Good afternoon, everyone, and a warm welcome to the Investor Call of Sanofi India Limited. My name is Radhika Shah, and I'm the Company Secretary for Sanofi India Limited. I have with me, Mr. Rodolfo Hrosz, Managing Director, Mr. Vaibhav Karandikar, Whole-Time Director and CFO, and Mr. Rachid Ayari, Head of Finance. All right. Good afternoon, everyone. Very pleased to introduce Mr. Rachid Ayari, currently the Head of Finance. All of you must have read the announcement made post the board meeting on 8th of November that Rachid has been appointed Chief Financial Officer, and will be Whole-Time Director of Sanofi India Limited with effect from November 1st from December 1, 2023. Vaibhav, at that point, will assume a global role with Sanofi Group, and will accordingly cease to be the CFO and Whole-Time Director with effect from the close of the business hour on the November 30, 2023, from which point Vaibhav will also take a non-executive director role with the board of Sanofi India Limited. Good afternoon, everyone. Yeah. Thank you, Rodolfo, for the introduction. First of all, happy Diwali to all the participants, and congratulations for Vaibhav. So, it's a pleasure to be a part of Sanofi India, and looking forward to working with all the participants. Thank you. Before we begin this Investor Call, two important announcements. First, please note that the proceedings of this meeting are being recorded. Second, please note our standard disclaimer that certain results certain statements in this call may be forward-looking. The actual results may be affected by many factors that may be different from what is being advised in terms of future performance and outlook that is being discussed today. Moving on to the agenda of this call, today we are gonna talk about the performance of the company for the quarter and nine months ended September 30, 2023, and also look at some of our product launches. The management will take questions from the investors and participants on the call, and the Q&A session will end sharp at 3:00 P.M. All investors and participants are requested to keep their questions brief, and please avoid repetition. I now hand over the call to Rodolfo and Vaibhav to take us through the presentation. All right. Thank you. More to come in the future on that one. For the fourth pillar, go-to-market and operating efficiencies, we have also taken important steps forward. From the beginning of the year, as you know, we have reorganized from eight to three business units, more customer-centric and catering more efficiently to HCPs that use our products and prescribe our products on a regular basis. There are also four digital marketing pilots running in the company at the moment that we believe can have a potential positive impact in the future as we advance with those pilots. In the second bullet, when we talk about the trade organization, we have deployed a complete, full-fledged trade organization in India, which did not exist before that has the responsibility and the objective of engaging our partners in, including distributors, retail chains, hospitals, and institutions in a more structured way with better services provided from Sanofi to them. That organization is ramping up, and we expect that organization to have a positive impact in the months to come. Third bullet on that fourth column refers to resource allocation decisions and operating efficiencies, where progress has been very significant. In the year to date, we have made an improvement in our OPEX base that is close to 10% of the total OPEX base. So we have become more efficient in our expenses, to the tune of 10% of our base of expenses, representing something like INR 50 crore of improvements in efficiency. That is very important and has very important impact in the profitability of the company as well. Now, coming back to the point on innovation, on the next slide, please, you will see the projects that we are referring to. Can we go to the next slide? Vaishali, can we go to the next slide, please? Thank you. Thank you. So these are the launches that have already happened or about to happen or planned for the near future. Frisium Suspension has been launched in October 2023. Sanoxaban and Cardace in December 2022/2023. It's planned for December 2023. Soliqua, Insuman, and Cetapin are planned for 2024, beginning of 2024. Allegra-M and Allegra-D planned for 2025 and beyond. So important projects that have a very high impact in their respective categories and coming through with our commitment to innovate and to rejuvenate our portfolio and energize our portfolio. So with that, I think I hand it over to you, Vaibhav, to talk a little bit about the financial results. Thank you, Rodolfo. Next slide, please. So Rodolfo, in his opening remarks talked about the fact that the NLEM impact, which was felt by the company where there was a significant reduction in Lantus. That part has been largely mitigated, and we see a sales growth of 2%, compared to the previous year in Q3. The domestic sales are largely flat, and that impact has been mitigated. One of the growth pillars which Rodolfo also talked about was operating efficiencies. And, while we focused on the layers and span in the sales and marketing side of the operating