Jagsonpal Pharmaceuticals Ltd — Q4 FY26

Jagsonpal Pharmaceuticals Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=GiA8t37JZG0 Published: 2 weeks ago

0:01 1 second Ladies and gentlemen, good day and welcome to Jonpal Pharmaceuticals Limited Q4 and FI26 earning conference 0:09 9 seconds call hosted by Go India Advisor. As a reminder, all participant line will be in the listenon mode and there will be an opportunity for you to ask question 0:17 17 seconds after the presentation conclude. Should you need assistant during the conference call, please signal an operator by pressing star then zero on your 0:25 25 seconds touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Miss Swamia Charger. Thank you and over to you ma'am. 0:37 37 seconds Good evening everyone and welcome to Q4 and FI26 earnings conference calls of Jackson Pharmaceutical Limited. We have 0:44 44 seconds on call with us Mr. Manish Gupta managing director, Mr. Amritical, Chief Operating Officer and Mr. Mira, Chief 0:52 52 seconds Financial Officer. We must remind you that the discussion on today's call may include certain forward-looking statements and must be therefore viewed 0:59 59 seconds in conjunction with the risk pertaining to the business. I now request the management to take us through the same and provide some more insight on the 1:07 1 minute, 7 seconds quarter and year gone by. For that, we'll open the floor to Q&A. Thank you and over to you sir. 1:13 1 minute, 13 seconds Yes, thank you Sam and good afternoon everyone. Thanks for joining the call and we appreciate your continued interest and support for Jetson. 1:21 1 minute, 21 seconds I'm pleased to report that Jetson is back on growth in Q4 after two quarters of reddish performance. This is on the 1:29 1 minute, 29 seconds back of Sharpen's focus on execution especially in the area of MR productivity and retention at the 1:36 1 minute, 36 seconds industry level. While the IPM grew between 7 to 8% during Q4 uh and most of the year we have outperformed 1:44 1 minute, 44 seconds meaningfully at both the quarter and MAT levels giving us the necessary confidence of growth acceleration going 1:52 1 minute, 52 seconds forward for FI26 while the revenue growth has been modest at around 7% and 1:59 1 minute, 59 seconds net profit has grown at 19% before exceptional items the performance is underpinned by financial discipline. 2:07 2 minutes, 7 seconds and focused execution which is also reflected in our strong cash position which was upwards of 190 crores at the end of the year or on or on 31st March. 2:18 2 minutes, 18 seconds While we continue to scout for strategic inorganic initiatives, the board of the Jetson fund is also guided by capital 2:26 2 minutes, 26 seconds allocation philosophy that remains focused on disciplined value creation and efficient cash deployment. Alongside 2:34 2 minutes, 34 seconds the 40 crore buyback announced on 12th March at true at rupees 250 per share with no promoter participation the board 2:43 2 minutes, 43 seconds has also recommended a 200% dividend for the year which includes a onetime special dividend of 75%. 2:52 2 minutes, 52 seconds While the shareholder approval for the buyback was received on 27th April, the enhanced dividend is subject to the 2:59 2 minutes, 59 seconds shareholder approval in the forthcoming AGM. 3:03 3 minutes, 3 seconds These steps of the goal are fully reflective of the focus on improving the return on capital employed and or return 3:10 3 minutes, 10 seconds on equity and also their confidence in acceleration of business in FI27 and beyond driving strong continued cash flow generation for the business. 3:21 3 minutes, 21 seconds Looking ahead, our strategic priorities remain consistent which is about driving organic growth through enhanced MR 3:29 3 minutes, 29 seconds productivity, sharper brand focus and discipline cost management. While we continue to evaluate value iterative 3:37 3 minutes, 37 seconds inorganic opportunities with a stronger execution framework, we are confident of sustaining and accelerating the growth 3:45 3 minutes, 45 seconds momentum while delivering consistent long-term value to our stakeholders. I would now request Amrit our chief 3:53 3 minutes, 53 seconds operating officer to take you through the operational performance. 3:58 3 minutes, 58 seconds Thank you Manish and good evening everyone and as Manish rightly mentioned that the last two quarters has centered 4:05 4 minutes, 5 seconds around strengthening the execution region of the business and we are now beginning to see the impact of these efforts translating into stronger operational performance. 4:15 4 minutes, 15 seconds While the broader industry which is IPM has grown at around 7 to 8 percentage just has started to outperform meaning 4:24 4 minutes, 24 seconds on a MAT basis which is annual sales the company has delivered 12.2% growth as per pharm outperforming the market by 4:34 4 minutes, 34 seconds 3.6%age and this momentum accelerated further in the last quarter which is quarter four 4:41 4 minutes, 41 seconds where the growth reached 14.2% 2% against the industry growth of 10 and a half%. This performance was driven by 4:49 4 minutes, 49 seconds disciplined execution, stronger internal processes and our focus operating efforts supported by an asset light 4:56 4 minutes, 56 seconds business model that allows us to remain agile, efficient and consistently cash generated. On the other side, if you 5:04 5 minutes, 4 seconds look at the brand and portfolio, Jaspal continues to maintain a very strong and balanced portfolio. Our top 10 brands 5:12 5 minutes, 12 seconds currently constitute approximately 58 to 60% of our total sales depending on the quarter providing both the scale and 5:19 5 minutes, 19 seconds stability for the business. Importantly, nine out of these top 10 brands are ranked within the top five in their respective activities reflecting the 5:28 5 minutes, 28 seconds competitiveness, prescription strength and sustainability of our core portfolio. Growth has been led by strong 5:36 5 minutes, 36 seconds traction across the key therapies in particularly gynecology and dermatology both of which witness prescription 5:43 5 minutes, 43 seconds momentum and remain important growth anchors for the organization. 