CORONA Remedies Limited — Q3 FY26

Corona Remedies Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=-WomPxAjabk Published: 3 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to Corona Remedies Q3 FI26 earnings conference call hosted by 0:08 8 seconds Capital Service Limited. As a reminder, all participant lines will be in the listenon mode and there will be an opportunity for you to ask questions 0:16 16 seconds after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. 0:27 27 seconds Before we begin, I would like to point out that this conference may contain forward-looking statements about the company which are based on the beliefs, 0:34 34 seconds opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risk and 0:42 42 seconds uncertaintities that are difficult to predict. I now hand the conference over to Mr. Rahul Giani from Capital. Thank you and over to you sir. 0:53 53 seconds Hi uh good afternoon everyone. This is uh Rahul from IFL Capital. I welcome you all to the third quarter earnings 1:01 1 minute, 1 second conference call of Kona Remedies Limited being hosted by IFL. Uh from Corona we 1:08 1 minute, 8 seconds have with us today Mr. Nab Meta managing director and CEO Mr. Ankur Ma joint 1:15 1 minute, 15 seconds managing director Mr. Bhavin Bhagat Chief Financial Officer Mr. pages Kotari 1:22 1 minute, 22 seconds vice president corporate strategy and business development and Mr. Vijay Shalu, President India Business. Over to you, sir, for your opening comments. 1:36 1 minute, 36 seconds Good afternoon ladies and gentlemen. Uh thank you all for joining us on the Q3 and 9 months FY26 earning call of Corona 1:45 1 minute, 45 seconds Remedies Limited. Along with me on call, I am joined by our joint managing director Mr. Ankur Ma, our CFO Mr. 1:54 1 minute, 54 seconds Bhavin Bhagat, other members of the senior management team and SGA strategic growth advisor, our investor relation partner. 2:03 2 minutes, 3 seconds We have uploaded our result, press release and investor presentation on the stock exchange and on company's website. 2:12 2 minutes, 12 seconds I hope everybody has the opportunity to go through the same. 2:18 2 minutes, 18 seconds I would like to begin by giving you all a brief overview of Corona Remedies Limited. 2:25 2 minutes, 25 seconds Established in December 2004, Corona Remedies has been built on three core philosophies which are referred as the 2:34 2 minutes, 34 seconds triple C philosophy. The first C stands for culture. It focuses on fostering 2:41 2 minutes, 41 seconds ruthless execution, internal growth, adoptability and humility. The second C 2:47 2 minutes, 47 seconds represents courage. It reflects our willingness to acknowledge mistakes, learn from them and continuously 2:56 2 minutes, 56 seconds improve. The third C is commitment. It represent our dedication to deliver 3:03 3 minutes, 3 seconds global quality products and achieving long-term sustainable growth. Corona is an India focused branded pharmaceutical 3:12 3 minutes, 12 seconds company engaged in development, manufacturing and marketing of formulations across key therapy areas 3:18 3 minutes, 18 seconds like women's healthcare, cardio diabet, pain management and urology as well as other segments such as VMN, 3:28 3 minutes, 28 seconds gastrointestinal, respiratory therapies etc. Approximately 96% of our revenue comes from India. 3:38 3 minutes, 38 seconds Corona has grown, invested and expanded in disciplined manner over the last two decades creating a diversified product portfolio. 3:49 3 minutes, 49 seconds It is towards chronic and semi semicronic segment which contributes approximately 70 to 72% of our total 3:57 3 minutes, 57 seconds revenue. Today we have a portfolio of 70 plus brands with prominent brands like 4:04 4 minutes, 4 seconds B29, Mayoril, Tricemium, Cortel, OBM etc. 4:10 4 minutes, 10 seconds In in the past few years we have consistently outpaced the IPM Indian pharmaceutical market. Speaking for this 4:19 4 minutes, 19 seconds quarter, we are the fastest, we are number one fastest growing pharmaceutical company amongst top 30 pharma companies in India for Q3 FY26. 4:30 4 minutes, 30 seconds We have grown at 18.9% nearly twice as fast as the IPM which 4:38 4 minutes, 38 seconds has grown by 9.6% over the same period as per pharma track. This has resulted in corona's 4:45 4 minutes, 45 seconds jumping up two ranks from 30th to 28th rank in IPM Indian pharmaceutical market. 4:54 4 minutes, 54 seconds An important and diver and differentiating factor driving our overall growth is volume. There are 5:01 5 minutes, 1 second three growths volume price and new introductions or else it is volume plus 5:07 5 minutes, 7 seconds ni and price growth. But corona has always been differentiating factor in the overall growth with volumes plus NI. 5:18 5 minutes, 18 seconds Corona's healthy volume plus NI growth trajectory comes on back of our focus on the chronic and semicronic segment. 5:28 5 minutes, 28 seconds Along our journey, we have also executed strategic brand acquisition and inlicicensing arrangements to address 5:35 5 minutes, 35 seconds therapy gaps in our portfolio and to establish complimentary capabilities such such as backward integration, 5:43 5 minutes, 43 seconds marketing arrangements and diversified product offerings. We have a strong track record when it comes to acquired 5:51 5 minutes, 51 seconds brands. After acquiring brands from giants like Glexosclin, Abot, Sonopi 5:58 5 minutes, 58 seconds etc., we have been successful in scaling those brands considerably and we hope to continue the same trend with seven brand acquisition from buyer in July 2025. 