SOLARA ACTIVE PHARMA SCIENCES LIMITED — Regulatory Filings 2024

Jul 22, 2024

July 22, 2024

Dalal Street, Mumbai – 400 001 Bandra (E), Mumbai – 400 051

The BSE Limited The National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra-Kurla Complex

Scrip Code: 541540 Scrip Code: SOLARA

Dear Sir/Madam,

Sub: Outcome of Board Meeting

Please refer our letter dated July 15, 2024, under Regulation 29 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, in continuation we wish to inform that at the meeting of Board of Directors held today (July 22, 2024) the Directors has inter-alia approved the following:

• Unaudited financial results (standalone and consolidated) of the Company for the quarter ended June 30, 2024, pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015. A copy of the unaudited financial results (standalone and consolidated) for the quarter ended June 30, 2024, along with the Limited Review Report by the Auditors and press release is attached.
• Approved the grant of 15,000 ESOP options to eligible employees under Solara Employee Stock Option Plan, 2018 at Rs. 375/- per option (exercise price). The shares covered by such options are 15,000 equity shares
• Resignation of Mr. Ankur Thadani (DIN: 03566737) as Non-Executive (Non-Independent) Director and Directorship of the Company with effect from July 22, 2024.
• Appointment of Mr. Manish Gupta (DIN: 06805265) as Non-Executive (Non-Independent) Director of the Company w.e.f July 22, 2024. The appointment is subject to the approval of shareholders of the Company, which shall be sought separately. Mr. Manish Gupta is not debarred from holding office of director by virtue of any order by the Securities and Exchange Board of India ("SEBI") or any other such authority.

Please note that the relevant details regarding the change in directors required to be disclosed under the SEBI circular CIR/CFD/CMD/4/2015 dated September 9, 2015, are enclosed herewith as "Annexure-A". to this letter

• Closure of Shasun USA Inc., a wholly owned subsidiary of the company situated in USA. This subsidiary was not having any business activity therefore it will not have any material financial impact on the books of the company.

The details as required under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, is enclosed as "Annexure-B".

The Board Meeting commenced at 12:00 p.m. and concluded at 1:40 p.m.

We request you to take the same on record.

Thanking you, Yours faithfully,

For Solara Active Pharma Sciences Limited

SUDDAPALLI MURALIKRISHNA Digitally signed by SUDDAPALLI MURALIKRISHNA Date: 2024.07.22 13:43:55 +05'30'

S. Murali Krishna Company Secretary

Encl.: as above

ANNEXURE A

Name of Director	Mr. Manish Gupta (DIN: 06805265)
Reason for change, viz, appointment	Appointed as an Additional Director in the category of Non Executive Non-Independent Director.
Date of appointment & term of	Appointed w.e.f July 22, 2024, subject to approval of
appointment;	shareholders. His office is liable to retire by rotation.
Brief profile	Mr. Manish Gupta is currently the Managing Director of
	Jagsonpal Pharmaceuticals Ltd., a listed pharmaceutical company
	with a strong presence in India as well as an Operating Partner in
	Convergent Finance, an India focused PF fund. He has over 30
	years of corporate experience with over half of them in leading
	and managing businesses across the globe. His previous stint was
	with SeQuent Scientific as the CEO and Managing Director for 8+
	years. Previously, he has been the CEO – Pharma Business for
	Strides Pharma Science for 4 years. Earlier, he was associated with Wockhardt for 12 years in various capacities, his last role being
	the Managing Director of Pinewood Healthcare, Ireland and CEO
	of Radiant Research, a CRO in USA. Manish led SeQuent since
	2014 and played a significant role in transforming the Company
	into India's largest and amongst 'Top 20' global animal health
	companies with operations in India, Turkey, Brazil and the EU.
	He undertook a series of structural moves including inorganic
	initiatives with emphasis on consolidating market presence,
	entering new markets and strengthening customer-centricity. The
	company was acquired by The Carlyle Group, a leading global
	private equity investor in their first control transaction in India.
	Over years, he has been responsible for over 25+ M&A
	transactions across the globe with a collective Enterprise value in
	excess of \$ 3bn. Manish has done bachelor's in mechanical
	engineering, followed by an MBA from S P Jain Institute of Management and Research.
Disclosure of relationship between directors	Mr. Manish Gupta is not related to any Director of the Company.

