Free Cash Flow VolatilityAlthough operating cash flow has grown, fluctuating Free Cash Flow and a noted decrease in cash balances create uncertainty in cash conversion. Persistent FCF volatility can constrain discretionary investment, limit buffer for shocks, and complicate financing of sustained brand investments or return-of-capital decisions over the medium term.
Concentration In Domestic Branded PrescriptionsRevenue reliance on branded prescription sales in India concentrates market, regulatory and prescriber risks. Changes in pricing policy, reimbursement, or physician prescribing behavior could materially affect volumes and growth. Geographic and channel concentration limits revenue diversification and heightens exposure to domestic healthcare policy shifts.
Manufacturing Mix RiskDependence on a hybrid in-house and contract manufacturing model introduces supply, quality and cost risks. Third‑party reliance can create capacity constraints, margin pressure from vendor cost changes, or quality control issues that disrupt availability of key chronic therapy brands and impede consistent growth execution over time.