5:48 5 minutes, 48 seconds These segments have shown strong strong doctor engagement and improved prescription conversion supported by focus execution and sharper brand 5:56 5 minutes, 56 seconds investments. While a few mature brands in select therapy saw some moderation during the years, the strength in these 6:04 6 minutes, 4 seconds high growth segments has more than offset the same resulting in a healthy overall growth trajectory. A major focus 6:12 6 minutes, 12 seconds area for us during the year has been strengthening the frontline capabilities. We have invested in a very structured MR training programs and 6:20 6 minutes, 20 seconds managers development program aimed at improving the doctor's coverage, call quality, territory productivity and 6:28 6 minutes, 28 seconds consistency of our engagement. Alongside this, we have worked on improving the field force stability and retention 6:35 6 minutes, 35 seconds which has been an important driver for stronger execution over the last quarter. At the same time, we have sharpened our brand investment strategy 6:44 6 minutes, 44 seconds by increasing focus on high potential brands and ensuring better allocation of our resources towards therapies and 6:51 6 minutes, 51 seconds brand building where we see stronger growth visibility as well as sustainable long-term opportunities. These efforts 6:58 6 minutes, 58 seconds are now clearly reflecting in our improved field productivity, stronger doctor engagement and better execution 7:05 7 minutes, 5 seconds on the ground which is visible in relatively better quarter 4 performance. 7:11 7 minutes, 11 seconds And with these building blocks now firmly in place, we are well positioned to deliver more consistent, scalable and 7:18 7 minutes, 18 seconds market outperforming growth in the coming quarters. Thank you so much. And now I'll request NRA our CFO to take you through the financial highlights. 7:28 7 minutes, 28 seconds Thanks Amrut and thank you everyone for joining us. So from a financial perspective Q4 FI26 reflects a strong 7:37 7 minutes, 37 seconds improvement in operating performance with revenue growing by 10% yearon year to rupees 64 cr supported by healthy 7:46 7 minutes, 46 seconds demand momentum across key therapies and stronger execution. This translated into a growth of 9% yearon year to close to 7:54 7 minutes, 54 seconds 11 crores while maintaining stable margin at close to 16% reflecting disciplined cost management and 8:01 8 minutes, 1 second operating resilience. Profitability saw a sharper uptake with fat rising to 31% yearon year to close to rupees 9 cr and 8:10 8 minutes, 10 seconds with the fat margin expanding to about 14%. For the full year, FI26 revenue 8:16 8 minutes, 16 seconds grew by approach 7% to rupees 287 crores and operating AITA stood at close to rupees 61 crores with a margin of appro 8:25 8 minutes, 25 seconds 21%. At the profitability level, our profits from operations grew by 19% yearon year to close to rups 45 crores 8:33 8 minutes, 33 seconds reflecting a margin of about 16%. The only exceptional item during the year was the impact of new labor code which 8:41 8 minutes, 41 seconds was taken in Q3 and overall the business continues to show meaning meaningful improvement in uh core quality and 8:49 8 minutes, 49 seconds profitability. We also continue to maintain a strong balance sheet with a cash position of over 190 cr. Working 8:57 8 minutes, 57 seconds capital remains well managed with networking capital cycle at close to 11 days reflecting our continued focus on 9:04 9 minutes, 4 seconds financial discipline and student capital allocation. On the buyback front, we have received shareholders approval for 9:11 9 minutes, 11 seconds the proposed rupees 40 cr buyback of up to 16 lakh equity shares at a price of rupees 250 per share. As mentioned 9:19 9 minutes, 19 seconds earlier, the promoters shall not be participating in the sale. This move is expected to have significant impact on 9:26 9 minutes, 26 seconds our return ratio with ROA increasing from about 16% to 18% while ROC shall improve from 22% to close to 60 26%. 9:37 9 minutes, 37 seconds This reinforces the board's focus on efficient capital deployment and long-term value creation for public 9:43 9 minutes, 43 seconds shareholders. The record date is May 20 May 0426 for the same. and the detailed 9:50 9 minutes, 50 seconds private guidelines and process will continue as per regulatory requirements. 9:56 9 minutes, 56 seconds Alongside this, the board has also recommended a 200% dividend including a onetime special dividend of 75%. This 10:03 10 minutes, 3 seconds will result in a total payout of rupees 4 per share and an overall cash distribution of appro 26 crores. Between 10:11 10 minutes, 11 seconds buyback and dividend, the company shall be returning over rupees 66 cr to the shareholders. This reflects our confidence in both that in the strength 10:20 10 minutes, 20 seconds of our business model and in the capabilities of generating free free cash. We stay confident of sustaining and accelerating growth while maintaining discipline capital returns. 10:30 10 minutes, 30 seconds That concludes our update. We shall now be happy to take your questions. Thank you. 10:36 10 minutes, 36 seconds Thank you so much sir. Ladies and gentlemen, we'll now begin with a question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. 10:47 10 minutes, 47 seconds If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies 10:56 10 minutes, 56 seconds and gentlemen, we'll wait for a moment while the question Q assembled. 11:03 11 minutes, 3 seconds Our first question comes from the line of Deep from Mana Finance. Please go ahead. Hi, I'm audible. 11:12 11 minutes, 12 seconds Yes sir you are. Okay. 11:14 11 minutes, 14 seconds Uh now Q4 marks a very strong recovery after uh two relatively muted quarters. 11:19 11 minutes, 19 seconds How much of this improvement is structural versus seasonal? 11:26 11 minutes, 26 seconds Uh thank you so much. uh see if you look at our portfolio uh we hardly have products which are seasonal in nature 11:35 11 minutes, 35 seconds and therefore what we see today is purely driven by operational strengthening as well as some of the steps that we taken in terms of our 11:43 11 minutes, 43 seconds brand building and MR productivity improvement so all the growth which is there seems to be completely strategic 11:51 11 minutes, 51 seconds and structurally made in favor of uh yields and uh I don't I don't see any of the seasonal impact there. 12:01 12 minutes, 1 second What what was key triggers behind such a sharp improvement in Q4 execution and uh how can the company re uh I mean going 12:10 12 minutes, 10 seconds forward will the company perform the same way? 12:13 12 minutes, 13 seconds Uh if you remember I I'm not sure you were there in the last call but we had given you this guidance that we will be 12:21 12 minutes, 21 seconds delivering a double route and that's what exactly we have delivered. So we have done the walk the talk but second part is we have also given you a 12:29 12 minutes, 29 seconds guidance that we'll be looking at beating the market growth and that is what our objective has been and obviously we are taking aspiration to 12:38 12 minutes, 38 seconds beat it by 1 and a halfx which is 1.5 times more than the Indian farmer market growth and in that direction we have 12:45 12 minutes, 45 seconds taken several steps which I have eliminated in my talk which includes improving our field productivity by way 12:52 12 minutes, 52 seconds of improving their training their skills upskilling them and more importantly trying to engage more customers so that 13:00 13 minutes our prescription value per doctor increases and thereby resulting in lesser of cost for acquisition of newer 13:08 13 minutes, 8 seconds business and