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]