Dr. Reddy's Laboratories Q3 24/25 Earnings Call Transcript

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Provided by Quartr
January 23, 2025
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Operator

Ladies and gentlemen, good day, and welcome to the Quarter 3 FY 'twenty five Earnings Conference Call of Doctor. Reddy's Laboratories Limited. As a reminder, all participant lines will be in the listen only mode, and there will I now hand the conference over to Ms. Richa Periwal. Thank you, and over to you, ma'am.

Richa Periwal
Head of Investor Relations and Analytics at Dr. Reddy’s Laboratories

Thank you. A very good morning and good evening to all of you, and thank you for joining us today for the Doctor. Reddy's Q3 FY 'twenty five earnings conference call. We have with us the leadership team of Doctor. Reddy, comprising Mr.

Richa Periwal
Head of Investor Relations and Analytics at Dr. Reddy’s Laboratories

Erez Israeli, our CEO Mr. MB Narasimam, our CFO and the Investor Relations team. Earlier today, we have released our results, and the same is also posted on our website. We will kick off today's call with MDN taking us through the financial highlights of the quarter. This will be followed by Erez sharing his thoughts on business performance, post which we'll open the forum for Q and A.

Richa Periwal
Head of Investor Relations and Analytics at Dr. Reddy’s Laboratories

Please note that today's call is a copyrighted material of Doctor. Reddy and cannot be rebroadcasted or attributed in press or media outlets without the company's expressed written consent. This call is being recorded and the playback and the transcript shall be made available on our website soon. All the discussions and analysis of this call will be based on the IFRS consolidated financial statements. The discussion today contains certain non GAAP financial measures.

Richa Periwal
Head of Investor Relations and Analytics at Dr. Reddy’s Laboratories

For a reconciliation of GAAP to non GAAP measures, please refer to our press release. Before I proceed with the call, I'd like to remind everyone that the Safe harbor contained in today's press release also pertains to this conference call. Now I hand over the call to MDN.

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

Thank you, Richa. A warm welcome to call. We continued our growth trajectory and delivered consistent results with a double digit top line growth and steady margins. We are continuing to invest in our R and D, innovation and commercial capabilities. This is the Q1 of consolidation of the acquired nicotin replacement therapy business, and this resulted in delivering at a rate highest our quarterly revenues and EBITDA in Q3 FY 'twenty five for the company.

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

Let us look at the financial performance of the quarter. For this section, all amounts have been translated into U. S. Dollar at a convenient translation rate of INR 85.55, which is our rate as of December 31, 2024. Consolidated revenue for the quarter stood at INR8359 crores, which is INR977 million, a growth of 16% on year over year and 4% Q o Q.

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

This includes revenues from the acquired MRT business of INR 6105 crores. Excluding NRT revenues, the underlying growth is at 7.5% on year over year basis and a decline of 3% on Q o Q. Consolidated gross profit margin stood at approximately 15% for the quarter, an increase of 19 basis points over the same quarter of the previous year and a decrease of 91 basis points sequentially. The year over year increase was primarily on account of improvement in product mix and manufacturing overhead leverage, partially offset by price erosion. Gross margin for Global Syndics and PSAI were at 61.3percent28.6percent, respectively.

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

The SG and A spend for the quarter was INR24,000,000 which is US282 $1,000,000 an increase of 19% year over year and 5% on Q2 basis. The year over year increase was primarily on account of recently acquired Enati business, investment in the new business initiatives, building the capabilities and higher logistics costs due to increased freight rates. The SG and A spend as a percentage to the sales was 28.9% and was higher by 82 basis points on year over year and 15 basis points Q on Q basis. The R and D spend for the quarter was INR66 crores, which is $78,000,000 an increase of 20% on year over year and decrease of 8% on Q on Q. The continued investment in R and D was primarily towards development of complex generics and biosimilars.

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

The R and D spend was at 8% of the sales and was higher by 25 basis points on year over year and lower by 110 basis points on Q2 basis. We expect the investment to be in the range of 8.5% to 9% for the full fiscal. The EBITDA for the quarter, including other income, was INR 2,298 crores, which is US269 $1,000,000 an increase of 9% on a year over year basis and flat Q on Q. The EBITDA margin stood at 27.5% and was lower by 176 basis points on year over year 95 basis points Q on Q basis. The net finance expense for the quarter is around INR 2 crores as compared to net income of INR96 crores for the same quarter last year, primarily on account of unfavorable ForEx impact and lower interest income post NRT acquisition consideration payout.

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

As a result, profit before tax for the quarter stood at INR18.74 crores that is US219 million dollars EBT as a percentage of revenues was at 22.4%. This includes profit before tax from the acquired NRC business of INR124 crores. Effective tax rate for the quarter was at 25.1% versus 24.5% in the base quarter. We expect our normalized EPR to be around 25%. Profit after tax attributable to the equity holders of the parent for the quarter stood at INR1413 crores, which is $165,000,000 a growth of 2% on YOY and 13% QoQ.

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

This is at 17% of revenue. Reported EPS is INR16.94. The EPS has been derived on the increased number of hits for the stock split and after non controlling interest. Operating working capital as of 31 December 2024 was INR12,782 crores, which is USD1.49 billion, an increase of INR7.16 crores, which is $84,000,000 over 30 September 2024. CapEx cash outflow for the quarter stood at INR709 crores, which is $83,000,000 Negative cash flows for this quarter was INR209 crores, which is US24 $1,000,000 We have a net cash surplus of INR1603 crores, which is US184 $1,000,000 as of December 31, 2024.

