Piramal Pharma · tone and specificity signals across the available quarters.
Language signals
We don't currently anticipate anything this fiscal year. We think we communicated that was the expectation last quarter and we will continue to be in touch with them because we've served them on other projects and when their situation changes in a material manner we would likely let you all know.
We are seeing encouraging signs of recovery in US biopharma funding... Combined with the continued recovery in US biopharma funding over the last few quarters, these initiatives have contributed to a meaningful increase in RFP activity across most of our sites.
We are expecting that increased utilization will help us to get scale and get operating leverage which will help us to break even. I think this quarter you will have seen that increase in revenue in the overseas subsidiaries which has helped improve our EBITDA margin.
We are seeing early signs of recovery with pick up in RFPs and order inflows on the back of improved biopharma funding and increased M&A activities in the US healthcare space.
The overseas sites are inherently structured with high gross margin and so incremental revenue is highly beneficial to the financial metrics... asset turns currently are below one for our overseas facilities and eventually we do expect it to go to between two to two and a half at scale.
We are not changing the guidance at the moment. We recognize that it is a stretch but I think we're going to endeavor to meet it.