Gufic Biosciences Limited — Q3 FY26

Gufic BioSciences Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=2pkSg8qPWmc Published: 2 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to the GUIC Biosciences Limited Q3 FY26 earnings conference call. As a 0:09 9 seconds reminder, all participant lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation concludes. 0:19 19 seconds Should you need assistance during this conference call, please signal an operator by pressing the star key followed by zero on your touchstone 0:25 25 seconds phone. Please note that this conference is being recorded. 0:30 30 seconds I now hand the conference over to Miss Schwath Shetty, assistant company secretary at GOIC Biosciences Limited. 0:38 38 seconds Thank you and over to you ma'am. 0:41 41 seconds Good afternoon everyone. I welcome you all to Goic Biosciences Limited earnings conference call for the third quarter of 0:48 48 seconds financial year 2526. We have with us today for the call Mr. Pranov choki CEO and full-time director Mr. Di Nandan 0:57 57 seconds Rumta CFO and Mr. ADA from investor relations team to give the highlights of the business and financial performance 1:05 1 minute, 5 seconds of the company and to take questions if any before we begin I would like to say that some of the statements that will be 1:13 1 minute, 13 seconds made in today's discussion may include certain forward-looking statements which are projections or estimates about 1:20 1 minute, 20 seconds future events. This estimate reflects management current expectation about future performance of the company. This 1:28 1 minute, 28 seconds estimate involves a number of risk and uncertaintities that would cause our actual results to defer materially from 1:36 1 minute, 36 seconds what is expressed or implied. Rubik does not undertake any obligation to publicly update any forward-looking statement 1:45 1 minute, 45 seconds whether because of new confirmation, future event or otherwise. I hope you have received the investor presentation 1:51 1 minute, 51 seconds that we have posted on our website. I will now hand over the call to Mr. Aik for sharing the business highlights. 1:58 1 minute, 58 seconds Over to you AI. 2:03 2 minutes, 3 seconds Good afternoon everyone and thank you for joining. I'll start with a brief update on what progressed across our 2:10 2 minutes, 10 seconds business units where uh execution is tightening. uh before pranov takes you through the divisional performance 2:18 2 minutes, 18 seconds trajectory and indoor ramp up. So across the domestic branded portfolio the focus remains consistent which is uh drive 2:27 2 minutes, 27 seconds protocolled depth improve mix through sciencebacked differentiation and scale through repeatable execution rather than 2:36 2 minutes, 36 seconds only through launches. So first on our hospital injectable platform execution remains hospital first and account 2:45 2 minutes, 45 seconds depthdriven. In critical care we continue to concentrate on protocolheavy segments of sepsis and other resistant 2:54 2 minutes, 54 seconds infections and invasive fungal diseases where uh the adoption translates into repeat ordering. Over the period we 3:03 3 minutes, 3 seconds progressed evidence-led positioning and hospital adoption for uh some of our advanced molecules including thyosin 3:11 3 minutes, 11 seconds alpha 1 which is immunosin alpha and sepsis adjacent immune dysfunction and Dagavansen our brand Dagavan for 3:20 3 minutes, 20 seconds resistant gram positive infections and isokonosol where we have a brand called isobufic in complex fungal infections. 3:30 3 minutes, 30 seconds The emphasis remains on increasing molecule class share within existing ICU accounts and scaling through corporate chain and tertiary hospital penetration. 3:41 3 minutes, 41 seconds In spar we tightened the operating engine. Uh we brought in a lot of distribution control and collection 3:48 3 minutes, 48 seconds discipline and conversion inside hospitals while continuing to build differentiation through formats like 3:55 3 minutes, 55 seconds dualchamber bags. The next category triggers in sparge will be contrast media and the portal parental nutrition 4:04 4 minutes, 4 seconds range which we will be launching. Uh the progress to expand wallet share uh 4:11 4 minutes, 11 seconds within existing accounts is also progressing well now on our uh women's health platform. Uh it's been a shift 4:19 4 minutes, 19 seconds towards prescription engine with deeper life cycle coverage in ferticare. The strategy remains centered on 4:27 4 minutes, 27 seconds reproductive immunology and increasing share of cycle in IVF. Core brands continue to compound very well. Guysen 4:36 4 minutes, 36 seconds alpha in recurrent implantation failure alongside pure graph and centralare. 4:43 4 minutes, 43 seconds uh and we progressed pipeline work on super pure urinary FSH to expand the stimulation opportunity with high purity 4:51 4 minutes, 51 seconds and yet very costefficient propositions in Zenova. The execution cadence improved and our power brands continued 5:00 5 minutes to anchor growth which is DD1 and stretch. Uh with fertility adjacency building through 5:07 5 minutes, 7 seconds the pipeline remains focused uh on the larger women's health therapy pools of endometriosis, PCOS and menopause. Uh 5:17 5 minutes, 17 seconds this will help us widen our long-term prescriber relevance. Now coming to the toxin platform here we are building a 5:25 5 minutes, 25 seconds high lifetime value franchise through capability creation and structured market development in Astadm we continue 5:34 5 minutes, 34 seconds scaling Stonox which is our bot and toxin type A while building the capability bridge to a broader aesthetic 5:41 5 minutes, 41 seconds platform uh injector creation and chain clinic readiness and Indian clinical data generation uh is something that we 5:50 5 minutes, 50 seconds focused on to support premium adoption in neuroare. The progress remains very methodical which is expanding the 5:58 5 minutes, 58 seconds therapeutic toxin coverage just beyond neurology into urology opthalmology pain and neurosurgery and of course anchored 6:07 6 minutes, 7 seconds on indications where adoption is guideline and uh guideline driven and long duration. 6:15 6 minutes, 15 seconds Coming to our neutra ayurveda platform where we are sharpening our focus into a chronic care platform. Uh we continued 6:23 6 minutes, 23 seconds strengthening uh a differentiated uh pain proposition such as the upgraded goofy oil while building on the GI 6:32 6 minutes, 32 seconds opportunity with Monopra where we have a brand called WA as a prescription uh growth uh liver. Now I'll give you all a 6:42 6 minutes, 42 seconds quick highlight of our international business where we are moving towards an IP control complex injectable market 6:51 6 minutes, 51 seconds access uh model. During the period we saw regulatory progress in regulated and priority semi-regulated markets 7:00 7 minutes including cholestimated approval in Germany and regulatory continuity actions for pandiprosol injection in 7:07 7 minutes, 7 seconds Portugal and vancomyin injection in Lithuania. We expanded registrations in 7:13 7 minutes, 13 seconds Myanmar across a basket including aithramyin and fertility hormones and 7:21 7 minutes, 21 seconds strengthened the quality gateway through unit 2 GMP approval in Oman uh which opens up the lucrative uh 7:28 7 minutes, 28 seconds middle east market for us. Finally on indoor the ramp up continues in a stepwise compliance first manner with 7:36 7 minutes, 36 seconds discipline tech transfer and scaling aligned to our audit readiness. Rana will address the indoor ramp up curve 7:43 7 minutes, 43 seconds and how uh the divisional execution has translated into our overall performance trajectory. And now over to Rooma sir for the overall quarter numbers. 