operating profit margin for the same period?
And the second question is regarding the debt, your guidance was provided to reduce debt up to
Rs. 500 crores by the end of FY ’25. Do you believe this target is achievable? And what strategies
are in place to ensure a smooth reduction in the debt level?
And third question regarding, the ibuprofen contributes 34.1% of total turnover, effectively a
key driver of revenue. Could you look to lower insight into the contribution from other segment
or a product that's mixed?
Arun Kumar:
So, Parth, all of these questions are already addressed, but we will respect your time today. I
think you probably came in late. I did mention we actually guided for a reduced revenue in Q4,
it's already part of our guidance and our EBITDA. So, consequently, we will not get to the Rs.
1,400 crores, Rs. 1,500 crores range, we will be more in the Rs. 1,300 crores, Rs. 1,400 crores
range, which means that there is a drop in approximately Rs. 100 crores of revenue. And we
have dropped Rs. 10 crores of EBITDA guidance for Q4, that means that our exit run rate will
not be the Rs. 500 crores number that you are referring, it will be more in the Rs. 300 crores
number. I do not know where you got the Rs. 500 crores number in the first place, it was never
there before. And we will continue to build from here, focusing on margins. Our debt has already
been reduced quite significantly. If you look at our debt book, we are now sub 2 times debt to
EBITDA, I mean, 2.5 times debt to EBITDA, compared to almost 6 times when we started this
reset journey about six quarters ago. And we expect the debt to be under 1 time, 1.5 times in the
next 12, 14 months, after the carve out is complete. Thank you.
Moderator:
Thank you. The next question is from the line of Anupam Jain from Indira Securities. Please go
ahead.
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Solara Active Pharma Sciences Limited January 24, 2025
Anupam Jain:
I just wanted to know the current CRAMS facility to retrofit, how much the cost will be for that,
additional cost, because you have already incurred Rs. 500 crores cost?
Arun Kumar:
The question was, how much money has Vizag invested? It’s about Rs. 500 crores. Of which I
also mentioned that I believe that the assets that are useful for the CRAMS business is not more
than Rs. 300 crores. So, that is the useful value of the asset. We probably have to invest in Rs.
100 crores to get to where we want to be.
Anupam Jain:
So, basically the facility was retrofitted and divide into ibuprofen, high potent API and polymer
division?
Arun Kumar:
Correct. That ibuprofen block has to be retrofitted because we plan to convert that into a different
segment, which we will shortly make certain update announcements in the next quarter.
Moderator:
Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand
the conference over to the management for the closing comments.
Arun Kumar:
Thank you, all. And do be in touch with us or with our Investor Relations team, if you have any
questions. I appreciate your time and have a good weekend. Thank you.
Moderator:
Thank you, ladies and gentlemen. On behalf of Solara Active Pharma Sciences, that concludes
this conference. Thank you for joining us. And you may now disconnect your lines.
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