CORONA Remedies Limited — Q2 FY26

Corona Remedies Ltd Q2 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=gmFQ9BXvVZU Published: 4 months ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to the Q2 and H1 FYI26 earnings conference call of Corona Remedies 0:10 10 seconds Limited. As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to 0:17 17 seconds ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0:25 25 seconds zero on your touchstone phone. Please note that this conference is being recorded. 0:32 32 seconds Before we begin, I would like to point out that this conference call may contain forward-looking statements about the company which are based on the 0:39 39 seconds beliefs, opinions and expectation of the company as on date of this call. These statements are not the guarantees of 0:46 46 seconds future performance and involve risk and uncertaintities that are difficult to predict. I now hand over the conference 0:53 53 seconds call to Mr. Amed Shalk from JM Financial. Thank you and over to you. 0:59 59 seconds Thank you. Good afternoon everyone. I am Air Chalki on behalf of GM Financial welcome you all to the 2Q and H1 FY26 earning call of Corona Remedies Limited. 1:10 1 minute, 10 seconds At the outset I thank the management of Corona Remedies for giving us this opportunity to host the call. We are looking forward to have an insightful 1:18 1 minute, 18 seconds interaction on the quarterly earnings and the company outlook. Today from the company we have with us Mr. Nero Meta, 1:25 1 minute, 25 seconds managing director and CEO, Mr. Ankul Ma, joint managing director, Mr. Bhavin Bhagat, chief financial officer. We will 1:33 1 minute, 33 seconds begin with remarks from the management team followed by the Q&A session. I will now hand call to the Mr. Nero Ma. Thank you and over to you sir. 1:45 1 minute, 45 seconds Good afternoon ladies and gentlemen. At the outset, I would like to wish everybody a happy and healthy 2026. 1:53 1 minute, 53 seconds Thank you all for joining us on the Q2 and H1 FY26 earning calls of Corona Remedies Limited. Along with me on the 2:02 2 minutes, 2 seconds call, I am joined by our joint managing director Mr. Ankur Mata, our CFO Mr. 2:08 2 minutes, 8 seconds Bhavin Bagat along with senior management team and SGAA, our investor relationship partner. 2:15 2 minutes, 15 seconds We have uploaded our results, press release and investor presentation on the stock exchanges and on company's website. 2:25 2 minutes, 25 seconds I hope everybody has had the opportunity to go through the same. 2:30 2 minutes, 30 seconds 2025 has been a milestone year for Corona. Company got listed on stock 2:36 2 minutes, 36 seconds exchanges on 15th of December 2025. I would like to take this opportunity to 2:43 2 minutes, 43 seconds thank entire team at Corona all stakeholders and investors who believed in our growth journey and continue to show faith in our business. 2:54 2 minutes, 54 seconds As this is the maiden earning call, I would like to begin by giving you all a brief fundamental overview of Corona 3:02 3 minutes, 2 seconds remedies limited. Corona we have a core philosophy of CCC. 3:09 3 minutes, 9 seconds First C stands for culture. We truly believe that whatever today we are in this 21 years is been fundamentally 3:18 3 minutes, 18 seconds been basis on the first C that is culture. We believe in ruthless execution as a part of culture. We believe internal promotion, 3:27 3 minutes, 27 seconds adaptability, humbleness. These are the points where we you know differentiate our company from the other companies as far as 3:35 3 minutes, 35 seconds culture is concerned. The second C is courage. We have developed a courage of accepting the mistakes and improvising. 3:46 3 minutes, 46 seconds At the same time we will do we will believe in robust in organic and in licensing opportunity as a part of 3:53 3 minutes, 53 seconds courage culture courage and the third C is commitment. We are committed for global quality products value creation 4:02 4 minutes, 2 seconds for the stakeholders and long-term sustainable growth. 4:07 4 minutes, 7 seconds Corona remedies limited established in 2004 is an India focused branded pharmaceutical company engaged in the 4:16 4 minutes, 16 seconds development manufacturing and marketing of formulation across key therapeutics areas like women's healthcare cardabolic 4:25 4 minutes, 25 seconds pain management urology and as well as such as gastrointestinal and respiratory 4:31 4 minutes, 31 seconds therapies. Approximately 96 plus percentage of company's revenues are delivered from the Indian market. 4:40 4 minutes, 40 seconds A woman healthcare corona offers a brand across the life cycle ranging from men 4:47 4 minutes, 47 seconds to menopause along with the pregnancy, post pregnancy, pre and post menopausal categories. In cardio diabet the company 4:56 4 minutes, 56 seconds offers brand across various stages of the treatment from insulin resistance pre-diabetic to diabetic and diabetic 5:03 5 minutes, 3 seconds related complications along with cardiac disorders such as hypertension dysipidemia and estemic heart disease in 5:12 5 minutes, 12 seconds the pain management. Corona offers a diversified portfolio of formulation across multiple dosage forms including 5:20 5 minutes, 20 seconds oral tablet and capsule, topical sprays and ointments and parental injectable preparation indicated for the management 5:29 5 minutes, 29 seconds of pain associated with muscularkeeletal spasm and neuropathy. 