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

Foreign currency cash flow hedges in the form of derivatives are as follows. U. S. Dollar is hedged through structured derivatives, US28.5 million dollars for the next quarter at US83.9 and $681,000,000 maturing over the next financial year with minimum production rate of INR 85.7 to the dollar, which also allows participation when US is strengthened. Ruble, RUB1903 million with a minimum production rate of INR0.9 for the ruble maturing in the next 3 months.

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

With this, I now request Erez to take us through the key business highlights.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Thank you, MDM, and very good morning and good evening to everyone. We have delivered another steady quarter with a double digit top line growth and EBITDA margins of 27.5 percent and a return on capital employed of 28%. We remain committed to our stated strategy of strengthening our co generic business, while also investing in our future growth drivers, primarily in 3 areas: consumer healthcare, access to innovative products and biosimilars. We are focused on driving productivity in research and development, scaling our manufacturing and commercial capabilities and leveraging our market access to capture opportunities while operating efficiently. Following the completion of acquisition of the nicotine replacement therapy business in September, we are now focusing on its seamless integration, which will happen in phase manner starting April 2025.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

During the transition period, the seller Aon will provide distribution and related services across all markets. In Q3, FY25 is the Q1 of consolidation of LRT Business Financials. Let me take you through the LRT highlights for the quarter. 1 double digit growth in revenue at 16%, with EBITDA margins at 27.5%, ROC at 28%, dollars 198,000,000 of net cash surplus. We launched toliplumab, the 1st and only immuno oncology drug approved for the treatment of nasopharyngeal carcinoma and eloxibitat, a 1st in class drug to treat chronic constipation under the brand name Bixibat in India.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

These launches are in line with our strategy to address issue of availability and accessibility of affordable innovation in India through an in house and collaborative efforts. We also made progress on our biosimilar journey. We secured the marketing authorization for rituximab in the UK and denosumab has been filed in both U. S. And Europe.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

On the regulatory front, in November, the US FDA completed GMP inspection at our facility CTO2 in Bolaram, Hyderabad and issued a form for a 3 with several observations. We have responded to the observation we did within the stipulated timelines. We have integrated sustainability in our business operation and continue to recognize for our focused efforts in ESG. We have placed 5 globally among pharma companies assessed in the 2024 S and P Global CSA with ESG score of 79 out of 100. We continue to be members of the DGCI World Index for the 2nd year in a row, along with DGSI Emerging Markets Index for the 9th year in a row.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

MSCI ESG rating has been upgraded to A in December. We continue to feature among Nifty 100 ESG sector leaders. Further, Science Magazine named Doctor. Reddy in their top 20 Global Pharma and Biotech Employers for the 3rd consecutive year. Now, let me take you through the key business highlights for the quarter.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Please note that all reference to these numbers in these sections are in respective local currencies. Our North America generic business recorded revenue of $401,000,000 for the quarter, which was flat on a year to year basis with sequential decline of 10%. The benefit from volume growth and new launches was offset by price erosion resulting in the year on year growth. Sequential decline was on account of lower sales from few products including linabulinumab. We launched 4 new products during the quarters and we closed the full year within 15 to 20 launches.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Our European General Business segment includes NRP Financials from the quarter. Europe recorded revenues of $134,000,000 this quarter, a strong yield growth of 142% and sequential growth of 114%. Excluding the NRT, the segment recorder recorded a year over year growth of 22% and a Q on Q growth of 5%. We gained from the growth in our existing products and new product launches, which will then offset Horizon. During the quarter, we launched a total of 9 products across markets.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Our emerging market business recorded revenue of INR1436 crores in the quarter with year on year growth of 12% and decline of 1% on sequential basis. Ear on Ear growth was on account of new products, launches in Russia and the rest of the world markets and was further aided by higher base business volumes. We launched 20 new products in the total cost values countries of the emerging markets. Within this segment, the Russia business grew by 20% year on year basis in constant currency. India business recorded revenue of 1346 crores in Q3 with a double digit year on year growth of 40% and sequential decline of 4%.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We benefited from the growth in our broad portfolio, including in licensed vaccine portfolio and new launches. We launched 6 brands this quarter. After IQVIA, our IPM rent continued to be at 10 and we outperformed the IPM with MQT growth of 10.3%, while IPM growth was at 7.4%. However, excluding the in licensed vaccines portfolio, growth was at 5%. While many of our brands outperform their respective categories, selected brands in cardiac, industrial, especially in intestinal therapy areas witnessed a slower pace of growth.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We are poised to return to the market leading growth in these therapy areas in the coming quarters. Our ECI business recorded revenue of 97,000,000 in Q3 of FY 'twenty five, a year over year growth of 3% and sequential decline of 3%. The year over year growth was primarily on account of new product launches and improved volumes. We filed 23 DriveMaster filed globally this quarter. We invested 8% of our revenues to strengthen our R and D capabilities.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Our R and D investment this quarter stood at INR 6.66 crores and we are increasingly focusing on developing our complex generic pipelines including promising GLP-one assets and biosimilars. We are also building commercial storage capacities, enhancing our manufacturing and commercial capabilities and investing in new technologies to capitalize on growth opportunities. We have made 53 global generic filings during Q3 of FY 'twenty five. We remain committed to sustainability, quality and operational excellence. We continue to invest in the three areas of the city of strategic focus, which are consumer healthcare, innovative products and biosimilars.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We build a solid foundation for future growth. Our strategic investment in R and D, recent acquisition and CapEx putting us in a position of strength in this journey. We are excited about the opportunities ahead and remain steadfast to drive sustainable growth. With this, I would like to open the floor for questions and answers.