therefore I always call it as a profitable growth for the organization right so what is the biggest execution 13:17 13 minutes, 17 seconds risk in achieving uh the targets which you have given execution risk may be macro on a micro level at an organization 13:26 13 minutes, 26 seconds level I do not see because we have very well established very old legacy brands which continue to drive its market share 13:35 13 minutes, 35 seconds in the current therapies and molecule bucket. However, there are certain new product opportunities obviously which we 13:42 13 minutes, 42 seconds are continuously looking at which are into our strength areas which we intend to build. Maybe one execution risk may 13:49 13 minutes, 49 seconds be that we may go over aspirational on certain products but yet we want to give them a full try with our heart and soul 13:58 13 minutes, 58 seconds so that we are able to achieve them but we are not sure how those molecules will eventually emerge as a macro market. So 14:05 14 minutes, 5 seconds I only see a macro is happening for the organization at our level internally within the organization. We are super confident of delivering operational 14:14 14 minutes, 14 seconds excellence and growth which is backed by profits. 14:19 14 minutes, 19 seconds And what gives the management confidence of further acceleration uh beyond the current IPM performance outperformance? 14:29 14 minutes, 29 seconds uh one is obviously it is too early for us to say and as I as I said earlier on this is our first quarter 14:37 14 minutes, 37 seconds uh wherein we had committed you a double digit growth that's what we have aimed for and we tried to deliver and I'm hopeful that the steps that we are 14:46 14 minutes, 46 seconds taking towards rationalizing some of our resources and also reallocating those resources for more productive use I 14:54 14 minutes, 54 seconds think that will be one of the three key drivers besides of course improving our own capability and skills of the team so 15:03 15 minutes, 3 seconds that they perform better in the market and are able to to compete meaningfully in clinic for the doctor. 15:11 15 minutes, 11 seconds Okay. And u how should investors think about FI27 growth versus the stated target of 1.5x IPM growth? 15:21 15 minutes, 21 seconds We continue to maintain that gadget sir. 15:25 15 minutes, 25 seconds Okay. And uh just my last question, what is the reason of uh you know uh distributing so much of cash to shareholders? I mean do we don't don't 15:33 15 minutes, 33 seconds we see any growth opportunity beyond uh uh I mean in our company or any investment as such 15:43 15 minutes, 43 seconds uh I think this is a not an easy question for the board uh simply because 15:50 15 minutes, 50 seconds how much cash is adequate cash is not an answer that is I mean this depends from person to personally 15:57 15 minutes, 57 seconds as a company uh the board is of the view that keeping too much Cash is also not productive especially in the scenario of 16:05 16 minutes, 5 seconds falling yields and also in a scenario wherein now we have access to bank finance. So if you look at our own 16:13 16 minutes, 13 seconds balance sheet you can easily believe that we can raise upwards of 200 crores as fresh debt in the company. We have 16:22 16 minutes, 22 seconds close to 190 crores of cash and given our cash flows uh we are very hopeful of recouping whatever we are paying out 16:30 16 minutes, 30 seconds within the next 12 months. So technically we do have wherewithal to undertake uh in acquisition of up to 400 16:38 16 minutes, 38 seconds crores with our own balance sheet. I think that is more than sufficient in the view uh of the board and I think 16:45 16 minutes, 45 seconds they took a very pragmatic decision of not keeping too much cash in the company beyond what is potentially needed. 16:55 16 minutes, 55 seconds So uh just uh I mean just to counter that my your sorry to interrupt you sir but you may have rejoined the queue for more questions. 17:04 17 minutes, 4 seconds It's just a counter question because I mean uh it's related to the previous answer that's why. 17:09 17 minutes, 9 seconds Yeah. Yeah. Uh so basically your your total roe what you're doing on your cash as well as on your assets is uh 17 17 to 17:18 17 minutes, 18 seconds 18%. Now if you're making that that good an ROE why don't you deploy your cash into the business and uh give a better 17:25 17 minutes, 25 seconds ro I mean investors would be happy with dividend of course but point is if you're giving a good roe on on the money which we are keeping in in your company 17:34 17 minutes, 34 seconds I think that is good enough for us. Why distribute the entire cash and you know take debt and uh uh have that interest 17:41 17 minutes, 41 seconds outgo that was just my uh say thought process uh otherwise 17:50 17 minutes, 50 seconds uh I just address this basically pharmaceutical industry for growth does not is not capital intensive it is brand 17:58 17 minutes, 58 seconds intensive and brand requires execution excellence at a field force level which is what we are focused First one we do 18:06 18 minutes, 6 seconds not require any capital beyond what we are spending in terms of growing our business. So any use of real cash that 18:16 18 minutes, 16 seconds we have is only for inorganic strategy and not otherwise. So you're right that if we can generate 70 and 80% from our 18:25 18 minutes, 25 seconds core business but that is only working capital that is invested there. By pumping in more working capital I cannot 18:32 18 minutes, 32 seconds grow the business. we can only grow faster than the market through uh better execution in the marketplace which we 18:40 18 minutes, 40 seconds are already focusing on. So first capital is not required for the organic growth. It's only for inorganic growth 18:48 18 minutes, 48 seconds and keeping that cash at 7% in the bank pretext I think defeats the objective. 18:56 18 minutes, 56 seconds Great. Great sir. Thank you so much. Clear it. Thank you. 19:01 19 minutes, 1 second Thank you. Our next question come from the line of Anupam Agarwal from Lucky Investments. Please go ahead. 19:09 19 minutes, 9 seconds Yeah, thank you so much for taking my question and congratulations on good numbers sir. Uh my first question is that if you can break down your uh 19:17 19 minutes, 17 seconds fullear growth of 12.2% as per far uh between the four therapy segments that will be really helpful. 19:27 19 minutes, 27 seconds Therapy wise we we are overweight on three therapies which is dynamic ortho and dermatology. Currently off I won't 19:36 19 minutes, 36 seconds be able to give you exact breakup between the between these three therapies. Yeah, but I'll give you I mean uh while we don't have latest 19:43 19 minutes, 43 seconds numbers but roughly about half of our business is gynecology. 19:47 19 minutes, 47 seconds Uh 25% would be also and another 10 to 15% will be ter%. 