Corona Remedies Ltd — Q4 FY26

Corona Remedies Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=8RBsApx-WNk Published: 1 day ago

0:01 1 second Ladies and gentlemen, good day and welcome to the Corona Remedies Limited U4 FI26 earnings conference call hosted 0:08 8 seconds by Ambut Capital. This conference call may contain forward-looking statements about the company which are based on the 0:15 15 seconds beliefs, opinions and expectations of the company as on the date of this call. 0:20 20 seconds These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. 0:27 27 seconds As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation 0:34 34 seconds concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0:41 41 seconds zero on your touchtone phone. Please note that this conference is being recorded and now the conference Mr. 0:49 49 seconds Goravani from Ambbert Capital. Thank you over to you sir. 0:55 55 seconds Thanks. Uh good morning everyone. On behalf of Ambbit Capital, we welcome you all on the Q4 and FI26 earnings 1:04 1 minute, 4 seconds conference call for Corona Remedies Limited. Today on the call, we are joined by Mr. 1:11 1 minute, 11 seconds Nidra Meta, the managing director and CEO, Mr. Ankur Meta, the joint managing 1:19 1 minute, 19 seconds director, and Mr. Bhavin Bhagat the chief financial officer of Corona Remedies Limited. We will begin the call 1:27 1 minute, 27 seconds with opening remarks from the management followed by a question and answer session. Thank you and over to you sir. 1:37 1 minute, 37 seconds Good morning ladies and gentlemen. Thank you all for joining us on the quarter 4 and FY26 earning conference call for Corona Remedies Limited. 1:48 1 minute, 48 seconds I am Nero Ma managing director and CEO on the call and I am joined by our managing joint managing director Mr. 1:57 1 minute, 57 seconds Ankur Mata our CFO Bhavin Bagat other members from the senior management team and strategic growth advisor our 2:04 2 minutes, 4 seconds investor relationship partner. We have uploaded our result press release and investor presentation on the stock 2:12 2 minutes, 12 seconds exchange and on company's website. I hope everybody has had the opportunity to go through the same. 2:20 2 minutes, 20 seconds It gives me immense pleasure to announce that we have consistently outperformed industry growth and delivered result 2:28 2 minutes, 28 seconds that are in line with revenue and PAD and in fact ahead of our guided range of 15% revenue growth and 20% PAD growth. 2:38 2 minutes, 38 seconds Our revenue for FY26 grew at 17% while PAT increased by 33% on a yearon-year 2:47 2 minutes, 47 seconds basis. This strong performance reflects our commitment to growth, operational excellence, disciplined execution 2:54 2 minutes, 54 seconds capabilities and confidence in our long-term strategic direction. Turning to the Indian pharmaceutical market IPM, 3:02 3 minutes, 2 seconds the industry has recorded doubledigit growth over the past 5 months which is an extremely positive development for 3:10 3 minutes, 10 seconds IPM and for all of us. The overall industry trends remain encouraging with a robust outlook for IPM in the short to 3:18 3 minutes, 18 seconds medium-term horizon. We are proud to have significantly outperformed the market, achieved growth at nearly two 3:25 3 minutes, 25 seconds times the industry rate and continuing our track record of consistent outperformance. 3:33 3 minutes, 33 seconds Given the progressive outlook for the industry, we view this as a strong opportunity to further strengthen our 3:39 3 minutes, 39 seconds presence in the IPM and remain committed to outperforming industry growth. As we have consistently demonstrated 3:47 3 minutes, 47 seconds historically as per pharmarmac March 2020 2026 report, Corona continues to be the 3:55 3 minutes, 55 seconds fastest growing pharmaceutical company among the top 30 companies in IPM. Our industry ranking has improved to 27th 4:04 4 minutes, 4 seconds position moving five sports in last three years. We we are delighted to announce 100% dividend which is equal to 4:14 4 minutes, 14 seconds rupees 10 per share for FY26 reflecting our strong financial performance and 4:21 4 minutes, 21 seconds continued commitment to delivering value to our shareholders. 4:26 4 minutes, 26 seconds Speaking to specific highlight of the year, we are proud to announce that as per pharma track met March 2026 data, 4:34 4 minutes, 34 seconds two of our brands have surpassed the rupees 100 cr revenue milestone and continue to demonstrate consistent 4:41 4 minutes, 41 seconds growth. We now have two brands in the rupees 100 to 200 cr club and eight 4:48 4 minutes, 48 seconds brands in 50 to 100 cr club and we aim to further expand this portfolio through sustain sustained volume growth and continued market share gains. 4:59 4 minutes, 59 seconds We continue to deliver strong outperformance in chronic and semicronic therapy segments with these businesses. 5:08 5 minutes, 8 seconds Now we are contributing 72% to our overall revenue as per pharma met March 2026 data. This this reflects our 5:17 5 minutes, 17 seconds strategic focus on building a sustainable high growth speciality business driven by improved prescription 5:24 5 minutes, 24 seconds stickiness, better patient compliance and long-term market opportunities. Our consistent performance in this segments 5:33 5 minutes, 33 seconds reinforces the strength of our portfolio, field execution capabilities and deep engagement with the health care professionals. 5:42 5 minutes, 42 seconds To further strengthen our presence in women's healthcare, we have established a dedicated IVF task force in quarter 4 5:50 5 minutes, 50 seconds FY26 which become our fourth focus team in the women's healthcare segment. This 5:58 5 minutes, 58 seconds strategic initiative will enable us to effectively capitalize on the opportunities arising from the buyers 6:06 6 minutes, 6 seconds relaunch portfolio which also deepening our footprint in the rapidly growing infertility market. We have successfully 6:14 6 minutes, 14 seconds completed two strategic acquisition in FY26. the recent acquisition of Wakadin and the earlier acquisition of the buyer 6:23 6 minutes, 23 seconds portfolio whose relaunch was initiated in quarter 4 of FY26. 6:29 6 minutes, 29 seconds The acquisition of Wardin which is ranked two in the Indian polidon iodine market enables us to enter into 650 plus 6:39 6 minutes, 39 seconds cr poon iodine market strengthening our presence in targeted specialties. 6:46 6 minutes, 46 seconds Both the acquisition reflect our focus strategy of building high potential brands and expanding our market leadership. 