J B Chemicals and Pharmaceuticals Ltd — Q4 FY26

J B Chemicals and Pharmaceuticals Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=GJJL9Wa8a_Y Published: 1 day ago

0:01 1 second Ladies and gentlemen, good day and welcome to Q4 FI26 earnings conference 0:08 8 seconds call of JB Chemicals and Pharma. Today we have with us Mr. Aman Mata, managing 0:15 15 seconds director, Mr. Koshel Soleni, Chief Financial Officer, Mr. Sanjay Gupta, Executive Director International 0:23 23 seconds Business, Torrent Farmer and Mr. Sodi Menin, Chief Financial Officer, Thoren Pharma. 0:30 30 seconds As a reminder, all participant lines will be in the listen only mode and there'll be an opportunity for you to ask questions after the presentation 0:37 37 seconds concludes. Should you need assistance during this conference call, please signal an operator by pressing star then 0:44 44 seconds zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. 0:53 53 seconds Oshel Solanki, Chief Financial Officer. Thank you and over to you, Mr. Soleni. 1:00 1 minute Thank you. Good morning everyone and welcome to the Q4 FI26 results call of 1:06 1 minute, 6 seconds JB Chemicals and Pharma Limited. This quarter is first quarter for JB Pharma 1:13 1 minute, 13 seconds postchanging control. Just to remind all participants that torrent pharma acquired a controlling stake in JB 1:20 1 minute, 20 seconds chemicals and pharma on 21st January 2026. 1:27 1 minute, 27 seconds Q4 was a period of operational reset which temporarily impacted performance. 1:34 1 minute, 34 seconds However, we expect normalization beginning in Q1 and continuing going forward. 1:40 1 minute, 40 seconds The company recorded revenue of rupes 904 kores registering a deg growth of 5%. 1:48 1 minute, 48 seconds During the quarter the one-offs including non-cash esop charges amounted to rupees uh 40 kores. 1:57 1 minute, 57 seconds Adjusted for such one-offs admit flat at rupees 241 crores. Gross margin improved to 2:10 2 minutes, 10 seconds Sorry to interrupt. You're not able to hear. Yeah. Gross margin improved to around 70% from 66% compared to the corresponding quarter of previous year. 2:20 2 minutes, 20 seconds Adjusted AIA margins was about 27% compared to 25% in the corresponding quarter of previous year. An improvement of approximately 2%. 2:33 2 minutes, 33 seconds Reported net profit after tax stood at rupees 101 cr adjusted for one-offs. The 2:40 2 minutes, 40 seconds net profit after tax is rupees 150 kores. 2:45 2 minutes, 45 seconds Board of directors have recommended a final dividend of rupees 9.3 per equity share of rupee 1 each for the year fi26. 2:56 2 minutes, 56 seconds I will now hand over the call to Aman for his comments on the India business and overall progression on the integration. 3:07 3 minutes, 7 seconds Thanks Koshu. 3:09 3 minutes, 9 seconds Uh during the quarter India business grew by 2% yearon year to 526 crores. 3:16 3 minutes, 16 seconds uh the main reason for the sequential slowdown in growth is because of the discontinuation of the trade generics 3:23 3 minutes, 23 seconds business uh without the trade generics business if you look at the branded business of JB for the India portfolio 3:31 3 minutes, 31 seconds uh that grew at 8% for the quarter in FY26 the India business grew 9% to 3:39 3 minutes, 39 seconds 2461 crores and out of this the branded business grew 11% 3:45 3 minutes, 45 seconds As per the IQVIA Matt March 26 data set, the India business grew at 11% versus the IPM growth of 10%. The chronic 3:54 3 minutes, 54 seconds business grew at 19% versus the industry growth of 14%. 4:00 4 minutes As Koshel mentioned uh this has been an operational reset in the quarter in both the India and international business and 4:07 4 minutes, 7 seconds uh we can share some of the steps that we've taken as one-offs in the quarter as part of the integration. Uh the first 4:14 4 minutes, 14 seconds is uh optimization of the distribution network as part of the integration with the parent entity. 4:22 4 minutes, 22 seconds uh discontinuation of the low margin uh portfolio of the trade generics business in India. 