Operator

Thank you very much. We will now begin the question and answer session. Our first question comes from the line of Kunal Dammesha from Macquarie.

Kunal Dhamesha
Kunal Dhamesha
Research Analyst at Macquarie Group

The first one on the India business. So we have grown at around 16% year on year. But if we just look at the core business, how that performance has shaped up? And we have also mentioned that there is some weakness in cardiac and gastrointestinal segment, lower volume pickup. So is it transitory in nature or is there something more to be taken into account there?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Yes. So indeed, if you take out so all the other categories will outperform the market and actually all of them would have a digital beside these two segments. As for both of them, there are solutions for in terms of, let's call it, the actual execution of the way we do sales and marketing as well as the product performance per se. Specifically to Glasto, I have no doubt that it will come relatively soon. Cardiovascular may take additional quarter as we need some more adjustments to do.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

In both cases, we are investing more in both businesses in order to grow them faster. So we are very much focused on that. Other than that, the business in India did pretty well.

Kunal Dhamesha
Kunal Dhamesha
Research Analyst at Macquarie Group

Sure. So it is one more question on our biosimilar foray now. We have already filed rituximab now with denosimab also filed, but with partner. So if you could throw some light on the economics here for denosimab? And in terms of, let's say, eventual launch, can we assume that this would be the 2nd product after ituximab and then followed by another one abataset is the way we should look at?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Yes. That's how we should look at it. So the nusumab is actually supposed to facilitate our abataset launch because the 2 products are going for the same segments from give or take to the same type of customers. So it was also the strategic rationale of why to license the product. We wanted to create a team and the capability in the marketplace to be able to then gain more or faster market share on a bucket set.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So this was also the rationale. In terms of timelines, normally in the U. S, it takes about 12 months, give or take, for approval. So as we submitted in December, give or take, this is where we should expect a launch. In the Europe, it's a bit slower.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We submitted in October. So likely, we normally takes around 14, 15 months to get all the approvals. So that's also where the time that we are supposed to launch adenosumab. And yes, it will be after rituximab in Europe.

Kunal Dhamesha
Kunal Dhamesha
Research Analyst at Macquarie Group

Sure. And with your permission, last one for MVN. The INR 1240 million of NRTPBT that we just suggested, would it include any allocation of interest expense or just the amortization?

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

Only amortization, no

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

interest.

Operator

The next question comes from Neha Manpuria from Bank of America.

Neha Manpuria
Neha Manpuria
Senior Analyst at Bank of America

It is on the U. S. Business, you mentioned that a few products have seen moderation quarter on quarter, including Revlimid. While Revlimid, we understand there's lumpiness, but what is the reason for the decline in the base business excluding Revlimid? Because have we lost market share?

Neha Manpuria
Neha Manpuria
Senior Analyst at Bank of America

Is the pricing erosion higher than you were expecting? Any color there?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So nothing major happened. The products that were declined were the famous products that we got at the competition like Dicostepard and the Suboxone. The stuff that the competition entered, some of them 9 months ago, some of them 6 months ago. So there was a certain continuation. This happened also before.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Nothing major happened in per se. Against that, most of the growth that compensate for it was primarily market share, less about new products and more about market share.

Neha Manpuria
Neha Manpuria
Senior Analyst at Bank of America

Just to get this correctly, we have lost market share in some of these products and hence the decline. So that's the this is the new base we need to work with. Is that understanding right?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

It's a combination of market share and prices.

Neha Manpuria
Neha Manpuria
Senior Analyst at Bank of America

Understood. Okay. Got it. And my second question is on the consumer health care business, on the NRT transaction. Given that Halion is still running the business for us in the time the integration happens, how should we look at investments in the business and the ramp up in the NRT?

Neha Manpuria
Neha Manpuria
Senior Analyst at Bank of America

Would that happen only after the integration is done? Is that fair to assume that in the next 12 months, the focus would be naturally integrating and then probably the business would go into investment phase?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

No, we do have an agreement with them on investments and increase of even investment in certain areas. As in this is a business that actually is now gaining momentum. It is growing actually for the 2nd year in a row, and we want to continue that momentum. So there is a certain agreement of gross to net, how much market expenses we should put at the time. Once of course the market will come to us, we don't need to pay that fee anymore to Elion.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So it will save that amount of money that we are paying certain amount of money for the services they are giving us as we speak. And it will allow us of course to accelerate this process. In terms of priority, absolute integration is a priority, but also to grow the business. So to grow the business, to build the capabilities, to there is a lot of innovation that was not done there and to introduce it. The real growth will come close this integration, but it's but we are going to invest more also in this 12 to 14 months that we are going to get the time that we'll get those markets.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We are not waiting for them.

Neha Manpuria
Neha Manpuria
Senior Analyst at Bank of America

Okay. And that investment will flow through our P and L in the SG and A cost. That's a fair assumption?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Yes. Yes, absolutely. Absolutely.

