Dr. Reddy's Laboratories Limited (NYSE:RDY) Q1 2023 Earnings Conference Call July 28, 2022 9:00 AM ET

Company Participants

Amit Agarwal - Head of Investor Relations and Director of Finance

Parag Agarwal - Chief Financial Officer

Erez Israeli - Chief Executive Officer

Conference Call Participants

Saion Mukherjee - Nomura

Anubhav Aggarwal - Credit Suisse

Damayanti Kerai - HSBC

Prakash Agarwal - Axis Capital

Neha Manpuria - Bank of America

Sameer Baisiwala - Morgan Stanley

Surya Patra - Philip Capital

Tarang Agarwal - Old Bridge Capital

Kunal Dhamesha - Macquarie

Darshan Jhaveri - Crown Capital

Madhav Marda - FIS International

Operator

Ladies and gentlemen, good day and welcome to the Dr. Reddy's Q1 FY 2023 Earnings Conference Call. As a reminder, all participant lines will be in listen-only mode. [Operator Instructions] Please note that this conference is being recorded.

I now hand the conference over to Mr. Amit Agarwal. Thank you and over to you, sir.

Amit Agarwal

Very good morning and good evening to all of you and thank you for joining us today for the Dr. Reddy's earnings conference call for the quarter ended June 30, 2022. Earlier during the day, we have released our results and the same are also posted on our website. This call is being recorded and the playback and transcripts shall be made available on our website soon. All the discussions and analysis of this call will be based on the IFRS consolidated financial statements.

To discuss the business performance and outlook, we have the leadership team of Dr. Reddy's, comprising Mr. Erez Israeli, our CEO; Mr. Parag Agarwal, our CFO; and the Investor Relations team. Please note that today's call is a copyrighted material of Dr. Reddy's and cannot be rebroadcasted or attributed in press or media outlet without the company's expressed written consent.

Before I proceed with the call, I would like to remind everyone that the safe harbor contained in today's press release also pertains to this conference call.

Now, I’ll hand over the call to Mr. Parag Agarwal. Over to you, sir.

Parag Agarwal

Thank you, Amit and greetings to everyone. I will take you through our financial performance of the quarter. For this section, all the amounts are translated into U.S. dollar at a convenient translation rate of IND79.02. It is the rate as of June 30. 2022. In this quarter, we had a strong growth in our profit supported by the segment income and brand divestment while we were impacted by additional competition in key products in the U.S., caused inflationary pressure, normalization of [stockholders] [ph] in Russia, and slowdown in the pharma market growth in India.