Name of Director	Mr. Ankur Thadani (DIN: 03566737)
Reason for change, viz, resignation	Mr. Ankur Thadani has tendered his resignation as Non-Executive (Non-Independent) and Directorship of the Company due to pre occupation.
Date of cessation	The resignation is effective from July 22, 2024
Brief profile	Not Applicable
Disclosure of relationship between directors	Not Applicable

Communication Address:

Solara Active Pharma Sciences Limited 2nd Floor, Admin Block 27, Vandaloor Kelambakkam Road, Keelakottaiyur Village, Melakottaiyur (Post) Chennai – 600 127, India Tel: +91 44 43446700 Fax: +91 44 47406190 E-mail: investors@solara.co.in www.solara.co.in

ANNEXURE B

Sr.	Particulars	Details
No.
a)	The amount and percentage of the turnover or revenue or income and net worth contributed by such subsidiary of the listed entity during the last financial year	NIL
b)	Date on which the agreement for sale has been entered into	Not Applicable
c)	the expected date of completion of sale/disposal	The Subsidiary has not been sold to any Third party. it has been voluntarily closed.
d)	Consideration received from such sale/disposal	NIL
e)	Brief details of buyers and whether any of buyers belong to the promoter/ promoter group/group companies. If yes, details thereof	Not Applicable
f)	Whether the transaction would fall within related party transactions? If yes, whether the same is done at "arm's length"	Not Applicable
g)	Whether the sale, lease or disposal of the undertaking is outside Scheme of Arrangement? If yes, details of the same including compliance with regulation 37A of LODR Regulations.	Not Applicable
h)	Additionally, in case of a slump sale, indicative disclosures provided for amalgamation/merger, shall be disclosed by the listed entity with respect to such slump sale	Not Applicable

Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru – 560 001 Karnataka, India

Tel: +91 80 6188 6000 Fax: +91 80 6188 6011

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF SOLARA ACTIVE PHARMA SCIENCES LIMITED

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of SOLARA ACTIVE PHARMA SCIENCES LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended June 30, 2024 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

1. The Statement includes the results of the following entities:

Sl. No.	Name of the entities
1	Solara Active Pharma Sciences Limited, the Parent
2	Shasun USA Inc., wholly-owned subsidiary
3	Chemsynth Laboratories Private Limited, subsidiary
4	Sequent Penems Private Limited, wholly-owned
	subsidiary (up to April 25, 2024)

1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Page 1 of 2

1. The consolidated unaudited financial results includes the interim financial information of 3 subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total revenue of Rs. NIL for the quarter ended June 30, 2024, total net loss after tax of Rs. 0.01 Crores for the quarter ended June 30, 2024 and total comprehensive loss of Rs 0.01 Crores for the quarter ended June 30, 2024 respectively as considered in the Statement.

According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.

Our Conclusion on the Statement is not modified in respect of our reliance on the interim financial information certified by the Management.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Sathya P Koushik (Partner) (Membership No. 206920) (UDIN: 24206920BKAOAB8836)

Place: Bengaluru Date: July 22, 2024

Page 2 of 2

SOLARA ACTIVE PHARMA SCIENCES LIMITED ^~..... , SO LARA CIN: L24230MH2017PLC291636

Regd. Office: No. 201 Devavrata. Sector 17, Vashi, Navi Mumbai 400 703.

,,, Address: 2nd Floor, Admin Block 27, Vandaloor kelambakkam Road, KeelakoHaiyur Village, Chennai 600 127

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2024

					(Rs. in Crores except per share data)
Sl. No.	Particulars	3 months ended	Preceding 3 months ended	Corresponding 3 months ended in the previous year	Previous Financial Year ended
		30.06.2024	31.03.2024	30.06.2023	31.03.2024
		UNAUDITED	Refer Note 9	UNAUDITED	AUDITED
I	Revenue from operations	363.49	299.43	352.31	1.288.92
II	Other income	0.56	1.70	2.04	5.37
Ill	Total income (I+ II)	364.05	301.13	354.35	1,294.29
	IV Expenses
	{a) Cost of materials consumed	137.10	158.38	202.68	760.65
	(b) Purchases of stock-in-trade		0.15	1.58	5.10
	(c) Changes in inventories of finished goods. stock-in-trade and work in progress	64.47	1.45	{1 2.27)	39.27
	(d) Employee benefits expense	55.02	56.01	61.15	243.92
	{e) Finance costs	30.87	30.69	24.61	105.11
	(f) Depreciation and amortisation expense	25.07	25.25	25.91	103.33
	{g) Other expenses	64.98	73.68	80.05	335.16
	Total expenses (IV)	377.51	345.61	383.71	1,592.54
v	Profit/{loss) before exceptional items and tax (Ill - IV)	(13.46)	(44.48)	(29.36)	(298.25)
VI	Exceptional item profit I (loss) (Refer note 6)		1122.18)		{190.17)
VII	Profit/(loss) before tax {V - VI)	(13.46)	(166.66)	(29.36)	(488.42)
	VIII Tax expense
	-Current tax
	~ Deferred tax		88.79	{10.25)	78.54
	Total tax expense {VIII)		88.79	(10.25)	78.54
IX	Prolit/(loss) for the period (VII -VIII)	(13.46)	(255.45)	(19.11)	(566.96)
X	Other comprehensive income
A	Items that will not be reclassified subsequently to profit or loss:
	{i) Remeasurement gains/{losses) of defined benefit plans		0.32		0.56
	(ii) Income tax relating to items that will not be reclassified subsequently to profit or loss
8	Items that may be reclassified to subsequently to profit or loss:
	{i) Exchange differences on translating the financial statements of foreign operations	{0.01)	{0.02)		{0.07)
	{ii) Income tax relating to items that may be reclassified to statement of profit and loss
	Total other comprehensive income for the period (X)	(0.01)	0.30		0.49
XI	Total comprehensive income/(loss) for the period {IX+ X)	(13.47)	(255.15)	(19.11)	(566.47)
	XII Profit for the year attributable to:
	~ Equity shareholders of the Company	{13.46)	{255.34)	{19.55)	{567.39)
	- Non-contro!ling interests		{0.11)	0.44	0.43
	XIII Other Comprehensive income attributable to:
	~ Equity shareholders of the Company	{0.01)	0.30		0.49
	- Non-contro!ling interests
	XIV Total Comprehensive income attributable to:
	- Equity shareholders of the Company	{13.47)	{255.04)	{19.55)	{566.90)
	- Non-controlling interests		{0.11)	0.44	0.43
	XV Paid-up equity share capital {face value of Rs. 10/- each)	40.21	36.00	36.00	36.00
	XVI Other equity excluding Non-controlling interest				897.91
	Earnings per equity share (face value of Rs. 10/- each) (not annuallsed tor quarters)
	(a) Basic {in Rs.)	{3.50)	{66.78)	{5.00)	{148.27)
	{b) Diluted {in Rs.)	{3.50)	{66.78)	{5.00)	{148.27)
	See accompanying notes to the consolidated financial results