Neha Manpuria
Neha Manpuria
Senior Analyst at Bank of America

Okay. Thank you so much.

Operator

Thank you. The next question comes from the line of Amish Chalki from GM Financial. Please go ahead.

Amey Chalke
Analyst at JM Financial Ltd

Yes. Thank you so much for taking my questions and congrats to the management and good set of numbers. So, first question I have is on semaglutide. We understand that Reddy is one of the players who have filed for the Canada market when the patent expiry is expected somewhere early next year. At present, there are 2 to 3 players for this market.

Amey Chalke
Analyst at JM Financial Ltd

By the time we will be launching this product in this market, do you expect the players to increase or what will be the competitive scenario at that point of time? Also, if you can also explain Canada market, how similar is it with respect to U. S. When it comes to price realization, market share gains, etcetera? How easy or difficult it is to gain market share in Canada particularly?

Amey Chalke
Analyst at JM Financial Ltd

Because we have seen in case of Revlimid, there were a lot of there were few players who had filed for this product even for Canada, but ramp up had not been very encouraging. So if you can give some color on the Canada market with respect to semaglutide, unfortunately?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Sure. I'll do my best. First, the product, if I recall correctly, in January 'twenty six is where the fastest expiration will happen for Ozempic. And this is the product that generic version of it is expected to be launched. People will get approval.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

I believe we are positioned well to get approval for that period of time. And eventually, it is a very important market for us. Normally between the time that you submit the product to the Canadian authorities until you get the approval, it's 12 to 14 months. So people will have to, if they want to be in January of 'twenty six, they have to already file it to be there on time. Anyone that filed after the date likely to get approval only after that.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So what you're going to see is probably sequence in which people will get approval and we hope to be the first one in the pack and of course, but for that we need to get the approval. 2nd, it's a product that is also possible, but it's not easy to make the API and certainly easy and it's as you know, you need to make the injector, the pen and it requires a capacity to align through that. The way you take market share in Canada is in that respect similar to what you are familiar in the United States or in the UK in which you are collaborating with the main distributors and the retailers to gain market share. They normally share this product. In this respect, you should look at it like it's a retail product and that's probably what you do.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

The reimbursement mechanism kind of is different. Every product that is coming is taking by law the re investment price down. So in terms of the pricing versus the re investment pricing, naturally the more competition we can, the price will go down accordingly. This is very normal in Canada. So potentially, it could be that at the earlier time, it will be more of a limited competition.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

And of course, it will intensify over time as more people will join and the reimbursement price will go down. But to put a scenario, time will tell who will get approval, will not get approval. At least we are we believe that we have a good chance of, let's say.

Amey Chalke
Analyst at JM Financial Ltd

Sure. And one more question related to semaglutide. Considering there is too much demand, which is expected to be there when the generic player enter this market all over the world, I believe there is still from the supply point of view, there would be a constraint in terms of both API as well as the paint assembly lines. So how are we going to ensure that our execution would be better there? Are we blocking some of this capacity, both in the PIM as well as API side?

Amey Chalke
Analyst at JM Financial Ltd

How are we going to keep that thing in check?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We are working on this project, including capacity for the last 10 years. It's not that 10 years ago, we know that the project will be that big. This is obviously information that came over time. But if you see the level of R and D and CapEx, you can assume that a big portion of it went through this activity. By the way, it's not just the API, it's the API for both the synthetic as well as the semi synthetic.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

It's about both internal as well as external options for manufacturing. It is about having the access to the relevant devices. We are working it for quite some time. And indeed, not everybody will have to be able to cater with this magnitude. I agree with it.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

But I'm assuming that the product is so attractive that eventually it will be very competitive marketplace. But at least in the initial days, people will have to build a certain level of capacity and market access to to MECIETET. And I just want to make sure that the full transparency is not just about specific markets like Canada. There are about 80 markets that can be opened for 2026 because the product is in demand in all the markets in the world, but certain markets in which the innovative product do not even come to it. We believe that it's also an excellent opportunity in its own way.

Amey Chalke
Analyst at JM Financial Ltd

Sure. Just last question on the SG and A spend. I believe because we have revenue opportunity at present, which is giving us good cushion to spend more. There is a good amount of discretionary spend, which is happening at present. So, is it possible for the management to give some visibility on how much the spend is discretionary at present, which could reduce post revenue met or you think because these semaglutide kind of opportunities are there, it might continue?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So let me take it. The we I mentioned it in the past, we feel very, very comfortable with 25% EBITDA, which allow us to and we mentioned it in the past, allow us to give a greater return on the to the shareholders as well as allow us to invest enough in the system. Absolutely, we took an advantage of the fact that we had few years of Q and A development and we absolutely took it to invest more. With this money, we use to buy the NRT business. With this money, we put more CapEx.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

You see, we have much more CapEx. The investment that we mentioned before was in agrotype, which was part of it. And now in the case that which I believe will be that the activity that we mentioned of 1 day base as well as the productivity as well as the big products like small growth and about effect, as well as BP will allow us to grow, which I believe that this work will happen. We will continue to invest also further into the future because we are also building ROS engines just not just for the immediate future like 'twenty six and 'twenty seven, but also for 'twenty eight or 'twenty nine. We are planning to be in the neighborhood for quite some time.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

If we will not have this money, absolutely, we have the ability because a lot of our expenses are discretionary, especially SG and A in R and D. We will absolutely adjust our expenses process. And so that level of the philosophy that we want to stay profitable is important to us.