4:28 4 minutes, 28 seconds Alignment of trade and sales closing practices with the parent entity including credit period field incentives 4:36 4 minutes, 36 seconds uh and cutoff policies on the merger process. We have received the requisite shareholder approvals for 4:44 4 minutes, 44 seconds the merger of JB Pharma with Torrent and we are in the last stage of the process. 4:48 4 minutes, 48 seconds Now I will now hand over to Mr. Sanjay Gupta for an update on the international business of JB. 4:57 4 minutes, 57 seconds Thank you Aman. During Q4 we made efforts to align JB's practices in international markets with those of Torrent. The three notable areas for 5:06 5 minutes, 6 seconds alignment are sales closing practices, harmonized credit policies and also rationalization of inmarket inventory. 5:14 5 minutes, 14 seconds In the current international context, there were negative impacts which we hope will be normalized soon. These are linked to container shipment constraints 5:21 5 minutes, 21 seconds to several markets and primarily to the Middle East but also to Asia. 5:26 5 minutes, 26 seconds Consequently, the international formulations business for the quarter reported a degr 5:32 5 minutes, 32 seconds 259 crores. For FI26, international formulations revenue grew 2% yearonear 5:39 5 minutes, 39 seconds to INR 1154 Kores. The CDMO business revenues for the quarter declined by 22% 5:47 5 minutes, 47 seconds due to a high base in the corresponding quarter of the previous year. For the year it was flat at INR4945. 5:54 5 minutes, 54 seconds I would now request operator to open the call for questions. Thank you. 5:59 5 minutes, 59 seconds Thank you very much. We will now begin with the question and answer session. 6:03 6 minutes, 3 seconds Anyone who wishes to ask a question may press and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press R and two. 6:14 6 minutes, 14 seconds Participants are requested to use handsets while asking the question. 6:19 6 minutes, 19 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 6:27 6 minutes, 27 seconds Participants, you may press star and one to ask a question. 6:39 6 minutes, 39 seconds Ladies and gentlemen, you may press star and one to ask the question. 6:50 6 minutes, 50 seconds The first question is from the line of Niha from Bank of America. Please go ahead. 6:56 6 minutes, 56 seconds Yeah, thanks for taking my question. um on JB now that uh you know you mentioned an operational reset in fourth quarter 7:02 7 minutes, 2 seconds and normalization is it fair to assume that JB growth would go back to it uh its low teens mid- teens level uh 7:10 7 minutes, 10 seconds starting first quarter or is there more time required for normalization of sales and it should be a more phased 7:16 7 minutes, 16 seconds normalization yeah so we can split it between the India business and the international 7:24 7 minutes, 24 seconds business uh we feel that both there would be uh a gradual recovery to the the original growth 7:32 7 minutes, 32 seconds trajectory. So India business doubledigit growth or low teens growth would take maybe a a couple of quarters. 7:39 7 minutes, 39 seconds We already seeing all the positive signs. International business singledigit growth should continue uh 7:45 7 minutes, 45 seconds for potentially from Q1 but more likely from Q2. 7:53 7 minutes, 53 seconds and uh the international there's also an impact of the West Asia uh crisis right uh that so this a single digit that is 8:01 8 minutes, 1 second mentioned assumes that that will continue uh for the at least in the near term 8:11 8 minutes, 11 seconds yeah that's why there's been an additional impact as well yeah so Sanjay do you want to answer that as well 8:18 8 minutes, 18 seconds yeah so the crisis in in Q1 actually the the container constraints were not only towards West Asia but we also saw in other places there was like kind of 8:27 8 minutes, 27 seconds [clears throat] some shipping disruptions. Uh so Asia, Southeast Asia we've been able to catch up and we think in Q1 we will be able to catch up. West 8:35 8 minutes, 35 seconds Asia is anybody's guess. So all in all we think you know uh uh Q1 is a little bit uncertain but Q2 onwards we should be on on track. 