SOLARA ACTIVE PHARMA SCIENCES LIMITED 1') CIN: L24230MH2017PLC291636 SO LARA Reg d. Office: No. 201 Devavrata. Sector 17, Vashl, Navi Mumbai 400 703. Address: 2nd Floor, Admin Block 27, Vandaloor kelambakkam Road. Keelakottaiyur Village. Chennal 600 127 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2024
Notes: The above consolidated financial results of Solara Active Pharmo Sciences Limited ("the Parenf' or the Company" and its subsidiaries (together referred to as "the group") as I reviewed by the Audit Committee has been approved by the Board of Directors at its meeting held on July 22. 2024. The results for the quarter ended June 30. 2024 has been reviewed by Deloitte Haskins & Sells LLP. the statutory auditors of the Company. The statutory auditors o f the Company have expressed an unmodified conclusion In respect of limited review for the quarter ended June 30. 2024.
These consolida ted financial results of the Group have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting 2 Standard 34 "Interim financial results". prescribed under Section 133 of the Companies Act. 2013 ("the Act") read with relevant rules issued thereunder {'IND AS') and othe accounting principles generally accepted in India and in terms of the guidelines issued by the Securities and Exchange Board ot India {"SEB!").
its net current assets by Rs. 296.49 crores as at June 30. 2024.
preparation of the financial results on a going concern basis.
Information on Standalone Financial Results: Particulars	3 months ended	Preceding 3 months ended	Corresponding 3 months ended in the previous year	(Rs. In Crores) Previous Financial Year ended
	30.06.2024	31.03.2024	30.06.2023	31.03.2024
				AUDITED 1.294.29
Profit//lossl before ta x Profit/llossl after tax	11 2.321 11 2.321	1167.611 256.40	130.131 119.88	1488.331 566.871
				(Rs. In Crores
Particulars	3 months ended	Preceding 3 months ended	Conesponding 3 months ended in the	Previous Financial Year ended
	30.06.2024	31.03.2024	30.06.2023	31.03.2024
				AUDITED 12.531
lmoairm ent on assets classified as held for sale		0.36		12.331
		0.27		162.501
				122.81 190.17
The Parent. vide its letter of offer dated May 09. 2024 offered up to 1. 19,98. 755 Equity shares of face value of Rs.l 0/- each at a price of Rs. 375 per Equity share (including Share 7 premium of Rs. 365 per Equity share) for an amount aggregating Rs. 449.95 crores to the existing share holders of the Parent on right basis in the ra tio of One Equity share for every three Equity shares held by the Equity shareholders on the record date i.e May 15. 2024. Rights issue has been done in accordance with Section 62( 1) (a) of the Companies Act and other applicable laws. The Parent has allotted 1.19,98.755 Nos. of partly paid up equity shares on 19 June. 2024. Accordingly. the paid-up equity share capital of the Company has increased from Rs. 36.00.52.670 divided into 3.60.05.267 fully paid up Equity Shares of face va lue of Rs. 1 0 each to Rs-40.20.48.313 divided into 3.60.05.267 fully paid up Equity Shares of face value of Rs.lO each and 1.19.98.755 partly paid up Equity Shares having face va lue of Rs. 10 each. Pursuant to the Rights issue. earnings per share (EPS) in repect of previous year I periods have been adjusted as per Indian Accounting Standard 33 "Earnings per share", prescribed under Section 133 of the Companies Act. 2013.
The Board of the Parent Company has approved the transfer of 100% shareholding in Sequent Penems Private Limited. a wholly owned subsidiary. through a c ircular resolution dated March 22. 2024. The share purchase agreement was executed on March 28. 2024 . for a cash consideration of Rs. 12.50 crores and shares were transferred on April 25. 2024.	~
	Sl. No. Total Income Exc eptional aem profit I floss} : Sl. No. Write off of Prooertv. olant and eauioment Exceotionalloss on account of fire a t Puduchenv facility Write down of inventories relatina to Covid/ anti-viral druas Total	UNAUDITED 364.87 UNAUDITED	Refer Note 9 301.06 Refer Note 9 122.811 122.18	The group has incurred losses ot Rs. 13.46 crores for the quarter ended June 30. 2024 (Rs. 566.96 crores for the year ended March 31. 2024) The group's net current liabilities exceed To mitigate the situation and adequately fund its operations. the Parent has received a partial amount of Rs. 157.48 c rores out of Rs. 449:95 c rores from existing shareholders under the rights issue during the quarter ended June 30. 2024. with the remaining funds of Rs. 292.47 .crores to be called as needed. The group expects to renew its working capital facilities. as and when required. in the normal course of business and also increase revenues and margins on its products and accordingly expects to continue to have cash inflows from operations in amounts that are adequate enough to meet all future obliga tions as they fall due. BaSed on the above. the Board of directors ha ve approved the The Group's operations relate to only one reportable segment viz Active Pharmaceutical Ingredient (API}. Accordingly no separate disclosure of segment information is required. UNAUDITED 354.38 previous vear UNAUDITED

