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    Tarang Agrawal

    Fund Manager at Old Bridge Capital Management

    Tarang Agrawal is a Fund Manager at Old Bridge Capital Management, specializing in focused equity strategies with a keen interest in state and central finances. He actively covers companies such as Indian Energy Exchange Ltd, Aurobindo Pharma Ltd, Interglobe Aviation Ltd, Marksans Pharma Ltd, HCL Technologies Ltd, and has engaged with Dr Reddy's Laboratories. Under his management, the Old Bridge Focused Equity Fund - Regular (G) has delivered strong returns, with an inception-to-date return of approximately 26.2%, and short-term outperformance with 25.2% returns over six months. Agrawal began his capital markets career over four years ago, initially as an Investment Analyst at Old Bridge Capital Management before advancing to his current role, and holds a B. Com degree along with the CFA qualification.

    Tarang Agrawal's questions to DR REDDYS LABORATORIES (RDY) leadership

    Tarang Agrawal's questions to DR REDDYS LABORATORIES (RDY) leadership • Q4 2024

    Question

    Tarang Agrawal asked for a breakdown of the significant capital expenditure in FY'24, the cumulative investment made in biosimilars to date, and a general update on the overall biosimilar business.

    Answer

    CEO Erez Israeli explained that approximately 75% of CapEx is for expansion, primarily in API, injectables, and biologics capacity to support future launches. He stated that the first meaningful biosimilar products are expected in 2027. While not giving a cumulative figure, he noted that biosimilars account for about 20% of R&D spend, suggesting an annual investment in the ballpark of $50-$60 million, which will likely reach breakeven upon the 2027 launches.

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