8:47 8 minutes, 47 seconds Understood. Uh and my second question is on the gross margin improvement that we have seen in the quarter uh which you mentioned obviously you've discontinued certain low margin businesses so it's 8:55 8 minutes, 55 seconds fair to assume that uh this is the base on which the synergies should now start flowing through from you know the other 9:03 9 minutes, 3 seconds parts that torrent had mentioned uh you know in their call so uh 9:12 9 minutes, 12 seconds I think there has been an improvement of 4% in this quarter partially because of the trade generation reset which we've done and partially because of product 9:21 9 minutes, 21 seconds mix. So I think for us to give some guidance on where it'll settle for the full year I would like to wait for one 9:29 9 minutes, 29 seconds more quarter. First quarter will be indicative of where we are headed for. 9:33 9 minutes, 33 seconds Understood. That's helpful sir. Thank you so much. 9:38 9 minutes, 38 seconds Thank you. Ladies and gentlemen, you may press star and one to ask a question. 9:48 9 minutes, 48 seconds Next question is from the line of Devanch from Near Wealth Management. Please go ahead. 9:56 9 minutes, 56 seconds Hello. Am I audible? Yes, Dan. 9:59 9 minutes, 59 seconds Yeah. Uh, hi sir. Good morning. Uh, I just wanted to know when can we expect the merger process to complete? 10:07 10 minutes, 7 seconds So, I think we're on the last phase of the merger process. uh and uh the hearing date which we've got is uh in 10:16 10 minutes, 16 seconds the second week of June. Uh so let's see 10:22 10 minutes, 22 seconds any tentative timeline around it or no I think it should it should be one to two months time max 10:31 10 minutes, 31 seconds uh the merger should get uh effective I would say. 10:38 10 minutes, 38 seconds Okay sir. Thank you. 10:41 10 minutes, 41 seconds Thank you participants. You may press star in one to ask a question. 10:51 10 minutes, 51 seconds Next question is from the line of Rahul Jan from IF securities. Please go ahead. 10:57 10 minutes, 57 seconds Yeah. Uh hi sir, thanks for taking my question. uh sir can you quantify what is what was the contribution of the 11:05 11 minutes, 5 seconds trade generic business to JB's India sales last year full year FI26 and given that uh the growth differential between 11:14 11 minutes, 14 seconds the the the reported India business and the BGX business is five to six percentage points because of the because 11:22 11 minutes, 22 seconds of the ramdown in the trade genics business do you think that this impact will continue for the next three quarters as well uh till uh till the the 11:30 11 minutes, 30 seconds the till the rationalization of the trade general's business is in the base in 4QFI27. 11:39 11 minutes, 39 seconds Yeah, that would be fair to to say uh or assume. Uh the exact number maybe Koshul can help pull out but uh the trade 11:46 11 minutes, 46 seconds generics contribution to the overall India topline is about 7 to 8% or was about 7 to 8% till uh Q3 which we've 11:56 11 minutes, 56 seconds taken steps to significantly rationalize. Uh so obviously because of that the overall India business growth 12:04 12 minutes, 4 seconds uh would remain a bit lower than the branded business growth. uh and we don't intend to really uh you know reinvest or 12:12 12 minutes, 12 seconds add more products in the trade generics business until we find uh a good product mix which may take some time. Uh so 12:20 12 minutes, 20 seconds frankly the trade generics business is not really a a focus for us from here. 12:24 12 minutes, 24 seconds We're looking at only uh growing the the branded business uh more. Uh so yeah to to answer the question the overall India 12:33 12 minutes, 33 seconds business uh number may look slightly lower but the branded business is where the growth would normalize and we can start sharing the breakup of that growth from the coming quarter as well. 12:45 12 minutes, 45 seconds Okay. Sure. Sure. So so so historically JB's India business has grown at low double digit kind of a rate between 12 12:53 12 minutes, 53 seconds to 14%. So that essentially implies on a reported basis maybe for next three quarters our India business reported 13:00 13 minutes India business could grow only in mid- single digits. 