Chartered Accountants Prestige Trade Tower, Level 19 46, Palace Road, High Grounds Bengaluru – 560 001 Karnataka, India

Tel: +91 80 6188 6000 Fax: +91 80 6188 6011

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF SOLARA ACTIVE PHARMA SCIENCES LIMITED

• 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of SOLARA ACTIVE PHARMA SCIENCES LIMITED ("the Company"), for the quarter ended June 30, 2024 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Sathya P Koushik (Partner) (Membership No. 206920) (UDIN: 24206920BKAOAA7741)

Place: Bengaluru Date: July 22, 2024

Page 1 of 1

	SO LARA ACTIVE PHARMA SCIENCES LIMITED
	SO LARA CIN: L24230MH2017PLC291636
	~ Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navl Mumbai 400 703.
	Address: 2nd Floor. Admin Block 27. Vandaloor kelambakkam Road. Keelakottaiyur Village, Chennal&OO 127
	STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2024
					(Rs. in Crores except per share data)
Sl. No.	Particulars	3 months ended	Preceding 3 months ended	Corresponding 3 months ended in the	Previous Financial Year ended
		30.06.2024	31.03.2024	previous vear 30.06.2023	31.03.2024
		UNAUDITED	Refer Note 9	UNAUDITED	AUDITED
I	Revenue from operations	363.49	299.43	352.31	1.288.92
II	Other income	1.38	1.63	2.07	5.37
Ill	Total income (I+ II)	364.87	301.06	354.38	1,294.29
IV	Expenses
	(a) Cost of materials consumed	137.10	158.38	202.68	760.65
	{b) Purchases of stock-in-trade		0.15	1.58	5.10
	{c) Changes in inventories of finished goods. stock-in-trade and work in progress	64.47	1.45	)12.27)	39.27
	(d) Employee benefits expense	55.02	56.01	61.15	243.92
	{e) Finance costs	30.87	30.62	25.5 1	105.97
	(f) Depreciation and amortisation expenses	25.07	25.10	25.83	103.03
	(g) Other expenses	64.66	73.64	80.03	335.04
	Total expenses (IV}	377.19	345.35	384.51	1,592.98
v	Proflt/(loss) before exceptional items and tax (Ill - IV)	(12.32)	(44.29)	(30.13)	(298.69)
	Exceptional item profit I (loss) (Refer note 5)
VI VII	Profit/(loss) before tax (V - VI)	(12.32)	1123.32) (167.61)	(30.13)	1189.64) (488.33)
VIII	Tax expense
	-Current tax
	- Deferred tax		88.79	110.25)	78.54
	Total tax expense (VIII)		88.79	(10.25)	78.54
IX	Profit/(loss) tor the period (VII - VIII)	(12.32)	(256.40)	(19.88)	(566.87)
X	Other comprehensive income
A	Items that will not be reclassified subsequently to profit or loss:
	(i) Remeasurement gains/(losses) of defined benefit plans		0.32
	(ii) Income tax relating to items that will not be reclassified subsequently to profit or loss				0.56
B	Items that may be reclassified to subsequently to profit or loss:
	Income tax relating to items that may be reclassified to statement of profit and loss
	Total other comprehensive income/(loss) lor the period (X)		0.32		0.56
XI	Total comprehensive income/{loss) for the period (IX+ X)	(12.32)	(256.08)	(19.88)	(566.31)
XII	Paid-up equity share capital (face value of Rs. 10/- each)	40.21	36.00	36.00	36.00
	XIIII Other equity				901.42
	Earnings per equity share (lace value of Rs. 10/- each} (not annualised for quarters)
	(a) Basic (in Rs.)	)3.20)	167.03)	)5.20)	1148.38)
	)b) Diluted )in Rs.)	)3.20)	[67.03)	)5.20)	)148.38)
	See accompanying notes to the standalone financial results

