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Damyanti Kerai

Research Analyst at HSBC Securities

Damyanti Kerai is an equity research analyst at HSBC Securities, specializing in coverage of the Indian healthcare and pharmaceutical sectors, with a focus on major listed companies including Dr. Reddy’s Laboratories, Cipla, Lupin, Divi’s Laboratories, Max Healthcare Institute, and Alembic Pharmaceuticals. She covers approximately 20 companies and has a track record marked by a 22% profitable recommendation rate and an average return per transaction of around -5.6%, with her most profitable single trade delivering an 8.2% return. Kerai's analyst career at HSBC began prior to 2024 and she is regularly referenced in coverage by top Indian pharmaceutical firms, although specific prior employment details are not publicly disclosed. She is listed as an official HSBC analyst on multiple company investor relations documents, and is reachable via a corporate HSBC email; however, disclosed documentation of FINRA or equivalent securities licenses is not presently available.

Damyanti Kerai's questions to DR REDDYS LABORATORIES (RDY) leadership

Question · Q2 2026

Damyanti Kerai asked for an update on the legal status of Semaglutide in India, sought clarification on the Abatacept CMO strategy for US FDA clearance, and inquired about the progress of in-house fill-and-finish capacity for Semaglutide.

Answer

CEO Erez Israeli explained the ongoing patent challenge for Semaglutide in India, confirming current ability to produce and export but not launch in India until patent expiration in March 2026. He detailed the Abatacept CMO strategy as a mitigation for regulatory, tariff, and capacity risks. For Semaglutide, he stated in-house fill-and-finish capacity is progressing but will be relevant post-next 12 months.

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