Emcure Pharmaceuticals Limited — Q1 FY26

Emcure Pharmaceuticals Ltd Q1 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=kfeaW-UWP_w Published: 9 months ago

0:00 Ladies and gentlemen, good day and welcome to MQ Pharmaceuticals Limited Q1 FI26 earnings conference call. As a 0:10 10 seconds 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 0:18 18 seconds concludes. Should you need assistance during this conference call, please signal an operator by pressing star then 0:25 25 seconds zero on your touch home phone. Please note that this conference is being recorded. 0:31 31 seconds Today we have on call Mr. Satish Meta CEO, Mr. Samit Mata, executive director, 0:39 39 seconds Mr. Vikas Kapur, President Corporate Development Strategy and Finance, Mr. 0:45 45 seconds Tajuin Shik, CFO, Mr. Push Nahar, EVP, corporate development and strategy. I 0:53 53 seconds now hand over to Mr. Push Nahar. Thank you and over to you sir. 0:59 59 seconds Uh thank you Ash. Good afternoon everyone. Earlier today we released our financials for the first quarter fiscal 2026 along with the press release. These 1:08 1 minute, 8 seconds are also posted on our website. We hope you all had a chance to review it. I'd like to bring to everyone's notice that this call is being recorded and the 1:16 1 minute, 16 seconds recording and transcripts will be available on our website. Before we begin, I want to remind everyone about the safe harbor related to today's 1:24 1 minute, 24 seconds investor call. Today's discussion may include forward-looking statements which must be viewed in conjunction with the risk that a business faces that could 1:31 1 minute, 31 seconds cause our future results, performance or achievements to defer significantly from what is expressed or implied by such forward-looking statements. At the end 1:39 1 minute, 39 seconds at the end end of the call if you are any of your queries remain unanswered. 1:43 1 minute, 43 seconds Please feel free to connect us. Uh now I will now request Mr. Sadish Ma CEO to provide the opening remarks. Thank you and over to you. 1:50 1 minute, 50 seconds Thank you Push. Good afternoon to all of you. 1:53 1 minute, 53 seconds It's a pleasure to speak to you again post our first quarter results of FY26. 2:02 2 minutes, 2 seconds I am pleased to share the positive results of your company to start off the fiscal year ahead. 2:10 2 minutes, 10 seconds We had a strong start to the fiscal year with all businesses, all verticals showing excellent growth. Overall, our 2:19 2 minutes, 19 seconds revenue grow grew by 15.7% yearonear while EITA grew by 20%. 2:27 2 minutes, 27 seconds Our profit after tax pad grew by 41% and we reported our highest operating 2:34 2 minutes, 34 seconds profits of 215 crores. I repeat 215 crores. 2:39 2 minutes, 39 seconds Let me now provide key business updates for the quarter which ended. 2:45 2 minutes, 45 seconds Our domestic business grew faster than the industry in the quarter under uh reference. We saw strong growth in all 2:54 2 minutes, 54 seconds our P therapies as kinetic, cardiac, anti-infective and vitamins. 3:01 3 minutes, 1 second As I told you in the last you know call our new in initiatives that we have taken in Dharma and consumer wellness 3:10 3 minutes, 10 seconds are seeing a positive trend and strong traction. 3:15 3 minutes, 15 seconds We expect Dharma as well as consumer wellness to become our key growth drivers in times to come. We continue to take steps to strengthen and synergize. 3:27 3 minutes, 27 seconds We continue to take steps to strengthen and synergize our domestic business. We expanded our partnership with Senopi for 3:36 3 minutes, 36 seconds the diabetes segment. You are aware that is part of the public domain. We'll now be marketing and distributing Sonuki's 3:43 3 minutes, 43 seconds oral diabetics portfolio with key brands emeril and pain. These two brands will 3:51 3 minutes, 51 seconds be promoting from uh 1st of August. As you know 15 months back we also had the 3:58 3 minutes, 58 seconds cardiovascular portfolio and we have done a reasonably good job. Now with this cardiovascular portfolio and now 4:05 4 minutes, 5 seconds this metabolis I'm pleased to tell my uh shareholders whether that your company 4:12 4 minutes, 12 seconds is emerging as a strong player in the field of cardio segment. We were strong 4:18 4 minutes, 18 seconds in cardio with amarin and uh fitine I have every reason to believe that you will also emerge as a player to reckon with in metabolist diet segment as well. 4:31 4 minutes, 31 seconds I am pleased to inform that we are strengthening our team with some significant additions. 4:38 4 minutes, 38 seconds Uh I'm happy to welcome Mr. Ris was into the Nure family as president in their business. 4:46 4 minutes, 46 seconds He brings with him rich experience in managing India formulation business of last 40 years. uh we spent with uh 4:54 4 minutes, 54 seconds various multinationals and Indian company and as far as his last you know 15 years are concerned he was with San 5:02 5 minutes, 2 seconds Pharma we remain confident that we'll continue to grow above industry during the year with the steps you know that we 5:10 5 minutes, 10 seconds are initiating and I'm pretty you know confident about our journey in the domestic business with with some 5:18 5 minutes, 18 seconds briefing about the domestic business let me now move to the international segment. Our international business 5:26 5 minutes, 26 seconds grew strongly by 20%. With all the verticals, all the geographies seen a pretty good traction. Our Canada 5:34 5 minutes, 34 seconds business around which you know I spoke to in previous quarters continues to show strong growth led by market share 5:41 5 minutes, 41 seconds gains and new launches. Our rest of the world we call it as emerging markets is also seeing a strong traction in both 5:50 5 minutes, 50 seconds ARV and non ARV segments. This is led by new product approvals in our target countries. I told you that we have a 5:58 5 minutes, 58 seconds reasonably strong presence in ARV but at the same time the strategy is to emerge stronger in non ARV segments and this is 6:05 6 minutes, 5 seconds driven by uh unique products so that we are also selling in the emerging markets. I'm happy to inform that you 6:13 6 minutes, 13 seconds know zero view in double digit growth and we have a healthy pipeline going forward. As mentioned as mentioned in my 6:21 6 minutes, 21 seconds last call has embarked on a journey of growth and in margins through innovation 6:28 6 minutes, 28 seconds partnership and newer geographical reach. This is the first year this is the first year of five vision to take 6:37 6 minutes, 37 seconds Nure into the next orbit. I repeat this is the first year of our five-year vision to take orbit Mur into the next 6:46 6 minutes, 46 seconds orbit. During this period our focus will remain on building strong foundation 6:52 6 minutes, 52 seconds through investments in new technologies, processes and above all people to deliver highly profitable and above 7:01 7 minutes, 1 second average growth. I'll repeat our focus will remain through investment in new technologies, processes and people to 7:10 7 minutes, 10 seconds deliver highly profitable and above average market growth. 