Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Consolidated revenue grew 23.1% Y-o-Y to INR40.2bn in Q1 FY27; base business up 18% excluding deferred income - India formulation sales grew 15.5% Y-o-Y; strong growth in dermatology, respiratory, cardiac, oncology - North America revenue up 41.1% Y-o-Y; core business growth 19.8%; 9 new product launches including respiratory - Europe revenue grew 11.9%; branded respiratory and dermatology portfolio expanding - Emerging markets revenue up 27.7%; strong growth in Russia, LATAM, MEA, APAC - R&D spend around INR289cr in Q1; guided at 7-8% of sales; IGI pipeline progressing with multiple clinical trials - Gross margin impacted by geopolitical cost pressures; full-year margin guidance maintained at 21-22% - India business growth guidance 12-15% with volume-led growth and new product launches - Key priorities: US respiratory launches in H2 FY27, oncology launches Aumolertinib, Trastuzumab Rezetecan, envafolimab - Litigation provisions mostly done; no significant incremental cash outflows expected