13:05 13 minutes, 5 seconds Uh double digit could be possible depending on how the branded business recovers as well. So difficult to comment at this stage but uh uh 13:14 13 minutes, 14 seconds definitely there will be some negative impact by a few percent because of the trade generic impact. 13:21 13 minutes, 21 seconds Okay. Sure. Sure. Sure. So, so basically you are expecting maybe the BGX growth under torrent would accelerate and that 13:28 13 minutes, 28 seconds would help you to partly offset the the impact of the TGX rationalization. 13:35 13 minutes, 35 seconds Uh that that is correct but obviously that would take some time. Uh so the one obviously from coming from this reset 13:41 13 minutes, 41 seconds and the change in practices done uh there would be uh a recovery happening from there and second would be the 13:48 13 minutes, 48 seconds actual uh change in business practices in in the market uh align with uh torrent business practices that would 13:55 13 minutes, 55 seconds start adding to the the growth profile as well which would be a longer time that it would take but intrinsically the 14:02 14 minutes, 2 seconds branded business remains a double-digit growth business. uh we are are confident that we can accelerate the growth by a 14:10 14 minutes, 10 seconds few percentage points from the current uh trajectory and maybe from next year onwards anyway the the impact of the 14:18 14 minutes, 18 seconds trade generics business would not be there. So that's when you can start seeing the the earlier growth levels on on a reported basis. 14:26 14 minutes, 26 seconds Sure sir. Uh my second question is with respect to the fact that now you have had operational control of this asset for almost 4 months. So based on your 14:35 14 minutes, 35 seconds initial assessment, can you talk about what have been the positive or negative surprises with respect to what was your 14:42 14 minutes, 42 seconds earlier expectations uh with respect to the asset? Thank you. 14:50 14 minutes, 50 seconds I think the the positive surprises definitely would be that the the brands in the India business in particular 14:58 14 minutes, 58 seconds continue to give us confidence that uh you know these are such widely established and recognized brands and 15:06 15 minutes, 6 seconds familiarity is so high that uh in a merged entity it would certainly be uh possible to accelerate the growth 15:14 15 minutes, 14 seconds further. I think that was the pieces going in and we remain confident of that. On the negative, I think uh you 15:21 15 minutes, 21 seconds know probably integration uh we had to take the you know step that we did in Q4. Uh I I don't think there's anything 15:29 15 minutes, 29 seconds really you know concerning that we found because there was uh all these steps take time. you know the distribution 15:38 15 minutes, 38 seconds integration uh is a step which has a bit of a a time lag between when you implement it and it start showing effect 15:45 15 minutes, 45 seconds in the numbers. Uh so I wouldn't really say anything negative as such but certainly uh it it would be a process 15:53 15 minutes, 53 seconds that would require this we had to go through this phase rather in Q4 to to help achieve the objectives of the of the merged entity. 16:03 16 minutes, 3 seconds Sure sir. Thank you. Just one bookkeeping question. Can you call out the net cash number for JB as of FI26 16:18 16 minutes, 18 seconds is around 1,200? 16:22 16 minutes, 22 seconds Okay. Okay. Sure, sir. Thank you. I will join back with you. 16:27 16 minutes, 27 seconds Thank you. Next question is from the line of Alo Dal from Jeff India. Please go ahead. 16:34 16 minutes, 34 seconds Uh good morning. A quick one. Uh what is the field force strength of uh JB today in India? 16:42 16 minutes, 42 seconds It's around 2500 MRS. 16:45 16 minutes, 45 seconds Okay. So more or less uh similar to the previous quarter. 