5:34 5 minutes, 34 seconds In urology, Corona has a brand operating from multiple disorder such as BPH, benign prostate uh hyperplacia, 5:44 5 minutes, 44 seconds overactive bladder, urinary tract infection and stone management. In the month of July 2025, Corona has acquired 5:53 5 minutes, 53 seconds seven brands trademark from buyers farmer. We shall leverage brand equity and knowledge transfer of these seven 6:01 6 minutes, 1 second trademarks, seven brand trademarks and launch this line extension as per the market need. Let us you know talk about 6:09 6 minutes, 9 seconds these seven brand trademarks. The first is no and no CV. By this trademark brand 6:17 6 minutes, 17 seconds trademark corona is going to enter in 1500 plus crplatelet market out of seven for one is no clo 6:27 6 minutes, 27 seconds three uh three products are from the infertility manod and oidc and two from the women's 6:36 6 minutes, 36 seconds healthcare three in the women's healthcare five veone and luprof lupract with this in initiative 6:45 6 minutes, 45 seconds Corona will grow invested and expanded in a disciplined manner. 6:51 6 minutes, 51 seconds In a disciplined manner. Corona is also creating a diversified product portfolio both organically and inorganically. 7:00 7 minutes Today we have a portfolio of 70 plus brands with prominent brands like B29, 7:06 7 minutes, 6 seconds Mayoril, Trice, Cortel, Obimat etc. We have 38 brands today having annual sales 7:14 7 minutes, 14 seconds more than 10 crores with many of other brands ranking amongst top five in the respective categories. 7:23 7 minutes, 23 seconds In the past few years we have consistently outpaced the Indian pharmaceutical market growing at more 7:31 7 minutes, 31 seconds than 1.5x the IPM. As per pharmarmacare pharma track data, Corona is number one 7:38 7 minutes, 38 seconds fastest growing pharmaceutical company amongst top 30 farmer company as per match September 25 data. An important 7:46 7 minutes, 46 seconds and differentiating factor driving our overall growth is volumes. Corona's healthy volume growth trajectory is on 7:55 7 minutes, 55 seconds back of our focus on the chronic and semicronic segment which contributes approximately 70% plus our total revenues. 8:06 8 minutes, 6 seconds Along the journey, we also executed strategic brand acquisition and inlicicensing arrangements to address 8:14 8 minutes, 14 seconds therapy gaps in our portfolio and to establish complimentary capabilities such as software integration, marketing 8:23 8 minutes, 23 seconds arrangements and diversified product offerings. Our track record with acquired brands has been strong having 8:31 8 minutes, 31 seconds acquired brands from giants like Glexo, Abot, Sonophi etc. We have been successful in scaling those brands 8:40 8 minutes, 40 seconds considerably and the similar line we are hoping the great outcome with Zidus buyer acquisition too. Apart from the 8:49 8 minutes, 49 seconds brand acquisition, we also have in licensing some brand in women healthcare and urology therapies from Swiss giant 8:56 8 minutes, 56 seconds fering pharmaceuticals which is a Swiss multinational bioarm company. Corona is one of the only three Indian company to have a license any brand from fairing. 9:09 9 minutes, 9 seconds Speaking of our manufacturing capabilities, we operate two manufacturing facilities in India. one in Gujarat and the other in Himal 9:17 9 minutes, 17 seconds Pradesh, Solen city. Both facilities are WH GMP certified. Additionally, our 9:23 9 minutes, 23 seconds Gujarat facility is also EU Europe GMP certified. We have a total installed 9:31 9 minutes, 31 seconds annual capacity of 1.65 million tablets or capsules, 20 million 9:38 9 minutes, 38 seconds sets and 10 million bottle across both the facilities. This includes capacity of around 400 million tablet and 9:47 9 minutes, 47 seconds capsules which was recently commissioned at our Gujarat facility in December 9:53 9 minutes, 53 seconds 2025. We also operate two R&D centers both of which are located within the two manufacturing facilities respectively. 10:02 10 minutes, 2 seconds Our R&D centers are approved by department of science and industrial research 10:10 10 minutes, 10 seconds with respect to procurement and supply chain management. Corona maintains a well diversified base of API and 10:18 10 minutes, 18 seconds exhibian suppliers in lines with in line with its focus on backward integration and support chain security. The company 10:27 10 minutes, 27 seconds has also invested in Landra Pharma Lab which operates an EUGMP and WH GMP certified hormonal API manufacturing facility in the state of Gujarat. 10:39 10 minutes, 39 seconds Following this investment, Landra supplies hormone API to Gujarat under a right to first refusal arrangement and 10:47 10 minutes, 47 seconds develop specified APIs enabling enhanced backward integration across Corona manufacturing and R&D operations. 10:56 10 minutes, 56 seconds With respect to our distribution and sales capabilities, Corona adopts a differentiated strategy focus on the 11:04 11 minutes, 4 seconds middle of pyramid. The company target specialist and super specialist doctors through the strategic development of 11:12 11 minutes, 12 seconds marketing and distribution team across urban and semi-urban market which together account for the largest share 11:21 11 minutes, 21 seconds of Indian pharmaceutical industry. By strengthening our field force in this market and maintaining a clear focus on 11:28 11 minutes, 28 seconds specialist and super specialist, Corona is well positioned to capture value in the middle of the pyramid and strengthen overall marketing positioning. 11:39 11 minutes, 39 seconds Our pan India presence supported by an expanding network of distributors and medical representatives enables deeper 11:47 11 minutes, 47 seconds engagement with medical profession and hospitals driving improved market presentation and reinforcing the our 11:56 11 minutes, 56 seconds positioning within the Indian pharmaceutical market. While we have considerable presence in the western market including Gujarat, Maharashtra, 12:04 12 minutes, 4 seconds Goa, Madhya Pradesh and Satisgar. We are also augmenting our footprint in other regions simultaneously. 