Revenue slipped 1.5% YoY to ₹8,671 crore, yet outpaced the ₹8,409 crore consensus, and rose 7% QoQ.
Global Generics, the lion‑share of revenue, posted ₹77.9 billion, a 0.7% YoY decline but 8% QoQ growth, contributing 90% of total. Branded businesses accounted for 53% of revenue, up 12% QoQ.
EBITDA margin contracted to 20.6% from 26.7% a year earlier, still above the 14.2% estimate, while net profit margin fell to 10.6% from 12.6%.
North America revenue fell 23% YoY to ₹24.9 billion, largely due to lower lenalidomide sales, though a 13% QoQ rebound signals a potential turnaround.
Analysts project margin normalization as lenalidomide pipeline recovers and new product launches in Emerging Markets accelerate; company has no guidance yet, but expects Q3 revenue to stay flat.