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AP

Abdulkader Puranwala

Research Analyst at Icici Prudential Asset Management Co. LTD

Thane, MH, IN

Abdulkader Puranwala is a Research Analyst at ICICI Securities, specializing in coverage of leading Indian pharmaceutical and healthcare companies such as Cipla, Zydus Lifesciences, and Lupin. Renowned for his detailed financial analysis and sector insights, he has contributed to performance tracking of companies with metrics including return on equity (RoE) and EBITDA margin trends across major pharma firms under his coverage. Puranwala began his analyst career at Anand Rathi before joining ICICI Securities in 2023, and holds an MBA with analyst certifications noted in his research publications. His professional credentials include SEBI Research Analyst registration and demonstrated expertise in equity research for the life sciences sector.

Abdulkader Puranwala's questions to DR REDDYS LABORATORIES (RDY) leadership

Question · Q1 2026

Abdul Kader Puranwala of ICICI Securities inquired about the potential pricing strategy for semaglutide and whether the planned 500-600 bps of cost savings would come from investments in the NRT and nutraceuticals businesses.

Answer

CEO Erez Israeli stated that semaglutide pricing will be set as high as the market allows, depending heavily on competition and reimbursement. He clarified that the potential cost savings are from discretionary areas like travel and consultants, not from cutting investments that support growth drivers like the recently acquired NRT business. The priority remains growing the company.

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Question · Q4 2025

Abdulkader Puranwala inquired about the expected growth drivers for the India business in the upcoming year, particularly beyond the vaccine portfolio, and asked for the company's perspective on the increased intensity of surprise FDA inspections in India.

Answer

CEO Erez Israeli projected high double-digit growth for the India business in FY26, driven primarily by inorganic growth through in-licensing and product acquisitions, alongside growth in legacy brands and mitigation plans for underperforming areas like cardiovascular and GI. Regarding inspections, he stated that unannounced FDA visits are not new and that Dr. Reddy's facilities are always prepared, citing recent successful unannounced inspections.

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Question · Q1 2025

Abdulkader Puranwala from ICICI Securities requested details on the licensed Sanofi vaccine business, including its growth profile, necessary future investments, and whether personnel were transferred as part of the deal.

Answer

CEO Erez Israeli described the Sanofi vaccine portfolio as an "anchor" acquisition, intended to build capabilities and a platform for future product additions in the segment through further licensing. He confirmed that the salespeople from Sanofi were also transferred to Dr. Reddy's as part of the agreement.

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