expenses, there was also a focus on structure costs as well as G&A. And largely, the operating efficiencies, which Rodolfo alluded to, have kicked in, and that's one of the reasons why the profit before tax has increased by 15% versus last year, although the sales have been largely flat. But this shows that the focus on the growth pillar of operating efficiency is working, and it's yielding results. Another part which I also wanted to highlight is the commitment that we had made that in case of a price drop in Lantus in NLEM, we would relook at the purchase price of Lantus from which we are procuring from the group. And that was secured, and we said that we would maintain the profit margins of this product on a percentage basis. And therefore, that part is also achieved, which is also yielding despite the NLEM impact, which is fully felt on quarter three. You can see that the profitability parameters are very, very healthy. The same applies to year to date as well. The sales are growing by 3%. Profit after tax is up by 15%. And the operating profit growth is at 16%. So, all in all, a very healthy quarter in terms of performance. Next slide, please. I think one more point which I want to highlight is, it's not the performance; the good performance is not isolated to quarter three. If you look at all the three quarters of 2023, there is consistency in terms of the results. We are growing the operating profits versus the previous year, not in terms of absolute value only, but also in terms of a percentage to sales. The operating profit as a percentage to sales has grown up by almost 4%-5% quarter-on-quarter versus the previous year. So you see a clear increase in terms of our profitability parameters, and it's reflected quarter-on-quarter. So there is a consistency. The India for India strategy that Rodolfo talked about is delivering results not only in an isolated quarter like we saw, but it's delivering results across all the quarters of 2023. That's the key message in terms of the quarterly results. Back to you, Rodolfo. All right. So let's go to the next slide, please. So basically, we wanted to give you a bit of an update, a quick update on the merger process. So in the rest of the world as well as in India, we have discussed implementing the global standalone organization for the consumer healthcare business is the best platform to unleash its growth potential. In India, we're following a timeline and a process that we can see in the next slide, please. With those milestones already achieved and some of them ahead of us, right? So back in May 10, 2023, we achieved board approval for that separation. End of August, we've had a filing with the stock exchange and SEBI. Early October, filing with NCLT. November 10, 2023, court order to convene the shareholder and creditors meeting was issued. December 18th is the date in which the meeting for the shareholders and creditors for voting the resolution is scheduled. NCLT approval and subsequent listing expected by mid-2024. So that's the timeline that it's largely in line with the timeline that we had anticipated and discussed with all of you last quarter. We continue to be on track with that timeline, and expect to be able to execute by mid-2024 as it was the case from the beginning of the project. So I think with that, we come to the conclusion of the slides of the presentation. Thank you. That's it from a presentation standpoint. Thank you, Rodolfo and Vaibhav, for the presentation. We will now proceed to the Q&A session. In this session, we will respond to the queries within the boundaries of our internal policies and SEBI regulations. As required by law and our policies, we will restrict our responses to clarifying matters which are already available in the public domain through our annual reports, our quarterly financial statements, and other disclosures made to stock exchanges. There are many granular aspects of our business or financials such as product-wise or state-wise or even therapy-wise sales or margins or profitability which we consider confidential, and hence, we will not be able to comment on these topics. Also, we do not provide any earnings guidance, and hence, we will not be able to respond on queries pertaining to future business, future product launches, margins, profitability, or capex. You may please raise your queries accordingly. As we had mentioned on the registration link, we will be taking questions from you in the sequence of your registration. In case of multiple registrations from the same participant, we will take questions from the first registered participant and give others the opportunity at the end of the session. In the interest of time and for giving equal opportunity to all the participants, please ask a number of questions limited to one or two. Handing it over to Vaishali. Thank you. With this, I would like to invite our first speaker, Mr. Abdulkader Puranwala from ICICI Securities. So request you to unmute yourself and proceed. Sir, you can ask your question. Hello. Hello? Yeah. Am I audible? Yes. Yes, Abdul. Go ahead. Yeah. Yeah. So my first question was basically pertaining to the top-line growth. So as it was mentioned earlier that the domestic business was flat this quarter, just wanted to