12:12 12 minutes, 12 seconds Corona is led by an experienced and dynamic leadership team. All members of the senior leadership come with 12:20 12 minutes, 20 seconds multi-deadal experience in their respective field of experience. Apart from technical capabilities, understanding of the 12:28 12 minutes, 28 seconds industry and operating environment and business acumen, Corona has consistently maintained strong financial prudence and 12:38 12 minutes, 38 seconds commercial discipline. We have given equal attention to revenue and profitability resulting in speedy growth in stable with st and stable margins. 12:51 12 minutes, 51 seconds Cash flows have been 12:56 12 minutes, 56 seconds [clears throat] 12:56 12 minutes, 56 seconds cornerstone of our journey and will continue to be so on. We have strong track of IITA to OCF conversions which 13:06 13 minutes, 6 seconds has enabled us to reinvest for growth over the past two decades. Owing to our discipline disciplined cash flow 13:14 13 minutes, 14 seconds generations, capital allocation and speedy and the steady profitability. Our return ratios has been healthy. We are a net cash surplus company. 13:26 13 minutes, 26 seconds Going forward, our intent and strategy is to increase our market share across 13:32 13 minutes, 32 seconds our key therapies areas by focusing on chronic subchronic segment offering 13:39 13 minutes, 39 seconds products across the life cycle of a patient. The strategy is primarily focused on launching new products that 13:48 13 minutes, 48 seconds address unmet patient needs within existing therapeutic areas. By identifying gap in patient care and 13:55 13 minutes, 55 seconds unmet medical needs, we aim to introduce brand line extensions that cater to evol 14:02 14 minutes, 2 seconds evolving therapeutic landscapes. Apart from growing organically, brand acquisition and in licensing arrangement remains a key growth driver for corona. 14:13 14 minutes, 13 seconds We are also intensifying our engagement with specialist super specialist prescriber in metro, semi- metro, urban 14:21 14 minutes, 21 seconds and semi-urban cers through our medical representative network to enhance our presence in high value therapeutic 14:29 14 minutes, 29 seconds segment. In addition to consolidating our presence in existing therapy areas, we are also strategically expanding our 14:37 14 minutes, 37 seconds presence in additional therapeutic areas leveraging existing brand equity and market positioning. We are currently 14:45 14 minutes, 45 seconds catering to roughly onethird of the Indian pharmaceutical market providing considerable opportunity to expand into 14:52 14 minutes, 52 seconds additional therapeutic areas such as infertility, nephrology, CNS, oncology, dermatology, so on and so forth. 15:03 15 minutes, 3 seconds Given our diversified and expanding product portfolio, healthy brand strength, wide and growing marketing and 15:10 15 minutes, 10 seconds distribution network, experienced leadership and financial discipline, we are on track to deliver 15% 15:19 15 minutes, 19 seconds CAGR 15% revenue growth and 20% pet or EPS growth for next 3 to four years. I 15:27 15 minutes, 27 seconds would you know before handing over to uh CFO Khavin Bhagat on the financial number lastly let me touch upon the very 15:35 15 minutes, 35 seconds important point on the ESG ESG is environment social and governance 15:43 15 minutes, 43 seconds responsibility on and above growth in revenue and profitability we are equally committed for EST2 as far as environment 15:51 15 minutes, 51 seconds is concerned existing solar power plant of 1.3 mega megawatt at Bila plant an investment in 4.25 25 megawatt in 16:01 16 minutes, 1 second upcoming upcoming solar park spreaded over 11.9 acres which will save significant electric city cost 16:10 16 minutes, 10 seconds protection of environment by tree plantation effluent treatment plan ETP at VA plant for achieving zero liquid discharge. 16:20 16 minutes, 20 seconds Yes, you heard right. Zero liquid discharge, social responsibility, financial assistance to young talented 16:28 16 minutes, 28 seconds for promotion of sports and education, blood donation camps organized by head office and manufacturing facilities. 16:36 16 minutes, 36 seconds Investing in employee training increased by 50%. And promoting gender equality, 16:43 16 minutes, 43 seconds we have 40% of total workforce at Solen plant are female employees. As far as governance is concerned, the World Bank 16:52 16 minutes, 52 seconds Group awarded the Corona with EDGE advanced certificate recognizing the company for energy and water saving 17:01 17 minutes, 1 second measures. We have A+ credit rate rating EUGMP certified plant one word one 17:08 17 minutes, 8 seconds quality and and we are working with the QR code technology for product counterfeiting on 17:16 17 minutes, 16 seconds the on the strip. This is the brief on ESG. I would now like to hand over the call to our CFO Mr. Bhavin Bhagat to 17:25 17 minutes, 25 seconds take you through financial and operation performance. Thank you and over to you Bhavindai. Thank you Nero. Firstly, a 17:33 17 minutes, 33 seconds warm welcome to everyone to our Q2 and H1 FI26 earnings call. Before I take you through the financial performance, let 17:42 17 minutes, 42 seconds me update you the premise of sharing Q2 and H1 FY26 results in the month of Jan 26. As per the SE regulation, when a 17:51 17 minutes, 51 seconds company gets listed, they need to publish the results of previous quarter within 21 days from the date of getting 17:58 17 minutes, 58 seconds listed. As we got listed on 15th December, we need to publish the results of previous quarter that is Q2 FI 26 18:07 18 minutes, 7 seconds within 21 days. We have published our results within the stipulated time. 18:14 18 minutes, 14 seconds Now I will take you let me take this opportunity to take you through the financial performance for the quarter and half year ended 30th September 2025. 