6:12 6 minutes, 12 seconds The commercialization of the portfolio acquired from the buyer will begin in Q4 6:17 6 minutes, 17 seconds FY26 with the launch of no plus. The no franchisee has significant market 6:24 6 minutes, 24 seconds opportunities in antiplatlet and combination therapies and will contribute in our growth in years ahead. 6:33 6 minutes, 33 seconds The EUGMP approved Gujarat facility has also received EA EUGMP 6:41 6 minutes, 41 seconds accredation. Eurosian GMP accreditation enables corona entry into five EA EU 6:49 6 minutes, 49 seconds members countries like Russia, Kygystan, Armenia, Belellarus and Kazakhstan 6:56 6 minutes, 56 seconds through a B2B model. It opens assets to a pharmaceutical market valued at 7:02 7 minutes, 2 seconds approximately 25 billion USD and aligned strongly with Corona's long-term vision 7:09 7 minutes, 9 seconds of building and strengthening international partnership. 7:13 7 minutes, 13 seconds Cash flows has been cornerstone for our journey and will continue to be so. We 7:20 7 minutes, 20 seconds have a strong track record of IBITA to OCF conversion which has enables us to reinvest for growth over the past two 7:29 7 minutes, 29 seconds decades. Owing to our disciplined cash flow generation, capital allocation and steady profitability. Our returns ratios 7:38 7 minutes, 38 seconds have been healthy. We are net cash surplus company. 7:42 7 minutes, 42 seconds The performance is aligned with our annual guidance of 15% revenue growth and 20% paid growth. Our engine brand performed in line with the expectation. 7:56 7 minutes, 56 seconds Going forward, our intent and strategy is to increase our market share across our key therapies areas by focusing on 8:05 8 minutes, 5 seconds chronic and subchronic segment offering products across the life cycle of a patient. The strategy is primarily 8:14 8 minutes, 14 seconds focused on launching new products that address unmet patients need within existing therapy areas. By identifying 8:23 8 minutes, 23 seconds gap in patient care and unmet medical needs, we aim to introduce brand line extensions that cater to evolve evolving 8:33 8 minutes, 33 seconds therapeutic landscapes. Apart from the growing organically brand acquisition and in licensing arrangements, we remain key growth drivers at Corona. 8:46 8 minutes, 46 seconds We are also intensifying our focus with specialist and super specialist prescribers through our medical 8:54 8 minutes, 54 seconds representative network to enhance our presence in high value therapeutic segments. Given our diversified and 9:02 9 minutes, 2 seconds expanding product portfolio, healthy brand strength, wide and growing marketing and distribution network, 9:10 9 minutes, 10 seconds experienced leadership and financial discipline, we are on track to deliver consistent growth and stable 9:17 9 minutes, 17 seconds profitability. We expect to continue growing our revenue in mid- teen range and our profit after tax at high teen 9:27 9 minutes, 27 seconds range. I would like to hand over the call over to our CFO Mr. Bhavin Bagat to 9:34 9 minutes, 34 seconds take you through the financial and operational performance. Thank you and over to Bahin. 9:41 9 minutes, 41 seconds Thank you. A warm welcome to everyone to our Q3 and 9 months FY26 earnings call. 9:49 9 minutes, 49 seconds I'll take you through the financial performance for the quarter and 9 months ended 31st December 2025. 9:56 9 minutes, 56 seconds Coming to the quarterly performance first revenue for Q3 FI26 stood at rupees 342 crores versus rups 298 crores 10:06 10 minutes, 6 seconds in Q3 FI25 reflecting a healthy growth of 15% YITA 10:14 10 minutes, 14 seconds stood at 83 crores versus 69 crores in Q3 FI25 reflecting a growth of 20% on a YI basis. 10:24 10 minutes, 24 seconds margin improved by around 100 bits and stood at 24.3%. 10:29 10 minutes, 29 seconds Profit after tax adjusted for the one-time impact of new labor codes stood at rupees 56 crores compared to 45 10:37 10 minutes, 37 seconds crores in Q3 FI25 reflecting a growth of around 24% YI 10:44 10 minutes, 44 seconds speaking of our 9 months FI26 performance. Revenue for 9 months FI26 10:51 10 minutes, 51 seconds stood at rupees 1,50 Kores compared to 93 crores in 9 months FI25 reflecting a 11:00 11 minutes growth of around 16% on a Y basis against our guidance of 15%. IITA for 9 11:07 11 minutes, 7 seconds months FI26 grew by almost 25% on a Y basis and stood at rupees 231 kores. 11:15 11 minutes, 15 seconds Abita margin has seen a healthy improvement of around 140 bibs. Abita margin for 9 months FY26 stood at 22%. 11:25 11 minutes, 25 seconds Adjusted profit after tax for 9 months FI26 stood at 150 154 crores compared to 11:33 11 minutes, 33 seconds 118 crores in 9 months FI25 reflecting a growth of around 31% Y against our 11:41 11 minutes, 41 seconds guidance of 20%. Our performance for the quarter and 9 months period is broadly in line with our guidance and is on a 11:50 11 minutes, 50 seconds improving trajectory. On the return ratio front, we continued to maintain a healthy trajectory. Annualized our 11:59 11 minutes, 59 seconds annualized roe for 9 months FY26 stood at 31%. Whereas annualized ROCE, return 12:07 12 minutes, 7 seconds on capital employed for 9 months FY26 stood at 48%. 