understand that, you know, how the domestic portfolio growth would look like if we exclude the Lantus impact. Okay. Yeah. So that is my first question. So the sales, the domestic sales, the retail business, excluding the Soframycin impact and Lantus impact, would have grown by around 4%. Abdul, did that answer your question? Yes, that did. So I will follow on as well. So, from a sales force perspective, I mean, I don't know what is the current strength right now. I don't know, considering that Lantus can be a mass product now. So are we looking to add further field force here or for any particular brand if you'd like to highlight? So currently, we don't have a plan to make significant changes in our expansion in this strength of the sales force. We believe we today have a very strong sales force for all the categories in which we're operating, and in particular, for diabetes, we have two strong teams operating in the market and covering all the market properly. So there is no expectation of significant increase. Some changes and some adjustments might happen, as a function of certain launches that come, but not significant. Sure. So, what would be the absolute count now in terms of your sales force? 1,000. For diabetes? For diabetes, 1,000. Okay. Overall, that number would be? Overall, total number is 1,500. Sure. Thank you. I will join back to queue. Thank you. Thank you. Our next speaker is Mr. Girish Bakhru from OrbiMed. So request you to unmute yourself and ask your query. Mr. Girish, we have sent you an unmute request. Please accept the request and ask your question. I think there is some technical issue, so we will move to the next speaker, which is Ms. Palak Shah. Ma'am, request you to unmute yourself and ask your question. Ms. Palak, request you to unmute yourself and ask your question. Hey. Hi. Am I audible now? Yes. Yes. Okay. Thank you for taking my question. Just one on the consumer business. I know we are not splitting off the segmental revenue and as well as the margins. But just as a qualitative, how far are our margins on the consumer business versus the core presented by the report today? And secondly, given that a part of our business is actually coming from imported from the parent company, and we have fixed margins, how far are those margins from the current reported margins for Sanofi? So like I had mentioned during the last call, if you look at the overall margins today, the operating profit margins of Sanofi, the blended margins currently are in the 30% range. So the consumer healthcare margins are almost around 8%-10% more than the blended margins. And like you rightly alluded to, the pharma business, there's an imported component, and therefore the overall margins are lower in the pharmaceutical business. Got it. But in this, after the Lantus price reduction, these margins have remained static, and most of the impact of the price reduction has been taken up by Sanofi S.A. That's correct. Got it. Thank you. Thank you for taking my question. Thank you. With this, we will move to next speaker, Mr. Neeraj Gaur from Axis Securities. Mr. Neeraj, request you to unmute yourself and ask your query. Mr. Neeraj Gaur, we have sent you an unmute request. Please unmute yourself and ask your question. We are facing some technical issue with Mr. Neeraj. We are moving to next speaker, Mr. Anil Chaurasia from SMIFS Limited. Request you to unmute yourself and ask your question. Mr. Anil, can you hear me? Request you to unmute yourself and ask your question. Sorry. No question from myself. Thank you. Thank you, Mr. Anil. We will move to our next speaker, Mr. Jamshed Desai from Firth Investment Management Pte Ltd. So, request you to unmute yourself and ask your query. Hello. Mr. Jamshed, can you ask? Yes, I don't have any questions. Thank you. My question has been answered. Thank you. We will move to next speaker, Mr. Vinay Bafna from Bajaj AMC. So request you to unmute yourself and ask your query. No, I don't have any questions either. Thank you so much. Thank you. We have our next speaker, Mr. Mayank from Axis AMC. Unfortunately, Mr. Mayank has dropped. Our next speaker is Mr. Rahul from IIFL Securities Limited. So request you to unmute yourself and ask your query. Audible? Yes. Yeah. Sir, you have taken very good efforts in terms of optimizing your cost base, which is driving the profit growth this year. But if we see our top-line growth, it is still very muted. Even on an ex-Lantus and an ex-diversified portfolio basis, our growth in third quarter was only 4%. So any efforts which we are taking into to improve our growth profile versus IPM? Yes. Very good question. Thank you for the question. Thank you, you need to take a couple of points into consideration. One is, although the NLEM impact is offset by an adjustment in the margin, between the Sanofi Group and Sanofi India Limited, it does have an impact in our sales, right? So there is a reduction on the price of our biggest brand that has an impact in that equation. We believe that over time - and we are seeing indications of that reduction in price of Lantus will lead to a significant increase in volume that will then end up being positive for Sanofi India Limited, altogether, right? But it takes some time for that to happen. So