Hi, good evening, everyone. This is Darwin Dias, your moderator from Chorus Call. Welcome to the GlaxoSmithKline Pharmaceuticals Limited Q3 FY 2025 earnings call. From the management at GlaxoSmithKline Pharmaceuticals Limited, we have Mr. Bhushan Akshikar, Managing Director, GlaxoSmithKline Pharmaceuticals Limited, and Mr. Juby Chandy, Chief Financial Officer, GlaxoSmithKline Pharmaceuticals Limited. By participating in this event, you consent to the recording, distribution, and publication of this event. Kindly note that this call is meant for investors and analysts only. All participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation from the management concludes. I now hand the conference over to Mr. Bhushan Akshikar. Thank you, and over to you, sir. Thank you very much, Darwin. A very good afternoon and a warm welcome to the Q3 earnings call. From the last time we met, end of October, we've had some significant milestones in our journey. As some of you may have seen in the video that was running in the background before we started this call, the next slide, we definitely had one of the most significant milestones, which was on the 12th of November, celebrated aptly at the Bombay Stock Exchange to reaffirm our commitment to all stakeholders, especially the investor community. Apart from many things that we've done throughout the year, this was really symbolic of the longstanding commitment that GSK continues to have as we step now in the second century of our operations. Can you have the next slide? If you recall, we set out a very clear strategic direction where we said, as a broad, broadly based healthcare company, we operate at two ends of the spectrum: one, with general medicines spanning several therapy areas, then being present in the vaccine business, both pediatric and adult, and, at the deep end of, specialty medicines, with, launches that you see on the screen here. One of the focal areas for us as an organization has been, to remain focused on delivering a competitive performance, and therefore delivering ahead, ahead of market, performances. As you can see, on the left side, most of the brands that we have in our general medicines portfolio delivered a strong, evolution index, clearly recording a higher-than-market delivery of our market growths. Even in categories where we didn't see the traction externally, we kind of held our market shares, as you can see, across the board. So our general medicines portfolio has clearly driven some of the momentum in Q3, led across the board by the brands that you see. On the pediatric vaccines business side, we continue to hold leadership in the self-pay private pediatric vaccine market. And again, here too, it's been a consistent story over the last four quarters. We've been sharing results about not only stabilizing but growing the business and getting back to market share gains. And that's something that we've seen across the portfolio. Clearly, if you look at some of the volume growth that we've delivered both in the general medicines and the pediatric vaccine-based business, we've had some strong volume growth across the board, and that's really been the highlight of Q3. On the new products, we talked extensively to you over the last few quarters about the renewed commitment that GSK has in bringing some of these innovative assets into India. Nucala continues to be one of the key brands indicated for severe eosinophilic asthma, and of course, we have the other asset in the single inhalation triple therapy, which is the fastest growing in the Broncho inhalation space, so both of these continue to grow from strength to strength, month after month, and Q3 has been specifically a highlight in terms of the new patients that we've been able to offer these innovative assets to. If you go to the next slide, clearly we believe that apart from maintaining and sustaining the growth momentum in our base business, it's the new growth platforms, namely adult vaccination led by the shingles awareness. We've done some innovative things in Q3, as you can see in that screen. The whole focus has been to improve awareness, to educate more and more consumers, to understand the risk factors associated with shingles, and spread awareness around shingles prevention. And we've done some innovative campaigns in Q3, which I'm sure many consumers must have seen, including the investor community, on both TVs as well as social digital platforms. Next slide. As we step into the second century, we remain focused as a management team on delivering top-line growth and delivering, of course, returns to our shareholders. And that, that will remain the, the commitment on behalf of the management. Spend a few minutes looking at the financials, which we've just released, and then we'll open it up for questions. Juby? Thanks, Bhushan. So we got a very good set of results to share. If you see in the numbers which we released to the stock exchanges, both on revenue as well as on EBITDA side, margin side, we've seen significant progress over the last quarter. Revenue has been growing 18%. And if you see what are the drivers of this revenue, both all the business segments, general medicine business segment, vaccines, as well as the specialty