12:12 12 minutes, 12 seconds OCF2 IITA should strong at 86%. With that, I would like to open the floor for questions. Thank you. 12:24 12 minutes, 24 seconds Thank you very much. We will now begin with the question and answer session. 12:28 12 minutes, 28 seconds Anyone who wishes to ask a question may press star and one on your touchstone telephone. If you wish to remove yourself from the question queue, you 12:34 12 minutes, 34 seconds may press star two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question assembles. 12:44 12 minutes, 44 seconds The first question comes from the line of Alanka Gerudi from Kotak Institutional Equities. Please go ahead. 12:51 12 minutes, 51 seconds Hi, good afternoon everyone. U we have shown pretty strong outperformance versus the IPM yet again. Uh if you look 12:58 12 minutes, 58 seconds at secondary sales data uh however on the reported basis our extent of outperformance has narrowed a bit in 13:06 13 minutes, 6 seconds this quarter. I just wanted to understand uh what is leading to this uh difference between primary and secondary sales for us. 13:17 13 minutes, 17 seconds I couldn't get your question n here uh but what I understand you want to understand about difference between 13:26 13 minutes, 26 seconds primary and secondary my question understanding is correct. 13:31 13 minutes, 31 seconds So uh Nero my question is if you look at say IQVI data I mean if you compare the growth reported by Corona in the third 13:40 13 minutes, 40 seconds quarter versus what the industry has reported uh there is a very significant outperformance which you alluded to as 13:46 13 minutes, 46 seconds well but if you look at uh the reported growth of 15% odd in this quarter while it's still pretty strong you've seen 13:55 13 minutes, 55 seconds some other companies also reporting pretty strong growth in this uh quarter so just I mean I I wanted to check whether there is any reason for 14:03 14 minutes, 3 seconds difference between primary and secondary sales specifically in this quarter or uh there's nothing much to read into this. 14:11 14 minutes, 11 seconds Okay, honestly there's nothing much to reading to it. Uh more or less this is data captured is just giving you the 14:18 14 minutes, 18 seconds idea idea that how market has performed and what what you have performed. Um you know it it has never been possible to 14:26 14 minutes, 26 seconds match apple to apple or pineapple to pineapple. It is always a gap plus or minus here and there. This is just the guideline which IQ has shown and this 14:35 14 minutes, 35 seconds outcome. Uh so you're talking about 15% versus uh 18.9% and trying to compare that. 14:44 14 minutes, 44 seconds Yeah, I was just looking at the outperformance on a relative basis. I know 14:51 14 minutes, 51 seconds understand I understand. No, there is nothing like um you know any extraordinary price you know thing on the primary or secondary fund. It is 14:59 14 minutes, 59 seconds more or less data captured uh things on the far track or IQ. 15:05 15 minutes, 5 seconds Got it. Uh the other question was if you look at the mix of domestic and international we do share that 15:14 15 minutes, 14 seconds percentage contribution from domestic in our presentation. 15:18 15 minutes, 18 seconds If you look at say the second quarter, third quarter and even if I look at say first quarter from the RHP, uh the contribution of international has 15:26 15 minutes, 26 seconds broadly stayed similar over the last three quarters. Uh now given this recent EUG GMP certification for those five 15:35 15 minutes, 35 seconds markets should we expect a much faster growth in the international market compared to the domestic business? 15:44 15 minutes, 44 seconds So yes and no both the things have been there. International business in the pharmaceutical industry has been typical. First you get the accreditation 15:52 15 minutes, 52 seconds approval then you are you know going to submit the doseier for doer to get the approval will take another 1 two years 16:00 16 minutes and then the business start. So on a on a long term if you understand that uh the CI after you know look at 3 four 16:08 16 minutes, 8 seconds five years the CI of international and India business will be broadly more or less 90 and 10 but uh not more than that 16:17 16 minutes, 17 seconds so more or less it's a India focused industry and at the same time if we continue to grow in India business by 16:24 16 minutes, 24 seconds 15% more or less here and there it doesn't uh you know change the proportionate because there also you grew by 2020 25% is here to grow by 15%. 16:34 16 minutes, 34 seconds But the pie more or less remains same. 16:36 16 minutes, 36 seconds So this 3 4% will go to 7 8% and then further go to 8 9% in a years to come that has been possible. 16:47 16 minutes, 47 seconds Got it sir. And just one final followup will we need any incremental investments to drive growth in exports? 