18:24 18 minutes, 24 seconds Coming to the quarterly performance first revenue for Q2 FY26 stood at rupees 361 crores with a growth of 15% 18:33 18 minutes, 33 seconds YI with India business contributing to 96.5% of its total revenue. IITA stood 18:41 18 minutes, 41 seconds at rupees 78.5 crores reflecting a growth of 17.4% at 4% on a Y basis 18:48 18 minutes, 48 seconds whereas the AITA margins improved by around 40 bits and stood at 21.7%. 18:56 18 minutes, 56 seconds Profit after tax stood at rupees 52 KES compared to 43 Kores in Q2 FY25 19:03 19 minutes, 3 seconds reflecting a growth of around 22% on a Y basis. [clears throat] Speaking of our H1 FY26 performance, 19:12 19 minutes, 12 seconds revenue for H1 FY26 stood at rupees 708 crores compared to 605 crores in H1 FY25 19:21 19 minutes, 21 seconds reflecting a growth of 17% on a YI basis with India business contributing to 19:28 19 minutes, 28 seconds 96.4% of its total revenue. AITA for H1 FI26 grew by 27.5% on a Y basis and 19:37 19 minutes, 37 seconds stood at rupees 148 Kores whereas the IBITA margin has seen a healthy improvement of around 170 bibs. EITA margin stood at 20.9%. 19:49 19 minutes, 49 seconds Profit after tax for H1 FY26 stood at rupees 98.5 crores compared to rupees 73 19:58 19 minutes, 58 seconds crores in H1 FY25 reflecting a strong growth of 35% on a Y basis. On the return ratios front, our 20:07 20 minutes, 7 seconds annualized ROE for H1 FY26 stood at 31.1%. 20:14 20 minutes, 14 seconds Whereas our annualized ROCE for H1 FI26 stood at 49.7%. 20:21 20 minutes, 21 seconds OCF to IBITa stood healthy at 76.5%. 20:26 20 minutes, 26 seconds Whereas last but not the least the net working capital days stood at the best of the class of 23 days. With that I 20:34 20 minutes, 34 seconds would like to open the floor for questions. Thank you. 20:40 20 minutes, 40 seconds Thank you ladies and gentlemen. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. 20:51 20 minutes, 51 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use their handsets while asking a question. 21:01 21 minutes, 1 second Ladies and gentlemen, we will wait for a moment while the question cube assembles. 21:08 21 minutes, 8 seconds We take the first question from the line of Alankar Garud from Kotak Institutional Equities. Please go ahead. 21:15 21 minutes, 15 seconds Hi, thank you for the opportunity and congrats to the team on the listing as well as uh uh the good performance in 21:22 21 minutes, 22 seconds the second quarter. Uh Mira, you you have mentioned about the the fertility segment and wanting to grow further in 21:30 21 minutes, 30 seconds this segment. You also spoke about it in your opening remarks. Um can you comment a bit about uh what exactly uh is your 21:38 21 minutes, 38 seconds presence right now within uh the fertility segment when we talk about infertility specialist as well as the IVF focused hospitals which is what we 21:47 21 minutes, 47 seconds have mentioned in the presentation and how exactly do we plan to grow further in this segment. 21:54 21 minutes, 54 seconds Yeah. So good afternoon Alanhar. uh as you I think so as you know that we are amongst 22:02 22 minutes, 2 seconds top five or six companies in the women's healthcare portfolio you know we have been available uh in men to menopause 22:10 22 minutes, 10 seconds all the product means from starting from men pregnancy care pre-reg post pregnancy care we have been available everywhere but as far as our infertility 22:19 22 minutes, 19 seconds segment is concerned we are meeting the doctor's fertility but not been available with our core infertility 22:26 22 minutes, 26 seconds portfolios we acquired with bioiders about few products in the segment on infertility you know like fostc 22:35 22 minutes, 35 seconds and lupract we are under process of validation as of now and I think so in in the few months of time from now we 22:42 22 minutes, 42 seconds are going to launch a separate team for infertility and entering in the uh infertility market with this products 22:50 22 minutes, 50 seconds you know specialized team of about you know less than 50 people across the nation who are going to meet only infertility specialist we are under 22:58 22 minutes, 58 seconds development I think so within couple of months we are going to launch and then we are strengthening our woman healthcare position you know by by 23:06 23 minutes, 6 seconds infertility product range also got it sir so basically would it be fair 23:13 23 minutes, 13 seconds to say that as of now our presence in this space is quite limited uh the Bayers had portfolio acquisition does 23:20 23 minutes, 20 seconds help uh but uh currently uh I mean it's it's just a fresh start for us as far as infertility specialist is concerned. 23:30 23 minutes, 30 seconds So, so Alankar you are right but as far as infertility doctors are concerned they're also treating a pregnancy we are also treating pre and post pregnancy and 23:39 23 minutes, 39 seconds the manach and menopause issues also so we have been available with that doctor in that particular portfolio but as far as core infertility portfolio is 23:48 23 minutes, 48 seconds concerned we are now going ahead with the buyer acquisition products we are under development and we will launch in 23:54 23 minutes, 54 seconds the core therapy of infertility within next 3 four months of Got it. Got it sir. Uh secondly uh how 24:04 24 minutes, 4 seconds would you describe your current position in the newer therapeutic areas of nefro CNS enco 24:11 24 minutes, 11 seconds shall we expect these therapies to be in terms of scale for us over say in the next 3 to 5 years. 