Shares of Solar Pharmaceutical Industries plunged by over 4% in Tuesday’s offers to ₹851 apiece on the BSE the drug agency’s consolidated web loss stood at ₹2,277 crore for the fourth quarter ended March 2022, primarily on account of a one-time distinctive loss.
The Mumbai-based drug main on Monday reported a web revenue of ₹894 crore within the January-March interval of 2020-21. Consolidated gross sales from operations stood at ₹9,386 crore within the fourth quarter. The corporate’s income gross sales from operations stood at ₹8,464 crore within the year-ago interval.
In the course of the interval underneath evaluation, Solar Pharma stated it incurred a one-time price of ₹56 crore for restructuring operations in sure nations. Whole loss cited as an distinctive merchandise in the course of the fourth quarter, stood at ₹3,936 crore.
“We stay optimistic on Solar’s long-term outlook contemplating robust India enterprise, scale-up in specialty gross sales and give attention to margin growth via superior income combine and operational effectivity. Nonetheless, current rise within the inventory worth has partially factored within the near-term upside,” stated ICICI Securities in a observe. The brokerage has downgraded the pharma inventory’s ranking to Add from Purchase with a revised goal worth of ₹961 per share.
Analysts at nother home brokerage Motilal Oswal stays optimistic on Solar Pharma shares on the again of a powerful outperformance within the branded Generics segments of DF/RoW/EMs, scale-up of the specialty portfolio, and area of interest launches within the US generics phase. It has maintained its Purchase ranking with goal worth of ₹1,040.
The corporate’s board has advisable a last dividend of ₹3 per fairness share. The board has additionally authorized the reappointment of Dilip Shanghvi because the Managing Director for an extra time period of 5 years with impact from April.
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Supply: Live Mint