16:55 16 minutes, 55 seconds No, I think so internal we have enough uh cash generated from the business as Bhavinda has just spoke about OC Vita is 17:03 17 minutes, 3 seconds 84% today also we have been 100 cr plus net cash positive company uh I don't 17:10 17 minutes, 10 seconds think so that we required any uh further capital to boost the interest of business so my question also was on the OPEC so 17:19 17 minutes, 19 seconds any any addition of manpower or any other spends uh on distribution etc. 17:26 17 minutes, 26 seconds So we have you know just uh capitalized our 600 kg line which enhances our 40% uh capacity as of now. Now we will uh 17:36 17 minutes, 36 seconds you know need of uh another plant in as per our predictions and planning I think so we required some one more plant in 17:44 17 minutes, 44 seconds FY28 to FY29. So we will start thinking on this after a few months I think so. 17:52 17 minutes, 52 seconds Got it sir. Uh that's it from my side. Thank you and all the best. Thank you sir. 17:59 17 minutes, 59 seconds Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star and one on a touchstone telephone. The next question 18:07 18 minutes, 7 seconds comes from the line of Shugam Agarwal from Burman Capital. Please go ahead. 18:12 18 minutes, 12 seconds Yeah. Hi sir, thank you for the opportunity. But I was just you know looking at your employee and your MR related cost and you know comparing that 18:20 18 minutes, 20 seconds with some of the other companies uh that are you know operating in heavy domestic branded formulations and you know more specifically in the therapies that you 18:28 18 minutes, 28 seconds operate. It seems like that there is like you know 14 15% kind of difference which obviously has narrowed down in the 18:34 18 minutes, 34 seconds past uh last two three years uh and that in my uh you know uh analysis seems to be coming out from the PCPM which for us 18:43 18 minutes, 43 seconds seems to be lower than IPM. So just I just wanted to understand that given you highlight uh you know mid team kind of growth and your MR growing at 5 to 7% is 18:53 18 minutes, 53 seconds there a possibility that we would you know continue to see margin expansion uh margins probably you know reaching high 19:00 19 minutes 20 or potentially 30% in you know medium to longterm. So just you know wanted to understand what's your ambition on that part. 19:09 19 minutes, 9 seconds Yeah I request bind to answer the question. Hi Shubam, your question is you asked the questions which everyone 19:16 19 minutes, 16 seconds asked to us and we answer them in a very clinical manner. Uh yes uh your question is right that our employee cost 19:25 19 minutes, 25 seconds percentage compared to the other peers seems to be high but the answering that question is that you have to see appletopple growth. In the last three 19:33 19 minutes, 33 seconds years, we have deployed 600 medical reps in the system which will increase our employee cost in the initial days and 19:40 19 minutes, 40 seconds you have also endorsed that in the in the last three years that cost employee cost percentage has reduced and yes it will come down in coming years down the 19:49 19 minutes, 49 seconds line but because of the heavy expansion which we did in the last three years because of which the employee cost seems to be high and resulting your question 19:57 19 minutes, 57 seconds another question towards PCPM is linked with the same things that when you when you reply medical reps as we mentioned in our earlier calls as well that we 20:05 20 minutes, 5 seconds would be deploying five to six% uh uh medical reps out of the total medical reps on a yearly basis on an average 20:12 20 minutes, 12 seconds terms. So because of which in the past years our PCPM was low but now if you see in years down the line our PCPM will 20:20 20 minutes, 20 seconds improve because of our leverage in our PCPM improvement and the revenue growth of 15% what we have committed. Answering 20:28 20 minutes, 28 seconds your last question about the margin expansion by 30% what you are seeing and what we are currently at 2021 or 22% 20:35 20 minutes, 35 seconds from an IITA standpoint. Yes, having said then as my employee cost will reduce my EITa margins will improve but 20:42 20 minutes, 42 seconds lastly speaking our revenue will grow by 15% irrespective of our MR additions and our pad growth which we are confident to 20:50 20 minutes, 50 seconds achieve 20%. That is what we would like to share. Uh understood sir. Thank you for um answering my question and all the best for the future. 21:00 21 minutes Thank you ladies and gentlemen. If you wish to ask a question, you may press star and one on your touchstone telephone. The next 21:08 21 minutes, 8 seconds question comes from the line of Rishid Javi from CV Asset Managers LLP. Please go ahead. 21:15 21 minutes, 15 seconds Uh good evening sir. Congratulations on a good set of members. Uh my question is more on the inorganic plan. Do we have 21:22 21 minutes, 22 seconds any meal on the table? Are we evaluating any inorganic acquisitions? 21:29 21 minutes, 29 seconds Yeah, thank you. Uh, as far as inorganic is concerned, we are constantly evaluating the things. As of now also we 21:37 21 minutes, 37 seconds are evolating on uh two brand acquisitions but it is always been you know once out of 100. So we never know 21:45 21 minutes, 45 seconds that uh uh you know when you know these things will convert into the reality but yes we are bang on we are working hard 21:53 21 minutes, 53 seconds into it that if any brand or a portfolio is been in the fitment we are happy to see it and you know we have several examples of success in this uh fashion. 