7:54 7 minutes, 54 seconds Thank you Aik. I will going to give a financial highlight for Q3 of financial year 2526 8:00 8 minutes versus Q2 of financial year 20 2526. I'm not able to compare the Q3 of 2526 8:08 8 minutes, 8 seconds versus Q3 of 2425 because the indoor plan was capitalized during the last week of December 2024. I'm making a comparison of Q3 versus Q26. 8:22 8 minutes, 22 seconds The turnover for Q3 is 231.1 Kores compared to Q2 of 230.4 8:29 8 minutes, 29 seconds Kores. The IITA for Q3 is 37.1 K compared to Q2 of 37.5 K. The IITA 8:37 8 minutes, 37 seconds margin for Q3 is 16.05% compared to Q2 of 16.45%. 8:44 8 minutes, 44 seconds The profit pack margin packs before tax for Q3 is 21.1 K compared to Q2 of 20.5 8:52 8 minutes, 52 seconds K. The pack margin is 9.13 in Q3 compared to 98.90 in Q2. The profit 9:00 9 minutes before tax is 15.63 cr 15.6 cr in Q2 compared to 14.9 9 cr in Q2. The pat is 6.75% in Q3 compared to 6.47% in Q2. 9:15 9 minutes, 15 seconds Thank you. 9:21 9 minutes, 21 seconds So, shall we go ahead and proceed with the Q&A session? Yes, you can. 9:27 9 minutes, 27 seconds Thank you. Ladies and gentlemen, we will now begin with the Q&A session. Anyone who wishes to ask a question may press 9:35 9 minutes, 35 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 9:43 9 minutes, 43 seconds requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. 9:56 9 minutes, 56 seconds Our first question comes from the line of Nitya Sha from Kamayaka Wealth Management. Please go ahead. Yeah. Hi. 10:05 10 minutes, 5 seconds Uh am I audible? You are audible sir. you may proceed. 10:09 10 minutes, 9 seconds Yes. Uh so hi team just wanted to you know understand some more that uh you know the ramp up as was discussed in the last call that you know Q3 and Q4 will 10:17 10 minutes, 17 seconds see a disproportionate rise as you know more of regulatory approvals come in and exports pick up but the numbers are saying otherwise uh that there are many 10:26 10 minutes, 26 seconds segments many interesting developments going on but we are seeing growth of only you know 11 to 12% on a year-on-year basis and even quarteron 10:33 10 minutes, 33 seconds quarter it's flat. So any colors that is this due to some critical care price erosion or what is the uh scenario here? 10:42 10 minutes, 42 seconds Yeah. Hi Nity pranova. So yeah if you recall the call of Q2 we already had got 10:50 10 minutes, 50 seconds Mr. Rajes call for sparish and in critical care also if you remember we have we were directly billing to the hospitals and we were in the process of 10:57 10 minutes, 57 seconds revamping our operations a part of critical care and also spurge from going from you know direct hospital supply to 11:05 11 minutes, 5 seconds you know taking it back as a stop is because a lot of our working capital was getting affected in the long cycle. So as last quarter also we took a hit of 11:13 11 minutes, 13 seconds around I think five six crores. This quarter also we have taken a hit of 14 to 16 crores and if you remember the dattors at a turnover of 800 crores was 11:22 11 minutes, 22 seconds around 320 crores last year approximately I think might be plus and this year our target is also with the 11:30 11 minutes, 30 seconds jump from 800 to whatever we end up 900 plus maybe 920 930 whatever so that way also we want to bring the dattors sub 11:38 11 minutes, 38 seconds 300 so when in July Mr. Rajes call came in we did a ret of the market that which are the primary, secondary or tertiary 11:47 11 minutes, 47 seconds hospitals where what is the reason that the uh you know money is not coming is it stock or is it just cycles or is it some other evaluation so there has been 11:56 11 minutes, 56 seconds a you know comprehensive approach which started in of course Q2 where the impact was only 5 six cr this quarter has been 12:03 12 minutes, 3 seconds 14 to 16 as per our estimates in Q4 it might be between 3 to 5 CR more but that 12:09 12 minutes, 9 seconds is what we have taken uh a hit once to get that product out and get the debtors in control because it should not happen 12:17 12 minutes, 17 seconds that the expiry of the product also gives and the hospital still refused to pay because they are ready to keep the stock at our expense. 12:23 12 minutes, 23 seconds So and at the same time we saw uptrend in exports and we saw a uptrend in forare as well as in uh the other 12:31 12 minutes, 31 seconds segments. So you know and now indoor is also ramping up. So we don't want to compromise the ramp up in terms of the backing capital by just in the Indian 12:39 12 minutes, 39 seconds market still give those 3Bs without any recourse and you know and that's the reason that this consciously has been done this year uh because like I started 12:48 12 minutes, 48 seconds the call in Q1 or Q2 also the 320 or 800 was quite not digestible neither for the CF or not for me and you know it would not be a good sign in the market also. 12:59 12 minutes, 59 seconds So that is how this is the thing which we have done. Majority has been finished like I said five six last quarter and 14 to 16 this quarter. Next quarter even 13:07 13 minutes, 7 seconds with that 3 to5 we are still looking at you know that improvements to come in because other things start kicking in even without the GP update we look at some positivity. Yeah. 13:17 13 minutes, 17 seconds Okay. Is there any uh uh like price erosion in the critical care segment or have the prices stabilized? No, no. If you see the gross margins are not a 13:25 13 minutes, 25 seconds concern if you see that's not a concern very frankly on the contrary the back which was supposed to be launched will be launching hopefully by this quarter 13:34 13 minutes, 34 seconds on maybe Q1 things that will also add in the margin. So erosion I think that the worst has sailed you know the APIs and all that is done. So I don't think 13:42 13 minutes, 42 seconds that's the process. At the same time even in fertility the price is quite uh stable. On the contrary, even taking 13:50 13 minutes, 50 seconds this hit back, the exports have compensated. So that's why you see the gross margins not getting affected. 