Amey Chalke
Analyst at JM Financial Ltd

Sure. Thank you so much. I will join the line.

Operator

Thank you. The next question comes from the line of Vinod Pratyparampyush from Vilara Capital. Please go ahead.

Bino Pathiparampil
Head of Equity Research at Elara Capital

Hi, good evening. Couple of questions from my side. Could you give some color on Iron sucrose filing that you have done? Do you expect approval in time here or soon?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So we filed it actually a long time ago. We recently got a CR on the API side, which we are planning to address. So we thought that it's a good opportunity to launch it in this coming months. This is right now will be delayed because we need to answer this year.

Bino Pathiparampil
Head of Equity Research at Elara Capital

Got it. Second on Batacette, some of your competitors have tried in the past, but it seems it's a difficult product and some of them seem to have given up. What gives you the confidence that your product can see through the FDA approval process?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We had a very successful Phase 1. And so far, normally when you touch Phase 1, you have a good chance to of course to be very successful in Phase 3. Also, so far, the rollout and the fact that we even finished the rollout all the patients is very encouraging. We did it in actually very, very good timing. We have a very we believe in our clinical and I hope that we will be able to submit sometime next year.

Bino Pathiparampil
Head of Equity Research at Elara Capital

Got it. And last one question, if I can, on lenalidomide. Going in the FY 'twenty six, in 4Q, that is in Jan 'twenty six, the kind of settlement with volume restrictions are coming to an end. So, how should we look at Lidomide? Would it continue a rough quarterly estimate smoothly to 3Q of next year and then drop off?

Bino Pathiparampil
Head of Equity Research at Elara Capital

Or do you think it will get front and third in the next year?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

I don't know exactly how the quarters will be, because this is normally by the customers. It's not that we are planning this way, we are serving the customer in a way they want to be served. But yes, we likely that we will not sell in this level of pricing, let's say, post somewhere September, October of calendar 'twenty five. Now what exactly how it will work, I don't know. But post that period of time, unlikely that it will come because of the normal, what we call, shelf adjustment, shelf adjustment stuff like that.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So give or take, until that period of time, you should see similar behavior of the product as you saw in the last

Operator

We'll move on to the next participant. The next question

Surya Patra
Vice President at Phillip Capital Inc.

is on the NRT portfolio acquisition. See, while we have indicated that the SG and A cost this quarter has seen a kind of uptick post this acquisition and integration. And given after that, the PBT percentage of NRT portfolio around 21% looks interesting. So, how to think about the profitability of this acquired asset going ahead because current quarter is anyway is seeing the support of Allian. And simultaneously, we have also thinking about spending more on building the portfolio and franchise.

Surya Patra
Vice President at Phillip Capital Inc.

So, while it looks interesting in terms of the profitability compared to our base business, so going ahead, how should we think in terms of the synergy benefit at the margin and profitability level for this acquired asset?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

It should continue to be profitable. So we absolutely going to finance the additional investment group growth and we are planning to keep it profitable. There is no plan to now to go for, let's say, 2, 3 years of investment and then take it from there. The idea is to indeed spend more, but to keep it in the for sure the 20 plus digit on EBITDA should continue on this asset.

Surya Patra
Vice President at Phillip Capital Inc.

Okay. My second point is on the Nestle JV and the domestic business. Put together, I'm asking this question. So, how long that we will take for the Nestle JV to really contribute meaningfully to the growth of the domestic business? That is 1.

Surya Patra
Vice President at Phillip Capital Inc.

And the second part of the domestic business question is, while we do anticipate this is the business segment, which should be growing the fastest among all other business segments for Doctor. Reddy over the next few years. But right now, it is not even matching the industry growth momentum. So how should one think and what will start contributing incrementally to the anticipated, so that it can reach the anticipated growth rate?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So the question on Nestle, this will absolutely going to take time. The reason for that is that we need to bring the products to India and we need to invest behind brands that are not today recognized in India. So it's not that we're investing behind something that is already known. And as I'm sure you know well, it takes time to build brands that both Nestle and us are very much aligned to that. By the way, so far, the business is going even ahead of our expectations.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So I'm very happy about it. But in terms of significant contribution to the growth, this will take a couple of years. As for the what your comment about the India business, I mentioned it with previous questions, actually the business is doing well. We do have 2 segments that underperformed. We mentioned it also, the GI and the cardiovascular.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We have a plan to bring on track, but the business is actually doing well. What we believe really would drive the business, I'm saying it for quite some time actually for quite some years, we believe very much in introducing innovation to India rather than branded generics. I strongly believe and emphasizing also today that the branded generics growth will decline over time because of various reasons that we discussed in the past. And I believe that the right products to bring to India are technologies that are addressing unmet need that will start in protection and that's what we are building on. I am very, very, I believe in what we phrased and very committed to what we're discussing with us.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We are going to grow in the capital cycle in India.

Surya Patra
Vice President at Phillip Capital Inc.

Okay. So the momentum accelerated growth will be seen in the domestic side starting next year onwards, sir, or it is 27% onwards?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

No. We are going also today. We are doing it both organic and inorganic. We are growing in 15%, 60%. The organic growth is everything.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

And we are growing faster than the market. The market is growing 7% and we are going to grow about 15%. This will continue. What we do not take into account at this stage because of valuation is of course major acquisition that we discussed in the past. Right now, this at least the multiples of India were too high for us and we are trying to do.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

But, realistically, this is why it's taking more time. But we are very bullish and India is very, very important focused market for us.