22:05 22 minutes, 5 seconds So we are looking into it as of now nothing concrete into it. 22:12 22 minutes, 12 seconds Okay, thank you. Thank you. 22:19 22 minutes, 19 seconds A reminder to all participants, if you wish to ask the question, you may press star and one. The next question comes from the line of Amaya Chala from JM Financial. Please go ahead. 22:31 22 minutes, 31 seconds Yeah, thank you so much. This is air from JM. Uh Nai, I have one question on basically uh long-term margins. So uh on 22:40 22 minutes, 40 seconds in terms of growth uh we have been one of the top companies among in top 30 companies in India but when it comes to 22:48 22 minutes, 48 seconds margins uh we are still at around 20 22 24% kind of a range whereas uh similar 22:56 22 minutes, 56 seconds uh business mix or product mix companies are also operating at 35% plus ITA margin. So at what point uh uh you think 23:04 23 minutes, 4 seconds in terms of scale uh we will be able to achieve these kind of margins and also what is the difference in terms of the structure etc between these companies 23:12 23 minutes, 12 seconds and us uh when it comes to the margin profile. Thank you so much. 23:18 23 minutes, 18 seconds Thanks Amay. Uh Amay see as far as pharmaceutical industry is concerned more or less answering your second 23:26 23 minutes, 26 seconds question first and first a second more or less the structure remains same for uh majority of all top companies. Uh so 23:33 23 minutes, 33 seconds I'm talking about the peers the structure more or less remains same. See what we think at Kora. We are in the business of you know revenue growth with 23:43 23 minutes, 43 seconds specialist and super specialist prescription based business and a long-term business. So today we are in tupour therapy slowly and gradually as I 23:52 23 minutes, 52 seconds discussed last time we are going to enter in infertility. Sometimes we'll enter in rheumatology spine. So we are trying to you know enter into the new 24:01 24 minutes, 1 second therapies. Always we keep in the mind that we will grow with the 15% and when we talk about 15% we are talking about 24:09 24 minutes, 9 seconds doubles in the market more or less or 1.8 eight times than the market right when market grows about 8 9 10% and if 24:16 24 minutes, 16 seconds you're talking about 15% plus I think so we're talking about more or less 1.7522% than the market to do it we have to you 24:25 24 minutes, 25 seconds know enter with new new therapies we have to launch a new products we have to go ahead with uh you know super 24:32 24 minutes, 32 seconds speciality focus whatever we do we always remain two numbers in the mind 15% revenue growth and 20% profitability 24:41 24 minutes, 41 seconds ility growth if we continue to achieve you know in the same blind directions I think so we will soon be entered with 24:49 24 minutes, 49 seconds the peers in the years to come the point is consistently we all we have at corona we have to achieve 20% profitability 24:58 24 minutes, 58 seconds growth and 15% revenue growth if one happens and if doesn't happen I think so it's not a healthy mix revenue growth is 25:05 25 minutes, 5 seconds equally important as the profitability growth and our eye is on 15 and 20% % revenue and profitability for next few 25:14 25 minutes, 14 seconds years as a guideline also and I think so if we achieve we will be more or less near to the P. 25:21 25 minutes, 21 seconds Sure. So going ahead investor basically should see that you will continue to uh maintain uh try to maintain your topline 25:29 25 minutes, 29 seconds growth while your margins will keep on gradually improving as you scale achieve. 25:34 25 minutes, 34 seconds Absolutely. Absolutely. I think so you have sum up my answer. 25:39 25 minutes, 39 seconds Sure. Sure. Thank you so much sir. And the second question I have is on the seasonality front uh since this is first 25:46 25 minutes, 46 seconds time we are seeing the quarters of our businesses. Is it possible to explain like how the quarters are typically staggered in terms of both expenses? 25:55 25 minutes, 55 seconds Because there there have been some companies uh uh uh in the market which typically uh uh do tend to spend a lot 26:02 26 minutes, 2 seconds in terms of marketing in a fourth quarter or something like that or the fourth quarter is typically weak quarter for many of the Indian uh India focused 26:10 26 minutes, 10 seconds companies. So in in that aspect if you can explain the seasonality of our businesses in terms of both revenue as well as the expenses. Thank you. 26:20 26 minutes, 20 seconds So as far as corona is concerned we have about 70 to 72% of chronic and semicronic and acute business has been 26:28 26 minutes, 28 seconds you know about another 28 30% on on overall business more or less there is 26:35 26 minutes, 35 seconds hardly a seasonality but you know 3 4% plus or minus on quarter on quarter variation may happen. So hypothetically 26:44 26 minutes, 44 seconds if we talk about four quarter and 25 25 then it may be like 22 to 27 percentage 26:53 26 minutes, 53 seconds sort of revenue and hence the profitability more or less this is the range which we uh you know follow but if 27:00 27 minutes you look at corona since FY22 you know always we have delivered FY22 to today we are in FY26 now we are 27:09 27 minutes, 9 seconds approaching towards the last quarter of FY26 we have always delivered on a yearly basis 15% plus revenue growth and 20% plus pet growth. 