7:16 7 minutes, 16 seconds Let me repeat once again that NQ remains an India focused company with huge opportunity to tap the unmet medical 7:25 7 minutes, 25 seconds needs of over 1.4 billion Indians. We are very very committed to the domestic market. All I can say is that we at MQ 7:34 7 minutes, 34 seconds are very excited are absolutely excited in this phase as we see a huge opportunity unfold ahead of us. We 7:44 7 minutes, 44 seconds remain focused we remain focused on building a company that creates everlasting value for all its 7:52 7 minutes, 52 seconds stakeholders. We remain focused on building a company that creates everlasting value for all its 7:59 7 minutes, 59 seconds stakeholders. I'm very satisfied with what we have achieved so far and even more excited and even more excited about 8:08 8 minutes, 8 seconds what lies ahead of us. I will end my opening remarks by saying I will end my opening remarks by saying watch this 8:17 8 minutes, 17 seconds space as more and more exciting opportunities unfold helping make your company one of the most admired 8:24 8 minutes, 24 seconds companies within the pharmaceutical industry. Watch out for this particular space as together with you people your company will emerge as one of the most 8:32 8 minutes, 32 seconds admired company within the pharmaceutical industry. 8:37 8 minutes, 37 seconds Uh let me touch base for another topic of interest before I conclude. We all keep on talking about tariff and what's happening you know with the Trump administration. 8:47 8 minutes, 47 seconds Unfortunate but true that 50% tariff has been launched with exports from India and you never know what is going to happen about the pharma industry only. 8:55 8 minutes, 55 seconds President Trump knows about it. But I want to highlight that your company is predominantly insulated from US market 9:03 9 minutes, 3 seconds with our exposure to US being less than 3%. Let me remmit uh that as far as NPR is concerned your company is 9:12 9 minutes, 12 seconds predominantly insulated from the US market with our exposure to US being less than 3%. 9:19 9 minutes, 19 seconds With these remarks, I would now pass on the call to my CFO Taj Shape to share the financial details of last quarter 9:28 9 minutes, 28 seconds before we open up the floor for your questions and answers. Absolute pleasure 9:35 9 minutes, 35 seconds in talking to you and thanks for making it convenient to attend the call which means a lot to me personally and 9:42 9 minutes, 42 seconds obviously to the company. Your continued interest in Nure. Thank you very much. 9:51 9 minutes, 51 seconds Good afternoon everyone. Thank you for joining us today. Before we move to the Q&A, I'll take you through some of the key financial highlights for the first quarter. 10:00 10 minutes Uh revenue from operations for the quarter grew by 15.7% year-over-year to 2,1 crores, up from 1,815 crores in Q1 10:09 10 minutes, 9 seconds FY25. The domestic business grew by 9.4% 4% year-over-year to 995 crores, driven by strong performance across all key therapies. 10:20 10 minutes, 20 seconds International markets maintained solid momentum, growing 22% year-over-year to 1,16 crores. Emerging markets grew 10:28 10 minutes, 28 seconds impressively by 42% year-over-year to 360 crores with strong contributions from both ERV and nonv portfolio. Canada reported a 16.4% growth to 342 crores. 10:41 10 minutes, 41 seconds Europe saw robust growth of 12.8% year-over-year, reaching 403 crores. 10:47 10 minutes, 47 seconds Gross margins for the quarter stood at 61.8% versus 57.8 in 4Q and 62.4 in 1 Q 10:55 10 minutes, 55 seconds of 25. The change was driven largely by product and business mix. IIDA excluding other income grew 20.1% year-over-year 11:04 11 minutes, 4 seconds to 404 crores. IDIA margins stood at 19.2% 2% versus 18.5% in Q124 and 18.4% 11:13 11 minutes, 13 seconds in Q425 supported by strong operating leverage and productivity gain. Depreciation and amotization was platted quarter over 11:22 11 minutes, 22 seconds quarter at 99 crores. Interest cost was 27 crores reflecting lower borrowings. The effective tax rate stood at 26%. 11:32 11 minutes, 32 seconds profit after tax came in at 215 crores showing strong growth of 41% year-over-year. 11:39 11 minutes, 39 seconds With that, I will now open the floor for questions. 11:45 11 minutes, 45 seconds Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. 11:56 11 minutes, 56 seconds If you wish to remove yourself from the question queue, you may press stars and two. Participants are requested to use 12:04 12 minutes, 4 seconds handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. 12:21 12 minutes, 21 seconds The first question is from the line of Mr. A from GM Financial. Please go ahead sir. 12:28 12 minutes, 28 seconds Yeah, thank you for taking my question and congrats on good numbers. Uh hello. Am I auditioning? 12:37 12 minutes, 37 seconds Hello Mr. Rome. Are you on the line? 12:40 12 minutes, 40 seconds Yeah. Yeah, I'm on the line. Am I aud Hello. 12:51 12 minutes, 51 seconds Hello. Uh am I second Mr. Ray could you come again? 13:03 13 minutes, 3 seconds Yeah yeah yeah am I audible? Yes sir please go ahead. 13:07 13 minutes, 7 seconds Yeah thank you thank you for giving opportunity and congrats on good numbers. So uh I had joined it late. So 13:14 13 minutes, 14 seconds in case I'm repeating the question just uh uh so basically uh the 9% growth which we have uh uh delivered this year 13:23 13 minutes, 23 seconds in India uh is it fair to assume that this base is on the normal base uh as well uh if you can give us the break up 13:32 13 minutes, 32 seconds in terms of the volume and price for this 9% growth for the corporate. 13:37 13 minutes, 37 seconds Sure. Yeah. This is on a normalized basis. So there's nothing left. I think in terms of the price volume and all 13:46 13 minutes, 46 seconds volume would have been about 4% price about 4% and about couple of percent of 1 to 2% of the new launches that we 13:54 13 minutes, 54 seconds have. So is it fair to say that from the negative trajectory of volumes in postcoid for two years then last year 14:02 14 minutes, 2 seconds around 2% volume what we are seeing now we have moving towards like four to 5% kind of a volume for the full year. 14:11 14 minutes, 11 seconds Yeah, that is what we targeting. 