Shyam Srinivasan

Just first one on the hospital business is how should we look at the revenue guid ance for fiscal '26? And if you could break it down into volume and maybe ARPOB?

Vivek, helpful. So we had about 5% volume growth. So you're saying this volume growth goes to like almost double, like 10%. So what are we basing in terms of for the occupancy? Should I model it on like all the expanded beds or we did end at 69% so just trying to see how we should model that?

And just from a data point, how many operating beds we ended fiscal '25 and what is the expected addition this year?

Just the first one on the ARPOB dynamics. We have for the 9 months, I think, grown 10%. Even for the quarter, we have grown close to 10%. So just want to understand what are some of the drivers of it? I think Dr. Raghuvanshi talked about some of the specialt ies. But just want to understand, is it just mix?

Understood. That's helpful. Second question is just on the hospital margin metrics. In the 5 hospitals in the 9 -month data that are below 10%, you have -- I'm excluding Ludhiana 2 and Manesar. What are the other 3? And is this a possibility that we could look at divestments, some of these other 3 as well?

Got it. And my last question is just on the competitive inte nsity. A lot of beds being added by yourself or many of your peers. If you could kind of give us a little bit of how the industry landscape is looking like, especially on hiring and retaining talent? Are you seeing some kind of a war for clinicians, medica l talent perhaps? And if you could share some of the attrition numbers, that will be helpful.

Just the first one on the balance sheet post this stake sale -- stake increase rather in Agilus. I just want to understand how does this start looking? Today, it is at 0.16 EBITDA, net debt to EBITDA. But I just want to understand with the INR1,500 crores-odd NCD, any rough numbers we should be working with?

Got it. Vivek, I just want to take a step back and look at this deployment of capital, right? Is that the best use of our capital to buy the stake in a subsidiary? I know there is a put option liability and there is a timing.

Just any implied EBIT to EBITDA multiple for the stake increase for the Agilus?

Just the first one on the U.S. business, $130 million revenue annually. If you could double click on the traction part, I thought you said fiscal '27 is going to see a much larger traction than '26. So, I was v ery surprised. I thought we have an imminent launch coming up for Entresto and many other products as well. So, just curious to know why the traction comes next year, not this year.

Yes, but the date is 15th July, right? That's when the pediatric exclusivity ends, right?

And you expected multiple players there?

Good afternoon. Thank you for taking my question. Just the first one on the announcement in April and also from last April, right, similar kind of amounts like Rs.700- crores odd that was a long-term supply agreement, this is again a long-term supply agreement. Can you just compare in Contrast? I don’t know whether you put out anything on the last year, but this year was advanced intermediates.

Helpful Kiran. In your opening remarks, you alluded two projects in the latest announcement to s ay it has opened new avenues of growth. Can you like double click?

So, Kiran, in your opening remarks, when you talked about the second announcement, you said that this had opened more avenues of growth on the innovation side. So what do you mean?

Just the first one on the split of generic to custom, and if I just back out what the generic number is excluding Nutraceuticals, that seems to have grown Y-o-Y. I think this is happening after some time, 7%, 8% growth. Can you help us split and understand from a volume and a price basis? Because I thought in the opening remarks, you still talked about pricing pressure.

Yes. Understood, Nilima, but when we look at the path forward, when do you think you will have enough molecules. It could be even the new generics at some time that this business again starts growing more convincingly you think? Is there a point in time we can probably look at it?

Just the second question is on our numbers in terms of, one, the EBITDA margin we have achieved 32%, just want to understand what's a sustainable level of margins? Or do you think there's something in this quarter which leads to a one -off? That is one part of the question.

Just the first question is on Unit-III. I think in the opening remarks, you mentioned about December 2024. I couldn't get it. So what happens in December 2024 -- is it where the unit gets ready for inspections or it's ready for commercialization, if you could elaborate? What could be the subsequent steps that we can track from a milestone perspective on Unit-III?