27:20 27 minutes, 20 seconds Sure. Sure. So we should expect a minimal seasonality impact in quarters going ahead basically. And in terms of expense uh do we staggered our expense 27:29 27 minutes, 29 seconds across four quarters or we we might see one of the quarters being higher or in terms of spend because this no we staggered 27:37 27 minutes, 37 seconds good IITA margins of 30 24%. Should we expect that to continue going ahead or? 27:44 27 minutes, 44 seconds So answering your question, we staggered the expenses. There's nothing like a load on one of the quarter and uh I 27:51 27 minutes, 51 seconds think so we will continue to do so with uh the guideline guideline and estimation which I have just spoken now. 27:59 27 minutes, 59 seconds Sure. Sure. Thank you so much sir. I will join back. Thank you. Thank you. 28:05 28 minutes, 5 seconds The next question comes from the line of Rahul Jwani from Capital. Please go ahead. 28:11 28 minutes, 11 seconds Yeah. Uh, hi sir, thanks for taking my question. Sir, on on let's say these 600 MRS which you said you have added over 28:19 28 minutes, 19 seconds the past few years. Can you also talk about in terms of the divisions in which these MRS have got added and uh the 28:27 28 minutes, 27 seconds second part to that question would be we obviously are now trying to ramp up our IVF portfolio uh through the seven 28:36 28 minutes, 36 seconds brands which we acquired from buyer. Uh so can you also talk about let's say in terms of how the the the web team and uh 28:44 28 minutes, 44 seconds and the channel strategy uh is being adopted for scaling up the the IVF portfolio. 28:53 28 minutes, 53 seconds Thanks Rahul. Uh so first of all you know answering your question on the uh about the six split of the 600 medical 29:00 29 minutes representatives uh we have launched one one one vertical into the cardio metabolic names radiance 29:08 29 minutes, 8 seconds and there we have taken about 250 people the another is the solaris which we have you know taken a team for gynecology 29:15 29 minutes, 15 seconds women's healthcare so another 250 people and about the 100 people all across the other divisions so that's how we have 29:23 29 minutes, 23 seconds taken about 600 people uh in the business and as far as this buyer seven brands deal is concerned as I you know 29:32 29 minutes, 32 seconds told you the one of the brand is no plus which we are going to launch in this one this month so this quarter 4 of FY26 29:40 29 minutes, 40 seconds which is in the therapy of cardiology as the antiplatlet anticoagulant market no plus and we are going to launch couple 29:49 29 minutes, 49 seconds of other combination in the category of no in a quarter to So this is about one brand and another 29:56 29 minutes, 56 seconds uh you know few brands about four five brands we are going to launch with the IVF portfolio. We already been more or 30:04 30 minutes, 4 seconds less uh you know taken the team about uh 46 people across the nation because 30:11 30 minutes, 11 seconds these are the super speciality people where we want to cater about uh 3,000 IVF centers. Our goal is to cater about 30:20 30 minutes, 20 seconds 3,000 top centers, IVF centers of the country. People are in place. We are more training is going on and we are 30:28 30 minutes, 28 seconds going to launch few other uh you know products uh with the bias trademark uh the validation that is going on and we 30:36 30 minutes, 36 seconds are going to make it in quarter one or quarter two of FY27 which uh we also given the guidance last time. So more or 30:45 30 minutes, 45 seconds less we will use this uh trademark the capitalization of the trademark by FY27 30:53 30 minutes, 53 seconds first quarter few and second quarter few. 30:57 30 minutes, 57 seconds Sure sir. So of these 3,000 IVF centers which we target to cover, how many reps have we added? And sir, given that it is 31:06 31 minutes, 6 seconds kind of an institutional business, uh do you think that the the hygiene parameters which we have for the rest of 31:13 31 minutes, 13 seconds our business in terms of discounting we might have to go aggressive in terms of trying to scale up this IVF institutional business. 