portfolio, all has grown double digits. Strong performance in general medicines, which has grown 11% underlying volume. Specialty portfolio has been growing close to 37%. And pediatric vaccines has been stabilized, with a growth of 15%. So you could see all the segments in our business have been growing double digit. Continued focus on s hingles awareness, helping us to shingles awareness, helping us to maintain our disease awareness campaigns in the market. EBITDA margins, it's INR 290 crore. It's a growth of 33% with a margin profile of 30.7, which is an improvement of 370 basis points from previous year. As well, you would have seen from the results, the SG&A ratio, the expense ratio has improved by almost 2% of sales, on continuing to dial up the efficiencies which we have in the business, which we have started close to two years back, and we've been working on that the last many quarters. Profit after tax is maintaining the same trend with 350 basis points improvement. And this quarter, we are sitting with a very healthy cash flow. Our cash position is very strong with 100% conversion of our profit into cash. And we are, as you know, we are a debt-free company, and we are holding a significant amount of cash as of the balance sheet date. Year to date, December also tracking the very similar trend, growth of 10%, profit growth of 30%, margin profile of 30.4% with a margin improvement of 370-450 basis points. Profit After Tax is a growth of 31% and a margin profile of 24%. That's also a margin profile improvement of 380 basis points. Across the business, we've been growing, with strong efficiency management on the expense side, field productivity improved, and cash flows maintained. With that, perhaps we can open for the questions. You would have seen the results rollout to the stock exchanges, and we can open up the floor for questions. Thank you. We will now begin the question and answer session. You can choose to ask your questions in two ways: on video or by typing it in the chat box provided below. In case you would like to ask a video question, please press the Ask a Video Question tab and follow the instructions to join the queue. By clicking on Join as Attendee, you will be on audio only. By joining as panelist, you will be on audio and video. Before asking the question to the management, please introduce yourself, providing your name and your organization name. Please limit yourself to a maximum of two questions so we can accommodate as many as possible. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Once again, ladies and gentlemen, please press the Ask a Video Question tab and follow the instructions to join the queue. You can also join by clicking on Join as Attendee. You will be joined and on audio only. By joining as panelist, you will be joined and on audio and video. Mr. Jay Modi, please, accept the prompt on your screen and go ahead with your question. Yeah. Am I audible, sir? You are audible. Yeah. So congratulations on a great set of numbers. See, I had a question around GenMed. So our volume growth for the quarter was around 11%, and nine months would be around 10, 12, 10, 9, 10%. So have we taken any price hike in this segment, or is there any element of pricing impact for the quarter and nine months in GenMed segment? There is close to 3% blended price increase in that segment. So yeah, so there's a 3% price increase. See, the employee cost for the quarter was lower by around INR 25 crore, right? Now, how should we look at employee cost going forward? Is this the base, or was there any sort of one-off? There is a one-off in the employment cost, close to nine crores. That's because of the true-up of incentives. Some of the incentives were lower for some brands. That's why. But there is a one-off of nine crores in that one. Okay. The reason for other expense being higher? Sorry, reason for other expense? being higher for the quarter? That's because of the phasing of the advertisement and promotional spend, as well as there is a certain element of CSR phasing also. That's why. But year- to-date, numbers tracking the trend for the expense. Okay. Got it. And, sir, secondly, you mentioned that vaccines had a growth of around 15%. So is this for the vaccines portfolio, including of Shingrix, or it's only the pediatric vaccine? It's including Shingrix, 15% total vaccines portfolio. Okay, and what would be this growth for nine months? So, growth for nine months. Just hold on. It's in the same range. Yeah. Okay. Thank you. Growth for nine months is 14%, 1.4. Okay. Got it. Thank you, sir. Thank you. We have the next question from PM. We request you to please accept the prompt on your screen, unmute your audio and video, and proceed. PM, we request you to please unmute your audio. Hello. Hello. Yes. Go ahead, please. Sir, can you hear me? Yes, we can. Yeah. Sir, can you give how you see the next year in terms of going ahead? How do you in terms of growth, in terms of Nucala as well as the others going forward, in terms of oncology, if you can give guidelines? Sure, PM. So first of all, as I've said in every call, after our quarterly results, we remain focused on, one, delivering sustained performance, both top-line and our EBITDA. So that remains