Nilima, maybe I'm wrong, but I remember we were doing some intermediates, some backward integration in Unit-III already, right, like may be six or nine months back I know which didn't require inspection. So that will stop, is it

And when do you expect like a reasonable amount of utilization for this particular unit-III for phase- I?

So just two questions I have. First one, Saharsh, you mentioned growth on FY24 base, not FY25. I know you didn't give a quantitative number, but how should we look at FY26 growth over FY24, let's assume, right? And maybe just some qualitative color around GDS versus CMS as well.

And my second question is just on the margins. So I know we have, in the past, talked about a 25% to 30% margin. I know in DY25, we have been below that. But once growth comes back, should one bake in operating leverage and margins to get at least to the range or somewhere around the range?

Good evening and thank you for taking my question. Just on the peptide announcement, Saharsh and team if you could, Rs. 254 crores is what I think we have articulated. So, how should we look at that in terms of what are the next steps in terms of the timelines? I know you don't talk specific clients but is this tied to a CMS client or are you doing it for the generic GLP -1?

Very helpful context. Just some follow -up. And I will take the second question if it is okay, is on when we talk about peptides are we also in GLP -1 category or these are broad -based these could be non GLP-1 as well?

Understood. Last question on this is on the size, the capacity right, we will probably reach 6.4 kiloliters over time. First, in terms of landscape, if you look at the WuXi of the world they are at 40 KL going to 100KL. So, do you think this is a meaningful scale and will help you win orders globally?

Just the first one on some of the qualitative comments you have mentioned. I think I forgot asking about the Annual Report comment. One was on, we're starting to see more interest from companies with larger pipelines. I think that was there in the Annual Report. So I just want to understand what does that mean?

Got it. Helpful, sir. Sir, my second question is just on your Slide 12 and just the movement of the active CMS projects, right? So we have seen about 5 or 6 additions. I just want to understand from a commercial or a Phase 3 standpoint, are there any large enough molecules for us to be excited about in the pipeline that you think?

Sorry, my question was not just on the incremental flow. It was also on the back book as well in terms of most of our current revenues are coming from, say, top 5 products in CMS are 90%. I'm just looking at if there's products 6, 7, 8 somewhere in your pi peline, which we should start getting excited about in the next 12, 24 months?

Thank you. The first question on FY26. What are we sharing in terms of our revenue guidance? Maybe I can start there.

Okay. And just another point here, as you mentioned, not taken price increase couple of times in the FY25. Is there a contemplation of that in the near term or in the medium term?

Got it. just the 10.5% going to 11%, let's assume. Are we expecting improvement in volume growth? Or is it still the SwasthFit contribution that keeps going up 26 -28- 30%? I am just making it up. But what is driving higher growth?

Just the first one is on the CRO, the research services bit. I think you called it out at 61% of revenues. Last time I saw the fact sheet, it was -- last year was 60%. So maybe you could just clarify those numbers as just a data point. But just double-clicking into this, I just want to know how dedicated centers have done? And what is that salience in terms of either percentage?

Yes. So Deepak, the issue is dedicated centers keep growing. We have grown totally CRO at 2%, which means the rest of the business actually declined. I don't know. I'm just trying to guess, right, looking out the way -- if you're not telling me that?

Yes. So since you're not telling me exactly, the second half growth for the non-dedicated, could it be a double-digit number? I'm trying to imply it because I can't see it in the numbers?

Just on the revenue guidance cut, right, so I think earlier we had high single digit growth. I know it started with range high single digit to low double digit. Now, can I assume like mid-single digit dollar like 5%? I am not asking you to pin down a number but just trying to see this trajectory of revenue revisions downwards.

Yes. So, maybe you put this number out only once a year. So, is it fair to assume like 100, 200 basis points of that 60% has actually come off, right? I am trying to assess the decline in the CRO business. I think that's what we are trying to assess, Jonathan.