	SOLARA ACTIVE PHARMA SCIENCES LIMITED
	CIN: L24230MH2017PLC291636
	~ SO LARA Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navl Mumbai 400 703.
	Address: 2nd Floor, Admin Block 27, Vandaloor kelambakkam Road. Keelakottaiyur Village. Chennai 600 127
	STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2024
Notes:
I	The above standalone financial results of Sola ra Active Pharma Sciences Limited {"the Company") as reviewed by the Audit Committee ha s been approv ed by the Board of Directors at its meeting held on July 22. 2024. The results for the q ua rte r ended June 30. 2024 has been reviewed by Deloitte Haskins & Sells LLP. the sta tutory auditors of the Company. The statutory auditors of the Company ha ve issued unmodified conclusion in respect of the limited review for the quarter ended June 30. 2024.
2	These standalone financial results of the Company have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim financial results". prescribed under Section 133 of the Companies Act. 2013 {"the Acf') read with relevant rules issued thereunder ('IND AS') and othe accounting principles generally accepted in India and in terms of the guidelines issued by the Securities and Exchange Board o f India ("SEBI").
3	The Company's operations rela te to only one reportable segment viz Active Pharmaceutical Ingredient (API). Accordingly no separate disclosure of segment in forma tion is reauired.
4	The Company has incurred losses of Rs. 12.32 crores for the quarter ended June 30. 2024 (Rs. 566.87 crores for the year ended March 31. 2024) . The Company net current liabilities exceed its net current assets by Rs. 287.49 crores as a t June 30. 2024.
	To mitigate the situa tion and adequately fund its operations. the Company has received a partial amount of Rs. 157.48 crores out o f Rs. 449.95 crores from existing shareholders under the rights issue during the quarter ended June 30. 2024. w ith the remaining funds of Rs. 292.47 c rores to be c alled as needed. The Company expects to renew its w orking capital facilities, as and when required. in the normal course of business and also increase revenues and margins on its products and accordingly expects to continue to have cash inflows from operations in amounts that are adequate enough to meet all future obligations as they fall due. Based on the above. the Board of directors h ave approved the preparation of the financial results on a going concern basis.
5	Exceptional item profit I (loss):				(Rs. In Crores)
Sl. No.	Particulars	3 months ended	Preceding 3 months ended	Corresponding 3 months ended in the previous year	Previous Financial Year ended
		30.06.2024	31.03.2024	30.06.2023	31.03.2024
		UNAUDITED	Refer Note 9	UNAUDITED	AUDITED
I	Write off of Property. plant and eauiom ent				2.53
II Ill	Impairment on investments in Subsidiary Exceotional loss on account of fire at Puducherrv facilitv		0.78 0.27		11.801 62.50
IV	Write down o f inventories relatina to Covid anti-viral druas		122.81		1122.811
			123.32		189.64
7	The Company. vide its letter of offer dated May 09. 2024 offered upto 1.1 9.98.755 Equity shares of face value of Rs.10/- each at a price of Rs. 375 per Equity share (including Share premium of Rs. 365 per Equity share) for an amount aggregating Rs. 449.95 c rores to the existing share holders of the Company on right b asis in the ra tio of One Equity share to every three Equity shares held by the Equity shareholders on the record date i.e May 15.2024. Rights issue has been done in accordance with Section 62(1)(a ) o f the Companies Act and other applicable laws. The Company has allotted 1.19.98.755 Nos. of partly paid up equity shares on 19 June. 2024. Accordingly. the paid-up equity share capital of the Company has increased from Rs. 36.00.52.670 divided into 3.60.05.267 fully paid up Equity Shares of face va lue of Rs. IO each to Rs. 40.20.48.313 divided into 3.60.05.267 fully paid up Equity Shares of face value of Rs. 10 each and 1.19.98.755 partly paid up Equity Shares having face v alue of Rs. 10 each. Pursuant to the Rights issue. earnings per share (EPS) in repect of previous year 1 periods have been adjusted as per Indian Accounting Standard 33 "Earnings per share", prescribed under Section 133 of the Companies Act. 2013.
8	The Board o f the Company has approved the transfer of 100% shareholding in Sequent Penems Private Limited. a wholly owned subsidiary. through a circular re solution dated March 22. 2024. The share purchase agreement w as executed on March 28. 2024. for a cash considera tion of Rs. 12.50 crores. The Company has a carrying value of investment in this subsidiary of Rs. 14.30 crores. Hence. the Company has accounted for an impairment on the investment in this subsidiary amounting to Rs. 1.80 c rores during the previous year ended March 31 . 2024 .The shares were transferred on April 25. 2024.
9	The figures for the quarter ended March 31. 2024 are the ba lancing figures between the audited fig ures in respect of the full financial year ended March 31. 2024 and year to da te figures up to third quarter of the financial year then ended as disclosed in the financial results for the year ended March 31 . 2024.
Date: July 22. 2024	Place : Bengaluru	It_ j~~ .,.'<~-, ~ v~ ~~	~.	l~~ ~ Poorvank Puro