consistent, even in the year that we will step into after we close our Q4. Yes, we will have definitely the momentum in the form of some of these additional growth levers or growth platforms, as we call them, both on the specialty side, including oncology. So, first and foremost, we have, if you look at our country, we have more than 35 million patients, both of COPD and asthma each. And if you look at where, one of our assets strategy operates, globally, it continues to be one of the biggest brands for us, biggest assets for us in our general medicine portfolio. And if you look at even in the Indian market context, this is the fastest growing therapy within the Broncho Inhalation space. If you look at the 12-month basis or even on a quarterly basis for the Q3, we have growth in excess of 80%. In a short time, this category is almost touching 100 crores now. And that's where brands like Trelegy, which has already got a 5-5.5% market share, we're confident of building on that platform. Similarly for Nucala, which operates in one-third of the asthma market because it's indicated for severe eosinophilic asthma. We're still talking significant numbers here. So both these brands remain critical to our, you know, 2025, 2026 performance. On top of that, as I had said in the past, we've got marketing authorization for two of our assets, which we intend to bring to market in the coming couple of quarters latest. And, definitely, these two assets currently, the indications that we have are in gynecological malignancies. One of the assets is indicated for endometrial cancer, and the other one is for ovarian. So that's those will be two assets which will definitely get factored in, which will help us drive our growth ambition because something that we've always said is a relentless focus on delivering top-line growth. So that's how I would look at it, yeah. Sir, just any timeline on when the products you will be launching? We will definitely launch it in either end of Q1 of the next year or earliest is Q1 of the next financial year or latest Q2. So both the products you mean, right? That's right. Okay. Thank you, sir. I'll come back in the queue. Thank you. Thank you. The next question is from Ravi Purohit. We request you to please, on your screen, unmute your audio and video and proceed with your question. Yeah. Hi. Am I audible? Yes, Mr. Purohit. Yeah. Hi. First of all, congratulations, Mr. Akshikar. I think, you know, I think you've been one of the few MDs of this company who, when you joined the company, I think, put out in your communication to investors in the annual report that you will be targeting double-digit sales growth, and the first nine months is kind of an indication of that, I think. And hopefully, we'll be able to kind of, you know, maintain this growth momentum. So, you know, sir, if you could kind of, you know, give us some sense about, you know, the what other areas are we looking at to kind of, you know, drive double-digit growth over the medium term, right? You mentioned about Nucala and Trelegy, of course. But are there more products in the pipeline? And of course, you also mentioned about these two cancer drugs. But is there more in the pipeline that we are looking at, working with, or are we also at the same time looking at inorganic opportunities or in-licensing opportunities? So if you could just kind of provide a medium-term path as to how you visualize, you know, growth coming for our company. And also, if you could spend some time on, you know, things or initiatives that we might have taken in the general medicines side because that has also shown pretty strong volume growth. Is it because of Ceftum or, you know, some of the products which had taken severe price knocks last year and then NLEM, they have started kind of showing volume growth. So if you could kind of, you know, highlight each of these aspects in greater, slightly more detailed manner, it will be helpful for us. We get, like, four times in a year to kind of, you know, hear you. Thank you very much, Mr. Purohit. I'm glad you remember the context that I had set out, two and a half years back. Yes, we remain consistently focused on that objective. As I said, in every meeting, we don't give guidance. But I think in terms of top-line growth ambition, we remain absolutely laser-focused. I'll answer your last question first in terms of what really helped us in this quarter, and if you see, as I said, it's volume growth. You just talked about the strong double-digit volume growth that we've had in our general medicine business, so clearly, in spite of the fact that this is not price-led, this is largely volume-led, is because of some of the initiatives that we had put in, in the last three to four quarters. One of the things that I've been talking about is the digital acceleration, our ability to really create touchpoints beyond the face-to-face interactions that our sales teams have with healthcare practitioners. So, in fact, in spite of optimization of our field force, we've actually gone ahead and increased our touchpoints in the last two quarters with consented healthcare practitioners in terms of offering messaging, in terms of offering medical education through channels of their choice at their