14:14 14 minutes, 14 seconds Sure. And uh going ahead uh uh uh because there will be diabetes sales abolitions happening right from the 14:21 14 minutes, 21 seconds senopi. So how should we look at uh the number for the full year? Uh is it possible to quantify how much will be the sales coming in from the sun with 14:30 14 minutes, 30 seconds this portfolio would roughly be about 200 cr portfolio 14:37 14 minutes, 37 seconds analyze that we'll have. So we'll get about 9 months of that in there. Yeah. 9 sorry uh we started from August. Yeah. 14:45 14 minutes, 45 seconds Seven 7 months. Sure. 14:48 14 minutes, 48 seconds 8 months. I mean 8 months is we getting in the current year and on annualized basis it is 200 CRM. 14:57 14 minutes, 57 seconds Got it. And uh uh in terms of MR addition has there been any MR add aition for diabetes or we we would be 15:05 15 minutes, 5 seconds working with same cardio metabolic MR like this. 15:09 15 minutes, 9 seconds So we already yeah so we already had three divisions in the cardioving this will get fit in the current one. 15:19 15 minutes, 19 seconds Sure. And the last question I have uh on the FCM performance uh if you can 15:26 15 minutes, 26 seconds elaborate uh for this quarter how the performance has been uh especially now uh uh the uh competition has been uh largely settled in. 15:38 15 minutes, 38 seconds So I think there on the perception side now we actually seeing uh the revisit 15:49 15 minutes, 49 seconds for us. So that is doing well for us. I think uh they're listening where I think it's still a bit more challenging is on 15:56 15 minutes, 56 seconds the institution side and all where pricing some of the competition is still there at lower prices but I think on the 16:03 16 minutes, 3 seconds promoted side we are seeing attraction and revival just to add because what really happens 16:12 16 minutes, 12 seconds you know uh I mean the promotion we are essentially focusing on quality and certain parameters where we are better 16:19 16 minutes, 19 seconds than the competitors Because as you know this particular product you know Emperor has brought in the company for the first time. So we are having lot of data and 16:28 16 minutes, 28 seconds the scientific promotion is also helping us and I think you know we are getting the traction going forward and as P 16:35 16 minutes, 35 seconds rightly said in prescription market we are doing well but when it comes to the question of institution the challenges remain. 16:43 16 minutes, 43 seconds Got it. And this last uh question like how much will be the mix uh in terms of prescription and institutional for us for that particular product franchise. 16:55 16 minutes, 55 seconds So for the over the overall for XM franchise how much would be I think now a majority will be prescription driven now. 17:05 17 minutes, 5 seconds Okay sure so that should start reflecting in our performance in the prescription. Yeah sure. Thank you so much. I will join. 17:16 17 minutes, 16 seconds Thank you participants. If you wish to ask a question, you may press star and one on your touchstone telephone. 17:24 17 minutes, 24 seconds The next question is from the line of Mr. Alan Kar from CCK Institutional Equities. Please go ahead sir. 17:32 17 minutes, 32 seconds Hi, good afternoon everyone. Uh you had spoken about further launches in FI26 in the women's set segment in the previous 17:41 17 minutes, 41 seconds quarter. uh can you take us uh through uh the progress on that front? 17:48 17 minutes, 48 seconds So yeah, we have launched two areas. So one is since we talked about the PCS and second is on the menopause. Both of them have been launched in last quarter. Uh I 17:57 17 minutes, 57 seconds think as we have talked about last time these are new concepts we trying to establish in the market. So early days but we seeing good traction out there 18:04 18 minutes, 4 seconds but I think for them to become materials will take time because we are still establishing these concepts out in the market. 18:12 18 minutes, 12 seconds Understood. Um and uh also if you can comment you wish on the the performance of the iron portfolio in this quarter 18:21 18 minutes, 21 seconds on the iron port you have to know of portfolio. 18:24 18 minutes, 24 seconds Yeah. Dynamax has done very well for us which is basically largely iron I think there we are growing much ahead of the industry. So even if you look at IPvr 18:33 18 minutes, 33 seconds the IPv reflection is about 3 o% growth in the GX segment and so all of our XT is continues to go in double digit. FCM 18:42 18 minutes, 42 seconds has already talked about in the prescription side we are again now in double digit growth. So the end segment is now back on growth mode for us. 18:51 18 minutes, 51 seconds Understood. Uh just one question there before I uh I I get into the international business. on FCM a 18:58 18 minutes, 58 seconds clarification uh if I take into account both the prescription business as well as the institutional business uh was 19:05 19 minutes, 5 seconds there any drag at all if I look at the reported domestic growth in this quarter it would still be about 1% drag so x of 19:14 19 minutes, 14 seconds that will be about 10 and a half% okay so adjusted for fcm the growth is about 10 and a half% in India 19:22 19 minutes, 22 seconds okay got it uh then on the international bet Was there any meaningful benefit of the amputerism B launch in Europe in 19:30 19 minutes, 30 seconds this quarter or we expect the ramp up to be more gradual towards the course of the year? 19:36 19 minutes, 36 seconds Yeah. Hi, this is Sit. Um in UK, yes, you know, we have started actively supplying. However, in Europe, as we had 19:44 19 minutes, 44 seconds told you over the last call, uh we got the approval under the DCP and each country typically takes you know anywhere between 3 to 5 months for its 19:52 19 minutes, 52 seconds own national approval which we start which we expect to start from the end of this quarter. So I think the ramp up in 20:00 20 minutes the second half of the year will be much higher than what we will see in uh H1. 20:07 20 minutes, 7 seconds Understood. Uh that's helpful. And a quick one on ARV and non ARV. Now Satis mentioned about good growth in both ARV 20:16 20 minutes, 16 seconds and non ARV in RO. Uh what was the ARV contribution in this quarter? 20:22 20 minutes, 22 seconds ARV would have been roughly about half sorry you mentioned 50%. 50%. 20:30 20 minutes, 30 seconds Okay. Okay. And final question from my side any update on the filing of semaglutide in Canada? 20:38 20 minutes, 38 seconds Yeah, in Canada, in Canada this month we will be executing our uh filing batches. 20:45 20 minutes, 45 seconds So I think we continue to be on track to file towards the end of this fiscal year. 20:52 20 minutes, 52 seconds Got it. And in India, I'm assuming we are on track to be among the first wave of launches as you had mentioned earlier. 21:01 21 minutes, 1 second Yes, that that continues to be our effort. 21:05 21 minutes, 5 seconds Got it. Got it. Uh that's it from my side. Thank you very much. Thank you. 21:11 21 minutes, 11 seconds This is a reminder for all the participants. If you wish to ask a question, you may press star and one on your touchstone telephone. 21:20 21 minutes, 20 seconds The next question is from the line of Mr. Gagan Tarija from Ask Investment Managers Limited. Please go ahead. 21:31 21 minutes, 31 seconds I I hope I'm audible. 21:33 21 minutes, 33 seconds Uh so could you uh speak a little bit louder please? 21:37 21 minutes, 37 seconds Okay. All right. Uh so uh the first question is uh you know on uh uh is it 21:44 21 minutes, 44 seconds possible to give some flavor on how the soni cardiac portfolio is doing for you one of this year compared to last year. 21:55 21 minutes, 55 seconds So the son of portfolio I think it's broadly similar to what we are reporting for the overall domestic growth. it's been doing uh in line with that I think 22:04 22 minutes, 4 seconds the our target person has been to grow that in line with the idea and I think that's what we have been there in one year 22:11 22 minutes, 11 seconds okay and you know on on the additional uh diabetic portfolio that you acquired 22:19 22 minutes, 19 seconds from Sani is it possible to understand uh the you know the rationale the are 22:25 22 minutes, 25 seconds these drugs are not generally not seeing a a slower sort of growth So given that 22:32 22 minutes, 32 seconds we've had new generation of uh of drugs coming in for uh diabetes or these still 22:39 22 minutes, 39 seconds constitute the first line of treatment and therefore will you expect them to grow healthily? 