6:55 6 minutes, 55 seconds We also have marked our entry into biosimilars and biologics market with the launch of three biosimilar products 7:04 7 minutes, 4 seconds in FY26 that is fostin are tricum debt and tyenza. The biosimilar and biologic 7:13 7 minutes, 13 seconds space offers substantial long-term growth potential driven by increasing adoption of advanced therapies, 7:20 7 minutes, 20 seconds expanding patient assess and growing demand for cost effective treatment and alternatives. 7:27 7 minutes, 27 seconds These launches will not only diversify our portfolio but also create a strong platform for future growth and innovation. 7:37 7 minutes, 37 seconds We are undertaking expansion of our manufacturing capabilities through the addition of new 600 kg line expansion 7:46 7 minutes, 46 seconds alongside the commissioning of our dedicated hormone manufacturing plant which is expected to become operational in Q1 or Q2 of FY27. 7:59 7 minutes, 59 seconds In addition, the receipt of EAEU GMP certification marks an important milestone in our international growth 8:07 8 minutes, 7 seconds journey. This certification enables us to assess and expand our presence across 8:13 8 minutes, 13 seconds key Euro Euro Asian Eurasian markets including Russia, Belarus, Kazakhstan, Armenia and Kyrgystan. 8:23 8 minutes, 23 seconds This capacity enhancement and certification will further strengthen our manufacturing backbone, improve 8:30 8 minutes, 30 seconds scalability and support our growing domestic as well as international business. Our strategy for further 8:38 8 minutes, 38 seconds growth is to remain focused on increasing market share across key therapeutic areas by strengthening our 8:46 8 minutes, 46 seconds chronic and subchronic portfolio and offering products across the patient life cycle. We will continue to drive 8:53 8 minutes, 53 seconds growth through targeted new product launches addressing unmet mission needs supported by brand extensions 9:00 9 minutes acquisition and in licensing opportunity of our India business. 9:06 9 minutes, 6 seconds We are also deepening our engagement with the specialist and super specialist prescribers through our strong medical 9:13 9 minutes, 13 seconds representative network to enhance our presence in a high value therapy segments. 9:19 9 minutes, 19 seconds Backed by our diversified portfolio, strong brands, expanding distribution network, experienced leadership team and 9:27 9 minutes, 27 seconds the disciplined financial approach. We remain confident of delivering consistent growth and stable 9:33 9 minutes, 33 seconds profitability. We expect to sustain 15% plus revenue growth organically and 25% 9:42 9 minutes, 42 seconds revenue growth in acquired brand with 20% plus pet growth in FY272. 9:50 9 minutes, 50 seconds I would not like to hand so I I would now like to hand over the call to our CFO Mr. Bhavind Bat to take you through financials and operational performance. 10:01 10 minutes, 1 second Thank you so much and over to you Mahindai. 10:05 10 minutes, 5 seconds Thank you Nikobai. A warm welcome to everyone to our Q4 and FI26 earnings call. I will take you through the 10:13 10 minutes, 13 seconds financial performance for the quarter and fully agended 31st March 2026. 10:20 10 minutes, 20 seconds Speaking of quarterly performance, first revenue for Q4 FI26 stood at rupees 353 10:27 10 minutes, 27 seconds KES versus rupees 294 Kores in Q4 FI25 reflecting a healthy growth of 20.2% Y 10:37 10 minutes, 37 seconds basis. Abita stood at rupees 62 Kores versus rupes 54 Kores in Q4 FI25 10:45 10 minutes, 45 seconds reflecting a growth of 14.4% on a Y basis. A beta margin declined by around 90 bits and stood at 17.6%. 10:55 10 minutes, 55 seconds Decline was on account of increase in employee cost with respect to additions of two new divisions that is one in 11:02 11 minutes, 2 seconds multispace and one in infertility division and increase in the corresponding other expenses related to 11:09 11 minutes, 9 seconds medical reps and increase in the spend for R&D during the Q4 FI26. 11:15 11 minutes, 15 seconds However, let me tell you all these are all growth investments which will reap benefits for the future period. Profit 11:22 11 minutes, 22 seconds after tax stood at rupes 45 crores compared to rupees 31 crores in Q4 FI25 reflecting a growth of 44% Y basis. 11:34 11 minutes, 34 seconds Speaking of our FI26 performance, revenue for FI26 stood at rupees 1,43 11:41 11 minutes, 41 seconds Kores compared to rups 1,196 crores in FY25 reflecting a growth of 11:49 11 minutes, 49 seconds 17.3% on a Y basis. Revenue growth for IPM market stood at around 8.6% for FI26. 11:59 11 minutes, 59 seconds Our revenue growth in FI26 was driven by a 3% increase in volumes significantly 12:06 12 minutes, 6 seconds outpacing the IPM of 0.7% volume growth by nearly 4.6 times. Similarly, growth 12:14 12 minutes, 14 seconds from new product launches for Corona stood at 6.4%. 12:18 12 minutes, 18 seconds Which is almost 2.6 times more compared to overall 2.5% growth for IPM. AITA for 12:27 12 minutes, 27 seconds FI26 grew by 22.3% on a Y basis and stood at rupees 293 kores. Aeta margin 12:36 12 minutes, 36 seconds has seen a healthy improvement of around 80 bips. A beta margin for FI26 stood at 20.9%. 12:45 12 minutes, 45 seconds Adjusted profit after tax excluding the impact on account of one-time labor code changes for FI26 stood at rupees 199 12:54 12 minutes, 54 seconds crores compared to 149 crores in FI25 reflecting a strong growth of 33.4% 4% 13:03 13 minutes, 3 seconds YI India business contributed around 96% of the total revenue for FI26. 13:11 13 minutes, 11 seconds Revenue contribution from chronic segment stood at 71.9% in FI26. 13:17 13 minutes, 17 seconds Cash flows have been a cognance stone of our growth journey and will continue to remain a key strength for the company. 13:24 13 minutes, 24 seconds Over the past two decades, we have maintained a strong track record of AITA to operating cash flow conversion, 13:31 13 minutes, 31 seconds enabling us to consistently reinvest in the business and drive sustainable growth supported by disciplined cash 13:39 13 minutes, 39 seconds flow generation, student capital allocation and steady profitability. We have continued to maintain healthy 13:46 13 minutes, 46 seconds return ratios while remaining a net cash surplus company. For FI26, our cash flow 13:52 13 minutes, 52 seconds from operations stood at around 229 crores with CFO to IBITA conversion at around 78%. 14:01 14 minutes, 1 second Our return ratios also remained robust with ROCE at almost 41% in FI26 and ROE at 29.2% in FI26. 14:14 14 minutes, 14 seconds With that, I would like to open the floor for questions. Thank you. 14:22 14 minutes, 22 seconds Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question, they press 14:29 14 minutes, 29 seconds star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are 14:38 14 minutes, 38 seconds requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question assembles. 