24:18 24 minutes, 18 seconds So as far as corona is concerned today we have been available in human healthcare cardio metabolic urology and 24:25 24 minutes, 25 seconds pain management. We are working to develop you know six seven uh therapies 24:31 24 minutes, 31 seconds today like infertility, spine, romato, CNS, dermatology, gastrointestinal 24:38 24 minutes, 38 seconds and what we have decided we will unlock this each therapy at the right time starting with the infertility in this year slowly and gradually we will unlock 24:48 24 minutes, 48 seconds each therapies in you know next 3 to four uh to five years of time and whenever we launch and enter into the 24:56 24 minutes, 56 seconds new therapy Our aim is to take the leadership position in that therapy and then focus onto the other therapy to grow. At the same time today as far as 25:05 25 minutes, 5 seconds our covered market is concerned wherever therapies we are we are about 1.9% market share and that market is growing 25:12 25 minutes, 12 seconds by 10%. Which is about 25% more than the IPM. So we are optimistically positive 25:19 25 minutes, 19 seconds to grow deeper in the segments where we have been available and at the right time we will unlock these therapies which have been told about. 25:28 25 minutes, 28 seconds Got it sir. And would it be fair to say that similar to our existing therapies be it women's health or cardioabolic 25:36 25 minutes, 36 seconds our focus will be more on the specialist and the super specialist segment rather than the GP segment. 25:44 25 minutes, 44 seconds Yeah absolutely. So uh you know as far as the middle of the pyramid is concerned a specialist and super specialist which is the biggest chunk of 25:53 25 minutes, 53 seconds IPM Indian pharmaceutical market we have been super focused over there and whatever therapies we are entering from 26:00 26 minutes today to tomorrow to day after our focus will remain strong on the specialist and super specialist. 26:07 26 minutes, 7 seconds Got it sir. And one final question uh if I may. U see broadly if I look at our R&D spends have been relatively lower 26:17 26 minutes, 17 seconds compared to what we see for other similar companies. Um and with us now looking at newer therapeutic areas over 26:24 26 minutes, 24 seconds the next few years. Uh is there anything different which we need to do on the R&D side whether it be beefing up our team 26:33 26 minutes, 33 seconds or increasing our investments? anything which you would like to highlight there sir? 26:38 26 minutes, 38 seconds So as far as R&D is concerned you know it's it's really been very very important segment for any pharmaceutical growing pharmaceutical industry at the 26:46 26 minutes, 46 seconds time of uh launching new product validations bio equivalent so on and so forth as our revenue grows I think so 26:54 26 minutes, 54 seconds the percentage contribution CI to the R&D will remain less than 2% and today about 100 plus scientists are working in 27:01 27 minutes, 1 second R&D we will expand little but if we grow only revenues like 15% plus I So that percentage less than 2% will remain less than 2%. 27:13 27 minutes, 13 seconds Got it sir. Uh that's it from my side. Thank you and all the best. Thank you sir. 27:19 27 minutes, 19 seconds Thank you ladies and gentlemen. If you wish to ask a question please start at one. 27:28 27 minutes, 28 seconds We take the next question from the line of Yug Modi from AP Capital. Please go ahead. 27:34 27 minutes, 34 seconds Uh hello sir good afternoon sir sir am I audible yeah I audible sir sir I just had two questions sir wanted to understand the 27:43 27 minutes, 43 seconds Indian's brand's approach in in a slightly more detailed manner how does it help us in our overall growth some color on it would be helpful 27:52 27 minutes, 52 seconds I couldn't get the question sir I just wanted to understand our engine's brand approach in a slightly more 28:00 28 minutes detailed manner and uh and how does it help in our overall growth No. So look at the Indian pharmaceutical 28:09 28 minutes, 9 seconds market I think. So it's about 2 lakh 32,000 cr market growing at the you know speed of about 8 and a half% on year on 28:17 28 minutes, 17 seconds year and this I'm talking about 2 lakh 32,000 cr. This whole market is about prescription based branded formulation 28:24 28 minutes, 24 seconds market. Now how you differentiate brand from a product to just give you know simple understanding about a toothpaste 28:32 28 minutes, 32 seconds to Colgate or a toothpaste to close up or a toothpaste to pepsulent is the market from generic to branded you know 28:38 28 minutes, 38 seconds brand gives a flavors a quality and the you know confidence in the set customer's mind. We have been available 28:46 28 minutes, 46 seconds in four therapies like women's healthcare, cardio, metabolic, urology and pain management. And we tried to you know launch the product with little niche or little differentiated manner. 28:58 28 minutes, 58 seconds Even your classical example of our number one brand B29 which is about 150 cr plus brand B29. You know it seems to 29:07 29 minutes, 7 seconds be it is in a vitamin mineral but it is the brand for neuro diabetic neuropathy management. So whenever we have launched this brand, we have launched this brand 29:16 29 minutes, 16 seconds in the science part of it that whatever ingredients this brand has is been helping a diabetic patients to delay the 29:23 29 minutes, 23 seconds neuropathy management. So you know we try to take the road of a little differentiated manner try to put a 29:31 29 minutes, 31 seconds science into it a unmet need of the patients and the medical fertility and then on the basis of science and 29:38 29 minutes, 38 seconds consistent consistency we try to you know make that product convert into the brand. So I think so you know if you 29:46 29 minutes, 46 seconds look at the India it's about branded formulation market and if you just try to understand it seems only a branded 29:53 29 minutes, 53 seconds formulation market but it is with the complex supply chain management and you know hence if you look at this 8 and a 30:00 30 minutes half% growth hypothetically it is 2 32,000 cr market 8 and a half% growth is been bringing whatever cr on the table 30:09 30 minutes, 9 seconds every year about 79% of that market is been diversified from the top 50 company and the rest has been diversified 30:18 30 minutes, 18 seconds between you know 51 to300 1400 rank company. So it's been a market where more or less this become bigger that 30:27 30 minutes, 27 seconds that story goes on because of the complex supply chain and the brand management phenomena. 