22:45 22 minutes, 45 seconds Gangji is satish ma sul sonil n ura uh continues to be first kind of treatment and products like gyomate and others you 22:53 22 minutes, 53 seconds know they continue to have traction if you recolct you know in the call zero that I had probably year back at that 23:01 23 minutes, 1 second time you know I was trying to communicate to my uh equity holders that we would like to be strong you know in 23:08 23 minutes, 8 seconds say uh skin care dermatology we would like to be strong in metabolics as far as skin care is concern concerned we took a big step you know by getting 23:17 23 minutes, 17 seconds somebody like Satya starting emputics and I'm getting traction and as far as metabolic is concerned this is a hook you know emmeril which will connect to 23:25 23 minutes, 25 seconds it to all the major you know consulting physicians and diabetologist with the help of that you know I feel that there 23:32 23 minutes, 32 seconds will be rubon effect on other products and we'll do well as you know our brand you know buildin is doing quite well uh 23:41 23 minutes, 41 seconds that's one of the top three brands you know post 80 so With amarin coming to the food you know our position in the 23:48 23 minutes, 48 seconds diabetic segment metabolics you know will significantly strengthen and that will also help us when we go for simut 23:55 23 minutes, 55 seconds as and when you know we get the lo. So this is plan of overall strategic thinking uh because with we get a good 24:04 24 minutes, 4 seconds connect you know with the doctors and obviously the same doctors are my potential prescribers as well. Okay. And was the sales force 24:13 24 minutes, 13 seconds also transferred to uh ENQ from son of foresetor. 24:24 24 minutes, 24 seconds So this is going to be one of the divisions. 24:27 24 minutes, 27 seconds All right. And uh is it possible to understand the contribution? I mean I understand it's early days but still 24:34 24 minutes, 34 seconds possible to understand how we you know the derma and consumer wellness uh divisions are ramping up uh any flavor 24:43 24 minutes, 43 seconds would be helpful here currently we are in the investment I mean we just started a few months back 24:50 24 minutes, 50 seconds and then after pharma you know the gestation period is 18 24 months but at the same time you know the duties you 24:59 24 minutes, 59 seconds know we are getting prescriptions I mean the unique preparations you know we are launching in the dharma segment and also whatever you know Mita is doing in earth 25:07 25 minutes, 7 seconds that is obviously very well received but this is a patience game it's not going to happen in a day it has taken me uh 30 years to do to get the company to this 25:15 25 minutes, 15 seconds level I think just just to add I think what we had guided last time is that overall we 25:24 25 minutes, 24 seconds think that these two uh uh new initiatives should drive about 1 or 2% additional growth uh in our overall domestic IC business. I think we're on track for delivering that for the year. 25:34 25 minutes, 34 seconds Thanks Nick. Very helpful. 25:38 25 minutes, 38 seconds And one more sir on on you know uh the Asperagin is uh uh and the WMD product 25:46 25 minutes, 46 seconds any uh uh further updates on you know when you believe you can come into the market with these. 25:54 25 minutes, 54 seconds Sure. So for the RS question is uh we have already submitted our Gaussier to uh TCGI and we're waiting to hear from 26:03 26 minutes, 3 seconds them in terms of when they constitute the FCC and when it will be reviewed. So fingers crossed there and on the wet A&B 26:10 26 minutes, 10 seconds also very positive in the sense that you know we should be completing our clinical trial by the end of September. 26:17 26 minutes, 17 seconds So whatever time it takes after that to compile our dosier and submit it to the CDSO. So very hopeful that uh at least 26:25 26 minutes, 25 seconds one if not both should get uh approval in this financial year. 26:31 26 minutes, 31 seconds And final one from my side if you could uh give us the latest gross data position for the company latest is around 700 g. 26:45 26 minutes, 45 seconds Thank you sir. Wish you all the best and I'll get back in. Thank you very thank you. Thank you. 26:52 26 minutes, 52 seconds The next question is from the line of Mr. Bharat Sha from Ask Investment Managers Limited. Please go ahead sir. 27:00 27 minutes Yes. Uh hi uh uh Satishw uh it was uh good to hear the fiveyear journey that 27:09 27 minutes, 9 seconds you outlined uh which will be marked by uh not just uh uh new partnerships but 27:18 27 minutes, 18 seconds new innovation and driving new products and geographies and invest underpinned by investment in 27:26 27 minutes, 26 seconds people processes and technology. So that's refreshing to hear that we uh 27:34 27 minutes, 34 seconds feel that on a sustained basis uh the growth will come in of which uh this 27:40 27 minutes, 40 seconds quarter is marketed rather well. uh uh just to put a little bit of uh uh 27:49 27 minutes, 49 seconds skepticism on that if you pardon me. But uh ultimately in the pharmaceutical uh 27:58 27 minutes, 58 seconds business uh sustained and predictable growth will come uh only from refresh portfolio of 28:08 28 minutes, 8 seconds products. uh the well- aligned uh therapeutic areas and all of that is to 28:16 28 minutes, 16 seconds be driven by uh new products developed through the uh sustained research 28:23 28 minutes, 23 seconds effort. But a large part of our portfolio my impression is more me and 28:29 28 minutes, 29 seconds therefore how do we aspire to remain on a continuous growth journey 28:36 28 minutes, 36 seconds or what are the steps being taken? So that we uh address these uh uh game on 28:44 28 minutes, 44 seconds internet half the business. Can I? 28:50 28 minutes, 50 seconds Yes. One of the elect step back and tell you in 1995 when I began my journey at 28:57 28 minutes, 57 seconds everyone dissuaded me uh from entering into the market and my friends you know from multinationals went to the extent of saying 29:05 29 minutes, 5 seconds our market is very fragmented very very competitive and you are one of the last in front now when I'm talking to you in 29:12 29 minutes, 12 seconds 2025 uh the reason why you know we have done well is because of science innovation and technology and and I take 29:20 29 minutes, 20 seconds pride in telling everyone that as far as my company is concerned it is it is in the forefront in launching you know new products you know giving new products to 29:28 29 minutes, 28 seconds the industry to give you a few examples I gave know 11 products in the field of kirality as sen