Surya Patra
Vice President at Phillip Capital Inc.

Okay. Even the vaccine portfolio should see exonization.

Operator

Maybe request you return to the queue for the

Operator

questions.

Surya Patra
Vice President at Phillip Capital Inc.

Sure. Yes, yes.

Surya Patra
Vice President at Phillip Capital Inc.

Okay. Thanks.

Operator

The next question comes from Damayanti Kirai from HSBC. Please go ahead.

Damayanti Kerai
Damayanti Kerai
Analyst at HSBC

It is my question is again on semaglutide. So what kind of addressable market you are looking at outside of the U. S? You mentioned a lot of markets will open up starting 2026. And with the kind of capabilities which we have built on API or on the device front, what kind of market share you are looking for yourself?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So the markets will open in a certain sequence in 'twenty six. The most notable markets will be Canada, India, Brazil. Deti markets, as we are discussing, are primarily markets in which there was no patent protections. These are markets in primarily emerging markets like in Asia, Africa, Latin America, much smaller markets in Asia accumulate wise and demand wise, it can add a very nice growth to that. We are working both B2B and B2C.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We have global partners in which they are licensing our product that have great presence in those markets. And some of them, we are going to do it by ourselves. So it's a combination of selling APIs, selling finished doors and of course, marketing of the product. And we are going for all the products, Ozempic, Wegovy and the oral products. So overall, it's something that will come in multi markets.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

This specific product, as you know, U. S. And Europe will come later into the year.

Damayanti Kerai
Damayanti Kerai
Analyst at HSBC

Okay. But any size indication which you are targeting, say, for the bigger industrial market?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

It's hard to tell market share because we don't know yet who is going to compete in which one of these markets, etcetera. But naturally, in all the markets that we will be first, we have a high expectation of performance obviously from the market. But any number that I will indicate to you will be wrong. Time will tell. It's not the clear hiding.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We really don't know.

Operator

The next question comes from Tushar Manutane from Modilal Oswal Financial Services. Please go ahead.

Tushar Manudhane
Research Analyst at Motilal Oswal

Yes, thanks for the opportunity. Sir, just on the is it the timeline to file the product? I missed in the comments, if you could repeat.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

I'm sorry.

Tushar Manudhane
Research Analyst at Motilal Oswal

Abadasaib, biosimilar.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So if everything will go right, we should submit it in December of 'twenty five.

Tushar Manudhane
Research Analyst at Motilal Oswal

December of this year?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

December 2025,

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

yes.

Tushar Manudhane
Research Analyst at Motilal Oswal

Got you. So and then assuming 12 to 15 months timeline to the regulatory review cycle, right?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Like the Muslim said, Insha'Allah, we hope for the best. Normally, it's about 12 months. So let's hope. But let's say from a market point of view, January of 'twenty seven will be a great timeline if we can achieve it.

Tushar Manudhane
Research Analyst at Motilal Oswal

Understood. And will this product be manufactured completely in house as in drug product as well as drug substance?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Correct. We will make both the DS as well as TCG.

Tushar Manudhane
Research Analyst at Motilal Oswal

Sorry, I didn't get your comment. We will manufacture?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

You're correct. We will make both by acceptance as well as by product.

Tushar Manudhane
Research Analyst at Motilal Oswal

Understood. And just one more if I may squeeze in with respect to semaglutide. While the addressable market size seems too difficult to highlight, but broadly given that ex North America market, let's say Canada, India broadly market, can this product do as much as RedLime has done for us in North America?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

I wish. I don't see 1st of all, the product has the potential to be big, but let's We need to see what will be the prices, what will be the market share, etcetera. But there is a potential for something significant. We like I mentioned before, we are not, it's not product replacing 1 product. The growth a postpaid element will come from 4 elements of financing.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So first of all, the growth of the base products. We had about 30,000 CR sales that is going double digit of base business, including of course the new product that will be launched, the term of the business. 2nd one, we discussed we are aligning our expenses to the relevant revenues that we have. And we are creating that level of productivity as well. Number 3, we have those special products like the manual side and number 3.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

And other 4, we have BT. We have all the time doing BT. So all 4 elements will work. It's not one silver bullet. We highlighted specifically the CIMA at the time because of the timing in which this project is going to affect and I'm happy that you guys picked it up.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

But it's not that CEMA will replace the new element. It's all the business leaders will have to grow and this should allow us to continue to grow the company, also post the arrangement of the agreement.

Operator

Thank you. The next question comes from Sion Mukherjee from Nomura. Please go ahead.

Saion Mukherjee
Head of Equity Research at Nomura Financial Advisory and Securities

Yes. Hi. Thanks for taking my question. So just one question on semaglutide. Is the oral formulation available for launch in 2026 in India and the other emerging markets?

Saion Mukherjee
Head of Equity Research at Nomura Financial Advisory and Securities

Or it would just be injectable and oral would come sometime later? If you can highlight the timelines for different formulation. Overall will come later.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

In some places, there are also patents on the oral and the formulation. So in most of the markets, it will come between 12 to 18 months after the open pit. But we are planning to be day 1 in all the places that we can with this product.

