| Earnings before interest and taxes (EBIT) and profit before tax (PBT) generally increased between Q4 FY24 and Q3 FY26, though revenue growth appears to be slowing, according to recently released financial data. The company reported EBIT of 1,129 million INR in Q4 FY24, rising to 1,129 million INR in Q3 FY26. However, exceptional items significantly impacted profitability in several periods, including a 579 million INR negative impact in Q3 FY26 due to write-offs, the impact of new labor codes, and termination benefits. The acquisition of a biologics site in the USA in Q3 FY25 resulted in increased depreciation, and the company is navigating the complexities of new labor regulations, which initially resulted in a larger-than-anticipated impact. Further investigation is warranted into revenue drivers, acquisition integration, and the ongoing implications of the labor code changes. |