13:56 13 minutes, 56 seconds Right. Right. Understood. So uh what is your outlook for FI27? Say that once you move onwards from say 30% capacity 14:03 14 minutes, 3 seconds utilization, are we looking to see a 20% plus kind of growth number in FI27 because you know it's been a very large uh capacity expansion. So when will we 14:12 14 minutes, 12 seconds start seeing like a tangible payoff? I understand after the debtors have been uh you know sorted out but when are we seeing a larger growth come in in FI27 what is your expectation on that? 14:24 14 minutes, 24 seconds I would still stick to that that if you know from an 800 odd number 800 810 last month to maybe sorry last year maybe 14:31 14 minutes, 31 seconds whatever 920 plus this year yes definitely a minimum of 15% is what we look for next year. So like I said we in 14:38 14 minutes, 38 seconds it's a mandate given by the CFO and myself to the team that whatever has to be done we want to migrate to that stockish billing as soon as possible and 14:47 14 minutes, 47 seconds don't go for that you know I would say stretched working capital so I don't think the impact of that uh what do you call this scaran critical care would 14:56 14 minutes, 56 seconds stretch on beyond this year so 15% bare minimum is what we target for 27 understood and on the regulatory side is 15:05 15 minutes, 5 seconds there any updates you would like to give in terms of uh yeah sure so there has been our our EU audit has been completed in the month of 15:12 15 minutes, 12 seconds December and that went well so we hope like I mentioned that the certificate should come by March or April uh so we 15:20 15 minutes, 20 seconds already are announcing and so we hope that the business as we are committing if you see the earlier slide also I think Abi must have presented 15:28 15 minutes, 28 seconds uh in the sorry in the presentation we look at uh Q2 max Q3 for uplift of EU 15:34 15 minutes, 34 seconds markets at least from uh Indor in the meanwhile there have been certain other contracts for uh Indor which hopefully 15:43 15 minutes, 43 seconds also should start paying off so that is a possibility yes okay thank you I'll get back in the cube all the best 15:51 15 minutes, 51 seconds yes thank you our next question comes from the line of Adityal from MSA please go 15:58 15 minutes, 58 seconds ahead hello I'm audible you are audible sir you may go ahead and thank you so much for the opportunity 16:06 16 minutes, 6 seconds Uh so a lot of my questions have been answered but uh wanted to understand so you explained the domestic business and 16:14 16 minutes, 14 seconds you explained the uh international business. 16:19 16 minutes, 19 seconds We were also uh expecting some uptick in our CMO business uh this quarter and going towards next quarter. So how is that panning out to be? 16:31 16 minutes, 31 seconds So if if I if I don't go for the correction, we are still looking against a 200 crores almost a 20% jump Q and Q 16:39 16 minutes, 39 seconds if we remove this 14 to 16 CR what I'm trying to say. So definitely the Indor is because as you all know Navsari is 16:46 16 minutes, 46 seconds cho block and saturated. So indor is getting the uptake. There have been some GLP1s validation batches also we have taken apart from the audit there have 16:55 16 minutes, 55 seconds been other clients also who have come in. So that is happening. So if you let's say I'll give you some sort of a numbers whatever exposure was around 17:02 17 minutes, 2 seconds maybe 20 to 25 crores total output from Indor per quarter that has at least gone to around 36 to 38. So that's a positive 17:10 17 minutes, 10 seconds sign and we hope that should go to close to 40 40 to I'm saying this includes not only the external numbers but our internal production also. So these are 17:17 17 minutes, 17 seconds all positive signs from indoor which will help us to you know take that uh uplift and this is even without the exports kicking in and this is without 17:26 17 minutes, 26 seconds so all this is coming is because of internal and CMO only. 17:30 17 minutes, 30 seconds Understood. Understood. And uh in terms of in terms of the cost base right so employee benefit expenses has been going 17:38 17 minutes, 38 seconds up quarter on quarter for the last four quarters uh today it's at 40 odd crores how much of this would be the because 17:47 17 minutes, 47 seconds the one-time labor cost and how much would would it be due to organic 17:54 17 minutes, 54 seconds I think will be a better person to answer that and maybe I'll key in in terms of uh output later you want to talk about the employee expense and then I'll come in terms of the output also. 18:04 18 minutes, 4 seconds Basically if you going to see the other expenses no it also includes the R&D and validation expenses and at least for two 18:13 18 minutes, 13 seconds years one and a half to two years this expenses are going to be in part of recuring expenses because enroll require lot of validation benefit. My question 18:21 18 minutes, 21 seconds my question employee benefit expenses not other expenses okay employee benefit expir employee benefit expenses today is 18:30 18 minutes, 30 seconds around 40 cr per quarter it will going to 160 K rupees per year next year another another you can see a hike of 18:38 18 minutes, 38 seconds around 7% annual increment the number is now see it's only annual increment which has to be given to the employees so it 18:46 18 minutes, 46 seconds may touch from 160 to 175 Understood. And this now this is a 18:53 18 minutes, 53 seconds standard now cost base we can the 40 is the largest uh quart all the almost all recruitment has been 19:01 19 minutes, 1 second completed there is no first recruitment and the only the increase will going to come annual increment to the employees which may increase from 160 to 175. 19:12 19 minutes, 12 seconds Understood. Understood. One of the question on productivity. So how are we looking at? 19:18 19 minutes, 18 seconds There are some there have been some six sorry there have been some six high-profile appointments also this year as you must have read you know so apart 19:25 19 minutes, 25 seconds from getting Dr. Raj Shaker for the international business then ramping up his team for international business and that's why you see the international business going from almost 120 to you 19:34 19 minutes, 34 seconds know on a higher side to going to around so almost the majority of the growth almost of around 60 to 70 crores is coming from the international business up around 120 I'm talking about the 19:43 19 minutes, 43 seconds formulation exports not the API exports similarly for Dr. uh you know Rajiv 19:49 19 minutes, 49 seconds Badaral for infertility and then Rajesh call for Spar at the same time Vijay Kumar for Galerma from Galderma of 19:58 19 minutes, 58 seconds course for Stanox and at the same time also we also have ramped up like what runasa rightly explained if you see Indor which was an average of around 350 20:06 20 minutes, 6 seconds people on an average and of course I'm saying post the capitalization was out so let's take the January to March quarter which is a full quarter where 20:13 20 minutes, 13 seconds there was no capitalization there the 350 has gone to a rightly peak of around 480 