15:02 15 minutes, 2 seconds The first question is from the line of Tati Dhi from Union Mutual fund. Please go ahead. 15:08 15 minutes, 8 seconds Yeah, many congratulation Da and the team for a splended set of numbers. Uh my question is on margins. So we saw uh 15:16 15 minutes, 16 seconds employee cost uh inching up this quarter uh and our margins getting impacted. Uh how should one uh look at margins from 15:24 15 minutes, 24 seconds structurally uh from medium-term point of view is u 17 18% a range one should 15:31 15 minutes, 31 seconds work with or uh this was aberration and uh annualized 20% plus is a number which one should be in. 15:40 15 minutes, 40 seconds Thank you so much for the appreciation. I request bind to answer the question. 15:46 15 minutes, 46 seconds Hello, your question is very apt on the margins. But just before going coming to the margin, let me first reiterate our 15:54 15 minutes, 54 seconds philosophy. Our philosophy is to grow 15% on a revenue and 20% on a pad basis 16:01 16 minutes, 1 second on a year-on-year basis for coming 3 to 5 years down the line. Having said that, answering to our question on the AITA margins would like to share that yes in 16:10 16 minutes, 10 seconds Q4 there was an increase in the employee cost with the expansions which we made which we mentioned in our commentary but 16:17 16 minutes, 17 seconds if you see from a full year basis FI26 you can see the AITA margins of 20.9%. 16:25 16 minutes, 25 seconds So we have improved our margins on a year-on-year basis by 80 bits. Having said that for the coming years we would 16:33 16 minutes, 33 seconds like to continue in the form of about improvement in the AITA margins in the form of productivity improvement. 16:44 16 minutes, 44 seconds Sure. So uh this was related to MR increase right uh for this quarter. Yes. Yes. 16:51 16 minutes, 51 seconds and uh the now the number is sustainable or do you reckon this is an ongoing experience which we will continue to see 16:58 16 minutes, 58 seconds uh or now we are comfortable with the MR strength so for FI27 you're absolutely right we 17:05 17 minutes, 5 seconds are comfortable with the existing MR strength got it and second question you mentioned briefly on biosimilars and biologics is 17:14 17 minutes, 14 seconds a big opportunity for us uh what will be the path we will try to go for will Will it be more organic driven or we are open 17:22 17 minutes, 22 seconds to inorganic opportunity in that space too? Thank you. 17:28 17 minutes, 28 seconds More or less bioimilars has been in two ways either in licensing or it is organically. Hypothetically when we have 17:35 17 minutes, 35 seconds entered in the market of semaglutide it is organic root. While in the case of recombinant follical stimulating hormone it's in licensing or it is 17:44 17 minutes, 44 seconds outlicicensing sort of thing. So we are open for all the things as far as complex generic and biologic bio similar is concerned. 17:54 17 minutes, 54 seconds Got it. Once again many congratulation. Thank you. Thank you sir. Thank you. 18:01 18 minutes, 1 second Thank you. Before we take the next question a reminder to all the participants if you wish to ask a question please press star and one. The 18:10 18 minutes, 10 seconds next question is from the line of Amed Shal from JM Financials. Please go ahead. Yeah, thank you for taking my question and congrats to the management 18:19 18 minutes, 19 seconds on good numbers. So, first question I have uh is on the revenue growth breakup. Is it possible to give the uh domestic and the export breakup for the quarter and the year? 18:31 18 minutes, 31 seconds Yes, a far fi 26 is concerned the breakup of growth of 20.2% revenue is as follows. 18:42 18 minutes, 42 seconds Domestic growth we have 18.3%. 18:46 18 minutes, 46 seconds Whereas international business growth is 70% which is totaling to 20.2% for Q4 18:52 18 minutes, 52 seconds FI26 and for the full year FI26 our domestic/India business growth comprised of 16.81% 19:00 19 minutes whereas the international business comes to 29.5% which culminates to overall 17.3% revenue growth. 19:09 19 minutes, 9 seconds Sure. And uh um uh internally when we break down this 16 17% India growth uh 19:16 19 minutes, 16 seconds is it in line with the uh uh IPM breakup given in the volume new product and price growth or is it uh starkly different? 19:27 19 minutes, 27 seconds So we are above the IPM in all the three volume price and new introductions as far as the growth is concerned. 19:37 19 minutes, 37 seconds Sure. And going ahead also you expect to remain on a higher side in terms of volume and new products right? Yes. 19:45 19 minutes, 45 seconds Right. Absolutely. And the Yeah. And the second question I have is on the gross margin front because this this year we have seen a good expansion 19:53 19 minutes, 53 seconds in gross margin to 18 81 plus uh but I believe next year would be a inflationary year as the RM cost have 20:01 20 minutes, 1 second already started going up for most of the APIs. So uh how do you see this gross margin uh uh uh staying at this level 20:10 20 minutes, 10 seconds for next year and what levers we have uh to maintain this gross margin at a higher level. 20:17 20 minutes, 17 seconds Okay. So first of all as far as gross margins are concerned it is 81.4% for FI26 full year. 20:25 20 minutes, 25 seconds We have always said in our commentary that we will be maintaining the gross margins at the range of 80%. in the coming years down the line. Yes, this 20:34 20 minutes, 34 seconds will this will uh so how we will achieve 80% to be very honest or whatever we have at this moment is we have a strong 20:41 20 minutes, 41 seconds robust product mix involved which helps us to grow and sustain our gross margins. So the gross margins where we are we will be sustaining at the level 20:50 20 minutes, 50 seconds of 80% in coming days down the line or coming years down the line. 20:55 20 minutes, 55 seconds Sure. And uh is it uh like do we have uh uh the WPI uh uh number from government for which we would be eligible to take price for nonline products next year. 21:08 21 minutes, 8 seconds So as far as uh NALM is concerned the government has g given the guideline on WPI which has been less than a 1% as far 21:15 21 minutes, 15 seconds as WPI is concerned and as far as nonlm is concerned it's been always a 10% guideline. uh as far as corona is 21:23 21 minutes, 23 seconds concerned we have about 92% non-nalm and 8% nalm so it doesn't impact much to us 21:30 21 minutes, 30 seconds as far as nm and nonm is concerned you got it so we have good lever on the price side because of that 10% non 21:39 21 minutes, 39 seconds exposure