19:57 19 minutes, 57 seconds Uh no my question was more so on the growth which uh business therapy is kind of driving that uh growth largely 20:06 20 minutes, 6 seconds so largely driven by uh number one uh gang and number two is 20:15 20 minutes, 15 seconds okay uh so you've talked about MR productivity uh just a question on that so what is the MR count today and what was the productivity let's say last same 20:24 20 minutes, 24 seconds quarter last year and what was it in the fourth quarter So number of MRS continues to be same. 20:31 20 minutes, 31 seconds There's no new addition of MRS in the last quarter which is under reference now. And productivity the the growth 20:38 20 minutes, 38 seconds that you're looking at is pure play uh you know productivity improvement. 20:47 20 minutes, 47 seconds Yes. Understood. Uh sir in your presentation uh there are a couple of lines mentioned about you know uh you launching or ideulating one to two 20:56 20 minutes, 56 seconds products every quarter. Uh uh how are we placed on that? What is the kind of new product launches that we've done in the fourth quarter? What was it in the last 21:05 21 minutes, 5 seconds whole year and what are we planning for the next uh next year? 21:09 21 minutes, 9 seconds So we had total of six new product launches and uh three SPUs I mean the the brand extensions. We intend to have 21:17 21 minutes, 17 seconds similar numbers approximately 9 to 10 in this current year as well in which half of it will be more of rejuvenating the 21:25 21 minutes, 25 seconds older brands the legacy brand that we have. So some brand extension in the same uh same brands with the brand extension and there will be close to 21:34 21 minutes, 34 seconds around five or six opportunities which will be in the new product therapies. 21:40 21 minutes, 40 seconds Uh new product therapies or new products within the existing therapies? products the same therapies the the our strength 21:47 21 minutes, 47 seconds area which is gyic ortho and derma understood 21:56 21 minutes, 56 seconds uh great sir I just wanted your break up of the growth therapy wise so maybe I'll take that offline that's it for my thank you so much 22:04 22 minutes, 4 seconds sure thank you our next question come from 22:10 22 minutes, 10 seconds the line of goautamaral from perpetu venture please go ahead. Um hello sir am I audible? 22:18 22 minutes, 18 seconds Yes. 22:20 22 minutes, 20 seconds Uh so my first question is on the gross margin side. Uh as we can see QoQ this year the gross margins have declined and 22:29 22 minutes, 29 seconds on the other hand the other expenses have increased Qoq and Yi. So is there a particular factor or is it fair to 22:36 22 minutes, 36 seconds assume that these are the stable numbers going ahead? 22:42 22 minutes, 42 seconds You're referring to any specific number of quarter p or quart sir. 22:52 22 minutes, 52 seconds Yes. So are you referring to quarterf or for the full year because full year gross margins are largely in 23:01 23 minutes, 1 second line. There has been minor change but it is more than 64.2% 2% versus 15. Yeah. 23:08 23 minutes, 8 seconds Right. Right. 23:10 23 minutes, 10 seconds 20 30 bits which is just a product mix isue nothing more than that. 23:16 23 minutes, 16 seconds All right sir. And what about the other expenses part? 23:23 23 minutes, 23 seconds Other expenses just so that other expenses also if you look 23:31 23 minutes, 31 seconds at uh that is marginally increased I mean 30 days that could be attributable to largely 23:39 23 minutes, 39 seconds uh I mean largely a the bit of timing issue. 23:43 23 minutes, 43 seconds I give you example like when do you conduct your cycle meeting your annual cycle meeting budget meeting last year might have happened in April and this 23:51 23 minutes, 51 seconds year it might have happened in March. So uh on the size of a balance sheet of 1 23:57 23 minutes, 57 seconds cr I mean of our P&L 1 cr here and there makes a difference in the percentage but 24:04 24 minutes, 4 seconds structurally there is no increase in our cost structure beyond the normal inflation. 24:10 24 minutes, 10 seconds Okay. Okay sir. Got it. Sir um my next question is on the guidance side. So uh 24:18 24 minutes, 18 seconds previously our guidance had been of 12 to 14% on the top line and 100 to 150 basis points on the EITA margin level. 24:27 24 minutes, 27 seconds uh where I see that this year has been a one-off year u and since our uh growth has been exceptionally well compared to 24:35 24 minutes, 35 seconds the IPM data so is it fair to assume that uh we will be sticking to the 24:42 24 minutes, 42 seconds earlier guidance going forward we had given the guidance uh ma'am if 24:51 24 minutes, 51 seconds you remember last quarter also we clearly mentioned and we repeat it at the cost of repetition we are certainly 24:57 24 minutes, 57 seconds targeting 1.5x of the pharma industry growth. Currently the pharma industry is trending anywhere between 67% to 8 to 25:07 25 minutes, 7 seconds 9%. So this is the window in which it is operating and if I calculate 1.5x of that it translates to anywhere between 25:14 25 minutes, 14 seconds 12% to 15%age right now as the scenario moves forward because now you have some bloodup launches into metabolic anti-obesity and things like that. 25:25 25 minutes, 25 seconds Obviously the market is also expected expected I'm repeating the word and underlining this word expected to 25:32 25 minutes, 32 seconds perform better. We are seeing even if we are not present in anti-obesity right now our portfolio is strong enough to 25:39 25 minutes, 39 seconds still beat the market and deliver a 1.5x the growth. Okay sir. Got it. Uh thank you sir. 25:47 25 minutes, 47 seconds That's it from my side. Thank you. 25:50 25 minutes, 50 seconds Thank you. Our next question come from the line of Fijel Kapoor from Antifragile Thinking. Please go ahead. 25:59 25 minutes, 59 seconds Yeah, thank you for the opportunity. Um, hi team. Um, a few questions from my side. Um if we track the next two 26:07 26 minutes, 7 seconds quarters, what uh quantitative thresholds I mean for example MR productivity growth or volume growth 26:16 26 minutes, 16 seconds would kind of validate that this turnaround that we have reported in Q4 is on track versus slipping back to the 26:25 26 minutes, 25 seconds industry level growth. any any any few maybe two quantitative thresholds that we can actively monitor. 26:35 26 minutes, 35 seconds Hi Sel very good afternoon to you. This is Amuker. Hi. 26:41 26 minutes, 41 seconds Yeah. So you are pick up of the last last reported numbers of pharma act that 26:49 26 minutes, 49 seconds is what we look at or IQB also almost similar numbers for the industry. I'll just break it down for you. So volume has been almost flat for the power 26:57 26 minutes, 57 seconds industry on a moving annual total basis. So yearly the volumes have been almost 27:04 27 minutes, 4 seconds flat. It ranges anywhere between 0.5% to 1.2 1.3% on a month-on-month basis. 27:11 27 minutes, 11 seconds The new product contribution is upward of 3%age. 27:15 27 minutes, 15 seconds The price growth is roughly around 5%age plus and therefore the annualized growth is roughly in the range of 7 to 9% month on month. 