Questions across 8 calls

Harsh Bhatia

Bandhan Mutual Fund

IPCA Laboratories Limited

IPCA Laboratories Limited CC-Feb26.pdf · 2026-02-16

Sir, in terms of the comments for the European market on the pricing part and the recovery, most of the pricing deterioration -- there could be multiple reasons, but most of it was like because of tariff-related issues and dumping? Or was there any thing particularly one-off to that angle? If you could spell out some reasons as to why there wa s significant pricing deterioration in the European market. And is it more sustainable in term s of the recovery that we have seen in the last 1 month?

Sure. In terms of the clarification for one of the comments you made, this is for the U.S. business. When we are guiding for the Unichem growth, I think, 8% to 10% or 9% to 10% for the next 2, 3 years, this is pure Unichem growth, right? Are we building in or are we assuming Ipca U.S. sales driving the U.S. growth for the Unichem business? Is that the case? Or we are just assuming pure Unichem U.S. division to grow by itself?

Gland Pharma Limited

Gland Pharma Limited CC-Jun25.pdf · 2025-08-05

Sir, would you able to call out the order book for Cenexi? I think last quarter it was close to EUR 100 million, if I'm not wrong. But for this quarter, what would be the order book for Cenexi?

And considering the EUR 48 million run rate, assuming hypothetically, this is the run rate to work with, on an annualized basis on the expanded capacity base, what would be the broad capacity utilization for the Cenexi business as such across all the banks?

Gland Pharma Limited CC-Dec24.pdf · 2025-02-03

On biologics/biosimilar contracts for Reddy's, you had mentioned this as nonexclusive contract and you have a certain capacity, mammalian drug substance capacity. That was biologics CDMO, biologics/biosimilars contract. Is the nature of the contract with the Chinese company also very similar in terms of the contract commitment of the volumes or the size of the contract? Or is it materially different?

So, you already have an 8 KL capacity, and this could in the foreseeable future go to 15 KL capacity?

Glenmark Pharmaceuticals Limited

Glenmark Pharmaceuticals Limited CC-Mar25.pdf · 2025-05-26

Just one clarification on the guidance part. And this is related to the cash generation. I think you mentioned INR300 crores to INR400 crores of cash generation. So if you could help us bridge the gap between the EBITDA margin and the cash generation. And I also missed the comment on the net working capital. You mentioned 100, 110 days.

Just one clarification, the cash generation is the free cash generation that you're talking about.

Fortis Healthcare Limited

Fortis Healthcare Limited CC-Mar25.pdf · 2025-05-21

Just on the hospital EBITDA part, you alluded to some one-off expenses, which are below the EBITDA line item and I'm probably referring to the hospital EBITDA. Just to be clear in terms of when we look at the fourth quarter performance on a Y-on-Y basis, the drag at the margin level is largely to do with the Manesar performance? Or is there any other one-offs that are there at the EBITDA line item? That was the first one.

Sure. Would you be able to call out the number in terms of the recovery for the past quarter, which is not there for this quarter as well as the Manesar drag, if any?

Concord Biotech Limited

Concord Biotech Limited CC-Dec24.pdf · 2025-02-14

Yes. Ankur, just 2, 3 quick questions. Are you calling out the drag from the injectable facility?

So, just to get this more accurate, talking only about the third quarter, you mentioned that external sales would have grown by almost 9% to 10%, ex of the cap tive sales. So, if I do the rough…

Ajanta Pharma Limited

Ajanta Pharma Limited CC-Dec24.pdf · 2025-01-30

Yes. Hi, sir. Good evening. Thank you. Just as a follow -up of the previous participant, I understand that we are not venturing into that part of the business, which is peptide and amaglutide or whatsoever. But if you could help us, give some of your thoughts on the market dynamics. Obviously, there is under the 12 months that are supposed to go when the international markets and even India goes off for certain molecules, but just your thought process in terms of how the groundwork is shaping up. What is the feedback from the medical community as such? Anything can be helpful.

But we feel that as things stands, again, whatever from your end could be helpful, but you feel that having a backward integration at the API level, which is the case of certain companies, and maybe not from any companies, but you feel that, that could sort of give an advantage given the fact that it is going to be a highly competitive market to that extent? The other point over here is also that the API is a difficult nut to crack. So just maybe your thoughts.

Cipla Limited

Cipla Limited CC-Dec24.pdf · 2025-01-28

Sorry to harp on this, Umang and please correct me if I'm wrong. Abraxane, you mentioned even if the plant gets cleared tomorrow, it is six months to launch. Again, is there a margin of safety that we are working with, which is why we are building in six to seven months year -over-year or is it because the complexity of the product is such that six months is a primary condition? In addition to that, are we already building in a PAI to this timeline, like, could you help us understand what are those two, three assumptions over here for the six months’ time gap?

Just one clarification is for the InvaGen facility. I think the filing is done from the InvaGen facility in terms of the site change or the site transfer. Again, over here also our launch timelines are building in on FDA inspection or they are not building on FDA inspection?