got it and uh the last question I have on the debt side there is slight increase uh on the uh short-term 21:47 21 minutes, 47 seconds borrowings every year over last three four years so Is it related to working capital or anything? If if you can clarify on that. Thank you so much. 21:57 21 minutes, 57 seconds So Amaya very wellointed question uh because I always tell to our investors that we are a net cash company. So 22:05 22 minutes, 5 seconds having said that answering to your question on borrowings if you can see in FY26 it is reflected as 143 covers in 22:13 22 minutes, 13 seconds the form of borrowings. So first of all let me tell to all the investors and everyone on behalf of you that we don't 22:20 22 minutes, 20 seconds have any single cash credit facility from any banks we we aware the facility but we don't use it at the end of the 22:27 22 minutes, 27 seconds day this 142.9 crores borrowings is only because of the overdraft majorly because of the overdraft on the basis of fds 22:36 22 minutes, 36 seconds which we have so we have fds on the asset side and we have overdraft on the liability side in the form of borrowings. So if we net off our net 22:44 22 minutes, 44 seconds cash is 15 KSE and the rest only 16 K borrowing is there which is in the form of a long-term loan of Mayogil which we took over which will be paid off in this 22:53 22 minutes, 53 seconds year. So hence there would be no borrowings in our books only in the form of FDOD and why this OD has been created because we acquired a brand named Bkarin 23:02 23 minutes, 2 seconds on the last day of the month of the March. So that was the reason this overturn facility was being used else there are no in the books of accounts. 23:11 23 minutes, 11 seconds So thank you so much sir. well explained. I will join back that. Thank you. So participants you may please press star and one to ask a question. 23:22 23 minutes, 22 seconds We will take a next question from the line of Alankar Gurude from Koutk Institutional Equities. Please go ahead. 23:28 23 minutes, 28 seconds Hi good morning everyone uh and thank you for the opportunity. Uh sir first question uh excluding the spends on the two new divisions and the higher R&D 23:37 23 minutes, 37 seconds spends which bind mentioned are there any other structural reasons that drive lower margins in 4Q versus the first three quarters? 23:47 23 minutes, 47 seconds Uh no Alankar why these are the only reasons which you mentioned but then Binda if I look at the margins 23:55 23 minutes, 55 seconds yeah sorry sir go ahead please sorry so so I was just adding to it so if you look at the Q4 number from an employee cost and the other cost 24:04 24 minutes, 4 seconds standpoint in the Q4 n was additionally spent in the form of the forming of two new two new divisions and deployment of 24:13 24 minutes, 13 seconds MRS and the MR expense of almost 5 crores which is been standing in other expenses in the form of an MR expenses 24:22 24 minutes, 22 seconds in the form of allowances which we give to them. So more or less 9 + 5 9 + 5 14 K relates to the employee related cost 24:30 24 minutes, 30 seconds and 1.6 K relates to the B cost which is in R&D nature by if you remove this from the Q4IA I 24:38 24 minutes, 38 seconds think the numbers would be fabulous as far as the percentage growth is concerned. 24:43 24 minutes, 43 seconds Got it sir. Uh sir the reason for asking that question is I mean I was looking at 4Q margins in the last year as well and 24:50 24 minutes, 50 seconds uh even if I adjust for this 14 crores for this quarter as well u uh I mean the margins in fourth quarter are lower 24:58 24 minutes, 58 seconds compared to the first three quarters. So just trying to understand from a seasonal standpoint is there anything which you would like to call out uh when it comes to the fourth quarter? 25:08 25 minutes, 8 seconds No. So Alankar by as we have stated earlier also I understand we evaluate quarter on quarter but if you look at 25:15 25 minutes, 15 seconds overall a journey if it has been evaluated first half to the second half it gives a more appropriate uh picture 25:22 25 minutes, 22 seconds you know and fourth quarter four more or less seasonality plus launching new two divisions so you know there may be that 25:30 25 minutes, 30 seconds reason otherwise more or less it will remain same. 25:35 25 minutes, 35 seconds Okay. Uh the second question uh then Nabby is if I look at uh slide 16 of your presentation uh the pricing growth 25:44 25 minutes, 44 seconds uh as reported by pharma track is around 7.8%. 25:49 25 minutes, 49 seconds Uh intuitively that seems uh pretty high and maybe even higher than what we have reported previously. So just wanted to 25:56 25 minutes, 56 seconds understand what is driving this and is this sustainable? 26:01 26 minutes, 1 second Oh, it's absolutely sustainable. The reason is only about our 93% portfolio of non nealm and we have we are always 26:10 26 minutes, 10 seconds been affordable on the other side of the coin more or less our product range there's a space of increment of the you 26:17 26 minutes, 17 seconds know price revision uh that's how we have taken that lever as lever but at the same time if you look at the volume growth which is 4.6x 26:25 26 minutes, 25 seconds than the IPM and 1.4x 4x as compared to the price growth. So it's absolutely sustainable. 26:35 26 minutes, 35 seconds Okay. Uh and related to that I mean Middle East the impact of that any thoughts also when it comes to gross 26:43 26 minutes, 43 seconds margins over the near term. Uh do you foresee any risk to that 80% number you mentioned earlier? 26:50 26 minutes, 50 seconds So to be very honest too early to comment on to it as we have about 90 days to 120 days inventory been available. We are we have you know 26:59 26 minutes, 59 seconds started taking the impact on it and you know because the oil and oil and the other parameters impacts many many 27:07 27 minutes, 7 seconds active pharmaceutical ingredients. So that will impact for sure but you know if this situation has been controlled in 27:14 27 minutes, 14 seconds a one month of time I think so the impact is negligible. If it goes little long it may have a little more impact but too early to comment on the subject. 27:25 27 minutes, 25 seconds Got it sir. Uh maybe a final question from my side on the seven brands from Bayer. 