preference at the timings that they want. So that's one area which is definitely unlocking value for us across some of the key assets that you talked of. That's one for sure. Second is some of the science that we've got in our activities. So, you know, we have something called the India Infection Index, which really helps us talk extensively about appropriate usage of antibiotics, both oral and topical, essentially to, again, improve clinical outcomes, but also give the decision of choosing the right antibacterials and therefore also contributing to prevent antimicrobial resistance, so I think there are very specific actions that have contributed. All of them have, you know, got together to deliver this strong volume-led performance. Your question around the future, so clearly, as I said, we have, I've said several times before that we have about 16 global clinical trials happening in India, and just to give an example of one of the assets, now Jemperli, as we know, dostarlimab, it's a PD-1 inhibitor. Now, that's indicated currently for endometrial cancer, second line, which is among the top three gynecological malignancies in this country. But at the same time, there are trials that will happen in several different cancers, including head and neck, including non-small cell lung cancer, including colon. So each of these indications will open up different revenue streams. But again, that's over a period of time. That's not for the immediate here and now. In the next 12 to 18 months, we are completely focused and continue to invest in building our adult vaccination category. As I said, this is an endurance sport in a country where adult vaccination ecosystems do not exist. Our efforts are clearly focused on building that ecosystem, so that adults above 50 years can benefit from some of these vaccines to prevent painful and dreadful conditions, like Shingles, and continue to lead better quality of life. So the strategy remains consistent with what I had shared in a year ago, as well as two years ago when I joined as the MD. So I think in terms of the future pathways, the strategic choices that we made to build and sustain the momentum in our general medicine business continue to stay invested and consolidate our leadership in pediatric vaccines, and build new growth platforms, be it adult vaccination, be it areas like oncology or specialty respiratory. So those are the bets that we'll continue to place. Great. Thanks a lot. And sir, you know, another thing is if we look at the overall pharmacy market in India, right, so various estimates put out the number of pharmacies in the country between, let's say, 6 lakhs to 9 lakhs, right? In that sense, where is there any opportunity for us to kind of improve our penetration in that network, yet? Or would you say that we are well penetrated across, you know, outside of metros and tier one and tier two, and penetration across our brand portfolio is fairly saturated? Or would you think there is opportunity for us to kind of, you know, expand there? So Mr. Purohit, there was a, if you, if you remember, 12 months ago, we repurposed our General Medicine team, where there was an optimization, but also we redeployed some of our sales teams. So as we speak, we cover more than 12,000 distinct towns in the country with our feet on the street with our sales teams. Plus we look at different channels, including making availability and access for some of our iconic brands through partners through super distributors. So I think we are, as of now, we're well penetrated, given the categories that we operate in, be it the pain category or some of the anti-infective categories or the derm business, where we continue to be leaders. I think we are, we are sufficiently penetrated. Okay. And one bookkeeping question, we had in one of our AGMs about three years back or maybe five years back, had mentioned about a couple of land parcels that we had, I think, in Hyderabad or Bangalore, if I'm not wrong. And I think, Juby had mentioned in one of the calls or in one of the discussions that, you know, the company is looking to monetize those land parcels and at appropriate time. So any update that you could share, are those on the block or they are not on the block or what's the status like? Those were fairly significant and valuable parcels of land, I believe. That's absolutely right, Mr. Purohit. We still continue to hold those land parcels, including the one that you are alluding to, which is the site in Bangalore. As of now, there is no intention to monetize that asset immediately, but that continues to be on the books. Thank you so much. I'll get back in the queue. Thank you, Mr. Purohit. Thank you. The next question is from Abdul Qader Puranwala. We request you to please accept the prompt on your screen, unmute your audio and video, and proceed. Yeah. I hope I'm audible. So just the first question, if I look at your quarterly revenue numbers, so while this quarter has been, you know, quite fantastic in terms of growth, but just want to have a better sense of your quarterly growth, you know, in the last two years. Sir, I mean, there seems to be some volatility. And you know, if you could help us understand you know, what causes this volatility and how