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Dr. Reddy’s Laboratories Financial Report and Auditors’ Report for FY25 Financial Performance (FY25): Revenue:  Dr. Reddy’s reported consolidated revenues of ₹325,535 million  for FY25, marking a robust 17% year-on-year growth . Net Profit:  The consolidated net profit for the year stood at ₹56,544 million  (₹5,655 crore), reflecting a 2% increase from the previous year . EBITDA:  The company achieved its highest-ever EBITDA at ₹92,133 million , with an EBITDA margin of 28.3%. Key Growth Drivers:  Double-digit top-line growth was recorded across all major markets—the US, Europe, Emerging Markets, and India. The US business benefited from new launches and stable sales of key products like Lenalidomide. The India business grew by 8.4%, supported by strong performance in Dermatology, Respiratory, Vaccines, and Urology segments. Strategic Initiatives:  FY25 saw expansion through the acquisition of Nicotinell and other Nicotine Replacement Therapy (NRT) brands, especially strengthening the company’s presence in Europe. Partnerships included a nutrition venture with Nestle in India and new product launches in Russia and the US . Auditors’ Report (FY25): The independent auditors issued an unqualified (clean) report  on Dr. Reddy’s consolidated financial statements for the year ended March 31, 2025, indicating that the financial statements present a true and fair view in accordance with the applicable accounting standards. The audit was conducted by SR Batliboi & Associates LLP, who confirmed that the financial statements were free from material misstatements and complied with all regulatory requirements. The results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on May 9, 2025. Corporate Governance and Reporting: Dr. Reddy’s FY25 Integrated Annual Report adheres to international reporting standards, including the Global Reporting Initiative (GRI) and SEBI’s Business Responsibility and Sustainability Report (BRSR) requirements. The company’s governance framework and risk management practices are detailed in the annual report, reflecting its commitment to transparency and responsible business conduct. Summary Table: Key FY25 Financials Metric FY25 Value (₹ Mn) YoY Change Revenue 325,535 +17% Net Profit (PAT) 56,544 +2% EBITDA 92,133 Record High EBITDA Margin 28.3% —

Quality Update At Dr. Reddy’s, we define quality as a ‘pursuit of excellence’, transcending mere compliance, achieved by endorsing a quality mind set, as well as investing in our people and systems. While our products undergo rigorous testing before they are brought to the market, we believe in positively influencing product quality at the point of manufacturing, through robust product design and effective manufacturing processes, rather than relying solely on documentation, administrative controls or testing. Our global pharmacovigilance programme monitors the safety of our marketed products. We strive towards continually strengthening our Quality Management Systems (‘QMS’) and making our procedures simplified and streamlined. We also systematically invest in digitalisation and use sophisticated analytics and AI/ML to make informed, science-based decisions in our manufacturing and QMS. Digital Transformation Update  We follow an integrated approach to digital initiatives, aligned with broader organisational objectives, to drive productivity at scale within the Company and to enhance patient outcomes. Our proactive digital investments have positioned us ahead of competitors in core digitalisation. Internal and external assessments indicate our digital maturity is on par with leading organisations and we continuously benchmark our progress using various frameworks, such as National Institute of Standards and Technology (‘NIST’), International Organization for Standardization (‘ISO’), Sarbanes–Oxley Act (‘SOX’) compliance frameworks etc. People Update We continued to focus on organisational effectiveness through talent development and people productivity. We ensured consistent business delivery through proactive efforts in talent acquisition, talent management and succession planning initiatives. We have been driving productivity enhancement by leveraging automation and digitalisation. Our ongoing transition to a ‘role-based, skill-first’ organisation, and an effective organisational structure have contributed to improved business performance. We continue to place emphasis on capability-building initiatives and personalised learning journeys, designed to equip our talent with the necessary skills to effectively navigate upcoming business challenges and thrive in evolving landscapes.

Dr. Reddy's continuous efforts to make innovative medicines available to patients in India and emerging markets to meet unmet needs and enhance the standard of care, we have partnered with several companies over the past few years – including Sanofi for vaccine distribution in India, Pharmazz for the first-in-class molecule Centhaquine, and Novartis Pharma to distribute two of their leading anti-diabetes brands, Galvus® and Galvus Met®, in the Russian retail market. These collaborations aim to bring novel medicines and strengthen our position in key therapeutic areas. They demonstrate our commitment to leveraging strategic partnerships to expand our portfolio, reach, and innovation in the Indian and global pharmaceutical landscape.   Dr. Red dy's entered into a venture with Nestlé India to bring science-backed nutraceuticals to consumers across India. The venture focuses on a wide range of product segments, including metabolic health, hospital nutrition, general wellness, women's health, and child nutrition. Select brands such as Nature's Bounty, Osteo Bi-Flex, Ester-C, Resource High Protein, Optifast, Resource Diabetic, Peptamen, Resource Renal and Resource Dialysis of the Nestlé Group and brands such as Rebalanz, Celevida, Antoxid, Kidrich-D3, Becozinc from Dr. Reddy’s are part of this venture. "We entered into a venture with Nestlé India to bring science-backed nutraceuticals to consumers across India. The venture focuses on a wide range of product segments, including metabolic health, hospital nutrition, general wellness, women's health, and child nutrition.", has been stated by Dr. Reddy's.