27:32 27 minutes, 32 seconds Yeah, sorry. Just to yeah just to you know increase know give 27:40 27 minutes, 40 seconds incremental uh outcome on the margin push and all we have very less import that also will making us more 27:47 27 minutes, 47 seconds comfortable but still little long to conclude on the uh effect on gross 27:54 27 minutes, 54 seconds margin as far as year is concerned what would be the share of RM imports for us sir 28:02 28 minutes, 2 seconds it's been less than 1% % aa so basically 99% is sourced domestically 28:10 28 minutes, 10 seconds but you know that API manufacturer is also impact on oil and uh other things you know so so it's indirect impact to 28:18 28 minutes, 18 seconds us but uh we are trying to balance the coin let's see you know when this situation is under control I think so 28:26 28 minutes, 26 seconds then and then we can able to give you the idea at least by the first quarter guidelines 28:37 28 minutes, 37 seconds Fair enough. Fair enough, sir. U so the other question I had was on the seven brands from Bayer Zidus. You spoke about the new division on Infertility, but any 28:46 28 minutes, 46 seconds thoughts any more qualitative color on the progress over there? Uh can you talk a bit about the sales numbers coming in 28:53 28 minutes, 53 seconds from these seven brands and what are your expectations going forward? 28:58 28 minutes, 58 seconds So I think so the you know orientation is this brand has a great legacy uh in for last two decade in the in the in the 29:06 29 minutes, 6 seconds IPM the promotion has gone little slow because of the priorities of the you know earlier company but now we have 29:14 29 minutes, 14 seconds gone uh gone and launched that brand in the Indian market. The first initial response is been pretty encouraging and 29:22 29 minutes, 22 seconds uh we are expecting really we can do wonders as far as this brand is concerned. There are two reason to it. A there is a legacy in the mind of the 29:29 29 minutes, 29 seconds customer and the quality trust and the two we have a you know leadership position in woman healthcare business. 29:36 29 minutes, 36 seconds So I think so with these two we are expecting high with the launch of this infertility division and I think so next 29:43 29 minutes, 43 seconds 3 4 month we can get uh more colors and more idea onto it but the initial response is very encouraging. 29:51 29 minutes, 51 seconds Got it. And one final big bookkeeping question if I may bind by what were the advertising as well as sales promotion 29:58 29 minutes, 58 seconds expenses in FI26 as a percentage of sales it is in tune of 19%. 30:06 30 minutes, 6 seconds 1 19 both advertising and sales promotion put together you're saying yes yes put together 30:13 30 minutes, 13 seconds okay possible to provide the split yeah we can possible uh see it is more or less in the form of sales promotion 30:21 30 minutes, 21 seconds if I just dissect the things 10% would be in the form of consulting advertising consulting agreements uh with the key 30:30 30 minutes, 30 seconds opinion leaders 5% would be in the form of uh uh SND promotion spend 30:37 30 minutes, 37 seconds and 4% in the form of uh scientific conferences. 30:43 30 minutes, 43 seconds Got it sir. That's very helpful. Uh thank you and all the best. Thank you. 30:49 30 minutes, 49 seconds Thank you. Next question is from the line of Sadhhat Nandhi from CWC. Please go ahead. 30:57 30 minutes, 57 seconds I congrats and uh uh thanks for the opportunity. Just wanted to understand three things. uh one uh 31:07 31 minutes, 7 seconds what what is uh what is uh the PCPM that you've had currently how are you seeing 31:14 31 minutes, 14 seconds that PCPM uh grow over say the last 3 years uh in terms of productivity which 31:20 31 minutes, 20 seconds you called out second was uh you spoke of exports growing faster is that tailwind or a headwind to your gross 31:28 31 minutes, 28 seconds margin and your ebita margin and the third one just wanted to understand While I understand that given the Indian 31:35 31 minutes, 35 seconds context obviously you know uh relationship based uh selling with uh uh 31:43 31 minutes, 43 seconds relationship based sort of selling and discussions with doctors is is important but in that context is there anything 31:50 31 minutes, 50 seconds specific that you're doing on um you know improving engagement with doctors through AI? 31:58 31 minutes, 58 seconds Yeah those are my three question. 32:01 32 minutes, 1 second Yeah, thank you so much for asking the question. Uh as far as PCPM is concerned, uh today we have a PCPM of 4 32:08 32 minutes, 8 seconds uh1 lakhs. So it is 4 lakh 111,000 which was last year about 3 lakh 62,000. So about 32:17 32 minutes, 17 seconds increment of about 50,000 rupees PCPM from 3.62 to 4.11. 32:23 32 minutes, 23 seconds As far as uh doctor practice is concerned which is is which is your third question uh we are aing the UCPMP 32:32 32 minutes, 32 seconds that unique code of marketing practices as a part of the practice. So we don't do any hankypanky things as far as business is concerned and we are there 32:40 32 minutes, 40 seconds UCPMP. So whatever expenses we are doing it's under the perview of UCPMP strictly 32:47 32 minutes, 47 seconds and this has been a story since last a decade we are adhering to UCPMP as the guideline about your second question you 32:55 32 minutes, 55 seconds asked about export but I forgot the question what you asked can you repeat it is gross margin and IDIDA margin for exports better than domestic or 33:04 33 minutes, 4 seconds significantly uh lower so it's always gross margin been 33:11 33 minutes, 11 seconds and binder because we are adopting the B2B model as far as international business is 33:18 33 minutes, 18 seconds concerned in B2B model and India we are working on B2C model so when you are working on B2B model or international 33:26 33 minutes, 26 seconds business it's been a less gross margin and more ITA while in B2C it's other way around 33:35 33 minutes, 35 seconds right and just two follow-ups on that so sorry the the third question was more on use of AI for improving doctor 33:43 33 minutes, 43 seconds engagement if there is anything specific that you're doing if you can share that and on on your growth uh guidance of 15% 33:52 33 minutes, 52 seconds how should we think of that domestically versus exports so as far as EI is concerned we have 34:00 34 minutes started using AI in multiple uh level as far as marketing practices is concerned we are utilizing uh SF that is sales 34:10 34 minutes, 10 seconds Force effectiveness as a tool which you know gives a more robust critical analytic tool on a daily basis to a 34:18 34 minutes, 18 seconds concerned medical representative about their last visit, last discussion to the doctor you know new scientific uh indications, new scientific discussions 34:27 34 minutes, 27 seconds for the doctor and hence and and you know ongoing uh scientific knowledge also. So we are using this AI technology 34:35 34 minutes, 35 seconds for our Salesforce effectiveness and uh as far as doctor is concerned we are using you know AI tool for more 34:44 34 minutes, 44 seconds diagnosis short of purpose try to help them on diagnosis on the uh prescription writing tool which gives them a record 34:52 34 minutes, 52 seconds of the prescription etc. So we are working on both the ways to the medical representative we are designing one tool and for our customers we are designing 35:01 35 minutes, 1 second one tool as far as 15% organically revenue growth is concerned we are committed for 15% 35:09 35 minutes, 9 seconds organic domestic revenue growth domestic and international put together more or less international is about 4% to the 35:16 35 minutes, 16 seconds business so it doesn't impact much here and there but 15% organically and inorganic portfolio which you have 35:23 35 minutes, 23 seconds acquired We are committed to give 25% revenue growth in the organic portfolio we have just acquired and 20% plus 35:31 35 minutes, 31 seconds profitability as the guiding force for now and for uh another 2 three years at least we are seeing the visibility for this. 35:41 35 minutes, 41 seconds Thank you so much. Thanks. 