should we look at this in the quarters ahead? Thank you very much, Mr. Purohit. So if you see, there were two big events that, if you go back and see the last three and a half years, one was we were significantly affected with the inclusion of some of our assets in the last round of the NLEM in terms of the drug pricing control, so where almost 40% of our portfolio got included in the price control, and that was the one significant event. Apart from that, if you recall, the second one was the pediatric vaccines portfolio coming out of COVID, where we had seen lesser footfalls in the pediatric clinics. Those were the two ones, and I think in the last two and a half years, we've been consistent about not only ensuring that we stabilize both these, but move forward with strong growth delivery. And that's exactly where we're putting all our energy and focus. I think when you look at the inclusion of our brands now in the NLEM list, we are some of the brands which either, too, were not included, are already there now. And I think we are operating the same price range. So next time around, whenever the pricing orders come in place, we won't have those kind of surprises. So everything is contextual, and again, in the past, if you remember, some of our assets have got withdrawn from the market. So I think if you look at the last three to five years, there've been some twists and turns that we've seen, but that's something that we've gone and stated to the investor community about where we want to put our energy. And that's exactly what we're seeing, playing out over the last four quarters now. I don't know, Juby, if you want to add something. No, no. I think you kind of explained well. As well, there is a seasonality when you compare between quarters because monsoon season is heavy for us. So you typically see growth tapering off on a sequential basis, post-monsoon. That's one thing, and last but not the least, if you, we had to compare the margins also, we have made significant progress in terms of margin evolution, mitigating most of this risk from the NLEM also, which also we would have been sharing with you past 18 quarters before, right? So that's something which we have been doing actively to mitigate those risks on the NLEM. So all those things are playing out in the growth profiles, both on revenue as well as on the EBITDA margins. Thanks for the detailed explanation. This is now well understood. Sir, just on two more questions from my side then. Firstly, on your MR count. So I referred to your PPT where you talked about a 27% improvement in your MR productivity. So in the nine months of fiscal 2025. So wanted to know, first of all, I mean, is there a further rationalization which has happened in your field force here, or this is more because of the digital uptick of what you have been talking for quite some time now? So there is no further optimization. The last time we came and shared with you was in Q3 of the last financial year. So the last 12 months, we've not optimized. As I said, we redeployed, repurposed our sales teams. And on top of that, unlocked significant value with the digital acceleration for the healthcare practitioner universe in this country. So that's what I would. It's clearly led by the productivity, led by those two events. But on year- on- year, if you remember, last year we had an optimization that's driving this productivity improvement. After that, we've not had. Yeah, after that, we didn't have. Got it, sir. Thank you. All right. Thank you. The next question is from Nikhil Upadhyay. Please accept the prompt on your screen, unmute your audio and video, and proceed with your questions. Hello. Am I audible? Yes, Mr. Upadhyay. Yeah. Hi. Good evening. Just one question, two questions, in fact. One was, a clarification. Juby, you mentioned 9 crores of one-off in the employee cost. So is it lower or, is it a, negative provision which has resulted in a lower employee cost, or is it a higher provision which we have taken? Just one clarification for this quarter number. Sequential quarter, it's lower from September to December quarter. It's lower. Okay. And secondly, on the other expenses, now, as we are preparing for these new launches and also building the market for Shingrix, one, one on Shingrix, incrementally, when we say the growth is around 15% for the total portfolio, are we finding a little difficult in terms of bringing conversion on the for patients on the Shingrix platform, or which is resulting in a higher spending year on year? Or is it incremental investment for preparing for the new product launches which we are planning? Okay. I think we can start, so first of all, clearly, when you're creating a new category, which is almost non-existent in our country, like adult vaccination, there have been some investments that have gone. We remain focused, as I said, we remain focused on creating those adult vaccination ecosystems, both in the healthcare practitioner clinic setup as well as the hospital or the HCO setup, and that's something where our energy is. To the question that you asked, yes, we spent some energy in creating awareness because in a country where herpes is prevalent, the risk factors are sometimes unknown, especially for