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Kunal Lakhan

Senior Research Analyst at CLSA

Kunal Lakhan is a Senior Research Analyst at CLSA, specializing in real estate sector research with coverage of key Indian developers. He covers companies such as Prestige Estates Projects, where he maintained an 'Outperform' rating in June 2025, Godrej Properties, Mindspace REIT, and Lupin, though specific performance metrics like success rates or returns are limited with TipRanks showing 0/2 profitable ratings over one year for Godrej Properties. Lakhan joined CLSA (India) Pvt Ltd. as Analyst in 2020, following roles as Vice President at Axis Capital, Assistant Vice President at Enam Securities Pvt Ltd., and positions at Kisan Ratilal Choksey Shares And Securities, based primarily in Mumbai. No specific professional credentials such as FINRA registrations or securities licenses are publicly detailed.

Kunal Lakhan's questions to DR REDDYS LABORATORIES (RDY) leadership

Question · Q3 2026

Kunal Lakhan asked about the drivers of the strong growth in emerging markets, particularly Russia, inquiring about the split between new product launches and base business growth. He also questioned the sustainability of this growth once the current high base is established.

Answer

CEO Erez Israeli confirmed that the growth in Russia was driven by both new product launches and the base business, with growth across all three segments (retail, hospitals, Rx, and OTC). He stated that while 21% growth may not be seen every quarter, healthy double-digit growth in Russia is absolutely sustainable.

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Question · Q3 2026

Kunal Lakhan asked about the drivers of growth in emerging markets, specifically Russia, distinguishing between new product launches and base business growth, and the sustainability of this growth given the current high base.

Answer

CEO Erez Israeli confirmed that Russia's growth was driven by both existing and new products across all segments (retail RX, OTC, and hospitals). He stated that the double-digit growth in Russia is sustainable, though not necessarily at the 21% rate seen in the current quarter.

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