Press Release

Solara reports Q1'25 results

• Solara reports an improved Q1'25 performance with a Revenue of INR 3,641 Mn with a growth of 21% QoQ and 3% YoY
• Adjusted EBITDA at INR 502 Mn with a growth of 33% QoQ and 151% YoY
• Reported EBITDA at INR 421 Mn with a growth of 276% QoQ and 111% YoY
• Company reaffirms FY25 guidance of Revenue ~INR 15,000 Mn & the full year EBITDA ~INR. 2,300 to 2,600 Mn with Q4'25 exit quarter Revenue ~ INR. 4,000 Mn & EBITDA of ~INR 800 to INR 900 Mn (EBITDA margins of 20-22%)
• During the quarter, Gross debt reduced from INR 9,994 Mn to INR 8,333 Mn; a reduction of INR 1,661 Mn partly from the Rights issue and balance from Operations
• Partly paid-up Rights issue was fully subscribed during the quarter
• Company has strong focus on course correction measures including right sizing of inventory, free cash generation, cost optimization and improved gross margins.
• Our Net Debt to EBITDA guidance is ~3 times by Q4'25. The Company is confident of beating the Net Debt to EBITDA guidance.
• Manish Gupta joins Solara Board as a Non-Executive Non-Independent Director

Bengaluru, India – Jul 22, 2024: Solara Active Pharma Sciences Ltd (Solara) (NSE: SOLARA; BSE: 541540), a leading Active Pharmaceutical Ingredient / CRAMS company, today announced the financial results for the first quarter (Q1'25)

Financial Performance for Q1'25 Particulars Q1'25 Q4'24 QoQ% Q1'24 YoY% Revenue 3,641 3,011 21% 3,544 3% Reported Gross margins 1,621 1,409 15% 1,612 1% Reported Gross margins % 44.50% 46.70% 45.50% Adjusted EBITDA* 502 378 33% 200 151% Adjusted EBITDA Margins % 13.80% 12.30% 5.60% Reported EBITDA 421 112 276% 200 111% Reported EBITDA Margins % 11.60% 3.80% 5.60% Adjusted PBT* -53 -1,400 -293 Adjusted PBT Margins % - - - Reported PBT -134 -1,666 -293 Reported PBT Margins % - - - Adjusted PAT* -53 -2,288 -191 Adjusted PAT Margins % - - - Reported PAT -134 -2,554 -191 Reported PAT Margins % - - - * Adjusted for the one-off costs which will not continue in H2'25

Commenting on the financial performance, Poorvank Purohit, MD & CEO of the Company, remarked, "We are pleased with the course correction measures initiated for the Company, leading to favorable outcomes for Q1 with much improved EBITDA margins. We see growth both on a QoQ and YoY basis.

The Company reports an improved performance in Q1'25 with Q-o-Q Revenue growth of 21% and Reported EBITDA growth of 276%. Adjusted for the one-off costs which will not continue in H2'25, our Adjusted EBITDA stands at INR 502 Mn with EBITDA margins of 13.8%. Our Regulated market revenues have reached its historical levels of around 75% of total revenues. Our Gross margins are slightly depressed but this is more on account of aggressive inventory reduction to improve our free cash generation and will normalize in H2'25.

While we report an improved Q1 performance, we are confident that our ongoing actions on improving profitability through cost improvement programs, operating cost optimization, enhancing R&D productivity, optimizing working capital and debt will yield benefits in the coming quarters. Another important highlight for the quarter was our partly paid-up Rights issue which was fully subscribed during the quarter. Furthermore, during the quarter, we reduced our debt from INR 9,994 Mn to INR 8,333 Mn; a reduction of INR 1,661 Mn

We reaffirm our FY'25 guidance of Revenue of ~INR 15,000 Mn & the full year EBITDA of ~INR 2,300 to INR 2,600 Mn & Q4'25 exit quarter Revenue ~INR 4,000 Mn & EBITDA of ~INR 800 to INR 900 Mn with EBITDA margins of 20-22%"

Change in constitution of the Board:

Manish Gupta joins Solara Board as a Non-executive Non-Independent Director. He is currently the Managing Director of Jagsonpal Pharmaceuticals Ltd. He has over 30 years of corporate experience. His previous stint was with SeQuent Scientific Limited as the CEO and Managing Director for 8+ years. Previously, he has been the CEO – Pharma Business for Strides Pharma Science Limited for 4 years. Manish led SeQuent since 2014 and played a significant role in transforming the Company into India's largest and amongst 'Top 20' global animal health companies with operations in India.

