Questions across 4 calls

Surya Narayan Patra

PhillipCapital India Private Limited

Cipla Limited

Cipla Limited CC-Jan26.pdf · 2026-01-23

Thanks for the opportunity, sir. First question is on the Lanreotide, this is just a clarification first, whether we have seen any impact of supply disruption in this quarter , because the inspection and all that would have happened in the current quarter, but I think the development what we have seen, it is in the 4 th Quarter?

Okay. So, then my next question is on the margin side. See, now we are guiding kind of a 21% margin for the full year, FY '26, wherein the fourth quarter, obviously, we know that it is a relatively weaker quarter for us. And hence, the impact also would be there alongside the impact of Lanreotide that would also be visible. But going ahead, how should one see what are the kind of swinging factors for our margin? Because obviously, the Le nalidomide would not be there next year. And there would be possibly in the first half, the Lanreotide disruption also would be there. And the spends on R&D side that is likely to continue. So, in that case, the overall margin, if we see, it looks like below 20%. Whether directionally am I thinking right or how is it? How should one think? If you can just talk about the moving factors for the margin for next year?

Cipla Limited CC-Mar25.pdf · 2025-05-13

So first question is on the margin guidance what we have given. It looks like slightly lower than last year number. So is it because the Revlimid number is likely to be lower? Or is it because Revlimid has started seeing any kind of price corr ection in the last 12-month period of the given block?

Okay. Sir, second question is about the capex for FY '26. What is our thought process there? And for the peptide as well as in the GLP opportunity, how prepared we are? And also a last question, if I just -- since it is the final year -- I mean fourth quarter results that we are discussing, what would be the overall respiratory revenue that we would be making out of the consolidated revenue? If you can give that number, please?

Divi's Laboratories Limited

Divi's Laboratories Limited CC-Nov25.pdf · 2025-11-07

Congratulations on a great set of the numbers on the custom synthesis front, sir. This quarter, we have seen the best custom synthesis...

Yes. So I was telling that congratulations for the great set of number on the custom synthesis front. So, what I see is that, this is the first ever -- the best ever kind of custom synthesis revenue per quarter that we are witnessing in Q2. Not only that, even in terms of revenue mix also, it is the highest ever. So given that, the same for margin point comes here that over the year, 3 -4 years, let's say, the gross margin or even EBITDA margin that has moved from a certain level to around 40%. Means it has moved marginally here and there. But in fact, the mix has significantly improved almost like 15%, 16% revenue mix in favor of the custom synthesis. So given that, is it fair to believe that the margin, the upside risk is limited in the business -- in the overall business model what we are currently having?

Divi's Laboratories Limited CC-Mar24.pdf · 2024-05-25

And congratulations for the great set of numbers. Sir, my first question is about the ₹700 crore kind of a capacity expansion project that they have -- you have indicated in opening remarks. So generally, we have not seen Divi's taking this much long gestation period before commercial supply of any new product. We are talking about ₹700 crore dedicated project and almost like 2.5 years later, which will be commercialized. So how should one really look at it, whether it is a kind of a project for -- which is currently in the early developmental stage and hence, we are targeting to supply the product when the product would be commercialized? Or it is already -- can you give some clarity about it? Or it is a project that is at the mid-development stage generally against our trend of -- earlier trend of getting projects at the late stage of our development and commercialization?

Okay. It is a commercialized project then, fair to believe that way, sir?