DRREDDY / Q1-FY24 / claim-ledger

Audit the questions that mattered.

Dr. Reddy's Laboratories · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY24 · 2023-07-26Back to quarter ↗

Questions audited

12

Answered directly

58%

Numeric claims

4

Consistency

contradicted

Question ledger

What was answered, and how?

Kunal Dhamesha · Macquarie

partial

What drove the sequential US revenue growth?

This quarter, we had several growth engines, so it's not just in lenalidomide. We grew market share in key products... We had the Mayne acquisitions that contributed and Lena. It's a combination of all of them.

Kunal Dhamesha · Macquarie

direct

Will reduced price erosion continue?

I believe that in our case, we probably will see something similar also in the next coming quarter.

Damayanti Kerai · HSBC

partial

Are supply opportunities in US sustainable?

It's a combination of timing of RFPs... Overall, let's say it's primarily a volume-based growth that based on agreements with certain customers.

Damayanti Kerai · HSBC

evasive

How will EBITDA margins move excluding Revlimid?

I'm still maintaining the long-term average of the 25%, 25%... likely that it will be above the threshold of 25%.

Surya Narayan Patra · PhillipCapital India Pvt Ltd

evasive

What was Mayne portfolio's size and profitability this quarter?

We closed the deal and practically started to sell in the end of April... the contribution of Mayne will be more significant in the next quarter to come than it came in this quarter.

Surya Narayan Patra · PhillipCapital India Pvt Ltd

declined

Will lenalidomide volume share improve progressively?

I cannot share them as per our agreement. What I can say is, this kind of levels of sales of lenalidomide is likely to continue and fluctuate from quarter to quarter.

Neha Manpuria · Bank of America

direct

What drove India business growth and how much from trade generics?

The trade generic did not yet contribute much because we just recently launched it. Most of the growth happened from our brand generics, our key brands.

Neha Manpuria · Bank of America

partial

When will China contribute meaningfully to EM revenue?

We are now starting to see the results, so likely that this trend of approvals will continue. The most of the values we start to see... more significant growth in FY 2025.

Tushar Manudhane · Motilal Oswal Financial Services

direct

Why did trade receivables jump INR 400-450 crore?

The increase in the receivables is broadly in line with the growth in business and the normal fluctuations... There is nothing unusual.

Tushar Manudhane · Motilal Oswal Financial Services

direct

What is the gross margin guidance for future?

Overall, I expect our gross margin to range between 50%-59% in the next few quarters.

Shyam Srinivasan · Goldman Sachs

partial

How will Dr. Reddy's achieve top 5 in India with divestments?

The way to do that for us is by launching innovation... we can be top five even without.

Saion Mukherjee · Nomura

direct

What is China revenue base and growth trajectory?

I see any number of around 2x in the next three years. The baseline... is around $180 million a year.