Ankur Thadani, Non-Executive Non-Independent Director, resigned from the Board due to pre-occupation. The Board deeply appreciated his contributions during his tenure.

More details given in the Investor presentation

EBITDA Reconciliation

Particulars (INR m)	Q1'25	Q4'24	Q1'24	FY24
Profit/(loss) before exceptional items and tax	(134)	(443)	(293)	(2,976)
Add : Finance costs	307	304	246	1,048
Add: Depreciation and amortisation expense	251	252	259	1,033
Less: Interest income	(3)	(1)	(12)	(22)
Consolidated Reported EBITDA as per press release	421	112	200	(917)

Earnings Conference Call

The Company will conduct earnings call at 3.30 PM IST on July 22, 2024, where the Management will discuss the Company's performance and answer questions from participants. To participate in this conference call, please dial the below numbers ten minutes ahead of the scheduled start time. The dial-in numbers for this call are +91 22 6280 1346 or +91 22 7115 8247. Please note that the conference call transcript will be uploaded on the Company website in due course.

About Solara

Solara Active Pharma Sciences Ltd (BSE-541540, NSE-SOLARA), headquartered in Bengaluru, India, offers a basket of diversified, high-value Commercial APIs and Contract manufacturing services in over 73 countries. It has a manufacturing base comprising six globally compliant API facilities, with approvals including the USFDA, EU GMP, and PMDA in Japan.

Investor / Analyst contact Statutory and corporate affairs

Abhishek Singhal	Murali Krishna S
 abhishek.singhal@solara.co.in	Raghavan. V
	 investors@solara.co.in

Disclaimer: Certain statements in this document are not historical facts and are forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political, or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Solara Active Pharma Sciences Ltd will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

• ✓ Solara reports an improved Q1'25 performance with a Revenue of INR 3,641 Mn with a growth of 21% QoQ and 3% YoY
• ✓ Adjusted EBITDA at INR 502 Mn with a growth of 33% QoQ and 151% YoY
• ✓ Reported EBITDA at INR 421 Mn with a growth of 276% QoQ and 111% YoY
• ✓ Company reaffirms FY25 guidance of Revenue ~INR 15,000 Mn & the full year EBITDA ~INR. 2,300 to 2,600 Mn with Q4'25 exit quarter Revenue ~ INR. 4,000 Mn & EBITDA of ~INR 800 to INR 900 Mn (EBITDA margins of 20-22%)
• ✓ During the quarter, Gross debt reduced from INR 9,994 Mn to INR 8,333 Mn; a reduction of INR 1,661 Mn partly from the Rights issue and balance from Operations
• ✓ Partly paid-up Rights issue was fully subscribed during the quarter
• ✓ Company has strong focus on course correction measures including right sizing of inventory, free cash generation, cost optimization and improved gross margins.
• ✓ Our Net Debt to EBITDA guidance is ~3 times by Q4'25. We are confident of beating our Net Debt to EBITDA guidance.

Q1 FY25 Results | Jul 22, 2024 Solara Active Pharma Sciences Limited

Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", seek to", "future", "objective", "goal", "likely", "project", "should", "potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements". These forward looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

Performance (₹ In Million)

Particulars	Q1'25	Q4'24	QoQ%	Q1'24	YoY%	MD & CEO
Revenue	3,641	3,011	21%	3,544	3%
Reported Gross margins	1,621	1,409	15%	1,612	1%
Reported Gross margins %	44.5%	46.7%		45.5%
Adjusted EBITDA*	502	378	33%	200	151%
Adjusted EBITDA Margins %	13.8%	12.3%		5.6%
Reported EBITDA	421	112	276%	200	111%
Reported EBITDA Margins %	11.6%	3.8%		5.6%
Adjusted PBT*	(53)	(1,400)		(293)
Adjusted PBT Margins %	-	-		-
Reported PBT	(134)	(1,666)		(293)
Reported PBT Margins %	-	-		-
Adjusted PAT*	(53)	(2,288)		(191)
Adjusted PAT Margins %	-	-		-
Reported PAT	(134)	(2,554)		(191)
Reported PAT Margins %	-	-		-

We are pleased with the course correction measures initiated for the Company, leading to favorable outcomes for Q1 with much improved EBITDA margins. We see a growth both on a QoQ and YoY basis.

The Company reports an improved performance in Q1'25 with Q-o-Q Revenue growth of 21% and Reported EBITDA growth of 276%. Adjusted for the one-off costs which will not continue in H2'25, our Adjusted EBITDA stands at INR 502 Mn with EBITDA margins of 13.8%. Our Regulated market revenues have reached its historical levels of around 75% of total revenues. Our Gross margins are slightly depressed but this is more on account of aggressive inventory reduction to improve our free cash generation and will normalize in H2'25.

While we report an improved Q1 performance, we are confident that our ongoing actions on improving profitability through cost improvement programs, operating cost optimization, enhancing R&D productivity, optimizing working capital and debt will yield benefits in the coming quarters.