500 which is what Dunasa rightly 20:21 20 minutes, 21 seconds said where we need to take care of all our requirements in Indoor. So even though the output on productivity has 20:27 20 minutes, 27 seconds gone uh only from uh I would say uh 25 26 to around uh 38 to 42 uh the 20:35 20 minutes, 35 seconds employees are full-fledged now. Now even even if I want to up get my sales increase from 42 beyond we are almost at the peak except for the yearly 20:44 20 minutes, 44 seconds increments which would come in in terms of indoor and of course for Nousari and for field force that he rightly said the average increment would come to six to 20:51 20 minutes, 51 seconds 7%. uh assuming of course the attrition and average uh that would normally 6 7% is what we foresee from year to year from now on. 21:00 21 minutes Understood. Understood. Just just last question before you come back in the queue. So you answered to the previous participant that we are we are looking 21:08 21 minutes, 8 seconds at a uh 50 odd% on the bare minimum for coming in in FI2728 21:16 21 minutes, 16 seconds FI20 FI 27 and year FI28. Now the question is that because a lot of things are happening we've got the GP1 uh a lot 21:25 21 minutes, 25 seconds of our CMO customers moving from NASA to Indoor and uh fingers crossed we get our 21:33 21 minutes, 33 seconds uh EUCGMP uh earlier than expected or as expected maybe by FY26 21:41 21 minutes, 41 seconds and you said that by Q2 or Q3 uh the revenues from uh the international business from Indoor should start materializing. 21:49 21 minutes, 49 seconds So where what is keeping us on the fence to say that uh not 20% but 15%. Is there anything that uh we should be aware of? 22:02 22 minutes, 2 seconds No. So I again say that you know one thing we have realized that uh as you try to go on the international front the working capital is the most crucial 22:10 22 minutes, 10 seconds thing and that is something has become a little bit more sranked in the organization right now. So even though this year we could you know get those numbers we have been very disciplined 22:18 22 minutes, 18 seconds about it. So I don't want to you know have one more year where I commit something and I don't deliver. So at least what minimum what we give is what 22:26 22 minutes, 26 seconds we should deliver and uh of course if we there are of course many other moving parts which are positive but if that comes anywhere you know that's always a 22:34 22 minutes, 34 seconds positive sign you will never question me for that. So I always feel that when we putting me on the block 15% is high time 22:42 22 minutes, 42 seconds we give you bare minimum and uh whatever goes beyond we all should be you know we'll take it at that time and be happy 22:49 22 minutes, 49 seconds or not let's decide at that time yeah understood understood and on the on the CMO front so last quarter when you were 22:56 22 minutes, 56 seconds discussing you said that uh 50% of the client of the 12 14 major clients had moved uh moved to Napsuri and oh sorry 23:04 23 minutes, 4 seconds Indor from Napsuri And uh we are also introducing a couple of new wild 23:10 23 minutes, 10 seconds products uh within them. Uh the the question is that and you also mentioned that Q3 might not be that big of a 23:18 23 minutes, 18 seconds quarter. Q4 you we can expect a good quarter. So uh if you can if you can uh shed some light on that how to look at 23:26 23 minutes, 26 seconds it how to because at a 925 what will be the CMO percentage CMO revenue percentage? 23:34 23 minutes, 34 seconds Absolutely. So if you see when I mean uh 50% of my so we have a unit one which is a hormone and the other general facility 23:42 23 minutes, 42 seconds which is the legacy facility then we have a pen block then we have a unit two at uh navsari these are the three main uh units apart from of course the 23:50 23 minutes, 50 seconds botland toxin so the unit two where which is EU Brazil Canada and all these other accreditations are there that is 23:57 23 minutes, 57 seconds out of that 50% clients have all moved to indoor because we had to get the capacity free for our export orders to be taken care of so even right now the 24:04 24 minutes, 4 seconds order book which we have is more than around uh you know 150 to 155 crores at any time which we are running which is high I want to bring that order book down to at least 80 90 crores and it's 24:13 24 minutes, 13 seconds something you know it's it's almost like a 90-day window which I want to bring it down to 60-day window so that is the main purpose so that definitely has 24:20 24 minutes, 20 seconds happened in Indor uh from the unit 2 and uh that is where we feel that uh this 24:26 24 minutes, 26 seconds will take on now more interestingly we also have got certain projects uh for GLP1 in Indor also apart from what we 24:34 24 minutes, 34 seconds had in uh Navsari. So little bit because of those validation batches and because of almost that went for almost 33 for 24:42 24 minutes, 42 seconds one of the big farmers they have gone for a little bit bohemian approach to GLP1 from Indor apart from the normal conventional liquid product. So that is 24:51 24 minutes, 51 seconds where our facility also a little because we see a big upside happening there also. So that validation batches also are now getting done. Uh I mean it got 24:59 24 minutes, 59 seconds done in January and we are seeing the testing everything in February. So little bit of that December and Jan also went in that validation batches of the GLP1 from Indor for those things where 25:07 25 minutes, 7 seconds we see we you know when you go for any validation or anything almost your entire equipment is blocked for 3 days or 4 days where where it normally should be blocked only for one and a half day. 25:15 25 minutes, 15 seconds So those are the two factors I feel should also take it more and we also are pushing more and more of our clients. So we hope that by March or maximum by June 25:23 25 minutes, 23 seconds at least you know the now remaining 75 80% remaining 50% may be 75 80% also move through. So we become little bit decluttered because now Sarai's orders 25:32 25 minutes, 32 seconds from UK and Germany sorry UK, Portugal and Brazil and all that are also ramping up. So we hope that that front that positivity we can pass it on in terms of numbers. 25:42 25 minutes, 42 seconds Understood. Understood. No, wishing you all the very best. I have a couple of more question. I'll come back in the queue. Thank you so much. 25:51 25 minutes, 51 seconds Thank you. Participants to ask a question you may press star and one. Our next question comes from the line of Vishal Meta from Oaklane Capital. Please go ahead. 26:03 26 minutes, 3 seconds Hello. Hi. Am I audible? 