35:47 35 minutes, 47 seconds Thank you. Next question is from the line of Amed Charge from JM Financial. Please go ahead. 35:55 35 minutes, 55 seconds Yeah, thank you for giving opportunity again. So I have one uh followup question on export. Uh so we have written that the bila unit will uh give 36:03 36 minutes, 3 seconds us entry into some of the key markets in the export side. So is it possible to explain our strategy here and how much export revenue uh should scale up once 36:12 36 minutes, 12 seconds we start uh launching products in some of the geography over next two years. 36:17 36 minutes, 17 seconds Yeah. So as far as international business is concerned, it will so bail plant is already been Europe approved. 36:25 36 minutes, 25 seconds We have got accreditation from EAEU which opens the door of Euro Asia market and you know it will take few more years 36:33 36 minutes, 33 seconds around two to three years to really kick off the business in the European market, Euro Assasian market because they 36:40 36 minutes, 40 seconds already been in the process of filing the dose year. It will take typically about one and a half year to two years of time to register the product in that 36:48 36 minutes, 48 seconds particular country and then we'll go all out. So moving forward next four five years I think the next 3 four years at 36:54 36 minutes, 54 seconds least I'm seeing high singledigit uh CI for international business about 8 9% and 90% plus CI with the India business. 37:04 37 minutes, 4 seconds India business is been on the uh focus and we have a deep root in India business that is continued with that international business will also grow up in a years to come. 37:15 37 minutes, 15 seconds Sure. And uh this export strategy will be branch specific or like uh like or like AC across the bronze you will sell 37:24 37 minutes, 24 seconds the uh uh uh like it is branch agnostic basically like you will be selling as for the demand from the distributor. 37:34 37 minutes, 34 seconds So more or less it's been on a therapy basis. We says as far as international business model is concerned there are 37:41 37 minutes, 41 seconds two things we are talking all about think hormone think corona in all international platforms and number two we are talking about B2B business. So 37:50 37 minutes, 50 seconds it's more a therapy therapydriven a hormone as a therapy and the portfolio added with the few other supported uh 37:58 37 minutes, 58 seconds brands in the in that particular portfolio. 38:02 38 minutes, 2 seconds Got it. And uh another question I have on the bare side. So we have acquired the seven brands. So from these seven 38:10 38 minutes, 10 seconds brands uh you see any strong potential for any of the one one or two brands which can become really big or you think 38:17 38 minutes, 17 seconds that will act as a portfolio going ahead because some of these brands like Menodak, OVAC they worked on a life cycle right? all research. 38:28 38 minutes, 28 seconds So there are two brands which are really been arrowhead and we have high focus on these two brands also out of the portfolio. One is mano deck that is uh 38:37 38 minutes, 37 seconds HMG uh 75 150 300 600 and 1200 and 38:44 38 minutes, 44 seconds number two is fostin R that is recombinant follicle stimulating hormone FSH these are the two aeroid brand and 38:53 38 minutes, 53 seconds it will be the aeroid for the division also sure and you believe that these brands 39:00 39 minutes have potential to become like a 50 to 100 cr type of branch over next four five years. 39:07 39 minutes, 7 seconds First you will focus to make this portfolio 50 to 100 cr and then definitely this brand has a potential to become big. 39:14 39 minutes, 14 seconds Sure. Sure. Thank you so much. I will join back. Thank you. 39:21 39 minutes, 21 seconds Thank you. Next question is from the line of Gorak Tanani from Amit Capital. Please go ahead. 39:29 39 minutes, 29 seconds Yeah. Hi. Thank you. Uh so uh sir uh what would be the MR strength today and what would be the MR edition in 26? 39:42 39 minutes, 42 seconds It is about 2650 and we have added about uh about 4 450 put together today we 39:50 39 minutes, 50 seconds have a MR strength of 300 3,100. 39:57 39 minutes, 57 seconds Got it. And uh apart from infertility this was the new division which I launched in Q4 right it is a restructuring of the 40:05 40 minutes, 5 seconds multispeciality division as we have two uh 100 cr plus brand B29 and myel we want to give a focus to the brands and 40:14 40 minutes, 14 seconds hence we have done restructuring in multispeciality division so that's the second division we are talking about that is multispeciality 40:24 40 minutes, 24 seconds okay uh so coming to you know two recent launches first picking up semaglutide. 40:32 40 minutes, 32 seconds So uh uh can you talk more about you know uh who is your manufacturing partner for this product and uh you know 40:42 40 minutes, 42 seconds how what is your go-to market strategy for this? Do you have a dedicated division and how do you see this product 40:49 40 minutes, 49 seconds scaling up for you you know the next year or next two to three years please? 