30:33 30 minutes, 33 seconds Okay. Just for lastly just can you just highlight the strategy for our international business like which are the current geographies where we have a 30:40 30 minutes, 40 seconds considerable presence and how do we plan to enter uh newer geographies how different is our product portfolio compared to India business 30:49 30 minutes, 49 seconds so as far as international is concerned today we have about 3 and a half% contribution with the international business but we are we are going ahead 30:56 30 minutes, 56 seconds to develop a hormonal complex generic female hormonal product portfolio with help of L Chandra as a backward 31:04 31 minutes, 4 seconds integration a forward integration block on the hormones we already sat in Ahmedabad and it's you know EUG GMP approvable plant which is going to 31:13 31 minutes, 13 seconds kickstart by the uh you know end of the Q2 or the early of Q3 of FY 207 31:21 31 minutes, 21 seconds and once we'll start that plant we you know develop simultaneously we're developing and at that time we are we will develop those years in the women's 31:29 31 minutes, 29 seconds healthcare and the theme for international market remain Think hormone, think corona. It's absolutely a 31:36 31 minutes, 36 seconds niche in this segment. So you know we will go worldwide uh except US and Japan as of now to start with uh you know rest 31:44 31 minutes, 44 seconds of the world uh Europe uh UK, Australia, New Zealand, Brazil, Mexico, Asia and 31:52 31 minutes, 52 seconds CIS Russia with the product portfolio and we will add general category products also from our plant into the 32:00 32 minutes international kitty. We are quite hopeful that with this in couple of years we can have our CI of around 8 9% 32:08 32 minutes, 8 seconds higher singledigit CI with interest of business too. 32:14 32 minutes, 14 seconds Okay perfect sir that answers all my question. Thank you sir. Thank you. 32:21 32 minutes, 21 seconds Thank you ladies and gentlemen. If you wish to ask a question please press star and one. 32:29 32 minutes, 29 seconds We take the next question from the line of Adita Cher from Incred Asset Management. Please go ahead. 32:37 32 minutes, 37 seconds Hello, good afternoon. Uh my question is pertaining to the slide 17. 32:52 32 minutes, 52 seconds Yeah. Hello. 33:01 33 minutes, 1 second Hello. Adita, are you there? 33:11 33 minutes, 11 seconds Adita, are you there? 33:16 33 minutes, 16 seconds Since there is no response, we will move on to the next question which is from the line of Rahul Jivani from IIL Capital Services Limited. Please go ahead. 33:27 33 minutes, 27 seconds Yeah. Uh thanks sir for taking my question. Uh sir, can you talk about the productivity or the PCPM for the 33:35 33 minutes, 35 seconds domestic business which uh let's say versus some of the other chronic peers is slightly on the lower side. So how do 33:43 33 minutes, 43 seconds you see this productivity ramping up for us over the next 3 to four year period and can you also talk about how the 33:51 33 minutes, 51 seconds productivity is between some of your mature divisions in India and some of the new divisions which you might have uh added over the past let's say two to three year period. 34:02 34 minutes, 2 seconds Yeah. So uh good afternoon Right. uh look at today you know corona's PCPM per 34:08 34 minutes, 8 seconds capita per month is about 3.9 months about four lakhs rupees and but if you dissect this PCPM from the people who 34:17 34 minutes, 17 seconds have joined 0 0 to 3 years 3 to 6 years and 6 to 9 years you know the productivity vise from 2.5 lakh to 8 34:25 34 minutes, 25 seconds lakh 8 lakh from the people who have been joined you know 6 to 9 years range 3 to 6 years is about five lakh and 34:33 34 minutes, 33 seconds about 0 to 3 years is two two and a half lakh. So you know considering the productivity will increase every year 34:40 34 minutes, 40 seconds but we have added about 600 plus people in last 3 years of time. Hence today our productivity is about 4 lakh rupees. But if you look at the other geographies a 34:49 34 minutes, 49 seconds mature market or a western market the productivity has gone to as high as 6 to 8 lakh rupees. 35:00 35 minutes Sure sir. And how do you let's say now we are targeting uh so so first question with respect to this would be that how 35:07 35 minutes, 7 seconds many reps do you plan to add every year and then let's say from a 3 to four year perspective do we have any target uh 35:17 35 minutes, 17 seconds productivity in mind in terms of reaching our desired productivity level so you know the the uh as far as 35:26 35 minutes, 26 seconds expansion is concerned we have decided to expand these MR numbers by 5 to 7% on year on year because today we are on a 35:33 35 minutes, 33 seconds critical mass of around 2600 plus medical representative and by launching a new super speciality therapies like 35:40 35 minutes, 40 seconds infertility spine romeo etc we required that 5 to 7% uh people in that we are 35:47 35 minutes, 47 seconds going to add few organically required people also to cover the nook and corners of India our endeavor raw is to 35:55 35 minutes, 55 seconds grow on 15% on revenue and 20% on pets obl you know u 36:03 36 minutes, 3 seconds EPF and that's been mind while creating the model for next four to five years of time. 36:10 36 minutes, 10 seconds Sure sir. Uh uh the second question which I have is around the hormonal new plant which we were uh building. So you 36:18 36 minutes, 18 seconds said you will use that plant to ramp up the international business. So can you just update us in terms of progress at 36:25 36 minutes, 25 seconds