Hyderabad-based pharmaceutical major Dr Reddy’s Laboratories (DRL) has said it is prepared to address an anticipated decline in sales in the United States in FY26 through a combination of organic and inorganic strategies.   In a joint message to stakeholders, DRL’s chairman K Satish Reddy and co-chairman and managing director G V Prasad said one of the company’s key products in the US will face increased competition starting February 2026, likely leading to a fall in sales and profits. “We have been preparing for this through FY25, through a combination of organic and inorganic strategies,” the message added.   DRL stated that in FY26, it aims to grow and strengthen its core businesses and enhance value through portfolio management and strategic differentiation. The company also plans to scale its presence in consumer healthcare, innovative therapies and biosimilars, introduce new revenue streams through acquisitions and partnerships, and streamline structural costs to cushion the impact. For FY25, DRL recorded a 17 per cent rise in total revenue from operations—from ₹27,916 crore in FY24 to ₹32,554 crore. According to the company’s investor presentation, North America contributed 45 per cent of DRL’s full-year revenue.

FY26 Revenue Growth Expectations Titan is targeting double-digit percentage revenue growth in FY26, with a particular focus on the jewellery segment—expected to grow up to 20% YoY, fueled by sustained demand from affluent consumers. Profit Margins: A Double-Edged Sword While growth is strong, escalating gold prices  (which rose ~27% in 2024) remain a concern, potentially squeezing margins—particularly if the trend continues Although gold coin sales boost revenue, they carry lower margins compared to jewellery, meaning margin pressure may persist into FY26. Expansion Strategy: Stores & Premiumisation Titan plans to open 40–50 new Tanishq stores in FY26 and refurbish or renovate 50–60 existing outlets, aiming to enhance reach and customer experience  Continued investment in premium products—high-end jewellery and watches like Raga, Sonata, and Fastrack—further strengthens its brand positioning Analyst Sentiment & Stock Targets Analysts project Titan’s FY26 revenue to jump by about 15%, with net profit growth estimated at over 40%  Stock targets for 2026 range from ₹3,886 to ₹4,140 (TradingView prediction: ₹3,886–₹4,140) . Consensus analyst price targets average around ₹3,946, suggesting modest upside from current levels . Strategic Risks & Mitigations Risk Mitigation Continued rise in gold prices Diversify into higher-margin watches, eyewear, and premium categories Margin compression from gold coins Maintain premiumisation and product mix shift Consumer spending slowdown Target affluent consumers who are less price-sensitive

CSR Report for Titan Company FY25 Titan Company’s Corporate Social Responsibility (CSR) activities for FY25 are detailed in its annual and integrated reports. The company continues its focus on education, skill development, and community well-being as key pillars of its CSR policy. In the previous year (FY24), Titan spent ₹57.99 crores on CSR initiatives, with a significant emphasis on the education of underprivileged girl children. While the exact amount spent in FY25 is not explicitly stated in the available search results, the company’s annual reports for FY25 confirm ongoing commitment and compliance with statutory CSR requirements The auditor’s report for FY25 specifically notes: This means Titan Company fully spent its required CSR allocation for FY25, with no unspent amounts carried forward. Audit Report for Titan Company FY25 The independent auditor’s report  for FY25 was issued by B S R & Co. LLP, Chartered Accountants, and covers the standalone financial statements as of 31 March 2025 5 . Key points include: The financial statements give a true and fair view of the company’s affairs, profit, and cash flows for the year ended 31 March 2025, in compliance with Indian accounting standards and the Companies Act, 2013 The audit was conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Act. The auditors found no material misstatements due to fraud or error Key audit matters  included: Revenue recognition:  The company’s revenue recognition policies and controls were thoroughly tested due to the high volume and value of transactions, especially in jewellery and watches. Inventory existence:  Given the high value of inventory (jewellery, watches), auditors focused on physical verification, controls over inventory management, and surprise stock counts The auditors also evaluated the company’s internal financial controls and found them adequate and operating effectively as of 31 March 2025 The report confirms that the company maintained proper records for property, plant, equipment, and intangible assets, and that there were no significant issues regarding statutory compliance Conclusion : Titan Company fully complied with its CSR obligations for FY25 and received an unqualified (clean) audit opinion from its statutory auditors, confirming the integrity of its financial reporting and internal controls.