27:25 27 minutes, 25 seconds Now if you look at this JPL which is Jakan Palp numbers and look at pharmarmacare data only and uh try to 27:32 27 minutes, 32 seconds mirror this our volume growth is reflected as 2%age there our new product is matching the industry growth which is 27:40 27 minutes, 40 seconds 3% plus our price growth is little shade higher which is at around 6 and a half to 7%age on the price side. So overall our reflection is showing as 12%age. 27:53 27 minutes, 53 seconds So this is where the industry and Jan pal is as far as the external reflections are concerned. Internally we are certainly trying to keep these 28:00 28 minutes numbers also suggest and I think I had indicated to you on the same questions question last quarter as well that we 28:08 28 minutes, 8 seconds foresee in as you asked specifically for the next two quarters I see same numbers getting even better. 28:17 28 minutes, 17 seconds M no definitely we certainly um hope for that Amitrit and um thank you for answering that uh next question is I 28:26 28 minutes, 26 seconds mean we have so our top 10 brands um today contribute about 58 60% of 28:33 28 minutes, 33 seconds revenue our top 10 and these have driven the recent recovery obviously so over the next two three quarters what 28:42 28 minutes, 42 seconds specific indicators I mean such as growth contribution from the next 10 brands so to speak a new product revenue 28:49 28 minutes, 49 seconds share or reduction in top brand dependency should be tracked to assess you know whether growth is broad 28:57 28 minutes, 57 seconds broad-based rather than concentrated I mean at what point would you consider the portfolio sufficiently uh 29:06 29 minutes, 6 seconds diversified to sustain uh the aspirational 1.5x IPM growth um without relying sort of disproportionately on few large brands. 29:17 29 minutes, 17 seconds Yes. Yes. So sel is this is industry wise I think a very common question which comes across. See most of the industry and especially the old 29:26 29 minutes, 26 seconds organization will have this legacy impact. So you'll have some brands which are very old but constituting a very large chunk of your top line and hence 29:35 29 minutes, 35 seconds it it becomes very very important for you to trend your line uh when when you grow grow uh in your growth trajectory 29:43 29 minutes, 43 seconds that that line has to be kind of you know managed very well that you are not threatening your core brand the volumes remain or rather grow. So that's your 29:52 29 minutes, 52 seconds core engine, right? That's going to that's going to funnel your growth or fund your growth, future growth. While new products will obviously accelerate 30:00 30 minutes that growth. So our focus will continue to be on our power brands, our core brands which are kind of two or three brands each of the business unit or 30:09 30 minutes, 9 seconds vertical therapy vertical that we operate with. That's where our majority of the resources will be deployed. At the same time, we are trying to build a portfolio which is future growth proof. 30:20 30 minutes, 20 seconds Meaning some of the products where we see next 10 years 20 years growth these are the products in which we have identified which are complementing our 30:29 30 minutes, 29 seconds strength and which possibly will have much better chance of success silh as I rightly I think put the numbers to 30:37 30 minutes, 37 seconds you. We are certainly looking at upward of 3% growth coming purely from the these strong new product launches as 30:44 30 minutes, 44 seconds well while ensuring that our volume and price growth matches or betters the power industry 30:53 30 minutes, 53 seconds and and that's helpful Amit and lastly we still of the view that the trade 30:59 30 minutes, 59 seconds generics is not a compet competition as far as our business is concerned and this lack of volume which is an industry 31:08 31 minutes, 8 seconds wide phenomenon. Uh it may or may not be partially if not fully linked to the trade generics growth. Um but that has 31:16 31 minutes, 16 seconds nothing to do with uh any challenges that we see as on today. Currently none 31:23 31 minutes, 23 seconds because this is not a new phenomenon sil this is going on for almost a decade and last five years possibly it got little accelerated postcoid scenario wherein 31:32 31 minutes, 32 seconds the generics have taken a a front seat because of a lot of generosity coming up as well as generic generic businesses of 31:41 31 minutes, 41 seconds the large pharma companies are also trying to take away the market share but none of these numbers are currently validated sil there's no custom report 31:49 31 minutes, 49 seconds which is available saying that Janix is leaking into the bracket formulation right so I I I'm very sure the way we 31:57 31 minutes, 57 seconds are operating today we are able to drive volume growth we are able to make new product success and we are also able to take premiumized price pricing so that 32:06 32 minutes, 6 seconds also talks about our brand strength in clinic with the doctor's mind sure sure no that's helpful that's 32:14 32 minutes, 14 seconds helpful thank you so much thank you thank you our next question comes from 32:20 32 minutes, 20 seconds the line of Arman from Vikaria. Please go ahead. 32:25 32 minutes, 25 seconds Yeah. Hi, good afternoon. Thanks for taking my question. Um, I just had a question uh about the potential, you know, impact of whatever is happening in 32:34 32 minutes, 34 seconds the Middle East. Uh, if you can just outline u um whatever impact the business is facing and also if you can 32:41 32 minutes, 41 seconds just touch upon uh I I guess that all your manufacturing is outsourced. So are you having any kind of feedback from 32:50 32 minutes, 50 seconds your CMO partners in terms of constraint on raw material supplies be it API or solvents or packaging materials? 32:59 32 minutes, 59 seconds Yeah. So uh I'll respond to it in two parts. Clearly from a demand perspective there's no impact of whatever is happening on the Middle East. Yeah. 33:09 33 minutes, 9 seconds Okay. So the demand remains secular as far as the industry is concerned. Having said that, clearly there are certain 33:17 33 minutes, 17 seconds pressures on the cost front. Uh especially packaging material. Uh clearly all the vendors are seeing cost 33:25 33 minutes, 25 seconds increases and they obviously while they are getting certain inventories that they will be looking to pass on some of 33:32 33 minutes, 32 seconds the cost increases. Finally, I think all of us will find an equilibrium. 