metapol 29:37 29 minutes, 37 seconds they have been doing exceedingly well we gave ferus ascorbet for the first time we gave feric caroxy malttos about which 29:44 29 minutes, 44 seconds you know air asked you know some time back feric caroxy malttos similarly you know we have given seven bio simulators 29:52 29 minutes, 52 seconds and now you know Sid just told you some time back we're talking about asparag we're talking about braisuma so to that extent as the gene of the company is 30:01 30 minutes, 1 second concerned it is driven by science and technology and we are doing lot of work you know in R&D to that extent I'm very 30:08 30 minutes, 8 seconds confident that going forward you know my company will be in a position to bring new products because buri you are absolutely spot on the competition is 30:16 30 minutes, 16 seconds very intense as far as new products are concerned to that extent for any company to survive and make headway it has to 30:24 30 minutes, 24 seconds focus on science and technology and that's one area where we are committed and we are taking a lot of steps in that direction so would you like to add something Nick Rick you can also chime in 30:32 30 minutes, 32 seconds sure I I think when we spoke about the five years vision internally for each of the years we have already identified 30:39 30 minutes, 39 seconds which is the product launch for which you know a lot of the work has already been done whether it is you know filing batches or submissions so we have very 30:49 30 minutes, 49 seconds uh you of crystal clear clarity on each of these five years the one big blockbuster product. So for example you know like we did mention liposomaal 30:57 30 minutes, 57 seconds amputer in B similarly across the years uh you know building on the liposomaal platform there are a few other products 31:04 31 minutes, 4 seconds there's of course GLP1s and within that some uh incremental innovation that we're doing and of course uh towards the 31:11 31 minutes, 11 seconds end uh towards year four year five there will obviously be what we've spoken about earlier and for which we've earnestly started efforts the whole 31:19 31 minutes, 19 seconds space of ABC would like to add I think it's covered. 31:27 31 minutes, 27 seconds I think it's covered. 31:29 31 minutes, 29 seconds So basically what we are saying is it is not merely a reason 31:36 31 minutes, 36 seconds uh good to say kind of a statement but it is uh in other words it's not just good English but there is a decent mathematics behind it. 31:47 31 minutes, 47 seconds Absolutely. 31:49 31 minutes, 49 seconds uh there is absolutely a clear vision and game plan uh as far as though each therapeutic segment is concerned. So the 31:55 31 minutes, 55 seconds strategy will be clear R&D will drive one. Second thing you know we like to work with multinationals who are demonstrated by working you know with 32:04 32 minutes, 4 seconds Sanopi we've got a big portfolio something similar will happen that is number two and third part of the strategy we'll be you know working at 32:11 32 minutes, 11 seconds global level to get some products you know like sun mentioned about or maybe something in phase one pick them up and see whether we can develop for the 32:19 32 minutes, 19 seconds domestic market so there is absolute clarity at the senior level about where you know the new products will be launched in each and every therapeutic 32:27 32 minutes, 27 seconds segment globally G now that is uh that is very heartening to know. Uh a related question uh you 32:36 32 minutes, 36 seconds mention Satishai that this fiveyear journey will be marked with above average growth rate and could you be 32:46 32 minutes, 46 seconds little more specific uh as to what what is meant by that? Will it be uh double digit or uh very healthy double digit? 32:56 32 minutes, 56 seconds What kind of growth did you have in mind and also on the margin you can make a 33:02 33 minutes, 2 seconds comment from 20% of that we are now at do you think our margins also 33:09 33 minutes, 9 seconds what kind of trajectory would hold out so I will break it in two parts as far as the growth part is concerned I will answer margin part you know which will 33:18 33 minutes, 18 seconds answer as far as growth is concerned I would like to have 2% more than the industry growth whether we are talking about India or other markets okay other 33:27 33 minutes, 27 seconds markets are also very very competitive Europe and Canada so that will be the aspiration if you grow by more happiness but at least you know I suppose the 33:34 33 minutes, 34 seconds basic objective will be to grow by 2% more than the industry growth in various markets and regarding margin we have been talking that there is a journey you 33:43 33 minutes, 43 seconds know towards the desired results I will ask you to open on that yeah so you know what we have guided if 33:52 33 minutes, 52 seconds you can hear me is that uh from the roughly you uh margins that we've guided to for this year. We should continue the journey of 34:00 34 minutes increasing our margin profile by about 3 400 basis points over this four or five year journey which will be driven by 34:07 34 minutes, 7 seconds obviously both productivity gains in terms of our uh India business as well as uh 34:15 34 minutes, 15 seconds improving our you know gross margin profile with the business and product mix that we will be uh working on in the pipeline and overall operational 34:23 34 minutes, 23 seconds effectiveness in terms of just the scale economies we will get uh as we continue to scale different verticals within our business. 34:32 34 minutes, 32 seconds Uh which means about 20% operating margins. Now over the 5year period it 34:40 34 minutes, 40 seconds should be somewhere in the bend of 23 24%. 34:45 34 minutes, 45 seconds That that that continues to be the uh goal and aspiration that we'll be working towards. 34:51 34 minutes, 51 seconds All right. Thank you. And one last thing uh when do we think uh the 700 crate on 35:00 35 minutes the books is likely to become zero. 35:06 35 minutes, 6 seconds You know if I can just add there guided on the debt was that uh barring 35:12 35 minutes, 12 seconds any um M&A uh that should be approaching close to zero even by the end of the current fiscal year. Having said that, 35:21 35 minutes, 21 seconds uh two of our recent announcements, one was with the uh acquisition of a product portfolio from banks which is going to 35:28 35 minutes, 28 seconds be paid for um in various milestones as well as our recent announcement of acquiring the minority stake from 35:37 35 minutes, 37 seconds Zuventus. I think these two initiatives will obviously add to our uh gross debt position which will probably push out uh 35:46 35 minutes, 46 seconds you know our debt uh going to uh you know approaching zero by at least one one and a half years going forward. 35:52 35 minutes, 52 seconds Having said that both of these initiatives we think are going to be very accreative and uh uh I think is money well spent over the uh that we have announced. 36:02 36 minutes, 2 seconds Sure. Thank you very much and all the very best satisfi and the entire entity team. 36:09 36 minutes, 9 seconds We very much value your support and thanks a lot for participating and kindly feel free to reach out to us 36:16 36 minutes, 16 seconds anytime. We are available 24 by7. We value your support. 