Questions across 16 calls

Surya Narayan Patra

Phillip Capital

Divi's Laboratories Limited

Divi's Laboratories Limited CC-Feb26.pdf · 2026-02-11

Congrats on a good set of numbers. Sir, my first question is on the GLP capacity buildup. So that we have been saying that we have already commercialized one pilot plant in the earlier this thing that we had mentioned. So what is the capacity buildup that we are doing? Can you give some update on that front further?

Okay, sure. Sir, just one clarification here. The 3 dedicated custom synthesis facility, what we have got the contracts for and which are likely to see the commercialization starting from the fourth quarter of FY '27. So any of those are relating to peptides?

Divi's Laboratories Limited CC-Dec24.pdf · 2025-02-03

Congrats for the good set of numbers. Sir, my first question is about the Kakinada site. So you have already -- said about the kind of likely progression in that. Sir, the point is also about the Nutraceutical business. So that has been seeing a kind of a stagnated momentum in the recent past because of the capacity constraint and all. And it was believed that this Kakinada site is likely to provide some fill into that. So hence, what is the kind of way forward there that we would see for Nutraceuticals? And what growth, hence, one should think about this business segment, which has been kind of one of the core but not been growing at a kind of -- or growing at a kind of limited pace?

Okay. This will be part of the phase I or it will be part of the Phase II?

SRF Limited

SRF Limited CC-Jan26.pdf · 2026-01-20

My first question relates to the EU carbon tax you have indicated in the presentation. What impact do we expect from this regulation, implemented from 1 January? Specifically, will it affect the refrigerant gas business, or will our specialty chemical exports also face an impact?

Sure, sir. Second question was about the pharma intermediate business. We have been seeing some challenge for the agri intermediate or agri supplies specialty chemicals, but pharma seems to be very steady. If you can talk something about it, what is the progress on that side ; what is the mix right now within the Specialty Chemical business and our outlook; what are the kind of general capex that we are trying to build up for the pharma intermediate business going ahead given the view that you have provided just some time before?

SRF Limited CC-Jun25.pdf · 2025-07-24

Couple of clarification only. The R32 price appreciation in the recent month , is it led by any production disruption by any large global producer? Because that is how it has been reported by a couple of global listing articles. Could you clarify?

Second clarification, sir, about the agrochemical price or the specialty chemical pricing in the global market, you have mentioned in the presentation that there is a kind of China-led pressure that persists and this is likely to be the new norm going ahead. So, are you giving kind of a cautious indication about the margin situation for our overall specialty chemical business going ahead? Or how should one think about it?

Navin Fluorine International Limited

Navin Fluorine International Limited CC-Nov25.pdf · 2025-10-30

Sir, my first question is on the CDMO side. In the opening remarks, you have mentioned about 3 new customers auditing your plant. So could you give some sense the nature of the client, although you mentioned that it is innovative? So is it large pharma kind of or nature of?

And sir, about the CDMO, in fact, in the first half, we have seen a robust growth of around 50% on a Y-o-Y basis. And we have also seen that fourth quarter of last year, second half was anyway, it was really robust again. So considering all that, how shoul d one think in terms of the overall growth momentum for the CDMO for this year? And how can that momentum can continue? Because you are also mentioning about your FY '27, your order book is kind of visibility that is there because of the purchase orders. So could you give some sense about the trajectory in terms of growth and all that?

Cipla Limited

Cipla Limited CC-Nov25.pdf · 2025-10-30

So the first question is on the Eli Lilly. So I was just trying to understand, obviously, the kind of first-mover advantage that we will be enjoying since the patent expiry here in India for tirzepatide in India is only in the mid -30s. So considering that it's a kind of a good move, the first -mover advantage, but what is the likely scenario that we would be seeing once the genericization of the semaglutide will happen in India? And post that, what is the kind of opportunity one can mutualize out of this opportunity?

Sure. Just an extended point on that. See, Cipla is a kind of established volume leader of domestic formulation business. And going ahead in the name of semaglutide as well as tirzepatide, two big volume opportunities are coming for us and for the industry as a whole. So given that, what is the kind of growth trajectory that one should think about the domestic business?

Cipla Limited CC-Jul25.pdf · 2025-07-25

First question is on the albuterol in the U.S. We have seen this quarter, there is a kind of meaningful ramp-up. Is it -- is there any reason that we are seeing a kind of meaningful ramp -up because of the competition factor? Or it is some aggression from o ur side that is helping us achieving this sequential ramp-up? Could you please give some sense about it, sir?

Okay. Second question is about our GLP plan. Let's say, competitors have indicated their plan. So if you could share what is our strength about this product opportunity? And what is our plan? And are we kind of trying to play on the strength of the cost position or it is the distribution strength or it is a market reach. So if you can provide some idea and what is the kind of TAM that we are targeting through this product opportunity, if you can share some of your thought process about it.

Cipla Limited CC-Sep24.pdf · 2024-10-29

First question about the sequential decline in the US sales for the quarter what we have seen. Could you clarify what would have impacted? Because sequentially, we have seen improvement on albuterol, we have seen sequential improvement in Lanreotide and obviously the Revlimid would be sequentially remaining flat or slightly improved. So what would have impacted the QoQ performance in the US? Whether it is any pricing?

Press release indicates our Lanreotide market share has improved quarter-on-quarter.