33:38 33 minutes, 38 seconds Having said that, I I believe pharmaceutical industry overall will be lesser impacted given that the gross 33:46 33 minutes, 46 seconds margins in this industry are better than uh most other industries. So with 65 to 80% gross margins that most of the 33:55 33 minutes, 55 seconds branded companies enjoy, I think our ability to take some of these cost increases are far superior and we are 34:03 34 minutes, 3 seconds also allowed a 10% price increase. So some of it will get consumed within that price. So all in all uh yes there will 34:12 34 minutes, 12 seconds be cost impact. Will it have any impact on the or any significant impact on the profitability of the company? I don't believe so. 34:22 34 minutes, 22 seconds Okay. Thanks Manish. Just uh follow up on that. uh hypothetically speaking let's say the API cost increases by 34:29 34 minutes, 29 seconds let's say 50% for the CMO manufacturer is uh I just wanted to have a sense on how the contracts are structured is all 34:38 34 minutes, 38 seconds of that cost increase passed on to the marketing company or it's like a share of the pain kind of a system where you 34:45 34 minutes, 45 seconds know some pain is shared by the CMO CMO guys and some only a part of the pain is passed on to the marketing company how 34:52 34 minutes, 52 seconds is it structured usually in the contract Uh thanks for this question. Uh uh I'm sure you would know that I also have a 35:00 35 minutes little bit of CMO background. I was watch this earlier on. So typically the the cost doesn't get as is transferred 35:08 35 minutes, 8 seconds to a buyer or a client. So depending on the structure of the agreement, it is typically absorbed over a period of time 35:16 35 minutes, 16 seconds and in a staggered fashion as per your purchase orders because even your purchase orders are not there for every 15 days or every week. Your purchase 35:24 35 minutes, 24 seconds orders are also staggered over a pattern and therefore the absorption is also real time uh as per the prices 35:32 35 minutes, 32 seconds prevailing at that particular point of time and the purchase orders getting released and while we have a agreement which is longer term in nature the the 35:40 35 minutes, 40 seconds agreement also allows you time to absorb those increases over quarters. So it's it's not one quarter impact at all. 35:48 35 minutes, 48 seconds No no that's fine I understand. My question was that over time is it completely passed on to the marketing company which then passes on to the market by price increases or some is 35:57 35 minutes, 57 seconds absorbed by the number. I mean even the price increases are normally not seen being permanent they will also fall when 36:05 36 minutes, 5 seconds the scale also happens for those molecules and the supply chains typically kind of smoons out. So today what we are looking at supply chain 36:13 36 minutes, 13 seconds constraints is less related to movement of the products more related to the insurance cost. So typically those will also drop down. 36:23 36 minutes, 23 seconds Just to further add on say finally nobody will do business at a loss right. 36:29 36 minutes, 29 seconds So we have to find a middle ground between the CMO and us and also a middle ground between us and the our customers. 36:37 36 minutes, 37 seconds Okay. So uh everyone try absorbs what they can everyone will pass on what they can and the new equilibrium gets 36:46 36 minutes, 46 seconds accepted. Uh okay but having said that as I was mentioning the overall costs in our scheme of things is not 36:55 36 minutes, 55 seconds that significant as it is for many other industries. 37:00 37 minutes Yeah understood. Last question from my side. Uh you mentioned three of your dominant therapies o and derma. Uh if 37:07 37 minutes, 7 seconds you see in the last three four months IPM growth is kind of picked at about close let's say 10 11%. If you take a 37:15 37 minutes, 15 seconds blended growth for these three strong therapies of yours, are these therapies on a blended basis going higher than IPM or lower than IPM? 37:24 37 minutes, 24 seconds No, they they are they are in line with the IPM growth currently. 37:28 37 minutes, 28 seconds Okay. Okay. So when you say you're going to grow at 1.5x of IPL, that also practically means that you're growing at 1.5x of your covered market growth. 37:37 37 minutes, 37 seconds Correct to assume that? Yes. Yes. Yes. Okay. Okay. Thank you. I'll get back in. 37:45 37 minutes, 45 seconds Thank you. 37:47 37 minutes, 47 seconds Our next question come from the line of Madur Rati from Counter Cyclical Investment. Please go ahead. 37:53 37 minutes, 53 seconds So Mr. I I'm trying to understand that what percentage of our revenue is coming from earmacies that is the online netmed 38:02 38 minutes, 2 seconds and 1 mg etc and what are the terms of trades in terms of credit period working capital as well as margins are they 38:10 38 minutes, 10 seconds higher or lower versus the traditional uh our sales channel uh I 38:17 38 minutes, 17 seconds I'm sorry I didn't get your name please can you repeat uh my name is Madurati Yeah. Yeah. Mr. Rati, thank you for this 38:25 38 minutes, 25 seconds question. Uh, currently this uh uh the number is almost insignificant for us to have any mention of this in terms of supplies to these onlineies. 38:37 38 minutes, 37 seconds However, the structure for every organization differs for these uh pharmacy chains. Some of the supplies do happen from the authorized stock listing 38:46 38 minutes, 46 seconds each and every warehouse of theirs as per the location, geographical location. 38:51 38 minutes, 51 seconds And second is you also get into the rate contracts which are annual in nature for some of the products which are high high prescription and high volumes. So 39:00 39 minutes currently we don't have per say a very high volume or value contribution from these emergencies. 39:08 39 minutes, 8 seconds Understood. And uh also when last did we take a price hike across our product portfolio and what was the quantum of 39:16 39 minutes, 16 seconds the price hike and uh and what is the average salary hike that we are looking uh on account of our MRS this year. 39:27 39 minutes, 27 seconds So uh Madus in terms of exact percentage I won't be able to share this because we are yet to close our appraisal cycles 39:35 39 minutes, 35 seconds and KPI completions uh uh for the last FY we are in that process and while we conclude this it will possibly be this 39:44 39 minutes, 44 seconds quarter. Uh second part of your question was that when the price increases will happen. So price increases will be SK 39:51 39 minutes, 51 seconds based because as per 12 month complete 12 month period gets over then only one SK is allowed for a price increase and 40:00 40 minutes that's when we actually take as well. It all depends on how much inventory you have with you and how much is the need for the extra inventory to create a 40:09 40 minutes, 9 seconds purchase order or to create trigger a purchase order. 