Total Income & Revenue Growth Consolidated total income  was ₹57,818 cr, up 22% YoY , crossing the ₹50,000 cr milestone Q4 alone saw ₹12,730 cr in income, also up ~22% YoY . Quarterly revenue from operations was ₹14,916 cr in Q4, growing ~19.4% YoY Profitability Metrics: EBIT, PBT & PAT Annual EBIT  rose to ₹5,488 cr (a 5% increase year-over-year) Profit Before Tax (PBT)  stood at ₹4,535 cr, down slightly (~2%) due to lower customs duties on gold Profit After Tax (PAT)  for FY25 was ₹3,337 cr, compared to ₹3,496 cr in FY24—a decline of roughly 4.6% YoY In Q4 , PAT was ₹871 cr, up 13% YoY (Q4 FY24: ₹771 cr) Segment-Wise Financial Breakdown 1. Jewellery (Tanishq, Mia, Zoya) FY25 revenue: ₹46,571 cr (+21%) . Q4 revenue: ₹11,232 cr (+25%), led by 30% growth in gold jewellery & coins, and 12% rise in studded jewellery . Q4 EBIT: ₹1,331 cr (margin ~11.9%) 2. Watches & Wearables FY25 revenue: ₹4,576 cr (+17%) . Q4 revenue: ₹1,126 cr (+20% YoY), with analog watches +18%, Fastrack +44%, Sonata +25% Q4 EBIT: ₹133 cr (margin ~11.8%) 3. Eyecare (Titan Eye+) FY25 revenue: ₹796 cr (+10%), Q4 revenue: ₹192 cr (+16%) . Q4 EBIT: ₹20 cr (margin ~10.4%) . 4. Emerging Businesses (Taneira, Fragrances, Accessories) FY25 revenue: ₹406 cr (+7%), with an EBIT loss of ₹124 cr . Q4 revenue: ₹102 cr (+5%), with fragrances +26%, women's bags +10%, Taneira flat or slightly negative 5. Subsidiaries CaratLane : FY25 revenue ₹3,583 cr (+24%), Q4 ₹883 cr (+23%); Q4 EBIT ₹70 cr (7.9%) Titan Engineering & Automation (TEAL) : FY25 revenue ₹870 cr (+14%), Q4 ₹284 cr (-24%); Q4 EBIT ₹63 cr (22%) Key Trends & Margin Analysis Revenue across core businesses recorded strong double-digit YoY growth (17–25%). Margin pressures emerged from duty changes and high gold prices, reflected in PBT and PAT decline. Focus on premiumisation, digital expansion, and store additions (e.g., CaratLane added 17 net stores in Q4) Final Takeaway FY25 was marked by robust topline growth (+22%) , strong segment performance, but some pressure on bottom-line  (PAT down ~4.6%). Core jewellery and watches delivered standout growth, balanced against smaller losses in emerging verticals. Titan continues to expand omni-channel presence, premium product portfolio, and leadership transition.

Q4 FY25 Performance Highlights Consolidated Net Profit: Titan reported a net profit of ₹871 crore in Q4 FY25, marking a strong 13% rise over ₹771 crore from Q4 FY24  Total Income & Revenue Growth: Revenue from operations grew ~19–22% YoY, reaching ₹14,916–₹15,032 crore (sources vary slightly) . EBITDA climbed ~23–30%, depending on the source, supported by stable gross and operating margins Jewellery Segment: Core jewellery business rose 25% YoY (₹11,232 crore), with gold jewellery and coin sales up ~30%, and studded jewellery +12%  Gold coin revenues more than doubled (~64%) as investors bought bullion amid high gold prices . Watches & Wearables: This segment saw ~20% growth, contributing ~₹1,126 crore  Eyecare & Emerging Businesses: Eyecare revenue grew ~16%. Emerging categories (Taneira dress wear, fragrances, accessories) grew at ~5%  Dividend: Board has recommended an ₹11/share dividend Analyst Take & Market Response Shares jumped ~4–4.5% reflecting investor optimism . Motilal Oswal maintained a Buy  rating with a ₹4,000 price target, citing Tanishq’s strong brand and store expansion (3,312 stores by Mar ’25)  JM Financial also upgraded to Buy , setting a ₹3,725 target. Nuvama reaffirmed Buy , projecting strong FY26–27 growth What It Means for You For Investors:  The strong fundamentals—solid margins, diverse revenue streams, dividend payout, and analyst endorsements—suggest positive medium-term outlook, though keep an eye on gold price volatility. For Students or Analysts:  Titan offers a pragmatic case study of how premiumisation, diversification, and strategic branding drive growth in emerging markets. Looking Ahead:  FY26 will be a key year, with leadership transition, expansion in wearables/eyecare, and margin management amid high bullion prices.