26:05 26 minutes, 5 seconds Uh yes, you are audible. You may proceed, sir. 26:07 26 minutes, 7 seconds Uh I just had one question on the Botoxin toxin piece of our business. Uh we've been working on it, developing it for you know almost 3 to 5 years now. 26:18 26 minutes, 18 seconds What is the current size of that business? Uh and how is it compared to you know the last couple of years? How 26:25 26 minutes, 25 seconds has it grown and with the team expanding how do you see the growth in this segment for the next say maybe 2 3 years 26:33 26 minutes, 33 seconds and also uh if you could just highlight what is our capacity here in terms of sales potential and if there is any 26:41 26 minutes, 41 seconds potential in terms of exports for this product. 26:46 26 minutes, 46 seconds Yeah. So uh if you see the total borderland toxin market in India is around 20 to2 million US both for therapeutic and aesthetics. uh we are 26:54 26 minutes, 54 seconds approximately at 23% of the market share uh right now in terms of IQ uh which is there so we are around 25 to 30 crores 27:02 27 minutes, 2 seconds right now which is a total market share which includes our uh aesthetics our therapeutics and of course our government supply also now uh this has 27:11 27 minutes, 11 seconds of course evolved from 202122 where the actual launch was the aesthetic division was launched and then in 2022 the therapeutic division was launched and we 27:19 27 minutes, 19 seconds grow on an average around I mean this year of course it was around 22 to 25%. 27:25 27 minutes, 25 seconds For last two years it has been 30% and 40% but the base is very low. Now uh this I foresee for it to grow in this 27:32 27 minutes, 32 seconds thing. Luckily with the uh team coming in in the month of February of Mr. 27:37 27 minutes, 37 seconds Vijay, Dr. Ja and Dr. Joti Ja and the entire team little bit there also we have little bit upgraded our uh selling talent. So there also uh we have taken 27:46 27 minutes, 46 seconds some teams from Galerma and Toxin which brings a lot of credibility. The perception what was earlier you know it's an Indian toxin now you have 27:53 27 minutes, 53 seconds multinational team members endorsing it we have now clinical trials also now published at least one published the second one being published by the end of this month in February so those are 28:02 28 minutes, 2 seconds bringing today also I'm right now in Navsari just attending the call because we had some doctors visiting in terms of uh scientific presentation discussion on 28:10 28 minutes, 10 seconds Portland toxin so we hope that this is a more of a educative thing and it's more of a scientific thing which will of course uh gather face in terms of 20 25% 28:19 28 minutes, 19 seconds there might be a hockey stick which might come for the entire country and when the entire category gets expanded and we hope that we are in the first few to take it up. More importantly what we 28:27 28 minutes, 27 seconds lack I'll tell you the what we lack right now is that you know right now doctors when they endorse our toxin they said do you have a incomplete buff you don't have a filler so when they go to a 28:35 28 minutes, 35 seconds galerma or for allergen they have a toxin they have a filler and as in combination they feel if I stop buying an ex from thing I have to keep everyone 28:42 28 minutes, 42 seconds happy so I get only some part of the shell with our agreement with uh the Canadian company which will be which has 28:50 28 minutes, 50 seconds been signed of course it has been signed now so I can officially say that right now so with that coming in we should be hoping to get that product launched by 28:58 28 minutes, 58 seconds June July. Now with that uh product coming in uh we always will there will be no excuse that why a doctor should not endorse a product because we have an 29:06 29 minutes, 6 seconds you know we have a product of fillers which is number two or number three in US which has a total revenue of more than 110 billion you know and we can 29:14 29 minutes, 14 seconds backpack on that along with our toxin and it can be a good uh you know I would say complimentary basket and then that also helps us to get little bit more 29:23 29 minutes, 23 seconds market share. So even without the filler we are able to get the 23 23% market share in a market where of course allergen is almost like a 50% dominant 29:32 29 minutes, 32 seconds market. So we hope we can take more share from them in the years to come and more importantly the category expansion to come. So that will help us to take 29:39 29 minutes, 39 seconds into the Indian market. Coming to the international market uh very frankly let us first I mean my views are for the next two three years let us focus on 29:47 29 minutes, 47 seconds revamping the indoor getting the I would say domestic market taken care of. have a robust system in place for both aesthetics and therapeutics and get the 29:54 29 minutes, 54 seconds pillars also in place and then maybe from next year end once the indoor is fully ramped up maybe in 2728 start thinking for tops in for the international market. 30:04 30 minutes, 4 seconds There have been opportunities but we would like to keep it in the future. 30:09 30 minutes, 9 seconds Great. Uh sorry in terms of uh sales potential in terms of capacity expansion would not be a challenge in this segment if at all demand 30:16 30 minutes, 16 seconds comes. Sorry I I missed the question about the capacity. So the capacity is I mean right now I sell almost around 30:24 30 minutes, 24 seconds 20,000 miles per month. My capacity can be even 20 I mean 10 lakhs 15 lakhs also that's not a problem. So right now with 20,000 per month these are the revenues 30:32 30 minutes, 32 seconds what we have 25 to 30 CR. So that's not a bottleneck for both lints even and as you know it's a product which we have our own strain so we are not dependent 30:39 30 minutes, 39 seconds on any third party also for APIs or toxin or something everything is made in great that's very encouraging and also 30:47 30 minutes, 47 seconds one uh small question on the margin side we've given a 15% uh topline bare 30:54 30 minutes, 54 seconds minimum growth guidance uh what is it that we look at in terms of margin trajectory with uh you know ramping up 31:01 31 minutes, 1 second how do you see that panning out over the next two Can I request to take this question? 31:10 31 minutes, 10 seconds He'll be more precise. Yeah. 31:13 31 minutes, 13 seconds So if you see the present with the margin around 16%. 31:18 31 minutes, 18 seconds After 2 three years when the capacity utilization of indoor will rise more than 50%, we expect the margin again margin will be raised from 16% to 19%. 31:30 31 minutes, 30 seconds And once the utilization reached more than 75% the margin may touch between 20 21%. 31:42 31 minutes, 42 seconds Great. Thank you so much and all the best for your future. Bye. 31:47 31 minutes, 47 seconds Thank you. Our next question comes from the line of Rahul Girishes Sha from Glostar LLP. Please go ahead. 32:01 32 minutes, 1 second Rahul your line has been unmuted. You may proceed with your question. 