40:14 40 minutes, 14 seconds Right. Uh and so just a final question sir if I look at our scale versus the size of the market it's much larger in 40:22 40 minutes, 22 seconds terms of I think SKU offering results so are we so our growth estimates of 1.5 times the 40:30 40 minutes, 30 seconds market are we being conservative in that in either new product edition or growing in these three segments gyn ortho and 40:39 40 minutes, 39 seconds dermatology so either in new product edition are we being conservative because 1 point because our scale is not 40:46 40 minutes, 46 seconds what uh what is the market our scale is not that high uh I am not able to hear you clearly but 40:55 40 minutes, 55 seconds I I can possibly sense uh what what you wanted to ask I'll repeat back 41:02 41 minutes, 2 seconds okay I'll just answer that uh see our our market as you said is uh I think Manishi 41:10 41 minutes, 10 seconds has already elaborated those numbers to One is the the the earlier question which you asked about the price increase 41:18 41 minutes, 18 seconds our 92% of the portfolio is outside the LEM which is uh price control. So almost you can say 90% of my portfolio I can go up to a price increase of 9.9%. 41:28 41 minutes, 28 seconds Second part that you ask the question is uh uh whether uh our participated market or cover market is big enough to drive 41:37 41 minutes, 37 seconds our growth upward of 1.5x is is my question understood correctly? 41:44 41 minutes, 44 seconds Yes sir. And also on the new product edition because the target market addition can be much faster. So yeah. 41:53 41 minutes, 53 seconds Yeah correct. So we are trying to rejuvenate that as I mentioned in my opening remarks as well. We are trying to rejuvenate our portfolio but 42:02 42 minutes, 2 seconds obviously we are working with a with a speciality segment where prescription pickup doesn't happen from day one. New 42:10 42 minutes, 10 seconds product establishment is a very very hard work for prescriptions to start flowing in from each and every pin code 42:17 42 minutes, 17 seconds of the country which will take possibly a year plus for us to do that and that's what we are working out with new product 42:24 42 minutes, 24 seconds edition as I mentioned as per farmer we are matching or doing better than the farm industry in terms of our new 42:32 42 minutes, 32 seconds product performance so we are already at 3% plus in terms of our growth contribution from the new products and we are trying to further accelerate 42:42 42 minutes, 42 seconds Got it. Uh sir, that was your man. Thank you so much and all the question. Thank you. Thank you. 42:50 42 minutes, 50 seconds Next question come from the line of Adita from Ingrade Asset Management. Please go ahead. 42:57 42 minutes, 57 seconds Hi. Hi. Good afternoon. Can you break your uh Q4 FI26 and FI26 both in price, volume and new products? 43:06 43 minutes, 6 seconds Yeah, I'll I'll give you the breakup for Q4 which you are asking. 43:12 43 minutes, 12 seconds So uh for us volume growth was almost in line with the market. Uh I'll give you the for the pharmarmacare numbers how 43:20 43 minutes, 20 seconds they reflected for unfortunately I don't have the quarter right now. I have the year. So can I give you for the year right now? 43:28 43 minutes, 28 seconds Yes that is fine. 43:29 43 minutes, 29 seconds So I have I have given it earlier I repeat it. So for the Indian farmer market the volume growth has been approximately 1% little less than 1%. 43:40 43 minutes, 40 seconds New product has been little higher than 3% it was around 3.1 and price is little 43:46 43 minutes, 46 seconds less than five so it was around 4.8 so some total of this is around 8 and a half. If you round it off it will become 9%. Okay. 43:56 43 minutes, 56 seconds Now for Jackson P the numbers reported are volume growth is 2%age new product is matching which is 3.2%age 44:05 44 minutes, 5 seconds and our price growth is in the range of 6 to 7 percentage sum total of this comes to 12%. 44:13 44 minutes, 13 seconds Sorry. Great. That's it. Thank you. 44:20 44 minutes, 20 seconds Our next question comes from the line of Pradhan from Maximal Capital. Please go ahead. 44:28 44 minutes, 28 seconds Yeah. I hope I'm audible. Uh sorry this like uh like our new product pipeline. 44:35 44 minutes, 35 seconds So which therapeutics you said uh you know those molecules will be? 44:41 44 minutes, 41 seconds Yeah, your molecules you will possibly come to know in a month's time but we are looking at some uh good breakthrough molecules and hopefully we will be in 44:50 44 minutes, 50 seconds the second wave of launch for this first in India product. So we are we are preparing ourselves uh for for 44:57 44 minutes, 57 seconds gynecology one therapy. Second obviously we looking at auto and derma. 45:02 45 minutes, 2 seconds So you will come to know about this uh we'll make an announcement at the portion time mostly either May end or June first week. 45:10 45 minutes, 10 seconds Got it sir. Thank on the second uh on the MR efficiency that you're working on. So so these new products I assume 45:19 45 minutes, 19 seconds will be aligned and u you know that would help us uh increase the efficiency of our field force uh because uh if my 45:27 45 minutes, 27 seconds understanding is correct I mean there were some churning issues and uh you know we were trying to tackle that and uh improve the efficiency from our field 45:36 45 minutes, 36 seconds forces. So, so I assume all these new products will be aligned and uh uh that would be you know helpful to um increase or you know manage the productivity. 45:48 45 minutes, 48 seconds Yes, absolutely. So as I said there is one upskilling workshop which has happened. There is a very good product and therapy training which was given to 45:56 45 minutes, 56 seconds all the MRS. We are also looking at the uh you know talent improvement within the organization so that all the promotions also happen internally as a 46:04 46 minutes, 4 seconds policy for the organization while we try to blend with the external hiring in case we are not able to find anybody 46:12 46 minutes, 12 seconds internally for a new uh you know position. 46:16 46 minutes, 16 seconds The third piece that we are working on is whether the geography in which we are operating we are able to get more productivity. So we are not adding any 46:24 46 minutes, 24 seconds geographies. We are not adding any new MR. But we are trying to see whether organically from the same geography we 46:31 46 minutes, 31 seconds are able to extract more and thereby conserving our cost as well. 46:37 46 minutes, 37 seconds Got it. And uh that would have any implications on our incremental cost margins or working capital all these initiatives? 