Titan Company Ltd, one of India's leading lifestyle and jewellery brands, has witnessed a sharp recovery in its stock price, climbing nearly 25% from its 52-week low of ₹2,947.55 recorded in early April 2025. Currently trading around ₹3,685–₹3,700, the stock still holds potential for further upside, with analysts estimating a 9% to 15% gain in the near term. Brokerages like Nuvama have maintained a bullish stance, projecting a target of ₹4,100–₹4,150, while JM Financial recently upgraded the stock to a 'Buy' rating with a ₹3,725 price target. This surge in Titan’s stock is backed by strong fundamentals and a positive outlook in the organised retail and branded jewellery segment. The company reported a healthy 13% year-on-year increase in Q4 net profit, amounting to ₹871 crore, driven by robust demand in its jewellery division and steady performance in the watches and wearables segment. Titan has also benefited from the overall rally in gold prices, which has enhanced customer interest in high-value purchases, especially during wedding and festive seasons. From a technical perspective, Titan recently broke past its resistance near ₹3,000 and has since maintained momentum. The stock is currently just about 4–5% short of its 52-week high of ₹3,866, touched in late September 2024. If this resistance is breached, it could trigger a fresh rally and take the stock into uncharted territory. Overall, Titan appears to be on a solid recovery path, with both market sentiment and company performance aligning to support a continued upward move. Investors and traders may keep an eye on upcoming quarterly results and any broader trends in discretionary spending and gold prices, which could further impact the trajectory of the stock.

Nestle USA has announced that it will do away with synthetic food colors completely from its food and beverage items. “Today, Nestle USA is sharing its timeline to fully eliminate FD&C colours in its US food and beverage portfolio by mid-2026,” it said. The company said it has been removing synthetic colors from its products and working to identify alternative solutions in recipes for the last decade. “The work is scheduled to be completed within the next 12 months,” it added, stating that the effort was to create a range of high-quality, nutritious foods and beverages. Marty Thompson, CEO of Nestle USA said that the company aims to evolve with the evolving choices of its consumers. “Whether it’s an easy and nutritious family meal, an occasional snack, or a satisfying cup of coffee, we are always looking for different ways to offer great tasting, compelling choices for our consumers. As their diverse dietary preferences and nutritional needs evolve, we evolve with them.”

Nestle share price advanced 1.6 per cent in trade on June 26, 2025, logging an intraday high at ₹2,444.65 per share on BSE. At 10:28 AM, Nestle share price was trading 0.74 per cent higher at ₹2,422.2 per share on the BSE. In comparison, the BSE Sensex was up 0.48 per cent at 83,153.38. The company's market capitalisation stood at ₹2,33,933.45 crore. Its 52-week high was at ₹2,777 per share and 52-week low was at ₹2,115 per share. In one year, Nestle shares have lost 5 per cent as compared to Sensex's rise of 5 per cent. Nestle stock was in demand after the company's board approved issuing bonus shares worth ₹96,41,57,160. The company has decided to issue a total of 96,41,57,160 equity shares of face ₹1 each. According to the filing, the bonus will be issued in a ratio of 1:1, i.e., one bonus equity share of the face value of ₹1 each for every one fully paid-up equity share of the face value of ₹1 each.

In 2015, Nestle India's Maggi instant noodles faced a major crisis when tests revealed excessive lead and MSG (monosodium glutamate) levels, leading to a nationwide ban and recall of the product . This case study highlights the challenges Nestle faced, the impact on the brand, and the strategies employed for its revival. The crisis significantly impacted Nestle's market share and consumer trust, requiring extensive efforts to regain public confidence.  Initial Allegations: In May 2015, tests in Uttar Pradesh revealed Maggi noodles contained lead and MSG exceeding permissible limits.  Nationwide Ban: Following the initial findings, a nationwide ban on Maggi noodles was issued in June 2015, with a recall and destruction of affected products.  Nestlé's Response: Nestlé initially denied the allegations and defended their product, leading to criticism for a lack of transparency and a defensive stance.   Legal Battles: Nestlé faced legal challenges and had to undergo further testing at accredited laboratories.   Relaunch and Recovery: After successfully clearing the tests and addressing safety concerns, Maggi noodles were relaunched in India in November 2015.   Narayanan, who led Nestle during the Maggi crisis a decade ago, in a message to his successor Manish Tiwary, said "crisis is the new normal" and "adversity is the only thing that does not change". Narayanan, who addressed his 10th Nestle India AGM as Chairman, will retire on July 31, 2025 after serving 26 years, while Tiwary, former Country Manager of Amazon India, will get the baton from August 1, 2025, as per the succession plan announced last year.