32:06 32 minutes, 6 seconds Yeah, my question is already answered. I the same question I was going to ask about the margin part because this part 32:12 32 minutes, 12 seconds what I could see is is that uh u with the same almost we are nearing 32:19 32 minutes, 19 seconds 30% utilizations at indoor and uh still uh margin is compressed to 16 because 32:26 32 minutes, 26 seconds earlier we mentioned that indoor with uh it will get 32:34 32 minutes, 34 seconds ea positive on or eaive uh at 30% utilization. So is there any 32:42 32 minutes, 42 seconds fix uh fixed cost is the only thing which is dragging the market or the optics has slightly increased this year. That was my question. 32:50 32 minutes, 50 seconds Basically today only the because of the fixed cost today the IITA margin we are expecting at the break even in the Q4 of 32:58 32 minutes, 58 seconds financial year 2526 and in 27 we are expecting it will end of the 27 we expecting that interest and 33:06 33 minutes, 6 seconds appreciation will also been absorbed by the indoor and after 27 it will start giving cash margins and as well as 33:14 33 minutes, 14 seconds profit margin are are we expecting indoor to reach 50% utilization in FI27 by end of FI 33:21 33 minutes, 21 seconds by end of you can expect in Q4 of 25 to 26 27 the expiration may touch to 51 but 33:28 33 minutes, 28 seconds not as the average of the whole whole year. 33:31 33 minutes, 31 seconds That's great. And one more last question if I can add it to uh when is the UK MH planned uh um because it was originally 33:41 33 minutes, 41 seconds planned for Q1. Is there any definitive date available there? 33:45 33 minutes, 45 seconds You're talking about Indoor right? Yeah, yeah, so indoor actually audit has happened in the first week of December 33:53 33 minutes, 53 seconds from EU Portugal and if that goes through then UK also accept the same in terms of harmonization. So that audit has been done in the first week of uh December 2026 2025 sorry. 34:05 34 minutes, 5 seconds Yeah. 34:06 34 minutes, 6 seconds Okay. Okay. So uh the Q2 or Q3 you said the the orders and other things will start kicking on which was hindering the growth right the export growth. 34:17 34 minutes, 17 seconds Yeah. Yeah. So the export uh revenue from Indor will start kicking in for the Europe and the regulated markets from Q3 Q4 because we also have a Saudi audit 34:25 34 minutes, 25 seconds also in April. In the meanwhile there are some basic uh registrations like you know like Southeast Asian and other markets where the export already has 34:33 34 minutes, 33 seconds started from Q4 26 and it'll continue going for like Africa, Southeast Asia should already has already started from this Jan 2026. 34:44 34 minutes, 44 seconds Okay. you can update something about Salvex if the new investment you've done and the progress over there if you can 34:52 34 minutes, 52 seconds just give a little bit uh both. So I think it's a very far thing but just to share with you as you know this is a uh 34:59 34 minutes, 59 seconds can cancer vaccine therapy for solid tumors. They had a very good remission rate of more than 68 70% uh maybe more I 35:07 35 minutes, 7 seconds think a will be more precise with the numbers and right now they are plasmid and their gene is already ramped up. 35:14 35 minutes, 14 seconds They also are now in the process of getting it outsourced to sing to get their final construct ready. for that uh 35:21 35 minutes, 21 seconds there was a requirement from all investors to pitch in something and that's why we also felt that we should be part of the story because we have 100% India rights and we have also 35:29 35 minutes, 29 seconds rights for the uh some part of Europe also so this is a thing which I still am totally I believe we must have invested 35:37 35 minutes, 37 seconds close to $150,000 till now in the last four five years it's something uh very long term but I have a lot of hope and 35:45 35 minutes, 45 seconds expectations let's see when it comes very fast it'll still take five six years Yeah. Yeah. It's like investing in a startup sort of thing. Yeah. 35:53 35 minutes, 53 seconds Yeah. Most startup with a good clinical background and good clinical data is on an animal level. So it's not completely proof of concept. It's proof of concept with some animal data. Yes. 36:01 36 minutes, 1 second Yeah. Thank Thank you. Thank you. 36:06 36 minutes, 6 seconds Thank you. Our next question comes from the line of Bhavy Sonala from Samasa Capital. Please go ahead. 36:14 36 minutes, 14 seconds Yeah. Thank you. Uh am I audible? You are audible sir. You may go ahead. 36:19 36 minutes, 19 seconds Yeah, just two questions. Uh the first uh just want to understand that when we started uh the direct to hospital approach. Uh we thought we would get 36:29 36 minutes, 29 seconds some kind of understanding of the patterns etc. And now we're rolling it back. So what exactly uh you know we 36:37 36 minutes, 37 seconds what issues did we face uh that you know we're trying to roll it back. 36:43 36 minutes, 43 seconds So if you see during sparish and some part of primary care and critical care we wanted to go through the primary and secondary nursing homes apart from the 36:50 36 minutes, 50 seconds tertiary thing because we always thought that the tertiary nursing homes I mean tertiary I mean the big big guns of the Indian hospital I mean hospital industry they normally pay in 150 days but there 36:59 36 minutes, 59 seconds we have distributors. So when we thought that there'll be a better margin improvement and there'll be more penetrative data where the margins will improve. So the margins of course did 37:07 37 minutes, 7 seconds improve but the problem was then the margins improve at the cost of a payment coming after almost 150 days or 180 days where earlier we were little bit I would 37:15 37 minutes, 15 seconds say uh you know shielded by the distributors used to pay us in 30 to 45 days but now that thing happened in the 37:23 37 minutes, 23 seconds last two years and that's how from September I mean from August and September we started changing this now instead of the main thing was the database I'll come to the database so 37:31 37 minutes, 31 seconds what we tried last year because we knew this could not carry on so from uh I think around uh October November 2024 37:39 37 minutes, 39 seconds I believe we also started requesting all our stockist to install MARG. So MARG is a particular software in India where the 37:47 37 minutes, 47 seconds sales from a stockish to the uh primary secondary tertiary home can be you know checked and at what rate is checked. So 37:54 37 minutes, 54 seconds that took us almost almost 8 to 10 months to convince the stock that when we are installing this mark patch or this data none of their IP data will 38:02 38 minutes, 2 seconds come to us. it's only that we will get data related to goofy. So that implementation took time. It started in November and it eventually got done by September 2025. 38:12 38 minutes, 12 seconds And at that time the once we knew that now the mark data is good enough. We thought this transition makes sense because at least we can still keep a control where our products are going. 