16:50 16 minutes, 50 seconds Yeah. So far there's been no change in the field force that's been done. that will uh not not really be something that 16:58 16 minutes, 58 seconds we would uh share at this stage but certainly at some point that would be part of the integration as well. 17:05 17 minutes, 5 seconds Okay. So you expect uh some kind of attrition here um either natural or you would want to tweak the field force a little bit to uh bring the synergies. 17:18 17 minutes, 18 seconds The attrition has been anyway ongoing. 17:20 17 minutes, 20 seconds The the attrition of uh the JB field force uh was significantly higher than the the torrent field force which 17:29 17 minutes, 29 seconds continues to remain and that that is the case as well. uh so I mean I don't think that will uh uh that that has to be 17:39 17 minutes, 39 seconds factored into the the overall integration in the next couple of months when we start uh uh merging some of the 17:46 17 minutes, 46 seconds the brands and divisions. Uh so yes certainly this number would reduce uh a little bit going ahead which we can share maybe at the end of the coming quarter. 17:57 17 minutes, 57 seconds Okay understood. And uh similarly on the export side have you seen attrition there as well? Material attrition. 18:06 18 minutes, 6 seconds No look um the attrition there has been minimal. 18:10 18 minutes, 10 seconds So we we've basically JB has a distributor model right with direct subsidiaries only in two countries um South Africa where there is zero overlap 18:18 18 minutes, 18 seconds at torrent and Russia there is some overlap. So there would be a some degree of rationalization in Russia but nothing elsewhere. 18:26 18 minutes, 26 seconds Okay, got it. And last question, what is the outlook for the CBMO business uh for uh FY27? 18:34 18 minutes, 34 seconds Uh it's a little bit premature to give. 18:36 18 minutes, 36 seconds Uh right now, what I would say is that we have uh enough growth drivers for this business to to grow. So flat is not 18:43 18 minutes, 43 seconds normal for this business. So on a 12 month basis, I would say that it would be having a positive momentum. There are a sufficient number of new projects and 18:51 18 minutes, 51 seconds new contracts on hand. I think the challenge that the team faces is in the execution and the delivery of the new products. 19:01 19 minutes, 1 second Okay. Um uh sorry what is the what is the challenge being faced? Uh can you elaborate a bit on the execution side? 19:08 19 minutes, 8 seconds So what happens is uh so the big uh the big customers right the top five or OTC companies are part of JB's customer mix right. So essentially they bring to you 19:17 19 minutes, 17 seconds new products um or new ideation and you have to develop and uh manufacture these products and supply to them. So JB has 19:26 19 minutes, 26 seconds uh some delays in execution of these contracts which are on hand. So our job is to accelerate the delivery of these new products so that they can come into 19:34 19 minutes, 34 seconds our revenue uh quicker rather than later. So if execution we can we are able to accelerate the traditional growth rate and deliver these products 19:43 19 minutes, 43 seconds then the business would be a smoother growth trajectory. Okay. Understood. Okay. 19:50 19 minutes, 50 seconds The good part is the customers are there. So JBI has all the top five customers and it has new contracts on hand. So the challenge is just the execution part. 19:58 19 minutes, 58 seconds Execution. So customers are there, capacities are there. Uh it's just the execution that uh needs to be addressed. 20:06 20 minutes, 6 seconds Right. sooner rather than later. Sooner you do it, the quicker you get the revenues. Understood. Okay. Okay. Thank you. 20:18 20 minutes, 18 seconds Thank you participants. You may press star and one to ask the question. 20:24 20 minutes, 24 seconds Next question is from the line of we know Pat sorry Pati Parample from Capital. Please go ahead. 20:34 20 minutes, 34 seconds Hi um good morning gentlemen. Um could you give some uh outline around the strategies to tap the uh synergies 20:43 20 minutes, 43 seconds between JBM and current pharma especially in the domestic market? Uh where are these synergies coming from? 20:51 20 minutes, 51 seconds Uh are you seeing some operational inefficiencies, sales inefficiencies etc. which uh you think you can improve 20:59 20 minutes, 59 seconds or or are there geographies where JBM is exceptionally strong which you think you can replicate in other geographies? 