that plant? when do we expect to receive the the WH and the EU GMP approvals for that fund? 36:33 36 minutes, 33 seconds So uh as I told as I told earlier also this plant is that benefit the the the building is ready. We have got the state 36:41 36 minutes, 41 seconds uh you know schedule M license also. We are now you know going to kickstart the commercial uh by the Q2 end of Q2 or 36:50 36 minutes, 50 seconds early of Q3 of FY27 and uh once we'll kickstart the commercial activities by Q4 we are 36:59 36 minutes, 59 seconds expecting about Q4 of FY27 we're expecting about WH and by that time we will try to take uh you know EUGMP 37:08 37 minutes, 8 seconds inspection also but that all depends on EUGMP dates uh from the Hungary and all. 37:14 37 minutes, 14 seconds So our endeavor is to kickstart this plant uh you know by taking WH and been working hard for EGMP approval or approval also by the FY27 end. 37:27 37 minutes, 27 seconds Sure. So this plant will potentially then start contributing from a topline perspective in FY28 only. 37:35 37 minutes, 35 seconds Absolutely. This plant will you know help first first of all we will transfer our India based hormonal product in that 37:42 37 minutes, 42 seconds plant and try to create the dozes for the international market. I think so the commercial uh the the the you know for 37:49 37 minutes, 49 seconds the first few quarters it will India based product and then you know we will kickstart the interest of business with that plant you know with the hormones 37:58 37 minutes, 58 seconds female hormones and s the infertility specialists which we are targeting so I'm assuming that 38:05 38 minutes, 5 seconds some of those hormonal products for India would be launched through this plant agreed agreed you're absolutely right sure sir and Last question from my side. 38:17 38 minutes, 17 seconds Can you also talk about in terms of how you are seeing the the the the M&A market in terms of uh acquisitions in 38:25 38 minutes, 25 seconds India? So are you evaluating any further assets uh to to to let's say uh diversify your portfolio in the India business. 38:36 38 minutes, 36 seconds So I think so M&A is a talk of today as far as ICM is concerned. A very important thing is what you get it, how 38:44 38 minutes, 44 seconds you get it and what you can do out of it. So at Corona view of practice whenever we see any inorganic or in licensing opportunities, we try to 38:53 38 minutes, 53 seconds create our own model that what we can do with that product range is it in a fitment is it a right to add in the therapies or enter into the new 39:02 39 minutes, 2 seconds therapies. So we are constantly evaluating it. It's not that easy but it's not that difficult also. So I think 39:09 39 minutes, 9 seconds so you know in Last year's July 25 as I mentioned we have got you know there's a seems to be a small acquisition buyers 39:18 39 minutes, 18 seconds riders we have you know paid about 7 and a half 8 cr behind that acquisition but that will take us along with that 39:25 39 minutes, 25 seconds acquisition so important is what you can do out of that acquisition we are bullish into it as of now you know we 39:33 39 minutes, 33 seconds are looking at two three interesting opportunities but it's Rahul why if you look at hundreds you may get one or you 39:40 39 minutes, 40 seconds know that sort of chances are there. So nothing concrete as of now after Zidus buyer our first focus is to make this 39:48 39 minutes, 48 seconds acquisition more meaningful you know in a days to come. At the same time we will continue to be optimistic as far as acquisition and in licensing is concerned. 39:58 39 minutes, 58 seconds Yes one followup to on that in the past we have acquired assets in India largely from MNC companies. uh we haven't uh uh 40:07 40 minutes, 7 seconds let's say acquired any assets from other Indian companies. So would you continue to adopt a similar approach in terms of 40:15 40 minutes, 15 seconds acquiring some of these uh non-core portfolios from MNC's which might come at a reasonable valuation as compared to some of the other assets. 40:26 40 minutes, 26 seconds So it's nothing like a multinationals or a top Indian company. There is there is no differentiator in our mind. The important is what sort of culture we are 40:34 40 minutes, 34 seconds acquiring out of the brand. What sort of character we are acquiring from the brand. If that character is been in our fitment, we have been positive. If it is 40:43 40 minutes, 43 seconds not, we are not. So, you know, it hardly make any difference whether it is a Indian company or a multinational company. You know, interestingly, we got that opportunity with the multinational. 40:55 40 minutes, 55 seconds uh but if we get tomorrow any opportunity from our Indian company and if it is in the fitment we will definitely look into it. 41:02 41 minutes, 2 seconds Sure sir. Thank you. Thanks for answering my question. So I will join back the queue. 41:08 41 minutes, 8 seconds Thank you. We take the next question from the line of Niharika Agarwal from Incred Asset Management. Please go ahead. 41:16 41 minutes, 16 seconds Uh just a small uh correction. It's uh Incred. 41:21 41 minutes, 21 seconds Thank you so much for taking my question. Uh so I wanted to ask since this is your first uh public earnings 41:29 41 minutes, 29 seconds call, could you help us understand the seasonality in your business? Is H2 typically stronger than H1 in terms of margins or revenue? 