Saion Mukherjee
Head of Equity Research at Nomura Financial Advisory and Securities

So in calendar 2027, you will see all launches?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

In some markets, it can be 27, in some markets, it will be 28.

Operator

The next question comes from the line of Forum Parekh from Bank of Markets. Please go ahead. Ms. Parikh, your line is unmuted. Please proceed with your question.

Foram Parekh
Research Analyst at Bank of Baroda

Yes. Am I audible now?

Operator

Yes. You're audible. Please go ahead.

Foram Parekh
Research Analyst at Bank of Baroda

Yes. Thank you for the opportunity. My question is on the European market. So ex of NRT, the European market has grown at 22%. So how sustainable is this growth rate going forward?

Foram Parekh
Research Analyst at Bank of Baroda

And if you could explain the reason for this kind of growth? Thank you.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

First of all, it is sustainable. We are launching the product. So the main, of course, is as you know, we are the various theaters in primarily in 5 countries that we are operating. Today, we are working primarily for 5. But we are expanding also to 5 more.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

And so it's a combination of new products, volume growth in the product that we launched in a new market. So it's absolutely sustainable.

Operator

Thank you. The next question comes from the line of Anubhav Agarwal from UBS. Please go ahead.

Anubhav Agarwal
Anubhav Agarwal
Executive Director at UBS Group

Yes. Thank you. Two questions. One is for MBSR. Just trying to understand the selling expenses in this quarter.

Anubhav Agarwal
Anubhav Agarwal
Executive Director at UBS Group

So, do they include any selling expense for NRT or they don't?

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

Yes. It includes the NRT business, ASEAN.

Anubhav Agarwal
Anubhav Agarwal
Executive Director at UBS Group

So just trying to understand the AC and A, sequentially, December over the September quarter, selling expenses excluding amortization is up like INR 60 crores, whereas NRT itself should have selling expenses of INR 150 crores plus. So what else has gone down that net increase is only INR 50 crores for us?

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

So if you look at just maybe as a recap, our last quarter discussions, I think there was one exceptional expenses of stamp duty for the amount INR52 crores was there in the previous quarter. And this quarter, we have full NRT expenses. So if you look at, then I don't know, you'll get the

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

right math.

Anubhav Agarwal
Anubhav Agarwal
Executive Director at UBS Group

Okay. Sure. Second question is on, you guys have earlier mentioned that you have 2 good products in the U. S.

Anubhav Agarwal
Anubhav Agarwal
Executive Director at UBS Group

You talked about iron sucrose as a year on API. What about the other? Is there any query or inspection or anything pending for it? Or do you still expect the approval for the other product in right now?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So there were no other queries that came recently. As for inspections, yes, we do expect inspections in all the sites that were not inspected for quite some time. So we do have about 5 or 6 sites. I need to count that we should see inspections. Of course, those inspections will come at the time that the FDO will choose to do.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

But there is no pending activities that are set. So the rest is business as normal execution.

Anubhav Agarwal
Anubhav Agarwal
Executive Director at UBS Group

Yes. Sorry, my question was very specific to a product. So you guys have mentioned 2 approvals. 1, you talked about iron because second is for another product. Do you still expect approval of the other product anytime now or is that pending some query or anything else?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

I don't know which other products you're referring to, but I'm expecting the approval of 50 to 20 products in the U. S. In addition to iron sucrose.

Anubhav Agarwal
Anubhav Agarwal
Executive Director at UBS Group

Sorry, Harriss, you mentioned in last quarter.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So iron sucrose, we'll get, we just mentioned, because answering your question that we got to see our focus.

Anubhav Agarwal
Anubhav Agarwal
Executive Director at UBS Group

Okay. Thank you very much.

Operator

Thank you. The next question comes from Vishal Manchanda from Systematics. Please go ahead.

Vishal Manchanda
Senior Vice President at Systematix Group

Hi. Thanks for the opportunity. Hope I'm audible.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Yes, please.

Vishal Manchanda
Senior Vice President at Systematix Group

Yes. So on EBITDA test filing, whether you'll be filing both the ID and the subcutaneous portion in December 2017?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

The answer is yes, we do. But the time of launch is not the same because there is additional patent on the start to 10 years, which takes us, if I remember correctly, to beginning of 'twenty eight.

Vishal Manchanda
Senior Vice President at Systematix Group

Sub to 10 years until beginning of 'twenty eight?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

This is the what we believe is the time to enter the market after we are IT people.

Vishal Manchanda
Senior Vice President at Systematix Group

Right. Okay. And second, on the semaglutide filing in Canada, are there any device statements that can block your version as a substitutable version to the Innovator copy?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We don't think so.

Vishal Manchanda
Senior Vice President at Systematix Group

And is your device identical to the Innovator device or you have a different device than the interface?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

We have a great device.

Vishal Manchanda
Senior Vice President at Systematix Group

Sorry?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

[SPEAKER SRINIVASAN VENKATAKRISHNAN:] We have an amazing device.

Vishal Manchanda
Senior Vice President at Systematix Group

Got it. And just one final one, whether we should expect your SDNAN expenses to stay at current levels, 28% of sales going forward?

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

Yes, around this level.

Vishal Manchanda
Senior Vice President at Systematix Group

28%. Yes.

Operator

Thank The next question comes from shashank Krishnakumar from MK Global.

