Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2FY27 group operating revenues grew 2% y-y; biosimilars up 5%, services up 13% q-q - Biosimilars revenue INR2809 Cr; EBITDA INR623 Cr; H1 margin 24%; logistics delays deferred ~5% revenue to Q3 - Generics revenue INR774 Cr; EBITDA INR64 Cr; margin improved to 8% from 1% y-y; H1 grew 15% y-y - Services revenue INR833 Cr; EBITDA INR175 Cr; margin improved to 20% from 15% q-o-q - Pertuzumab global settlement enables launches from early 2027 in EU/UK, Q3 2028 in US - Insulin franchise growing >$300m annual run rate; new capacity commissioned in Malaysia - $400m 10-year Pertuzumab contract in Brazil starts Q4FY27; strong biosimilars growth expected in H2FY27 - Management changes: COO Rhonda Duffy retiring Mar 2027; successor George Kaliviotis from Apr 2027 - Multiple analyst queries on Yesafili US market opportunity; company confident in durable growth and >50% market access - Interest costs down 12% y-y to INR240 Cr; expected to decline further; depreciation stable - Currency benefits contribute 6-8% to reported growth; underlying biosimilars growth targeted at strong double digits