46:48 46 minutes, 48 seconds No. 46:49 46 minutes, 49 seconds any implications on our operating cost and or working capital. You know, as you would have noticed, we are 46:57 46 minutes, 57 seconds already working on a very lean working capital 11 days and this has been consistent for two two years 47:04 47 minutes, 4 seconds now. So, we believe we are bestin-class as far as working capital management is concerned and we intend to stay that way. 47:13 47 minutes, 13 seconds Got it sir. The final one uh on the capital return uh policy like uh I see 47:20 47 minutes, 20 seconds that uh you know the strategy seems to be like we want to return um return back 47:28 47 minutes, 28 seconds uh you know the dividend buyer dividend or share by back and so that our net cash kind of remains below 200 C here. 47:35 47 minutes, 35 seconds So is that understanding correct? I mean we will continue to do that. I mean we are generating healthy cash flow. So we 47:43 47 minutes, 43 seconds don't want to kind of you know keep surplus surplus over like 200 CR. So uh I mean 47:51 47 minutes, 51 seconds I don't think we have a I don't think we have a number in mind but yes we believe with the robustness of our cash flows uh 47:59 47 minutes, 59 seconds which continues uh we have adequate cash currently and even what we are paying out through both buyback and or enhanced 48:07 48 minutes, 7 seconds divid dividend will fully get recouped within the year itself. So uh I mean you can arrive at the number but yes we we 48:16 48 minutes, 16 seconds believe that the current cash position of the company is more than sufficient to fulfill any inorganic initiatives that we may need to undertake. 48:26 48 minutes, 26 seconds Got it sir. Thank you sir and all the best. Yeah. Thanks. 48:31 48 minutes, 31 seconds Thank you ladies and gentlemen. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. 48:40 48 minutes, 40 seconds Our next question come from the line of Anupam Agarwal from Lucky Investment Managers. Please go ahead. 48:46 48 minutes, 46 seconds Yeah. Hi, thank you for the followup. Uh sir, just on the top 10 brands, so if you can call out what the growth has 48:54 48 minutes, 54 seconds been for those top 10 brands on a on a basket level and what has been the growth for the parent brand which is the 42% of the business. 49:04 49 minutes, 4 seconds Can you repeat the question? The line wasn't too good when spoke. Yeah, I'm asking uh the top 10 brands uh which 49:12 49 minutes, 12 seconds contribute 58% to your revenue. What was growth in those 10 brands and what was the growth in the balance 42% of the business? 49:21 49 minutes, 21 seconds It's almost in line. So top 10 brands are obviously constituting uh much more healthier bottom line for us. So our 49:28 49 minutes, 28 seconds growth on those brands has been in line with rest of the portfolio. Exactly 1% change 49:36 49 minutes, 36 seconds but I think we'll arrive at the right number because it is we have not added the numbers and seen it. We'll we'll come back but it will be very very different. 49:46 49 minutes, 46 seconds Understood. And sir do you have different divisions for each of these therapies in terms of MR or are they inter? 49:55 49 minutes, 55 seconds Your voice is not very clear at all. Uh can you please uh repeat this or maybe a little bit away from the mic? I think it's getting smudged. 50:04 50 minutes, 4 seconds Yeah. Am I audible now sir? Yes you're audible sir. 50:09 50 minutes, 9 seconds Yeah I was asking u in terms of your MR productivity between the three brands uh between the 50:16 50 minutes, 16 seconds three uh therapy segments uh do you s the MR in terms of division or separate independent division by itself? 50:26 50 minutes, 26 seconds Amazing. Uh I'm really sorry. Uh but uh if you're wearing a Bluetooth or anything, can you please remove the Bluetooth because your 50:34 50 minutes, 34 seconds voice is echoing and we can't hear you properly. Can you hear me now? No sir. 50:40 50 minutes, 40 seconds No. I I repeat the question. Just tell me yes or no. You ask me whether the three therapies are separate divisions and whether we are growing equally something like that. 50:50 50 minutes, 50 seconds Yes. 50:52 50 minutes, 52 seconds Uh so all all three businesses are uh independent. We are trying to have a character around those businesses. One 50:59 50 minutes, 59 seconds is a clearcut uh uh you know dining business which has uh absolutely no confusion. So entire portfolio is pure 51:06 51 minutes, 6 seconds play dining. Second business is what we are trying to build up is around orthopedics which doesn't have all pure 51:13 51 minutes, 13 seconds play orthopedic brands currently. Third business is again purely a dermap focused business. So dharma focused 51:21 51 minutes, 21 seconds organic focused is absolutely there in place while the third vehicle which is still to be built or work in progress you can say is the auto franch which 51:30 51 minutes, 30 seconds will happen as as the as the quarter progresses over next couple of quarters and all the three engines will fire 51:37 51 minutes, 37 seconds equally well I'm confident about it for contributing towards the profitable growth for the organization. 51:44 51 minutes, 44 seconds Got it. Last question if I may. Uh can you quantify in absolute figure what is the MI productivity for each of these three business segments? 51:54 51 minutes, 54 seconds Uh I won't be able to give the exact numbers there for each of these businesses uh in terms of productivity. 52:00 52 minutes However, I can promise you one thing that the growth will be entirely driven with the productivity improvement as we 52:06 52 minutes, 6 seconds don't intend to increase the MR numbers currently or managers number currently. 52:12 52 minutes, 12 seconds So manpower remaining same our growth will be still higher than the IP. Can you can you rank them in what is highest 52:20 52 minutes, 20 seconds in terms of FR productivity between one dining will be higher number one or two will be number two and number three will be 52:28 52 minutes, 28 seconds okay thank you so much that's it from my thank you so much thank you thank you next question comes from the line of Adit from Ingrid asset 52:37 52 minutes, 37 seconds management please go ahead hi just on clarification the uh number 52:44 52 minutes, 44 seconds you mentioned for Jetson Pal of 12% % versus the reported number of 7%. This is the lead lag in the data reported in 52:51 52 minutes, 51 seconds pharma ra that's the only difference there right correct correct you're right okay the reported numbers uh in the 53:00 53 minutes pharmarmacare external audit for the farmer industry as well as janal okay 53:09 53 minutes, 9 seconds thank you as there no further question from the participant I would like to hand the conference over to the management for the closing remarks thank 53:16 53 minutes, 16 seconds you and over to you Thank you all participants for your valuable questions and engagement. We appreciate your interest in black. 53:26 53 minutes, 26 seconds Should you have any further queries or any requirement of additional information, please do not hesitate to contact our IR team at Go India Advisor. 53:35 53 minutes, 35 seconds We remain committed to engaging with you all of you uh fostering transparent communication as we continue advancing our objectives of creating value for our 53:44 53 minutes, 44 seconds shareholders. Thank you once again for your participation and wish wishing you a very good evening. Thank you. 53:52 53 minutes, 52 seconds Thank you ladies and gentlemen on behalf of coindia advisor that conclude this conference. Thank you for joining us and