Shashank Krishnakumar
Senior Research Analyst at Emkay Global Financial Services Ltd

First one was just wanted to get your sense on the broader U. S. Biosimilar landscape. Given that our incremental investments are being directed to our biosimilars. We're increasingly seeing PBMs launching their own private labels.

Shashank Krishnakumar
Senior Research Analyst at Emkay Global Financial Services Ltd

I think starting this year, several HUMIRA biosimilars will also face formulary exclusions. So how do you see the overall U. S. Biosimilar landscape shaping up given that there are several products in the pipeline?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So I'm assuming it's more of a strategic question. So first of all, a lot of products, if you go and it will come gradually, but for the next decade will be of patents, many, many products and many bispecific as well. So in that respect, it's a great opportunity. 2nd will be, there will be absolutely products, it will be more crowded and therefore very high level of competition. And we will have a product that will be less crowded in that respect.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Absolutely, we are going to see at the level, we are going to see all kinds of phenomena related to paying for the products. So we are preparing for a very competitive landscape. And like I mentioned in the past, we are not going to hold that. We select certain products that we believe that we can make the difference and add value to the respective markets. We are trying to go for limited number, but with hopefully less competitions type of a product.

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

And hopefully, we will be right in the way we select it. So far, I believe that the products starting from the buttock slip are meeting this criteria.

Shashank Krishnakumar
Senior Research Analyst at Emkay Global Financial Services Ltd

Thanks. That's helpful. And secondly, just had a question on DFT-twenty nine. Are we also eligible for sales based royalties here, given that the product has now been approved?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

Yes, we do.

Operator

The next follow-up question comes from Vinopati Parampil from Elara Capital.

Bino Pathiparampil
Head of Equity Research at Elara Capital

Hi. Just quick housekeeping questions. 1, the depreciation and amortization rate, this quarter is a good is this quarter a good benchmark to project it forward?

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

No. This quarter's amortization includes Enagic business amortization. It will continue.

Bino Pathiparampil
Head of Equity Research at Elara Capital

So this rate is a stable rate to look forward to. Okay. 2nd question, the Russian currency has depreciated. Do you have you hedged the currency and for how long?

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

So we have a both I think we do cash flow and balance sheet hedges. This quarter, we have a little bit impact, I think, because of the horrible volatility in the balance sheet on the cash flow hedges, I think as per our policy, we don't cover 100%. We cover some extent and then there we are not losing any value.

Bino Pathiparampil
Head of Equity Research at Elara Capital

Okay. So your this quarter, Russia reported revenue in INR will be roughly at the current market rate of the group is, right?

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

Yes. This quarter, I think if

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

you see constant currency and INR both 19% 20

Mannam Venkatanarasimham
CFO & Member of the Management Council at Dr. Reddy’s Laboratories

terms.

Operator

The next follow-up question comes from Surya Narayanthatra from Phillip Capital. Please go ahead.

Surya Patra
Vice President at Phillip Capital Inc.

Yes. Just a clarification. Thanks for this. In case of the ceraglutide opportunity, what is the level of integration that we are having in terms of our manufacturing capability to the level of advanced intermediate intermediate levels or it is API and the formulation?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

So, we are fully integrated for all the stages of the API. We are making the websites from the basic building blocks as well as the formulation. We are buying the device.

Surya Patra
Vice President at Phillip Capital Inc.

And it is for both solid state as well as liquid state as you mentioned, the entire value chain that you said?

Erez Israeli
CEO & Member of the Management Council at Dr. Reddy’s Laboratories

The entire value chain, yes.

Surya Patra
Vice President at Phillip Capital Inc.

Okay. Sure, sir.

Operator

Ladies and gentlemen, we undertake that as our last question for today. I now hand the conference over to Ms. Richa Periwal for closing comments.

Richa Periwal
Head of Investor Relations and Analytics at Dr. Reddy’s Laboratories

Thank you all for joining us for today's evening call. In case of any further queries or clarifications, please get in touch with Aksharya or myself. Thank you once again.

Operator

Thank you. On behalf of Doctor. Reddy's Laboratories Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.

Analysts
    • Richa Periwal
      Head of Investor Relations and Analytics at Dr. Reddy’s Laboratories
    • Mannam Venkatanarasimham
      CFO & Member of the Management Council at Dr. Reddy’s Laboratories
    • Erez Israeli
      CEO & Member of the Management Council at Dr. Reddy’s Laboratories
    • Kunal Dhamesha
      Research Analyst at Macquarie Group
    • Neha Manpuria
      Senior Analyst at Bank of America
    • Amey Chalke
      Analyst at JM Financial Ltd
    • Bino Pathiparampil
      Head of Equity Research at Elara Capital
    • Surya Patra
      Vice President at Phillip Capital Inc.
    • Damayanti Kerai
      Analyst at HSBC
    • Tushar Manudhane
      Research Analyst at Motilal Oswal
    • Saion Mukherjee
      Head of Equity Research at Nomura Financial Advisory and Securities
    • Foram Parekh
      Research Analyst at Bank of Baroda
    • Anubhav Agarwal
      Executive Director at UBS Group
    • Vishal Manchanda
      Senior Vice President at Systematix Group
    • Shashank Krishnakumar
      Senior Research Analyst at Emkay Global Financial Services Ltd
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Earnings Conference Call
Dr. Reddy's Laboratories Q3 24/25
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