21:08 21 minutes, 8 seconds Um are there uh or are there product complementies uh you know in case you 21:15 21 minutes, 15 seconds can um reduce the field force by clubbing products together etc. So uh could you give some broad outlines about 21:23 21 minutes, 23 seconds where you see these synergies coming from especially in the domestic market part of the business? 21:32 21 minutes, 32 seconds Yeah sure. 21:34 21 minutes, 34 seconds So uh maybe uh I can give a a rather general statement to that before going 21:41 21 minutes, 41 seconds to specifics. One would be that uh the objective that we have uh taken is to uh 21:48 21 minutes, 48 seconds change the the mix profile and the growth profile of the overall company as JB uh which would be more geared towards 21:57 21 minutes, 57 seconds India growth uh as as a kind of uh outperformance driver rather than uh uh 22:05 22 minutes, 5 seconds a mix of international and India which international obviously will continue to uh be a focus But we believe the real 22:12 22 minutes, 12 seconds outperformance would come from the India business. Uh that would be driven by uh recovery of the growth in the branded 22:20 22 minutes, 20 seconds business and the subsequent revenue synergies that we uh expect may start in probably the next uh couple of quarters. 22:29 22 minutes, 29 seconds uh in terms of uh uh revenue I think uh as you mentioned definitely there's a lot of complimentarity in the portfolio 22:36 22 minutes, 36 seconds where coverage can be enhanced uh significantly for uh JB brands and uh brand equity can kind of be interchanged 22:45 22 minutes, 45 seconds in products where uh either of the the the entity has a stronger presence whether torrent or JB we've already seen 22:52 22 minutes, 52 seconds uh some of that playing out uh so definitely the uh the potential of the brands to accept accelerate uh from here 23:00 23 minutes is is is seen u especially on the chronic side. Uh that could be one part of it. The second on on uh cost uh there 23:09 23 minutes, 9 seconds would be already if you've seen there's so one step that's been taken is is the low margin portfolio discontinuation in 23:17 23 minutes, 17 seconds the India business. Uh we simply did not uh see any any kind of reason to believe this would be turned around in the near 23:25 23 minutes, 25 seconds future. That was one part of it. Uh second would be uh procurement synergies which will start playing out now but of 23:33 23 minutes, 33 seconds course in the current year uh given the external geopolitics uh the full impact of those synergies 23:41 23 minutes, 41 seconds may not be visible but certainly we're seeing uh a strong positive impact already from April. Uh third would be in 23:48 23 minutes, 48 seconds uh the corporate overhead costs which uh things like dist distribution network optimization which has already been done and should start taking effect from 23:57 23 minutes, 57 seconds April in terms of visibility in in margin improvement. Uh that's part of the process. Uh the uh backend corporate 24:05 24 minutes, 5 seconds overlapping functions uh those would be uh important cost synergies as well. Uh so netnet I think having a better growth 24:14 24 minutes, 14 seconds profile in the branded business in India uh coupled with uh some of these cost initiatives should hopefully uh deliver 24:23 24 minutes, 23 seconds you know what we intend to deliver which is uh a more robust branded business with a significantly higher margin profile. 24:32 24 minutes, 32 seconds Understood. U thank you for that. Just one followup. uh is there a chance that uh the total salesforce number uh JB and 24:41 24 minutes, 41 seconds Torren put together that total number is there a possibility that it can come down after you merge? 