41:42 41 minutes, 42 seconds So you know we have more or less 70% plus chronic and semicronic uh uh portfolio. So you know seasonality 41:50 41 minutes, 50 seconds doesn't matter much but still if you look at half one to half two more or less it is 50/50 but uh you know 100 41:59 41 minutes, 59 seconds basis point minus in the first half versus 100 basis point. So it's been more or less 100 basis point here and 42:06 42 minutes, 6 seconds there as far as revenue and uh profitability margin is concerned. You know if you try to understand corona in 42:15 42 minutes, 15 seconds a more deeper manner half one half two is 50/50 more or less 100 basis point for here and there and if you look at a 42:22 42 minutes, 22 seconds revenue you know split our Q3 more or less October, November, December is slightly been uh lesser as far as 42:30 42 minutes, 30 seconds revenue growth is concerned uh with the other quarters because of this you know festive uh season but more or less it is 42:37 42 minutes, 37 seconds also 25 to 27% uh on quarter on quarter to quarter split CI as far as revenue is 42:44 42 minutes, 44 seconds concerned and similarly in line with profitability but if you want to see corona it is on 42:51 42 minutes, 51 seconds 15% revenue growth on CGR for next 3 to four years and 20% pet or EPS for next 3 42:58 42 minutes, 58 seconds to four years that's our endeavor is um u and then uh thank you so much sir 43:06 43 minutes, 6 seconds one I had one more uh question over here given the stabilization in raw material costs and your product uh makes shift 43:13 43 minutes, 13 seconds towards chronic therapies. Is 22 to 23% a sustainable margin band for FY27 or do 43:21 43 minutes, 21 seconds you plan to reinvest the gains into marketing or field force? 43:26 43 minutes, 26 seconds As I said to you madam earlier also our endeavor is about 20% pet or EPS growth year on year for next four years. We 43:35 43 minutes, 35 seconds have a plan in place till FY 29 and that's why I'm telling you that we will look into it that we should grow about 20% plus P or EPS growth. 43:47 43 minutes, 47 seconds Um all right sir that is very helpful. 43:50 43 minutes, 50 seconds Thank you so much for giving me an opportunity to ask questions. 43:56 43 minutes, 56 seconds Thank you. We take the next question from the line of air sha from JM Financial. Please go ahead. 44:10 44 minutes, 10 seconds A please unmute your line and proceed with your question. Yeah. Am I audible now? 44:18 44 minutes, 18 seconds Yeah. Yeah. 44:19 44 minutes, 19 seconds Yeah. Yeah. Hi Nai. So just had one question. Uh we have been so far successful with our middle of the 44:25 44 minutes, 25 seconds pyramid approach. On one aspect uh you did clarify on the specialist side that it will continue. uh but going ahead uh 44:33 44 minutes, 33 seconds in terms of the geographic presence where also this uh approach is applicable in terms of the city urban and rural mix. So you expect we need to 44:43 44 minutes, 43 seconds change a bit there considering we have well above now 1 th00and cr in terms of size of the business. 44:50 44 minutes, 50 seconds So however uh you know try to understand the India if you look at India it's all about semi-urban to urban urban to uh 44:58 44 minutes, 58 seconds semi- metro and semimetro to metro. So everywhere you know whatever been rural yesterday been semi-urban today and you 45:05 45 minutes, 5 seconds know urban tomorrow to semi- metro to metro you know so the market shift has been happening in the specialist in each 45:12 45 minutes, 12 seconds category from semi-urban to metro is been increasing heavily if you look at the medical seats also you know today in 45:21 45 minutes, 21 seconds India about 70,000 specialist and super specialist seats has been added you know resoluted you know I think so India will 45:30 45 minutes, 30 seconds We are interesting specialist and super specialist market and our focus will remain same on the middle of the pyramid specialist which is the highest chunk to 45:39 45 minutes, 39 seconds special super specialist because you know that will take you to the newer segments. So our focus will remain same onto it. 45:46 45 minutes, 46 seconds Sure. Sure. And just last one if I can squeeze in uh the on the diabetes side our focus at present or at least the brand presence we are largely into the 45:56 45 minutes, 56 seconds metform in combination which is a firstline therapy but we have a very small presence in glyipin dloins uh any 46:03 46 minutes, 3 seconds thoughts over there as well as if you can also explain our GLP-1 strategy along with that thank you so much and I will join back the 46:11 46 minutes, 11 seconds yeah so as far as diabetic portfolio is concerned today we have been available in sitin which is DPP4 Dapagal Gloazin 46:18 46 minutes, 18 seconds and MB EMPALSin which is SGLT2. So we have been well diversified been available in BPP4 SGLT2 and we have 46:26 46 minutes, 26 seconds launched this brand before few years we are trying to make that brands you know big to big to bigger with the OBMAT GX portfolio which is you're you say 46:35 46 minutes, 35 seconds rightly about the glimide metformin and the combination portfolio. As far as GLP1 is concerned, yes, we are working 46:42 46 minutes, 42 seconds with that uh GLP1 uh you know and we are hopeful that we will launch at the right time in the Indian market or patent. 46:50 46 minutes, 50 seconds Sure sir. Thank you so much. Thank you for taking my question. Thank you. 46:55 46 minutes, 55 seconds Thank you ladies and gentlemen. This was the last question and we conclude the question and answer session. I now hand the conference over to the management for their closing comments. 47:07 47 minutes, 7 seconds Thank you all once again for joining us today on the Q2 and H1 F FY26 earning call. We will keep the investor and 47:16 47 minutes, 16 seconds analyst community posted with any update relating to Corona remedies limited. We hope we have been able to address all 47:24 47 minutes, 24 seconds your queries. For any further queries or information, kindly get in touch with us or SGA, our investor relations partner. 47:33 47 minutes, 33 seconds Thank you so much and have a great day. 47:35 47 minutes, 35 seconds Had thank you on behalf of Corona Remedies Limited. That concludes this conference call. Thank you for joining us and you 47:44 47 minutes, 44 seconds may now disconnect your