Cipla Limited CC-Jun24.pdf · 2024-07-26

Congratulations for the great set of numbers. Sir, my first question is on the generic Lanreotide what we have launched. So if you can just qualitatively can give some sense that how big this opportunity could be, the quarter end, what impact the branded Lanreotide would have seen because of this product? Because my understanding -- if you can just clarify that, understanding that the pricing of these two products would be meaningfully different. So is the generic version you see kind of a rapid progress in that inflation that I'm getting. So then what the impact to the branded version of the in how would one think progress progressively for this equation in the subsequent quarter?

Okay. Sir, have you seen any change in the prescription writing put in by the doctors because 2 products and the different pricing, of course, for the prescriber, the pricing will not matter, but - - any change in the prescription pattern?

Vijaya Diagnostic Centre Limited

Vijaya Diagnostic Centre Limited CC-Dec24.pdf · 2025-02-12

Congrats for good set of numbers. My first question is on the pathology side. In fact, we have been growing almost in the similar rate like the radiology growth. But in terms of the profitability and all that, from that angle, what I was trying to understa nd is, is there a scope of improving the profitability of pathology business, let's say, by changing the mix of the test or something like that or anything of that sort can be possible because the industry nowadays is also kind of moving towards very specialized targeted therapy-oriented test. So here, what is our thought process and whether this kind of initiative can improve our profitability sometime down the line?

Just an added point to the margin aspect. See, we have seen a kind of very stable and strong gross margins for our business over the long period of time now. So is there any monitorable for gross margin improvement, any factor that can bring in incremental improvement to the gross margin?

Dr. Reddy's Laboratories Limited

Dr. Reddy's Laboratories Limited CC-Dec24.pdf · 2025-01-23

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

Okay. My second point is on the Nestlé 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 one. 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 Dr. Reddy’s 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 so that it can reach the anticipated growth rate?

Aarti Industries Limited

Aarti Industries Limited CC-Dec23.pdf · 2024-02-09

The first question is on the sequential improvement on the revenues that we have seen and simultaneously the kind of sequential pressure that we have witnessed on the gross margin front. Is it fair to believe or is it indicating that the pricing pressure scenario is very active at this juncture and that’s why even though we would have seen some kind of volume growth sequentially consistently over the last couple of quarters, but the pricing pressure is playing a role and that’s why the kind of impact on the gross margin front that we have seen?

Generally, there is a kind of understanding that whether it would be China-related oversupply situation or it is a subdued demand situation which ultimately has created a kind of suppressed pricing situation and is expected to remain so for relatively in the short term to medium term kind of period. Do you believe so?

Sun Pharmaceutical Industries Limited

Sun Pharmaceutical Industries Limited CC-Jun25.pdf ·

Thanks for this opportunity, sir. Taking the GLP point further, could you give some sense about your participation in the first wave of commercialization of GLP product in Canada and Brazil?

Thank you. This is useful. Dilip sir, My second question was about the cash deployment that you are having in the annual report that you have mentioned. So in the recent past, much of the investment, what we have done, it is towards the specialty portfolio. And th is time that you are also indicating about your interest beyond that. So could you give some clarity about that? Which are the areas that you would be interested in spending and all that?

Sun Pharmaceutical Industries Limited CC-Jun24.pdf ·

Sir, my first question is on the US business. Sequentially, we have seen some kind of sequential decline. So, is it fair to believe that entire part of the slippage sequentially is led by the seasonality factor in the Levulan, that is my first question? And also, the related point is that I wanted to understand whether we have seen any sequential ramp up in the Revlimid sales, because I think the 12 month period would have expired and now this quarter would have fallen in the new 12 month period where the volume s hare would have gone up. So, despite that there is a slippage. So, hence I wanted to clarify these two points relating to the quarterly slippage what we have seen in US sales?

So, that means we might not have seen any meaningful upt ake in the Revlimid that is what we should understand right now?

Sun Pharmaceutical Industries Limited CC-Dec24.pdf ·

Sir, in the opening remarks about the India business, you have talked about the lower distribution cost during this quarter or kind of a lowest distribution cost during the quarter. What is the reason for that? And also extended point on the India, you mentioned that the outperformance in the domestic growth against the IPM has been consistent, and that is largely driven by the new launches rather than the price -led rise in the IPM. So given that, is it fair to believe that this outperformance likely to continue for next few quarters since it is like new launch rate?

Okay. And regards the lower distribution cost angle if you can address sir?

Sun Pharmaceutical Industries Limited CC-Sep23.pdf ·

Yes. Sir, my first question is on the FDA warning what we have seen against the 26 OTC eyedrop products in the U.S. market. For further updates and specific queries, please visit www.sunpharma.com or feel free to contact Abhishek Sharma, +91 22 43242929, abhi.sharma@sunpharma.com, Gaurav Chugh, +91 22 43245373, gaurav.chugh@sunpharma.com, So it looks like that this could potentially be a kind of a good opportunity for the prescription- based dry eye products like CEQUA. So could you give some sense on this? Because, I mean, our understanding is that a large part of this dry eye in the U.S. market is catered by this OTC products and if there is a kind of a restriction on those, then the market itself can really jump for the prescription products, including the CEQUA.

Okay. Okay. M y second question is on the acquisition of this diagnostic device businesses, although those are like small i nitiatives on this. Could you share or could you share your thought process about moving into this diagnostic device business acquisition front? And how would that be really complementing our business model and business strategy. Could you share something about the acquisition of Ezerx and Agatsa software, sir.