In Q3FY24, Dr. Reddy’s posted a 6.6% Y-o-Y (+4.8% Q-o-Q) rise in revenue to Rs. 72,368 Mn (vs. our estimate of Rs. 71,872 Mn). The growth was driven by US sales (53.1% of revenue) growing at 9.6% Y-o-Y (+5.7% Q-o-Q) to Rs. 33,492 Mn (vs. our estimate of Rs. 32,707 Mn), 4.7% Y-o-Y (-0.5% Q-o-Q) growth in India revenue (18.7% of revenue) to Rs. 11,800 Mn (vs. our estimate of Rs. 11,950 Mn), 15.5% Y-o-Y (-6.0% Q-o-Q) rise in Europe revenue (7.9% of revenue) to Rs. 4,970 Mn (vs. our estimate of Rs. 5,207 Mn) while PSAI revenue (10.9% of revenue) increased 1.0% Y-o-Y (+11.4% Q-o-Q) to Rs. 7,839 Mn (vs. our estimate of Rs. 7,913 Mn); partially offset by Emerging Market revenue declining at 2.0% Y-o-Y (+5.5% Q-o-Q) to Rs. 12,833 Mn (vs. our estimate of Rs. 13,359Mn).