36:20 36 minutes, 20 seconds Much appreciation all of all of you. 36:24 36 minutes, 24 seconds Thank you participants. If you wish to ask a question, you may press star and one on 36:31 36 minutes, 31 seconds your touchstone telephone. We will wait for a moment while the question you assemble. 36:48 36 minutes, 48 seconds The next question is from the line of Mr. Tushar Manodani from Motil Oal financial services. Please go ahead sir. 36:57 36 minutes, 57 seconds Thanks for the opportunity uh knowing the leads I'm not sure if the address but just wanted to understand on the 37:04 37 minutes, 4 seconds gross margin front uh quarter to quarter where I say the business composition in terms of geography has not changed much 37:13 37 minutes, 13 seconds but we've seen good improvement in the gross margins if you could just elaborate on that first. 37:20 37 minutes, 20 seconds So the gross margin I think what we indicated last time right it's largely driven more by the product mix in the international market. So I think we have 37:28 37 minutes, 28 seconds to look at more at an annual level for annual level I think what we indicated is we expect this year to be about 50 basis points higher than what we entered 37:36 37 minutes, 36 seconds last year. So but between quarters you will have variations depending on the product mix that you have across businesses. 37:44 37 minutes, 44 seconds Got it. And therapy wise as far as India market is concerned right of course there's secondary data available but if 37:52 37 minutes, 52 seconds you could throw some light in terms of these therapies we have you know sort of performed better than the industry and where we have granted. 38:01 38 minutes, 1 second So I think cardiac and gyn we have done better cardiac also been more in line in 38:07 38 minutes, 7 seconds line I think. So those have then others I think we have more or less inlining the industry. 38:15 38 minutes, 15 seconds which has what has given a bit more as I talked about is some of the new launches and all which have come up. 38:23 38 minutes, 23 seconds Got it. And as far as emerging market is concerned where we have seen you know uh on a year-on-year basis sharp increase 38:31 38 minutes, 31 seconds in revenue but how to think about it on an annualized basis for next two three years. 38:37 38 minutes, 37 seconds I think for this year what we indicated is that the emerging markets we expect to grow in high teens closer to 20% around that 38:46 38 minutes, 46 seconds and again what will happen so the emerging markets uh when we are talking about say ARV and non ARV ARV is a 38:54 38 minutes, 54 seconds function of you know winning the tender so there is an element of uncertaintity so it's very difficult to predict you know what happens though you know the 39:01 39 minutes, 1 second company is in good position and as far as non ARV is concerned that is also a function of getting registration in various countries and if you get the 39:09 39 minutes, 9 seconds registration so for some market products that market in that case there will be uptake so I think you know one can as 39:17 39 minutes, 17 seconds you rightly said you know we talk about the base as I mentioned some time back normal growth plus 2% that will be the expiration but suppose if we get to know 39:26 39 minutes, 26 seconds some of the products you know registered for which the number of flights are pending there will be obviously be an upside 39:34 39 minutes, 34 seconds got and as far as Um so uh let's say operational cost uh is it going to have 39:41 39 minutes, 41 seconds some meaningful increase let's say fi26 uh fi27 or is it more to do with like inflation being linked increase 39:50 39 minutes, 50 seconds I think it's largely inflation banked and the business growth right so as far as our business growth 39:57 39 minutes, 57 seconds is more than the then effectively it should help get much superior margin as we go along right 40:05 40 minutes, 5 seconds yes that is intention that's where this was the beginning. 40:11 40 minutes, 11 seconds Yeah. So I meant to ask effectively that should you know reflect in FI26 itself 40:18 40 minutes, 18 seconds uh where FI25 at least you know the margins or Q1 it was similar to the fourth quarter or first quarter. So I'm 40:26 40 minutes, 26 seconds just trying to ask that you know when do we see that improvement in the margins? 40:31 40 minutes, 31 seconds Yeah. I think what we had guided last time was that uh even on the operating cost side we should see about a 100 40:39 40 minutes, 39 seconds basis point improvement visa ves last year on account of both of these areas uh better productivity with the Indian 40:47 40 minutes, 47 seconds field force as well as uh you know some of the scaling of the business and better utilization of our manufacturing 40:54 40 minutes, 54 seconds facilities. So overall as the business continues to grow healthy double digits uh and uh inflation where it is that's 41:02 41 minutes, 2 seconds where we feel bullish that we'll continue to get roughly that 100 basis points of expansion that we had uh indicated. 41:09 41 minutes, 9 seconds Got it. That that's it. Thank you. Thank you. 41:15 41 minutes, 15 seconds The next question is from the line of Mr. Alen from KTK Institutional Equities. Please go ahead sir. 41:22 41 minutes, 22 seconds Yeah thank you. uh summit you mentioned about working on an incremental innovation in GLP1. Uh can you please elaborate on that? 41:31 41 minutes, 31 seconds Sure. So in terms of you know some of the approved GLPS we are looking at some tweaking in terms of improving the 41:40 41 minutes, 40 seconds compliance uh through different you know dosage systems and uh the instrumental innovation within the formulation space. 41:50 41 minutes, 50 seconds Okay. 41:52 41 minutes, 52 seconds uh and uh I mean currently our filing uh both in India as well as markets like Canada uh would be through the synthesis 42:01 42 minutes, 1 second route right semiynthetic yes that is going off patent in 2026 the uh fermentation to the semiynthetic 42:10 42 minutes, 10 seconds is uh going off in 2028 so we'll be fully synthetic right now 42:17 42 minutes, 17 seconds fair enough uh the other question was on this zena acquisition. Now due to this acquisition, will there be any change 42:26 42 minutes, 26 seconds from an operational standpoint in the acute business? 42:31 42 minutes, 31 seconds No. Nothing changes. 42:36 42 minutes, 36 seconds Okay. Okay. Fair enough. Uh the final question is more of a clarification on what V just mentioned. 42:43 42 minutes, 43 seconds I think in the previous call we had spoken about 150 basis points VITA margin expansion for FI26. 