individuals who may have concomitant diseases like diabetes or cardiovascular, so that's where we are creating some energy for awareness campaigns. And to the point that you asked, yes, there have been some leakages in terms of the patients or the consumers who see the awareness campaigns and the ones who actually get vaccinated. That's exactly the reason why we are spending time and energy in creating that vaccination ecosystem because unlike pediatric vaccination, which again we had established two, three decades back, the ecosystem is almost non-existent. That's the way we are approaching it. With every quarter, there are new wins that we see. So to give you an example, there are two and a half thousand healthcare practitioners who had never vaccinated adults either too who are now vaccinating consistently. And that's taking a while. And as you can expect, when you are creating new categories, it'll require some patience and investment. Yeah. Just an extension, Bhushan here. See, I appreciate the effort which we spend. And in pediatric, we spend that effort, and finally, we could bring in, over the next 10 to 15 years, a basket of 10 to 15 products and utilize that efforts. How should one understand about the adult vaccines? And it's not about next two years, three years, but over the next five years, do you think that we can have a basket of four, five products which can compensate for the costs or the investments or the platform which we are creating today? Mr. Upadhyay, that's a very good question. In fact, preventive healthcare is a significant area, which is getting unlocked across the spectrum. And within that space of preventive healthcare, you have vaccination is one such sub-element. And if you look at state level or even at the national level, as healthcare policies get rolled out, this will be one cornerstone, so as you rightly pointed out, this is not a 100-meter sprint. It is clearly an endurance sport. It's a long-distance, endurance sport. And with the commitment that GSK has, including some of the trials that will happen, that are happening right now in the country for areas in respiratory, for example, we certainly see a bouquet of vaccines that will get into the adult vaccination space. So, it'll. It's not just anchored around one antigen for Shingles prevention, but there'll definitely be a bouquet of antigens there. Just one final question here. See, what we see in the market over the last four, five years is that the efforts of creating a platform in time, in kind of the pediatric, and I'm taking one example of the Pneumococcal vaccine, we created through Synflorix and then Prevenar. And there were effectively two products for a long period of time. And the education and the platform creation, the hard work was done by us, but eventually competition came in and we, and those products became marginalized for us. What are the learnings which you think can be taken so as to, we don't have to go through the same cycle when eventually others also come into these products? Is there a way where we can, protect or our investments over next five years, 10 years, and not be the way we've seen Synflorix happening? No, that's a great question, Mr. Upadhyay. Clearly, as categories get commoditized, with the examples that you just mentioned, the idea will definitely be to keep upscaling the portfolio, looking at, so as we speak, we have a successor for our PCV vaccine, which is the MAPS vaccine undergoing clinical trials. So clearly, there are areas which we have identified where we will still stay relevant, by moving from volume and remaining focused on value. So I think that's the only way because as you rightly pointed out, as categories get commoditized, we'll have to step up the game and look at which are the next categories which we will continue to build. But is there a way that we can extend the lifecycle of this monopoly, or we can extend, monetize this investment over a longer lifecycle, and where I'm coming from is that in pediatric, we got a runway for 20 years to monetize. Now the way the Indian pharma market has, and the domestic companies have scaled up, do you think that leeway would be 10, 15 years, or that period will get shorter? The period will get shorter, but if you look at the pediatric space also, you have a 23-valent PCV vaccine that's undergoing trials globally right now. You have a pentavalent meningococcal vaccine that's undergoing trials, so the idea is obviously to stay ahead and continue to invest in research so that some of these, you know, innovative assets can be launched much earlier. You know, you reduce the launch lag by getting these innovative assets as early as you can, so that you are able to blunt some of that shortened window that you just talked of. Okay. And just one last one to Juby. So this, other expenses which we've looked at for this quarter, should this be the sustained run rate, which secular run rate at which we will continue, or can this increase, or how should we understand this in terms of, along with the sales growth? Like, as a percentage, will remain same, or how? As a percentage year to date, which is the cumulative of three quarters, remains same as a percentage of sales. Okay. Seasonality impacts, for