Financial Performance - The company achieved consolidated revenue of ₹8,805 crores (approximately $992 million), reflecting a year-over-year growth of 9.8% and a sequential growth of 3% [8][19] - EBITDA margin for the quarter was reported at 26.7%, a decrease of 174 basis points year-over-year, but flat sequentially [13][20] - Profit after tax attributable to equity holders was ₹14.37 crores (approximately $162 million), representing a 14% year-over-year growth [16] Business Line Performance - The North America generic business generated revenues of $373 million, a decline of 16% year-over-year, primarily due to price erosion in key products [27] - The European business reported revenues of €135 million, a growth of 150% year-over-year, driven by contributions from the acquired nicotine replacement therapy portfolio [28] - The emerging market business delivered revenue of ₹16.55 crores, reflecting a growth of 14% year-over-year [30] Market Performance - The India business reported revenues of ₹15.78 crores, achieving a year-over-year growth of 137% [31] - The company's market position in India improved, moving up to the ninth position in the pharmaceutical market as of September [31] - The PSAI business reported revenue of $108 million, registering growth of 8% year-over-year [32] Strategic Direction and Industry Competition - The company is focused on growing its base business, scaling its presence in consumer healthcare, and advancing innovative therapies and biosimilars [19][33] - The integration of the acquired nicotine replacement therapy business is progressing well, with successful integration in key markets [23] - The company aims to enhance cost efficiencies while pursuing business development activities to support sustainable growth [19] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in maintaining double-digit growth in markets outside the U.S. over the next one to two years [10][96] - The company is actively pursuing strategic collaborations and partnerships to enhance its innovation ecosystem and accelerate development timelines [32] - Management acknowledged challenges in the U.S. generics market but remains optimistic about future product launches and pipeline developments [39][86] Other Important Information - The company retained its MSCI ESG rating of A for the second consecutive year, indicating strong sustainability performance [26] - The company has a net cash surplus of approximately $310 million, reinforcing its balance sheet strength [21] Q&A Session Summary Question: What should be expected for the U.S. business in Q3? - Management indicated that some revenue from settlements would still be expected in Q3, but less than in the current quarter [38] Question: How is the product pipeline in the U.S. evolving? - Management confirmed that the focus is on biosimilars and complex generics, with around 100 products in the pipeline [40] Question: What is the status of semaglutide litigation in India? - The company is currently challenging the patents in the Delhi High Court and awaiting the judge's decision [53] Question: What are the growth drivers for the India business? - Management highlighted successful execution of strategy and acquisitions as key factors driving growth in India [65] Question: What is the outlook for EBITDA margins? - Management remains committed to returning to 25% EBITDA margins in the next two years, despite current pressures from product discontinuations [78]

Financial Performance - The company achieved consolidated revenue of INR 8,805 crore ($992 million), reflecting a year-over-year growth of 9.8% and a sequential growth of 3% [4][5] - EBITDA margin for the quarter was reported at 26.7%, a decrease of 174 basis points year-over-year [8][10] - Profit after tax attributable to equity holders was INR 1,437 crore ($162 million), representing a 14% year-over-year growth [10][11] - The effective tax rate for the quarter was 22.2%, down from 30% in the same period last year [10] Business Line Performance - North America generics revenue declined by 16% year-over-year to $373 million, impacted by price erosion and lower Revlimid sales [19] - The European business reported revenue of €135 million, a growth of 150% year-over-year, driven by the acquired nicotine replacement therapy portfolio [20] - Emerging markets delivered revenue of INR 1,655 crore, reflecting a 14% year-over-year growth, supported by new product launches [20] - The India business reported revenues of INR 1,578 crore, achieving a 13% year-over-year growth, driven by new product launches and improved pricing [21] Market Performance - The North America generics market faced pressure from product-specific price erosion, particularly for lenalidomide [19] - The European market growth was primarily due to contributions from the nicotine replacement therapy portfolio and new product launches [20] - The emerging markets, particularly Russia, showed resilience with a 13% year-over-year growth in constant currency terms [20] Company Strategy and Industry Competition - The company is focusing on growing its base business, scaling its presence in consumer healthcare, and advancing innovative therapies and biosimilars [13][24] - Strategic collaborations and acquisitions are being pursued to enhance the innovation ecosystem and expand capabilities in emerging therapeutic areas [23][24] - The company aims to maintain a commitment to returning to 25% EBITDA margin in the next two years, despite challenges from Revlimid sales [44] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory across various markets, with a focus on innovation and strategic acquisitions [15][24] - The company is actively addressing regulatory challenges and is optimistic about upcoming product approvals, particularly for abatacept and semaglutide [30][32] - The management acknowledged the competitive landscape in Canada for semaglutide, anticipating multiple players in the market [72] Other Important Information - The company has a net cash surplus of INR 2,751 crore ($310 million) as of September 30, 2025 [11] - The company retained its MSCI ESG rating of A for the second consecutive year, indicating strong sustainability performance [18] Q&A Session Summary Question: Expectations for Revlimid sales in Q3 - Management indicated that some Revlimid sales are expected in Q3, but at a lower level than in Q2 [27] Question: US product pipeline and meaningful launches - The management acknowledged the challenges in the US product pipeline but highlighted ongoing focus on biosimilars and complex generics [28] Question: Legal status of semaglutide in India - The company is currently challenging patents in India, awaiting a decision from the Delhi High Court [34] Question: Confidence in abatacept and semaglutide approvals - Management expressed high confidence in the upcoming BLA submission for abatacept and ongoing progress for semaglutide [30][32] Question: Growth sustainability in ex-US markets - Management affirmed confidence in maintaining growth in ex-US markets, driven by new product launches and strategic acquisitions [52]