31:24 31 minutes, 24 seconds So you know number one we have taken 46 people and this 46 people are meeting to this 3,000 centers where we are already 31:33 31 minutes, 33 seconds been meeting them since you know years together in our women's healthcare uh with with with our women's healthcare 31:40 31 minutes, 40 seconds three divisions like Aru Solis and Solaris and as far as supply chain is concerned you know there is only a 31:47 31 minutes, 47 seconds change that if these products are coming into the cold chain management we will utilize that channel as a cold chain management ment or a normal chain 31:55 31 minutes, 55 seconds management but the you know hygiene, payment, credit all is remain same as per the corona philosophy because you 32:03 32 minutes, 3 seconds know we always believe that governance is extremely important in any business and in this institute business we have 32:11 32 minutes, 11 seconds not uh we have decided not to give any leverage onto the you know fundamentals of corona so we will not uh do it but 32:20 32 minutes, 20 seconds the products are little unique little different and the technology is of buyer so we would like we will take the utmost advantage of it. 32:31 32 minutes, 31 seconds Sure sir and sir my second question is with respect to let's say the GLP1 market in India the market would open up 32:38 32 minutes, 38 seconds from March 26 so what are our ambitions in terms of uh the GLP1 space so if you 32:46 32 minutes, 46 seconds can uh comment about your strategy whether you would launch both the injectable and the oral version at the same point in time. 32:56 32 minutes, 56 seconds No Rahul here in the March 26th about 25th or 26th March 2026 33:04 33 minutes, 4 seconds uh GLP1 of patent uh will you know come to the end but at that time that is only for the injectable not for the oral so 33:12 33 minutes, 12 seconds you know we are going to launch the GLP1 injectable with uh wing tide as the brand name and you know let's see that 33:22 33 minutes, 22 seconds how this market shape up uh uh we have been there because We understand this segment is extremely important but let's 33:29 33 minutes, 29 seconds see you know times to come I think so we can debate more on this subject. 33:34 33 minutes, 34 seconds Sure. So answer last question with respect to the the the quarterly seasonality. 33:40 33 minutes, 40 seconds Now you while you mentioned that uh uh the expenses do are not are not let's say heavy on any one quarter but if I 33:49 33 minutes, 49 seconds look at your margin profile last year so third quarter your AIDA margins were closer to 23%. 33:57 33 minutes, 57 seconds And fourth quarter last year the margins came down to 19%. So do you think that a similar seasonality would play out this 34:06 34 minutes, 6 seconds year as well in terms of margins or or would you expect let's say the margins to sustain at 2Q or 3Q levels? 34:18 34 minutes, 18 seconds So as I say Rahul by to buy also more or less if you look at 25 but here and there few percentage has been there 34:26 34 minutes, 26 seconds because of the dead quarters need or launching a new vertical or a new product whatever it is more or less our 34:34 34 minutes, 34 seconds endeavor is to you know give annualize 15% revenue and 20% paid growth putting one quarter here and there there is no 34:42 34 minutes, 42 seconds seasonality factor at least but yes hypothetically this time in March we are looking to launch you know GLP1 34:50 34 minutes, 50 seconds some sales and distribution cost may incur little higher in the last quarter maybe possible I don't know so what I 34:57 34 minutes, 57 seconds mean to say we always eye on yearly data of 15% and 20% revenue and uh pet growth as a growth today we have been very 35:06 35 minutes, 6 seconds optimistic as far as this quarter also and hence the annualized return of FY26 also 35:14 35 minutes, 14 seconds sure sir I will join back with you thank Thank you. A reminder to all participants. Anyone who wishes to ask a 35:22 35 minutes, 22 seconds question may press star and one on your touchstone telephone. The next question comes from the line of Karan Sharma from Shma Securities. Please go ahead. 35:32 35 minutes, 32 seconds Hi, good afternoon everyone. Thank you for taking me. Sir, I have a couple of questions. Sir S wanted to get some 35:40 35 minutes, 40 seconds sense on the portfolio and the new product pipeline. Can you share some more details on the acquisition pipeline or in licensing that are in the pipeline? 35:52 35 minutes, 52 seconds Thank you sir. Sir, as far as inland inorganic is concerned, uh I have you know answered just before few minutes 35:59 35 minutes, 59 seconds that we are looking at you know some acquisitions as the proposal nothing concrete nothing finalized but we are in 36:06 36 minutes, 6 seconds the you know in the in the process of looking at the things very very you know optimistically 36:13 36 minutes, 13 seconds about the new launch we are as I also said with the buyer portfolio capitalization we already launched one 36:21 36 minutes, 21 seconds of the product no as capitalization and now we are looking at few more about five six products in the infertility 36:28 36 minutes, 28 seconds segment in a you know next two three quarters we are going to capitalize and launch about GLP1 also we are you know 36:37 36 minutes, 37 seconds uh thinking to launch in the first day of the of patent and as a philosophy as a philosophy we are you know launching 36:47 36 minutes, 47 seconds one or two new products per division so more or less about 8 to 10 new introductions per year if it is with the 36:56 36 minutes, 56 seconds you know acquisition or it is with the organically majorly about 95% it is organically and 5 7% chances are there 37:05 37 minutes, 5 seconds with the inorganically so this is more or less our philosophy is in the quarter four we are eyeing on launching three 37:14 37 minutes, 14 seconds bioimilars one about denosumab that is uh you know tricum bnab which strengthen our 37:23 37 minutes, 23 seconds osteoporosis segment about recombinant FSH in another quarter with Fostin R 37:32 37 minutes, 32 seconds buyers brand name Fostin R you know we are going to launch about re combinant FSH and GLP1 so you know we are trying 37:42 37 minutes, 42 seconds to target specialist and super specialist in the chronic therapy and trying to launch new product about 8 to 37:49 37 minutes, 49 seconds 10 in a Hope I have answered your question. 