example, last quarter and this quarter, these are seasonal quarters. So there is a phasing difference between the quarters, but year- to- date basis, it will be stable. Sure. Thanks a lot. I'll come back in the queue. Thank you. The next question is from Nitin. Please accept the prompt on your screen, unmute your audio and video, and proceed. Nithin, we request you to please unmute your audio and video and proceed. Hello? So So can you, thanks. Can you hear me? Yes. Yes, Nitin. Sir, on the super specialty portfolio, you know, Nucala, Shingrix, you know, and the others, sir, Trelegy, as a proportion, where do you see this, this portfolio, reaching for us as a business over the next three years or five years? I mean, is there an aspirational number that you're working with? I mean, there's not. Obviously, it's a function of every category. First of all, thank you very much for that question, Nitin, because we do talk of a freshness index in terms of what should these new growth platforms contribute, as, as a part of the freshness index, and that's why I said the, the advantage for a company like ours is we have a, a, a rock-solid general medicines and pediatric vaccine business, which we'll continue to sustain. How do you bolt on these growth platforms on top? So each category is different. So as I said, once you start unlocking value with new indications for each of the assets that you just talked of, including the ones in oncology, these should start contributing to a significant number. I mean, if you were to put a number, there were these, the three assets that you took, that you named, namely Trelegy, Nucala, Shingrix. They didn't exist for a company. But in a 12-month financial year, they should start creating at least INR 150-200 crore in the immediate here and now. So that's when that happens. It starts moving the needle for us for innovation. That's the intent to continue to contribute to that freshness index. Gotcha. And then the second question is, in the market, there have been concerns around overall, you know, IPM about the slowdown in the, in the volume growth. And some of that seems to be becoming a little more endemic, you know, versus the assumption that it's a short-term, transient situation. Given the fact that you're present across a fair length and breadth of the business, what is your own sense on, is there any specific reason because of which there has been an IPM, you know, sort of a broad slowdown in the IPM? And what implications does it have for businesses like us, which have a large sort of a legacy portfolio? Sure, Nitin. So if you see the 250,000 crore Indian pharma market annually and break it down quarterwise, also you're talking 60,000 crores almost on a quarterly basis. And the split is almost 61%, 60, 61%, acute, and the balance is chronic. Now, obviously, the growth end is chronic. But if you look at the strategic choices that we have made as a company, given the assets that we have, the sizable iconic brands that we have in our portfolio, we have at least 12 brands which are more than 100 crores each, and some of them right at the top of the Indian pharma market. So our strategic choices have been very focused on anti-infectives, dermatology, pain areas, which are still seeing, if not double-digit, high single-digit growth. And those are the choices that we made. We've continued to contemporize the portfolio by launching line extensions for many of these assets. So in the short to medium term, we still remain focused on delivering this double-digit growth that we talked of in terms of driving the volumes. And that's something that's played out well for us in the last three to four quarters. So, yes, there has definitely been a slowdown on the overall IPM. But as you've seen the last two quarters, our growths are completely volume-led. Right. Thank you so much. Thank you. Thank you. The next question is from Viraj Mithani. We request you to please accept the prompt on your screen, unmute your audio and video, and proceed. Yeah. Am I audible? Hello. Viraj Mithani, you are not clearly audible. My question's answered, so fine. Thank you. We will move to the next question, which will be from Cogito Advisors. We request you to please unmute your audio and video and proceed with your question. Yeah. Hi. Are you able to hear me? Yes, we can. Okay. So, my question was, you know, how do we actually look at your business, in a slightly longer term, you know, over the next three years? So what I can see is that you have, you know, your older brands, which continue to be to do reasonably well. They're growing in line or faster than the market. They're all well-established brands. And then there's a whole slew of new products which are getting added. Do you see this as becoming bigger? And is there something which is, you know, is there an underlying factor here that is the nature of the market itself changing as the country gets richer and there's therefore a greater willingness to pay for some of the drugs which were, or vaccines which were not available in the country? I mean, could you just give us a sense of as to how you see the market itself evolving? Sure. I'm sorry I didn't get your name, but clearly, as I said in the beginning of the