DRREDDY / Q2-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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PositiveQ2-FY24 · 2023-10-25Back to quarter ↗

Questions audited

12

Answered directly

71%

Numeric claims

2

Consistency

contradicted

Question ledger

What was answered, and how?

Mikaela Franceschina · Barclays

partial

Outlook on Indian market and evolution of India focus.

The main focus is licensing and collaborating with partners to bring innovation to India. The focus portfolio is growing double digits, and that's what you're going to see from quarter to quarter.

Kunal Dhamesha · Macquarie

direct

Nature of observations for biologics plant and CAPA needed.

I believe that those observations are addressable. We are going to address all of them in the beginning of November. Some will require CAPA, which will take us to January.

Kunal Dhamesha · Macquarie

partial

Reason for PSAI gross margin decline and benefit from lower API prices.

I don't see such a decline in the API like it was in previous years. Most of the growth is coming from new products and launches. As we grow sales, we normally grow gross margins.

Neha Manpuria · Bank of America

evasive

Traction in Mayne acquisition portfolio and NuvaRing market share.

Each product has different timing for customer RFP. I believe this will grow and pick up volumes as these timelines will be there. Most discussions will likely happen in the second half of the year.

Neha Manpuria · Bank of America

direct

Timeline for double-digit growth in India business.

Likely that we are going to see it already this year, this fiscal. The innovation launches are from deals signed a year ago. It takes about 12-18 months from signing to product approval.

Saion Mukherjee · Nomura

direct

Timeline for biosimilar rituximab in U.S. and Europe.

We submitted it in April. We just got the pre-approval inspection, so we will answer it by November. If everything is okay, we will be able to launch it in the beginning of FY 2025.

Saion Mukherjee · Nomura

evasive

Quarter-on-quarter revenue dynamics in U.S. by product bucket.

Most of the growth came from volume growth and the main.

Surya Patra · PhillipCapital

direct

Sustainability of government grants and PLI visibility.

This includes PLI and other export incentives. Overall, our PLI and other export incentives this year will be markedly higher than last year. For the next several quarters, we expect it to be meaningful.

Aman Vij · Astute Investment Management

partial

Readiness for GLP-1 opportunity and potential market size.

We are going to be there, definitely, day one. As for the size, I don't know, but obviously, I have a great belief in this category.

Damayanti Kerai · HSBC

direct

India business chronic therapy contribution and sales force size.

The chronic is about 35% of the business. As for the numbers of sales people, it's a little bit more than 6,000 people, and will grow as we bring innovations.

Gagan Thareja · ASK Investment Managers

direct

India sales growth adjusted for discontinued products and NLEM.

Without these products and without NLEM, we are about mid-single digits for the quarter.

Saion Mukherjee · Nomura

direct

M&A strategy and comfortable leverage level.

We are looking for all deals, small and bigger, but we are not in a rush. It has to be a good deal. (Parag) I would say 2x EBITDA is what we would be willing to go for.