DR. REDDY’S — LONG-TERM GROWTH COMMENTARY

Dr. Reddy’s sees its next leg of growth coming from biosimilars, a deeper API pipeline, and wider global expansion. The company is already operating at a ~22% ROCE with strong cash flows in place. Growth in Europe and Emerging Markets, along with high-margin products, is expected to support profitability over the long term. Key drivers Biosimilars scale-up across regulated markets API portfolio monetisation Emerging markets & Europe gaining share Strong balance sheet + reinvestable cash flows My view