Another important highlight for the quarter was our partly paid-up Rights issue which was fully subscribed during the quarter.

Furthermore, during the quarter, we reduced our debt from INR 9,994 Mn to INR 8,333 Mn; a reduction of INR 1,661 Mn

We reaffirm our FY'25 guidance of Revenue of ~INR 15,000 Mn & the full year EBITDA of ~INR 2,300 to INR 2,600 Mn & Q4'25 exit quarter Revenue ~INR 4,000 Mn & EBITDA of ~INR 800 to INR 900 Mn with EBITDA margins of 20-22%

Q1'25 performance adjusted for the Course correction measures

Q1'25 QoQ and YoY Performance (₹ In Million)

Particulars	Q1'25	Q4'24	Change	Q1'24	Change
Revenue	3,641	3,011	21%	3,544	3%
Reported Gross Margins	1,621	1,409	15%	1,612	1%
Reported Gross margins %	44.5%	46.7%		45.5%
Adjusted EBITDA*	502	378	33%	200	151%
Adjusted EBITDA Margins %	13.8%	12.3%		5.6%
Reported EBITDA	421	112	276%	200	111%
Reported EBITDA Margins %	11.6%	3.8%		5.6%
COVID Inventory provision	-	1,228		-
Exceptional items (gain)/loss	-	(6)		-
Depreciation	251	252		259
Finance cost (net)	304	304		246
Adjusted PBT*	(53)	(1,400)		(293)
Adjusted PBT Margins %	-	-		-
Reported PBT	(134)	(1,666)		(293)
Reported PBT Margins %	-	-		-
Adjusted PAT*	(53)	(2,288)		(191)
Adjusted PAT Margins %	-	-		-
Reported PAT	(134)	(2,554)		(191)
Reported PAT Margins %	-	-		-

• ▸ Regulated market constitutes 76% of our total revenues (Q4'24 71%; Q1'24 – 68%)
• ▸ Our ongoing actions on improving profitability through cost improvement programs, operating cost optimization, enhancing R&D productivity, optimizing working capital and debt will yield benefits in the coming quarters.
• ▸ During the quarter, we reduced our Gross debt from INR 9,994 Mn to INR 8,333 Mn; a reduction of INR 1,661 Mn
• ▸ Our aggressive actions on inventory reduction will result in improved free cash flow during the year.

Our Focus remains on strengthening the Balance Sheet

Sources of funds (₹ In Million)

Particulars	Mar'24	Jun'24
Shareholders' funds	9,339	10,780
Less: Goodwill	-3,651	-3,649
Net worth	5,688	7,131
Term Loan	2,391	2,034
Working capital Loan	7,603	6,299
Gross Debt	9,994	8,333
Total	15,682	15,464

Use of funds (₹ In Million)

Particulars	Mar'24	Jun'24
Net Tangible Fixed Assets	11,166	11,019
Net Non-current Assets	1	4
Net Current Assets	4,515	4,440
Total	15,682	15,464

Net Debt (₹ In Million)

Particulars	Amount (Rs. Mn)
Gross Debt as on 1.4.2024	9,994
Less: Repayment from operations	(475)
Less: Repayment from Rights issue application money	( 1,186)
Gross Debt as on 30.06.2024	8,333
Less: Repayment for rest of the year	(1,187)
Less: Uncalled Rights issue money in which 75% will be used for debt repayment	(2,166)
Net Debt by end of FY25 after adjusting for Uncalled Rights issue money	4,980

• ▸ During the quarter, we reduced our Gross debt from INR 9,994 Mn to INR 8,333 Mn; a reduction of INR 1,661 Mn
• ▸ Out of the total Rights issue of INR 449.95 Crores, INR 157.48 Crores was received by way of Application money. 75% of the Rights money was obligated to be used for repayment of existing debt. Accordingly, the Company had repaid INR 1,186 Mn towards repayment of existing debt from the Rights issue. The balance amount of debt reduction of INR 475 Mn was repaid from the normal business operations.
• ▸ After adjusting for the uncalled Rights Issue money in which 75% will be used for debt repayment (INR 2,166 Mn), our targeted net debt by end of FY25 will be under ~INR 5,000 Mn

Retrofitting Vizag to predominantly a large multipurpose CRAMS facility including High Potent APIs (HPAPIs)

• Vizag facility is among our largest manufacturing facility
• This facility successfully concluded USFDA inspection in May'24 with zero 483 observations, a similar outcome as its previous inspection.
• The facility is being retrofitted to predominantly focus on CRAMS & High Potent APIs (HPAPIs). As a part of this exercise, we have mothballed the facility.
• It will continue to be a second site for Ibuprofen while we focus on utilizing our capacities fully in our flagship Puducherry facility for Ibuprofen and its derivatives.
• Capex for retrofitting Vizag will be funded from internal accruals
• We expect the facility to return to commercial production by Q1 FY26.

Thank you