42:51 42 minutes, 51 seconds So uh is it 100 basis points or 150 basis points uh guidance for FI? 42:58 42 minutes, 58 seconds Yeah. So I was specifically alluding to the opex portion of it as a 100 basis point. You should just mention that we also anticipate 50 basis points 43:06 43 minutes, 6 seconds expansion in our gross margins based on the product and business mix. 43:12 43 minutes, 12 seconds Understood. That clarifies it. That's it from myself. Thank you. Thank you. 43:19 43 minutes, 19 seconds The next question is from the line of Mr. Gagan Tarija from Ask Investment Managers Limited. Please go ahead sir. 43:26 43 minutes, 26 seconds Yeah, thanks for taking the followup. Uh the first one is uh on on I I believe uh uh there's going to be a retendering 43:35 43 minutes, 35 seconds cycle this year later this year. uh uh any uh you know idea you can give us in 43:42 43 minutes, 42 seconds terms of uh whether funding agencies uh from a budgeting standpoint are going to be constrained or that is not a 43:50 43 minutes, 50 seconds constraint whatsoever. And secondly uh you know Lena Lena Cafe now has uh in 43:58 43 minutes, 58 seconds post the phase three trials even who strongly recommends uh uh you know for for profil prophylactic 44:07 44 minutes, 7 seconds uh you know benefits uh to to take up in a capid how do you see you know this evolving over a period of time uh do you 44:15 44 minutes, 15 seconds see lenap becoming the first line of treatment perhaps in the next 2 three The first question you take then a 44:23 44 minutes, 23 seconds couple minutes will take and I will also chime in. 44:26 44 minutes, 26 seconds Yeah on the tending I I think as of now we haven't heard anything that they have any constraints on happening. I think most of the tenders are continuing as 44:34 44 minutes, 34 seconds normal. So we haven't seen that impact and in terms in terms of Danaga Pra 44:41 44 minutes, 41 seconds absolutely um you know not entirely certain how long the duration will be before that becomes uh the treatment of 44:48 44 minutes, 48 seconds choice because different countries and different agencies have to change their uh adoption protocols but uh definitely 44:56 44 minutes, 56 seconds in the medium term it should be one of the you know uh dominant uh therapies as far as the ARV space goes 45:04 45 minutes, 4 seconds Now by one more thing I would like to tell you if you see the latest issue of economist they are extensively covering you know HIV and couple of constraints 45:14 45 minutes, 14 seconds you know I would like to flag off one you know as far as the pay for condition do restore but at the same time against you know $3.5 billion that has been 45:22 45 minutes, 22 seconds given it has been reduced to $2.9 billion if I remember correctly the second thing that has been happening the Americans have been the most generous in 45:31 45 minutes, 31 seconds terms of contributing to global fund there also the funding has been reduced. 45:36 45 minutes, 36 seconds So I think you know what really happens after couple of years asap hits the market. I I think the product you know 45:44 45 minutes, 44 seconds no one can question the security even this particular article also says you know the denap is going to be a game changer but the funding you know global 45:52 45 minutes, 52 seconds funding petrol funding then all the governments you know which will be interested in buying that will also play a very important role because unlike you 46:01 46 minutes, 1 second know what is happening you know right now like TL it's not going to be that cheap I believe can I say that TLD is not it's going to be a game changer but 46:09 46 minutes, 9 seconds at the same time you know there will always be a cost attached to So we have to wait and watch you know how it plays out but it's a 46:17 46 minutes, 17 seconds technological breakthrough let's accept that you know it's a big thing right 46:23 46 minutes, 23 seconds uh and u is it possible to give uh some idea of the EU business growth x of the banks uh numbers which I believe would 46:32 46 minutes, 32 seconds have been uh there in the contribution for the first quarter max was quite small to I think about 1 to2 million in the quarter I think max 46:41 46 minutes, 41 seconds will ramp up over Go ahead. 46:44 46 minutes, 44 seconds Okay. All right. And uh any any possible to give any idea of you know how you see 46:52 46 minutes, 52 seconds uh the scale up in uh riposal amphoterisin and tento place over the next let's say you know two to three 47:00 47 minutes years. Uh what what sort of scale is it possible here and also in the other two you know products which are under trials for you. uh any any personal idea? 47:12 47 minutes, 12 seconds Sure. So um you know in terms the 47:22 47 minutes, 22 seconds a few big markets where our uh product is you know likely to get approved in the near future. uh the kind of capacity 47:29 47 minutes, 29 seconds we have created and the bets we have taken on this product are pretty significant because there are two different facilities with large 47:37 47 minutes, 37 seconds liabilization capacities that we have installed and are ready to turn out product um so I I don't see any 47:46 47 minutes, 46 seconds constraints coming in in terms of capacity and I think the full effect of all the approvals and the max volumes 47:53 47 minutes, 53 seconds will probably materialize in the next 12 months across different geographies probably in Europe and UK and US it will be more 48:02 48 minutes, 2 seconds near-term in the next four to six months but some of the other big emerging markets where the full potential will probably take 12 months. 48:09 48 minutes, 9 seconds Now the second question that you asked was regarding directly you know yeah no I I'll come to that as well. So on connector plays as well um you know 48:17 48 minutes, 17 seconds not only are we seeing uh new registrations flow in for the original indication of uh MI which is your my 48:26 48 minutes, 26 seconds guarded infection but surprisingly there's lot of interest and uh uptake also happening which is doctordriven 48:35 48 minutes, 35 seconds from those countries for the indication of stroke. Um you know there are countries which have started picking up small volumes on name patient basis. 48:44 48 minutes, 44 seconds They are seeing excellent results and they're now you know pushing towards getting full registration which will then have a logfold increase in terms of 48:53 48 minutes, 53 seconds the kind of offtake that happens. So pentoplays is going to be again in the next 18 to 24 months a very dominant 49:01 49 minutes, 1 second product for us. And in terms of the other two in the pipeline as far as clinical trial I'm assuming you're uh 49:08 49 minutes, 8 seconds referring to RFunes and verism there as well uh the trials have been done keeping in mind a dosier that can be 49:16 49 minutes, 16 seconds submitted across all the emerging markets. So for example for RF reference product is the EU approved product and 49:25 49 minutes, 25 seconds hence you know once that approval comes through we should also be able to pile across a lot of different countries where there is a severe unmet need. So 49:33 49 minutes, 33 seconds overall across these four products uh we see the next 18 to 24 months having a significant ramp up. 49:41 49 minutes, 41 seconds Sure. Sure. That's great. And the final one from my side is Canada is it uh is the one Q growth sustainable for the full year? 49:55 49 minutes, 55 seconds Yes. So uh in Canada I think uh the growth is sustainable. We had basically been guiding to sort of a mid- teens 50:03 50 minutes, 3 seconds growth rate for the Canadian operation as a whole. And we're very happy with the mantra acquisition which continues 50:09 50 minutes, 9 seconds to track uh even ahead of our own uh expectations at the time of doing the deal and uh you know some of the 50:17 50 minutes, 17 seconds synergies uh even at a product level being rolled out across uh Canada as a result of that uh continue to play out. 50:24 50 minutes, 24 seconds So we are very bullish on continuing that momentum for Canada. Yeah, thanks for taking my questions. 