38:19 38 minutes, 19 seconds And then we started this call that once now the mark data is in place. Let's start getting you know you know a little bit more strict about those hospitals which are eventually you know lagards 38:28 38 minutes, 28 seconds and not paying us on time at the same time stretching our working capital. So yes of course with this there will be a 38:35 38 minutes, 35 seconds hit of around uh some x percentage more but that when I compare with the working capital and the interest cost it's I think almost you know makes no 38:43 38 minutes, 43 seconds difference. So this is what we took a call in August September 2025. 38:50 38 minutes, 50 seconds Okay understood. Uh just one more question. I think in your presentation you've spoken about in Astradom you've spoken about the global in licensing and 38:58 38 minutes, 58 seconds uh I'm assuming that the same effort to the Canadian uh brand. So is this any kind of tech transfer or is it a pure licensing deal? Can you just you know 39:07 39 minutes, 7 seconds expose some light on that and what what potential does it have? 39:11 39 minutes, 11 seconds It's a pure licensing thing. The total fillers market in India is around 200 to 230 crores. the toxin market is around 39:18 39 minutes, 18 seconds uh close to you know around 120 to 140 crores depending on the exchange rate and all that. So we feel that the fillers also once coming in we can you 39:27 39 minutes, 27 seconds know also play around and uh more than the fillers they have a good product in the pile in terms of PDRNs and those other conjugates which is a new age 39:34 39 minutes, 34 seconds thing. The pillars I have are now but the future products are going to be PDRN and exoomes and also they have some unique medical devices which help us for 39:42 39 minutes, 42 seconds administration of certain specific uh aesthetic products also. So it's it's a good collaboration plus they also have two big training centers in UK as well 39:50 39 minutes, 50 seconds as in Canada where a lot of new age development of combination treatment of fillers along with GLP1s and also other 39:58 39 minutes, 58 seconds things are coming in. So that's also going to add value to us. So this is what we feel it's a good uh mix for us. 40:06 40 minutes, 6 seconds Okay. Understood. Just a last question if I can squeeze in. I think you spoke about uh a previous question about fudge that we this quarter took a hit of let's 40:15 40 minutes, 15 seconds say 15 20% and if you take it on the higher side uh that's on on a few of a few basis but still you know five to 6% 40:24 40 minutes, 24 seconds growth. So is there something more to it? Because you know we were of the idea that uh Q3 will show some uh decent ramp 40:33 40 minutes, 33 seconds up considering tax transfers have started and then indor sorry navsari will be free for some exports. So um can you just clarify that? 40:42 40 minutes, 42 seconds I didn't understand your question. So you're saying that uh that 14 to 16 uh impact was there. I mean I explain. Can you repeat your question again? Sorry I missed it. Maybe I didn't understand. 40:51 40 minutes, 51 seconds Yeah. No. So I'm just just trying to understand that even if we take the if the 20 cr uh write off or the issue that 41:00 41 minutes we have and consider that that it that was considered as a revenue that's still five to 6% uh growth on our previous 41:08 41 minutes, 8 seconds quarter and rever of the idea that Q3 will be yeah Q2 yeah and rever of the idea Q3 will be quite better considering the 41:16 41 minutes, 16 seconds spectron has happened and then is also free for exports. So uh just wanted to clarify I'll explain. So if you see I got your 41:24 41 minutes, 24 seconds question. So if you see Navsari's revenue are mostly saturated at at the you know at the 800 mark uh and of course you know the normal domestic 41:32 41 minutes, 32 seconds growth which comes which comes. So the additional if you see the entire growth which has been coming in is because of the input ramping up coming in. So uh 41:40 41 minutes, 40 seconds what uh the expectation of doing 10% or 15% on 230 is not what the statement I gave but yes definitely I gave that we 41:48 41 minutes, 48 seconds would be coming close to that uh you know 250 mark so if you see last year in the same period with uh indor starting 41:56 41 minutes, 56 seconds in October 2024 from October to December we had done I believe 200 or 205 crores from there the revenue year would be 42:02 42 minutes, 2 seconds almost at a 20% jump but yes qnq I don't foresee that drastic jump coming in of uh 10 15% Q and Q but definitely like I 42:11 42 minutes, 11 seconds said overall as a business 15 to 20% is what we are foreseeing because regulations take time validation batches are still ongoing also uh you know there 42:19 42 minutes, 19 seconds have been a correction of terms of data control this year so that's why overall as a package we feel that this year will be little affected next year again I 42:27 42 minutes, 27 seconds think someone pushed me to answer that I said yes minimum 15% what we should look for but yes hopefully with other positives kicking in 20% is what we 42:35 42 minutes, 35 seconds should aim for or more but I think 15% is basically what I give like you said there are erosions coming in there might be environmental factors there might be 42:42 42 minutes, 42 seconds something else you don't know how the GLP landscape will also come in so uh I'm keeping in terms of my word I'm trying to be a little bit conservative 42:50 42 minutes, 50 seconds and try to achieve first and then talk more got it got it and and this uh you uh the audit that happened at the same as UGMP 42:58 42 minutes, 58 seconds right is the understanding correct only it was from Portugal yes only yes and that allows us all across Europe is the 43:06 43 minutes, 6 seconds it allows Colombia South Africa UK uh everything. Yeah, which is same thing in sure. Thank you so much. All the best. 43:15 43 minutes, 15 seconds Thank you. Very nice. 43:18 43 minutes, 18 seconds Thank you. Ladies and gentlemen, to ask a question, you may press star and one. 43:23 43 minutes, 23 seconds We have a follow-up question from the line of Aditya from MSA. Please go ahead. Hi, thank you again for the opportunity. 43:31 43 minutes, 31 seconds Uh so just wanted to uh uh get the numbers of our SBUS and how they've 43:38 43 minutes, 38 seconds performed uh Y and uh Q and then you can also maybe uh segregate how the domestic banded business performed. 43:52 43 minutes, 52 seconds Sorry. Sorry. Uh can you repeat that brother? I just missed it because of the network issue. 43:56 43 minutes, 56 seconds Sorry. So what I'm requesting is that if you can also if you can tell us how the SBOS have performed that is domestic 44:03 44 minutes, 3 seconds banded business international API uh CMO and then also performance right yeah and then you can double double 44:12 44 minutes, 12 seconds click on the uh domestic branded business as well how each subscri 44:20 44 minutes, 20 seconds divisions of course domestic business this year because of this ramd down because of these two major divisions of sparish critical care we have we will be growing 44:29 44 minutes, 29 seconds only at around maybe uh you know around 8% plus or I'll still give you an exact number uh hopefully in the next call but I look at it's I think it's around 8%. 