call, we continue to be one of the most broadly diversified pharmaceutical companies, and the reason I say that is we do straddle, in the primary care setting, including having the biggest paracetamol brand in this country. So our ability to touch almost 30-35 crore Indians, on an annual basis, with brands like, you know, like molecules like paracetamol or some of the, dermatology or anti-infective products, because of the science that we still continue to dole out, in terms of our engagement, remains at the core. When I scope that over the next three to five years, I don't see any of these molecules going out of relevance because if you look at the life stages for anyone born in India right from infancy till the geriatric population, everybody will require some of these fundamental molecules and the assets that we have there. So I think that's a unique vantage position that we have in terms of having these big brands, which will only become bigger as we see moving forward. On top of that, how do we therefore create energy and get this sharp focus for the successful launch of many of the innovative assets that we talked of? I just talked of in the earlier questions as well. So that's the real three to five-year journey that we see. We'll continue to have the groundswell. We continue to invest for a sustained performance of our base business. But how do you get to speed with some of the new assets that we will have, coming up in the next 18 to 24 months? I talked about oncology. We do have assets in hematological malignancies as well, which globally we are pursuing in a very significant way. We're also doing trials in hepatology. So these are some therapy areas. And the advantage of having many of these trials happening in India as a part of the global clinical trials only means that we can have access to these assets, in a much faster way than we've seen in the past. So that's how I would scope out and have a prognosis over the next three to five years. And what will happen to your margins? Because we have seen margins improve this year. And is that likely to continue? And therefore, you know, how much scope is there for margins to go up in the future? I won't, you know, I won't really forecast growing up, but I think our effort will be to sustain the margins, because it's been a significant distance that we've traveled, and I think where we are today, our entire energy will be to sustain these margins as we go forward. Juby, do you want to? No, I completely agree. I think, our effort is to sustain. We are on the top quartile of the pharma companies in terms of margin as we speak. So, many of the low-hanging fruits, as well as many of the issues, particularly around the raw material prices, the inefficiencies we have sorted out. So the margins have stabilized, if you see, over the last couple of quarters. So our effort is to sustain this, going forward. All right. And is there, you know, we've seen you introduce a lot of new products from your parent's baskets over the last, you know, a couple of years, and you're talking about more such introductions. Is there, has there been a change in the nature of the market which gives you the confidence to do this, you know, which you had not done to the same extent in the past? Oh, I think that's not completely correct because we used to have, if you remember, we used to have a sizable oncology business till 2014, when there was a global asset deal where we sold off our assets, you know, an asset swap deal with another multinational company globally. Mm-hmm. But so we, and that was a standing start again when we divested this bad business, a decade back. It was in the range of INR 150 crore. So it's just that we're rebuilding those muscles, you know, getting the relevance of many of these innovative assets in India to the point that you made. Clearly, we have populations that can afford. We have target addressable segments within our population of 1.4 billion, which are increasingly focused on better quality of life. So that's exactly where we are putting energy in, accelerating some of those assets now back in the country. Right. Okay. Thank you. Thank you. Thank you. Participants who wish to ask questions, you may please press the Ask a Video Question tab or click on Join as Attendee or as Panelist. Ladies and gentlemen, we have no further questions. I would now like to hand the conference over to the management for any closing remarks. Once again, thank you very much to each one of you for your continued interest in this company. As we said, we are extremely proud of the past 100 years, but we are completely focused on the future. So obviously, this the second century has already started for us, and we are the first year of the second century is something where we intend to step change, but more importantly, continue to sustain our focus, sustain the performance, and continue the focus on top line as well as sustaining the margins. Thank you very much for your time this evening. Once again, thank you, and see you at the next quarterly call. Thank you. Thank you. Thank you. On behalf of GlaxoSmithKline Pharmaceuticals Limited, we conclude this conference. Thank you for joining us. You may now disconnect your lines. Thank you.