24:50 24 minutes, 50 seconds Uh we would not want to comment on that at this stage. Uh maybe Q1 onwards we can give uh more color on on the number of reps and so on. 25:00 25 minutes Got it. And just one more question if I may. Um you know um as I understand JBM uh is uh business is particularly 25:09 25 minutes, 9 seconds concentrated in select geographies or states. Um you know uh is that uh is 25:16 25 minutes, 16 seconds that readily replicable uh in other st geographies? Uh is that a you know a main stay of your strategy? 25:26 25 minutes, 26 seconds Um so some of the products yes they are dependent on a few states. uh but you know if you take uh the example of some 25:34 25 minutes, 34 seconds of the acute products uh they're not really in growing markets. So you know you can't expect uh uh just by adding 25:41 25 minutes, 41 seconds coverage in non-coed states they would start growing. So you have to be selective in where you expect the the coverage growth to come from which we 25:50 25 minutes, 50 seconds believe is more likely and in fact quite likely from the chronic business with the large chronic and especially the cardiac brands where definitely the 25:59 25 minutes, 59 seconds coverage gap between JB and torrent is an opportunity that uh has already been kind of uh uh seen as as uh the early 26:08 26 minutes, 8 seconds signs are seen but uh we can give more uh color on this in the subsequent quarters but in the chronic business. Uh that's definitely part of the plan. 26:18 26 minutes, 18 seconds Understood. Thank you very much. 26:21 26 minutes, 21 seconds Thank you participants. You must press star one to ask the question. Next question is from the line of Dr. 26:29 26 minutes, 29 seconds Karthik Bane from Bajash Life Insurance. Please go ahead. 26:34 26 minutes, 34 seconds Hello sir. Uh thank you for the opportunity. Uh my question is on the CDMO uh segment. So how do we plan to 26:42 26 minutes, 42 seconds optimize the capacity utilization in the CDMO and achieve the projected uh hello can you hear me? 26:53 26 minutes, 53 seconds Yeah, we can hear you. 26:54 26 minutes, 54 seconds Yeah. Okay. Yeah. And uh what are the potential bottlenecks and challenges uh that you see in maintaining the growth rate in this uh CDM segment? 27:04 27 minutes, 4 seconds So I I mean the challenges are more in the the development side because JB had a very lean development organization product development and uh so we we need 27:13 27 minutes, 13 seconds to bring additional resources to product development so that the projects can be kind of executed faster in terms of just 27:21 27 minutes, 21 seconds underlying growth drivers. Uh besides timely execution of deals that are already signed we have uh you know the top companies in the world in the 27:29 27 minutes, 29 seconds customer mix. So there's companies like Anova, Kenview, PNG, Wreckit. These are all part of JB's customer mix. So we 27:37 27 minutes, 37 seconds think we need to increase our wallet share with these existing customers. So for example, we are supplying product A in a market. Uh we can supply that 27:45 27 minutes, 45 seconds product in other markets also. So we need to expand the geographical footprint of JB inside the these existing customers and long-term we need 27:53 27 minutes, 53 seconds long medium to longterm we need we are also there are bunch of large customers not the top four but around the world 28:00 28 minutes where JB is not present. So we we need to um kind of tap into these these customers. So those would be the growth 28:08 28 minutes, 8 seconds strategies new customers increase wallet share of existing customers and then execute upon the deals which we have signed. 28:18 28 minutes, 18 seconds Okay, thank you. 28:22 28 minutes, 22 seconds Thank you very much. A reminder to all the participants, you may press star and one to ask the question. 28:37 28 minutes, 37 seconds As there are no further questions, I'll now have the box to the management for closing comments. 28:49 28 minutes, 49 seconds Thank you [clears throat] all for joining the quarterfall of JB Farmer. If you have any questions, please write to us. Thank you. 28:59 28 minutes, 59 seconds Thank you very much. On behalf of JB Chemicals and Pharma, that concludes this conference. Thank you for joining us and you may now disconnect your mics. 29:10 29 minutes, 10 seconds Thank you.