44:39 44 minutes, 39 seconds Uh the CMO business is more or less uh the same because most of the capacity which we have we are trying to use for 44:46 44 minutes, 46 seconds the export uh division export division is growing by almost uh 40%. But the 44:52 44 minutes, 52 seconds base is less of around uh 120 that's where that thing is there. API is like I say most of the APIs which we make are 44:59 44 minutes, 59 seconds for in-house uh so this is where the entire thing is there after coming now to a deep down of all our domestic 45:08 45 minutes, 8 seconds business uh then uh you know the critical care and the spur we'll see mostly like a stagnant year this year or 45:16 45 minutes, 16 seconds maybe you know uh because of all these uh I think almost 14 plus 5 19 plus and 45:22 45 minutes, 22 seconds maybe three more a 22 crore uh I would the correction would be there this year. Totally I'm saying even including Q4. So at the end of the Q4 we 45:31 45 minutes, 31 seconds would be a little bit more on the same level as last year but of course with a better data profile uh infertility has increased by around 16 to 17%. Botland 45:40 45 minutes, 40 seconds toxin has increased by almost 20 to 25% but the base is small and uh our um 45:48 45 minutes, 48 seconds aesthetics uh sorry our ayurvea and mass marketing has grown by around 12%. So this is a broad uh percentage. 45:58 45 minutes, 58 seconds No, this is very helpful. This is very helpful. Thank you so much. And on your strategy of uh criticare and spudge the 46:05 46 minutes, 5 seconds domestic bank business. So uh if I were to look at your uh data days and h how 46:12 46 minutes, 12 seconds how much would it impact the working cap how it would impact the working capital cycle and how much would the working capital cycle fall by? 46:22 46 minutes, 22 seconds I'll tell you that there are two reasons why we have to be a little bit more cautious in critical care and sparish firstly the procurement of the RM the testing of the RM because these are 46:29 46 minutes, 29 seconds sterile materials the starts I mean the entire working level starts from there so the you know the RM testing RM procurement and the lifelization process 46:37 46 minutes, 37 seconds is around 5 to 10 days depending on the product then there's a 15 days stability then I understand the inventory cycle and everything but because we are tweaking 46:46 46 minutes, 46 seconds tweaking the you're saying only for the datas you're asking yeah only for the datas because I just want to understand How will it impact the networking capital inventory and all remains the same? 46:56 46 minutes, 56 seconds Yeah. 46:57 46 minutes, 57 seconds No, so right now because the number of validation batches are increasing in so I mean let me answer. I think we are 47:05 47 minutes, 5 seconds with the help of the cash flow coming in there lot of cash flow required for ramping up indoor in terms of the new products like daptomy and others. So for 47:13 47 minutes, 13 seconds that we don't want to go for debt and we want to go for our in-house uh what do you call cash generation only and that's how we are doing that and taking it from 47:20 47 minutes, 20 seconds so is a data day as in uh because we are uh revamping our entire strategy of uh 47:27 47 minutes, 27 seconds of uh credit card and spice because we are not giving them so much uh receivable days and we want to get a money faster. That is what I've 47:35 47 minutes, 35 seconds understood from the call. So I just want to understand uh we were at close to say in fi in fi25 47:44 47 minutes, 44 seconds uh we were we used to get money in 140 days how number of days sorry I think 47:51 47 minutes, 51 seconds okay I think this question is better for than me but I'm still trying to answer 47:57 47 minutes, 57 seconds I'll take this up so as you understand the overall the number the question was 48:04 48 minutes, 4 seconds only these receivable sticky receivables in PUR and critical care and that's the 48:12 48 minutes, 12 seconds number that he given. So if you take that number and you find the number of days you'll get your answer. So overall the other businesses the it sort of 48:20 48 minutes, 20 seconds remains the same and moving forward let me give him a let me give him an answer which hopefully I will answer but I will answer. Yeah okay go ahead. Huh. 48:29 48 minutes, 29 seconds Last year our average status in was around 140 days and in 26 we are expecting it should come down to around 120 days. 48:39 48 minutes, 39 seconds 120 days. Yeah. 48:42 48 minutes, 42 seconds All right. All right. This answer this answer. Yeah. Thank you so much. Thank you. 48:50 48 minutes, 50 seconds We have a follow-up question from the line of Vishal Ma from Oakland Capital. Please go ahead. 48:56 48 minutes, 56 seconds Uh hi. I just wanted to check what is the debt number as on date and uh how do you plan to reduce this say maybe how 49:04 49 minutes, 4 seconds what is the dealing plan over the next 2 three years presently we are two types of loans one is some loans which has been taken for 49:13 49 minutes, 13 seconds indoor plant and one is working capital requirement including both the loans I can say today it is around 375 cr and it 49:21 49 minutes, 21 seconds may remain at same level at least for 27 and after 27 it will start come 49:29 49 minutes, 29 seconds Because lot of working capital is required for whenever there is a sales jump over there is a for increasing the inventory as well as data. So instead of 49:38 49 minutes, 38 seconds borrowing working capital from the bank we are making from internal approval and hence we are not in a position to 49:45 49 minutes, 45 seconds prepayment the repayment of prepayment the term loan and we will start prepayment of the term loan from 28 28 49:53 49 minutes, 53 seconds onward. So I think the loan will remain at 375 but till March 27. 50:01 50 minutes, 1 second Got it. So so depreciation interest would be at similar levels in Q3 for 27 as well. 50:08 50 minutes, 8 seconds It is it is around 9 it is today it is around 35 to 36. I think it will going to remain in the same level in next year 50:16 50 minutes, 16 seconds also and same is the case with depreciation as well sir. 50:20 50 minutes, 20 seconds Everything is now in the business. Yeah, everything is out. Got it. Thank you so much, sir. 50:30 50 minutes, 30 seconds Thank you. As there are no further questions from the participants, I now hand the conference over to Miss Shwa Shetty for closing comments. 50:39 50 minutes, 39 seconds Thank you very much for joining us today. If you have any further question, please feel free to reach out to our investor relations team and we will be 50:47 50 minutes, 47 seconds happy to address them separately. With that, we conclude today's call. Take care. 50:54 50 minutes, 54 seconds Thank you. On behalf of Goof Biosciences Limited, that concludes this conference. 50:59 50 minutes, 59 seconds Thank you all for joining us. You may now disconnect your lines. Thank you.