Just macro. There's been a delay in the whole US Biosecure Act being cleared by. So, I am not asking you to comment on legislation, but from a conversion of these projects, like you said, there's a pilot project that has been converted. Has there been any behavioral change or are people now reluctant to kind of or there is the urgency to move things out of China, let's assume, has that reduced, so any comment?

Just the first one is on the comment around dedicated centers and biologic manufacturing services reporting steady growth. So just wanted to get some context aroun d dedicated centers at this point of time. Around the same time, you reported, I think, quarter 4, Bristol also announced a large cut in terms of reduction.

Yes, I did get, but just one -- just one follow -up. I remember at the time of renewing the last one, if I remember some of the wordings was it envisaged 40% more scientists, I think additional 50,000 square feet capacity. So we should assume some of that?

Understood. That's helpful. Second question is just on the bio manufacturing piece. I was under the impression that it's Librela largely a nd how have we got growth if I'm assuming Librela remains at the same 50 million per year annual run rate. So are we doing other things other than ex Librela?

Just the first one on the U.S. business. We had 13 launches during the quarter. And despite that we have had like Q-o-Q, even in the base business, excluding Cenexi in the U.S., we have seen decline. So, could you just explain, is it price erosion that there seems to be higher?

I'm just looking at just the U.S. market. And I'm assuming Saudi Arabia will come in RoW, right? Sorry, I'm getting confused. The U.S. market Q-o-Q decline.

Understood. We should expect Q4 that there will be a recovery there or we'll start shipping Enoxa and the other product again in Q4, right?

Good evening. Thank you for taking my question. Just the first one on the standalone or core costs, right? If I look at gross margins, I think are down like 50 -60 basis points. So what is explaining just the core gross margins coming off? Is it mixed?

Got it. So, this is something like any of those products which are higher in contribution today versus last year….

Yes, so what is driving that Q-o-Q improvement?

Just the first one back again on ARPO B growth. So, this is probably the slowest growth we have seen. First half growth is between 2.5% to 3%. Quarterly growth has also been there. Has something changed in terms of the pricing environment or hospitals; one of your peers which reported earlier today registered 2% growth, right.

There was a comment which was made saying that insurance margins actually help you sustain, insurance patients help you sustain margins . Just trying to bring some industry color here, if you talk to any of the health insurance companies and you had Apollo Munich sometime back as well , I think most of them have seen their claims ratios actually going past their desired range, right?

Just the first one on the margin for the hospital services or Healthcare Services this quarter. Several comments have been made around new doctor hire, marketing, IT expenses. Also, one-off fixed asset impairment of INR 12 crore, INR 120 million, right? So, has it all come through?

Yes. So, you're not giving that as a full -year target, but just as maybe a quarterly one, perhaps?

Understood. The second question is just on AHLL, specifically on diagnostics. We have now improved to like 10%, 11% margins. Quarterly margins have been even higher. Anything that we are calling out in terms of how should we look at the path forward? I remember in the past; we've had an INR 1,000 crore revenue target as well. So, are we in track for both, those two things?

Just one back on Lanreotide. So the August market share is what you've disclosed. So where did say September market share for Lanreotide 505(b)(2) plus generic end up at?

Should we think of it like at Q1 levels, 20% or even lower than that?

And Umang, your comments that there'll likely be a Q4 bounce back. And are we again talking about similar market shares like 35 or you think we can go higher post the expansion?

Good evening and thank you for taking my question. Well, we are generating about, whatever, 220 to 230 to 240 million per quarter in terms of cash flow in a quarter. We have about a billion dollar of cash and cash equivalents. We're going to pay for this NRT, which I think the upfront payment will likely be happening. But even after that, we seem to have lots of cash and cash flow generation.

Thank you, Erez. Just one follow-up. In the past, in terms of deals in India, valuations have been a hurdle. Do you think our philosophy will likely change now, if you were to look at transactions in India? Recently, many of your peers have done, can I say, high valuation acquisitions? Is it something that Dr. Reddy's will be also willing to look at?

Got it. Thank you, Erez, and all the best.