37:55 37 minutes, 55 seconds Yeah. Yeah. Thank you. And so as uh as you talked on buyer so what kind of market size does we have and what is our 38:04 38 minutes, 4 seconds aspirational revenue target from this product portfolio 38:09 38 minutes, 9 seconds about uh 1,500 cr of IVF market and about u you know 800 cr of antipllet or anti-coagulant market. 38:22 38 minutes, 22 seconds Okay. Okay sir. And sir just last question as you mentioned about volume growth can you let me know ballpark break up between volume price and 38:31 38 minutes, 31 seconds product mix for this 9 month uh it is about 5% 5% and 5% more or less 38:39 38 minutes, 39 seconds half% here and there uh volume is about 5% against the industry benchmark is 38:45 38 minutes, 45 seconds about 5% and about uh new product is about five and a half 6% so five and a half 6% % and remaining is the rice. 38:58 38 minutes, 58 seconds Okay. So, thank you. Thank you. So, for Thank you so much for sir. Thank you. Thank you. Thank you sir. Thank you. 39:04 39 minutes, 4 seconds The next question comes from the line of Siddhar Nigani from CWC. Please go ahead. 39:10 39 minutes, 10 seconds Hi. Thank you for the opportunity. Just wanted to understand a couple of other uh sort of colors around the growth. uh 39:18 39 minutes, 18 seconds could you help us understand how are you seeing the growth pan out between uh expansion of the workforce versus TCPM 39:28 39 minutes, 28 seconds growth? Uh that was one and uh on on the new product introductions that you've 39:35 39 minutes, 35 seconds mentioned how much of that will require any additional capeex towards manufacturing versus you know external 39:42 39 minutes, 42 seconds CDM or CMO uh le manufacturing. So that's uh those are my two questions. 39:52 39 minutes, 52 seconds So generally as far as the the 15% revenue growth is concerned it is more [clears throat] or less or with the 39:59 39 minutes, 59 seconds organically with with the team because any expansion gives first year first two three years is the you know years. So 40:07 40 minutes, 7 seconds they are not going to contribute much into the uh growth trajectory. But yeah for the future you have to expand the 40:15 40 minutes, 15 seconds team also and that is our guideline is about 5 to 7% people on year on year or you know put together we try to expand 40:23 40 minutes, 23 seconds the people in the country of India and as far as uh our own manufacturing and CMO I think so the the ratio is about 65% and 35%. 40:35 40 minutes, 35 seconds more or less it remains same uh 65% and 35%. Sometimes you know it goes to 40 40:42 40 minutes, 42 seconds and then 60 or sometime it goes to 70 and 30 but the range remains 65% on 40:49 40 minutes, 49 seconds manufacturing and 35% on CDM CMO you know dependability uh and therefore in context of the 40:58 40 minutes, 58 seconds future growth outlook should we assume that uh that ratio will remain same and how should we then think of effects in that context? 41:09 41 minutes, 9 seconds So as I said you we want to you know make sure that as much as about 65% plus we want to have the own manufacturing 41:17 41 minutes, 17 seconds but at the same time uh if we don't have that uh capacity we will go on CMO as of now and after 2 three years when we 41:24 41 minutes, 24 seconds scaled up with that portfolio we can think of uh you know manufacturing inhouse. So more or less by next year I 41:32 41 minutes, 32 seconds think so we required to uh you know start thinking into it as as a company we have decided to start thinking into 41:39 41 minutes, 39 seconds it about because at that time we need another block for our uh for our 2829 41:47 41 minutes, 47 seconds you know FA 2829 also. So we'll try to look into it key uh if you want to add 41:54 41 minutes, 54 seconds any new uh line like injectable line or bio similar line we'll think of at that given of time as of now there is no need 42:03 42 minutes, 3 seconds because just you know uh 40% we just unlock the 40% capacity by uh 600 kg 42:12 42 minutes, 12 seconds line got it that's helpful thank you so much all the best thank Thank you sir. 42:20 42 minutes, 20 seconds As there are no further questions from the participants, I now hand the conference over to management for cooling government. Thank you and over to you sir. 42:28 42 minutes, 28 seconds Thank you all once again for joining us today on the Q3 and 9mon FY26 earning call. We will keep the investor and 42:37 42 minutes, 37 seconds analyst community posted with any update relating to corona remedies. We hope we have been able to address all your 42:45 42 minutes, 45 seconds queries. For any other information, kindly get in touch with us or SDA, our investor relationship partner. Thank you so much and have a great evening ahead. 42:58 42 minutes, 58 seconds Thank you on behalf of IFL Capital Services Limited. That concludes this conference. Thank you for joining us and you may now disconnect.