40:55 40 minutes, 55 seconds So as far as simaglutide is concerned I think so that's been uh you know exciting market to be and we are in that 41:03 41 minutes, 3 seconds market with the with MSN as the partner uh manufacturing company. So uh there are two three other companies with MSN 41:11 41 minutes, 11 seconds and we are one of them. Uh as far as SEMA glutide is concerned, we have launched two brands. Uh one is vintide 41:19 41 minutes, 19 seconds for our you know super specialist, endocrinologist and diabetist in one division which is focusing more on the 41:26 41 minutes, 26 seconds specialist to super specialist and the other brand is Tyenza which try to cover the you know tire two tire three market 41:34 41 minutes, 34 seconds uh to you know rural market tire two tire three market to the specialist. So I think so this sea glutide market is 41:42 41 minutes, 42 seconds concerned people are talking to anticipate this market on the first year from 500 cr to 5,000 cr and it's a big range you know people are seeing with 41:51 41 minutes, 51 seconds this market my own understanding is you know if and the calculation is if in India there are about 10 cr eligible 41:59 41 minutes, 59 seconds patients for the semiclide market and if conversion ratio is about 2 3% and the therapy cost if we calculate I think the 42:07 42 minutes, 7 seconds first year may be a year of 2,00 to 2,500 cr as the simaglutadide market. 42:13 42 minutes, 13 seconds That is my anticipation. I think so in another two three month of time we can have the greater clarity on the market. 42:21 42 minutes, 21 seconds But yes, simaglutide brings a you know new dimension to the diabetic market as 42:27 42 minutes, 27 seconds well as obesity market and generic simaglutide market has been exciting for sure. 42:36 42 minutes, 36 seconds Oh very helpful. Thank you. Thank you for that sir. So secondly on uh vocadine 42:42 42 minutes, 42 seconds which you acquired. So uh you know uh the 20 cr kind of a topline product you 42:49 42 minutes, 49 seconds know under NLEM uh you know price multiple trade was you know somewhere closer to 4.5 to five times. 42:59 42 minutes, 59 seconds Uh so how do you think you know you would scale this product from 20 kores over the next two three years and do you 43:07 43 minutes, 7 seconds see any cost synergies also here because given it's an alien product price like may not be viable but uh you know by 43:14 43 minutes, 14 seconds changing the source or something you can derive some cost any insights on how you plan to ramp up wadine 43:21 43 minutes, 21 seconds yeah yeah so thank you so as far as wadim is concerned as you rightly said is 20 cr brand and we are anticipating 43:28 43 minutes, 28 seconds about 25% revenue growth for at least 3 to four years in the Wakadin and what I 43:35 43 minutes, 35 seconds understand as far as 14 different SPOs of WADAN few are out of NALM and you 43:42 43 minutes, 42 seconds know few majority of are in NALM now we have tweaked this strategy in the way that we will uh you know do some uh some 43:51 43 minutes, 51 seconds focus metrics onto the nonalm portfolios of wadin resulted we are anticipating I 43:58 43 minutes, 58 seconds think about 400 basis point of gross margin correction in the first year. It will take some time but we are pretty 44:06 44 minutes, 6 seconds sure and we have taken that also in the consideration with 25% growth and 400 basis point of gross margin correction 44:13 44 minutes, 13 seconds in first year and then we'll see that how this portfolio will grow. Uh this 400 basis point can be a 600 or 700 in a 44:21 44 minutes, 21 seconds year to come that will decide by the next year. But we are pretty sure about 400 basis point of gross margin correction and 25% of revenue growth. 44:32 44 minutes, 32 seconds Got it. This is also so uh I think last you know uh question from my side. So you have uh the Zidis Bayer portfolio 44:42 44 minutes, 42 seconds ramp up driving growth this year. You have Sema and Vocadin also adding to growth this year. Apart from this any 44:50 44 minutes, 50 seconds other you know uh new launch or significant launch that you see in FI27? 44:57 44 minutes, 57 seconds FYI27 has been a classical exciting year for corona for sure. Reason being addition MR the additional multispy vertical will fuel the revenue growth. 45:09 45 minutes, 9 seconds Uh new biosimilars and biologics will fuel the growth and the acquisition brand will also fuel the growth. So that's why you know we are pretty sure 45:18 45 minutes, 18 seconds and we understand that we can able to grow 15% organically and 25% in on the inorganic portfolio considering 20% plus pet growth for sure. 45:31 45 minutes, 31 seconds Great sh uh all the best I have more question I'll thank you sir. 45:39 45 minutes, 39 seconds Thank you. Next question is from the line of Shantular from Noama. Please go ahead. 45:45 45 minutes, 45 seconds Uh hi, thanks for the opportunity. Uh uh I have a question on margins. So we have 81% gross margins and about 21% with the 45:54 45 minutes, 54 seconds margins. Uh so what are the measures to be required uh to consider uh if you want to move our margins and what what 46:01 46 minutes, 1 second is currently under play so that we can get that 24 25% margins in next two to three years. 46:09 46 minutes, 9 seconds So Figan by uh yes answering to your margins first but as we mentioned earlier that we focus more on 20% pad 46:18 46 minutes, 18 seconds growth for years to come and this is our endeavor and this we will achieve. 46:23 46 minutes, 23 seconds Having said that your question is on Ieta marginsa margins will definitely come in play with operative effectiveness in coming years down the 46:32 46 minutes, 32 seconds line as we have improved 80 bits in this financial year. In coming years as well if you see the synergies will come in 46:40 46 minutes, 40 seconds the cost and with the increase in our 15% plus revenue growth operational margin will definitely improve. 46:48 46 minutes, 48 seconds Okay. And uh we have hired 450 MRS. So just want to understand what is the time required for the sales force to achieve 46:57 46 minutes, 57 seconds peak PCPM and what is the target PCM PCPM that we are trying to achieve in next two to three years. 47:05 47 minutes, 5 seconds Okay. So Shikhan by just to brief you first about our philosophy. Uh we have uh we have dissected our medical reps 47:14 47 minutes, 14 seconds into three segments. One from 0 to 3 years that is we have PCPM of two lakhs. 47:20 47 minutes, 20 seconds One from 3 to 6 years where we have PCPM of four lakhs and one from the MRS who are in the company from more than six, 47:27 47 minutes, 27 seconds seven and 8 years where the PCPM is six lakhs, seven lakhs and 8 lakhs. So this is the journey of an MAG in our organization correlating with the PCPM 47:36 47 minutes, 36 seconds what they generate. Right now our PCPM is 4.11 lakhs per month. So this is what we would like to share that as my aging 47:44 47 minutes, 44 seconds of my employees in the organization increases the PCPM definitely increases. 