50:32 50 minutes, 32 seconds I'll get back in with you. Thank you. 50:36 50 minutes, 36 seconds Thank you. The next question is from the line of an individual investor. Please go ahead. 50:49 50 minutes, 49 seconds Yes, Mr. Bish. Go with the question please. 51:02 51 minutes, 2 seconds If there is no response from the person, we'll move to the next. The next question is from the line of bharat sha from asks investment managers limited. 51:11 51 minutes, 11 seconds Please go ahead. 51:14 51 minutes, 14 seconds Satish more than a question. I just wanted to it was a side of a comment uh when you were referring to the ARB 51:23 51 minutes, 23 seconds portfolio uh internationally and the contribution from America uh uh to the program which is supported 51:33 51 minutes, 33 seconds and you referred to the generosity which is declined but I just wanted to say America and generosity are oxymoron of 51:41 51 minutes, 41 seconds terms I I thought I'll just uh put had a little bit of view on that. Uh and then 51:50 51 minutes, 50 seconds to a question uh uh the uh based on the five-year 51:57 51 minutes, 57 seconds vision plan that we have done in terms of uh capital expenditure on assets uh 52:05 52 minutes, 5 seconds uh I suppose uh more or less we are in place in other words it's unlikely that we will be incurring material capital 52:14 52 minutes, 14 seconds expenditure in buying or putting more uh uh assets, manufacturing assets. Uh is that understanding right? 52:24 52 minutes, 24 seconds I I can take that question. Um so you know what we have been guiding to is that uh we expect annualized sort of 52:31 52 minutes, 31 seconds capex spending in the range of about 350 crores a year. If you look at that roughly about 150 crores of that goes 52:39 52 minutes, 39 seconds towards more repair and maintenance capex and about 200 odd crores is earmarked for some top up investments 52:47 52 minutes, 47 seconds for capacity enhancements or product specific type capex requirements that we have. So barring uh anything uh else I 52:56 52 minutes, 56 seconds think that's the range that you're going to see on the capex front. Of course, we will continue to evaluate and be aggressive in terms of any M&A or 53:05 53 minutes, 5 seconds strategic alliance or in licensing deals which may have some capital allocation. 53:10 53 minutes, 10 seconds uh there our focus areas are obviously going to be India first and foremost and some of the emerging markets uh to and 53:18 53 minutes, 18 seconds to the extent that we have uh an opportunity to get some product both on uh portfolios in places like Europe like 53:25 53 minutes, 25 seconds we have recently done or Canada we'll continue to evaluate those as well but by and large you're right that uh most 53:32 53 minutes, 32 seconds of the infrastructure required to cater to our four or fiveyear growth plan is already well in place. Thank you. Uh that uh that gives a complete clarity. 53:43 53 minutes, 43 seconds Thank you so much. Thank you. 53:48 53 minutes, 48 seconds The next question is from the line of Bhaves, an individual investor. Please go ahead. 54:01 54 minutes, 1 second Hello, Mr. Vish. Yeah. Am I audible now? Yes, sir. You're audible? 54:07 54 minutes, 7 seconds Yeah. Uh good evening and thank you for the opportunity. Uh so congratulations on a good set of numbers. My question is with respect to the cash and cash 54:15 54 minutes, 15 seconds equivalent as on June 30th, 2025. So just wanted the number. 54:22 54 minutes, 22 seconds Yeah. 200 uh including the investments. Yes. 54:29 54 minutes, 29 seconds So uh so uh why there is no other income in this quarter then? 54:34 54 minutes, 34 seconds uh there's a very small amount of other income the amount of cash is at the end of the quarter you know throughout the quarter 54:43 54 minutes, 43 seconds you don't have cash used to reduce that okay okay and uh one more thing sir I'm 54:52 54 minutes, 52 seconds I'm a user of uh your Mur's Aqua O moisturizing cream and and just wanted to provide provide an honest review 55:01 55 minutes, 1 second about it so it's a really uh good formulation and the uh cream does the job quite well. So I just wanted to 55:08 55 minutes, 8 seconds appreciate it and I'll be a consumer and al also a long-term shareholder of the company. Thank you. 55:19 55 minutes, 19 seconds You are going to get line extension and absolutely super you know packing top of the line matching the global standards for the next two or three months and we 55:28 55 minutes, 28 seconds share one thing in common. I'm also a big time fan of Aqua and I also utilize Aqua I also utilize the product and buy 55:37 55 minutes, 37 seconds quite exciting and I like it somebody likes you know my product it makes me feel happy my hemoglobin level man 55:45 55 minutes, 45 seconds so I'm using it for the last uh almost couple of years so one man she recommended me so she was the HO of KM 55:53 55 minutes, 53 seconds hospital so she recommended me that go for a quote it will reduce your uh the sensitivity of the skin. So it 56:02 56 minutes, 2 seconds has been a helpful cream for me and it's a it's a the plus point of the cream is it's a fragrance free. So a lot of 56:09 56 minutes, 9 seconds creams in the market have fragrance and alcohol. So that doesn't I mean many times many times what really 56:16 56 minutes, 16 seconds happens so I've seen that add some fragrance it will go for itching also you know that also happens right yeah I have one packet at home like 56:25 56 minutes, 25 seconds whenever it get over I bought another one so thank you for and all the best for 56:32 56 minutes, 32 seconds the future purpose thank you thank you 56:40 56 minutes, 40 seconds as that was the last question for the day I would now and the conference over to Mr. Push Nahar for pledging comments. Over to you sir. 56:48 56 minutes, 48 seconds Thank you all for joining today's investor call. If any of your queries still remain unanswered, please feel free to get in touch with us. Thank you. 56:54 56 minutes, 54 seconds Have a good Thank you very much. This is Satisha. 56:56 56 minutes, 56 seconds Your feedback you know means a lot to me. We feel very enlightening by the uh inputs you know given and we are committed to improve committed to take 57:04 57 minutes, 4 seconds whatever suggestions you know coming from you very very seriously and uh we'll work you know for your company 57:11 57 minutes, 11 seconds with more leaders than ever before because you you give us lot of motivation thank you very much 57:19 57 minutes, 19 seconds thank you on behalf of Mure Pharmaceutical Limited that concludes this conference thank you for joining us 57:26 57 minutes, 26 seconds and we may not disconnect your It's like