47:50 47 minutes, 50 seconds Okay. And and for the current set of new hires uh how how long do you think they will they will take to achieve that 47:58 47 minutes, 58 seconds peak? Maybe 3 four years. Is that the right assumption sir? 48:03 48 minutes, 3 seconds Sir sir, I think you should keep the numbers in the three buckets what I shared 0 to 3 years, 3 to six years and six and above. So as the as the MR 48:12 48 minutes, 12 seconds progresses in terms of tenure in the organization the PCPM progresses and just to add on to it and you know we 48:19 48 minutes, 19 seconds have launched one multisperity division which is you know we have dissected two multispeciality division into three. So 48:26 48 minutes, 26 seconds more or less brands were there, availability were there but we would like to focus on that. So by that way we can expedite the speed of the 48:35 48 minutes, 35 seconds productivity for sure while launching a absolutely a new therapy or a new vertical it will take you know little 48:42 48 minutes, 42 seconds longer time than the restructuring sort of thing just to academically answering your question on corona philosophy since years together. 48:52 48 minutes, 52 seconds Understood. Okay last question. Uh so we are planning to get into European and Asian markets. Now uh now can you talk 49:00 49 minutes about the uh uh the margin profile of this uh markets and would it be diluted to our margins and how should we think 49:08 49 minutes, 8 seconds about the working capital requirement in these markets. Thank you. 49:13 49 minutes, 13 seconds So as far as working capital is concerned more or less it is from the internal acral because what we want we we what we need to do we need to do the 49:21 49 minutes, 21 seconds R&D and bio equivalent studies uh with the R&D and creating a doier which is a world-class dosier. So it's been taken 49:28 49 minutes, 28 seconds care with the internal acral as far as as I said earlier also we are going in this market with B2B model in any B2B 49:37 49 minutes, 37 seconds model more or less it's been less gross margin and more IITA. So it doesn't make any difference in our philosophy of 15% 49:45 49 minutes, 45 seconds plus revenue growth and 20% plus pet growth. It will remain unchanged with the international business too. And look at the international business horizon. 49:55 49 minutes, 55 seconds It's been about a higher single digit to lower double digit versus India market is about 90%. So it doesn't impact 50:04 50 minutes, 4 seconds anything onto the overall kitty of corona. 50:09 50 minutes, 9 seconds Thank you so much for answering my questions. Thank you sir. 50:15 50 minutes, 15 seconds Thank you. Next question is from the line of Rahul Jani from Securities Limited. Please go ahead. 50:24 50 minutes, 24 seconds Yeah. Uh, hi sir, thanks for taking my questions. So, Nabay, you alluded in your opening comment that the IPM growth 50:31 50 minutes, 31 seconds has accelerated over the past let's say 5 months and what we also see from external data is the IPM growth which 50:39 50 minutes, 39 seconds was around 8 9% and now ended up to a 10 11% kind of a number and that acceleration essentially has been volume 50:47 50 minutes, 47 seconds driven. So volumes which were let's say nil at an industry level are now growing at 1 and a half to 2% kind of a number. 50:55 50 minutes, 55 seconds So what according to you has led to this volume acceleration for the IPM over the 51:02 51 minutes, 2 seconds past 5 to 6 months and how sustainable do you think this trend is for the industry let's say going forward. 51:10 51 minutes, 10 seconds So thanks Rahul Bai. If you remember Rahul by we had a discussion uh on this but let me tell you I was anticipating 51:19 51 minutes, 19 seconds this since last you know 6 months that by November December industry will start giving the double-digit growth and this 51:27 51 minutes, 27 seconds is sustainable for at least a year because that has been anticipated in the mind and the very simple reason this industry has always performed about 51:35 51 minutes, 35 seconds doubledigit growth or higher singledigit growth since last you know 25 30 years in between there is a covid and postcoid 51:44 51 minutes, 44 seconds and post postcoid. So more or less it's been about pandemic and pandemic effect for you know four five years now this 51:53 51 minutes, 53 seconds effect has been you know narrow down and industry is coming back to the higher single digit to double digit growth. I'm 52:00 52 minutes anticipating about 10 to 10.3% uh overall growth as far as this year is concerned with the volume growth of 52:09 52 minutes, 9 seconds about 1 and a half to 2% and rest is price and ni. So I have been very optimistic as far as IPM in FY27 is concerned. 52:19 52 minutes, 19 seconds Sure sir. So this 10 to 10.3% growth for IPM for FI27 do you budget in uh GLP1 52:26 52 minutes, 26 seconds contribution or this should be the base growth for the IPMX of GLP1. 52:32 52 minutes, 32 seconds So I have not see when you're talking about Rahul by 2.5 lakh cr market versus if you're talking about 1,000 to,000 cr 52:41 52 minutes, 41 seconds market I think so I have not nailed down this with this I'm talking in to about a 10.5% 10.3 10% sort of 10 to 10.5% uh growth in the IPM. 52:54 52 minutes, 54 seconds Sure sir and typically in the past let's say our volume growth outperformance versus the market has been around let's 53:02 53 minutes, 2 seconds say four to 5x so with with let's say the IPM volume growth itself picking up as you pointed out would we see an 53:10 53 minutes, 10 seconds acceleration for our volume growth as well yes sir by adding the you know medical 53:18 53 minutes, 18 seconds representative and restructuring the multispy division and adding this uh wardin into it. That's that's a new 53:26 53 minutes, 26 seconds product I understand. But overall we are expecting uh about 3 to 4x uh uh volume 53:33 53 minutes, 33 seconds growth uh as far as our growth is concerned. Sure sir. That was it from my side. 53:40 53 minutes, 40 seconds Thank you. 53:44 53 minutes, 44 seconds Thank you ladies and gentlemen. Due to time constraint that was the last question for today. I would now like to hand the conference over to the management for closing comments. 53:55 53 minutes, 55 seconds Thank you all once again for joining us today on the quarter 4 and FY26 earning call. We will keep the investor and 54:02 54 minutes, 2 seconds analyst community posted with any updates relating to Corona Remedies Limited. We hope we have been able to 54:10 54 minutes, 10 seconds address all your queries and been committed to 15% revenue growth organically and 25% revenue growth on 54:18 54 minutes, 18 seconds the acquired portfolio with 20% plus bet growth in FY272. 54:24 54 minutes, 24 seconds For any other information, kindly get in touch with us or SGA strategic growth advisor, our investor relationship 54:32 54 minutes, 32 seconds partner. Thank you so much and have a great day. 54:37 54 minutes, 37 seconds Thank you. On behalf of Ambit Capital, that concludes Wisconsin. Thank you also joining us today.