that's factor number one. Factor number two, you will have seen the slide with the multiple launches that we have lined up between the second half of 2023 and beginning of 2025. So in fact, some of these products we're already bringing to market and about to introduce; some are planned for the beginning of next year. But those who have a significant impact in our growth profile and growth trajectory. But it will take some time, right? Innovation in pharmaceuticals has a long lead time. So from the time we set out to strengthen the innovation pipeline, only now we're able to bring the products to market effectively. And then these products will go through their ramping up curve and acceleration curve and then begin to impact significantly our growth profile as well. Maybe just a little bit to add to what you just mentioned. I think, while we shared the sales growth excluding Lantus, I think Lantus was not the only product impacted by, for us, there were other products impacted by NLEM like Amaryl, Cardace, Clexane. So while the impact is not as significant as Lantus, the fact is that the results are after considering the impact including these products as well. So just to set the context, it's not only Lantus which impacted the numbers. There are other sets of products as well. Did we answer the question? Mr. Rahul has dropped, has muted himself. So request you to unmute yourself and let us know if we have answered your question. Yeah. Thanks for that. Sir, so then can you also please call out what would have been our growth excluding the NLEM impact for all products instead of just Lantus? I think it should be in the range of another 1.5%. So maybe 5.5%, or growth would have been there. Sure, sir. So, we had launched Toujeo a couple of years back, maybe 1.5 years back. So, does the launch of Toujeo is also impacting the growth which we are seeing on Lantus, or you think that hasn't had any impact as far as Lantus's growth is concerned? Toujeo has been launched three years back, right? So, the impact from Toujeo on Lantus may have happened, but we don't think that today it is a factor. Toujeo, in fact, is growing very fast. It's a strong brand growing very fast. We believe it will continue to do so. It's a very, very, very high-quality medicine that serves important medical needs and our HCPs continue to promote and use the brand and adopt the brand more and more. But we don't see the impact of Toujeo on Lantus from Toujeo at this point. Sure, sir. And just one last question from my end before I join back to Q. So any plans of launching insulin aspart in India? No. No, the answer is no. Okay. Sure, sir. Thank you. Because we have. Thank you. Our next speaker is Mr. Himanshu Upadhyay from o3 Capital. Request you to unmute yourself and ask your query. Yeah. Hey. Good afternoon. So my question is on the previous call, the strategy, what we stated. So we stated that one important metric for us is to reach more patients, okay? And what have we done on the general medicine part, what have we done to increase our breadth and depth in last one year? And how have these parameters changed in last one year? So even if you don't give the absolute figure, but can you give a percentage increase in some of these parameters? And can you give also an idea of our business is prescription-led, okay? So in last one years, how many doctors or prescription have we started getting from Tier 2 to Tier 3 entire towns and cities versus two years back or three years back? So that we can understand the progress, what we have seen in terms of depth, okay? What we also see is one very interesting part was that, we are starting to get more products on insulin side, okay, or launches, okay? Three products, which is quite heartening to see. Are we thinking of taking these GLP-1 drugs to even interior of the market, or these will be focused on top-tier cities only? So these are some of the things on more qualitative aspects if you can give some idea on. Right. Well, thank you. Thank you for the question. So I think that a couple of questions, a few questions inside of your question. So let's try to tackle the different parts. So yes, we have expanded the reach through the reorganization that we've done in the beginning of the year, from the 8 business units to three business units. We have driven an expansion of reach to more doctors, with the same base of reps that we have in the market, right? So that is one component. And then, I'm actually gonna get an update from the team in terms of how many exactly we reached most doctors, the increase today, if you can get us the increase, which is the question that we got here. But more importantly more important than the increase we already have been able to obtain, in terms of coverage in the year to date, we are like I mentioned before, we're studying the potential of partnerships with other pharma companies in India to extend the reach of some of our more established brands in the portfolio. So this is a study that is ongoing. And then, the results, if we get to resolve to conclusions that are positive that indicate that it is possible to extend reach through partnerships, this would be this would be something that you'll be hearing from us in the coming months, in the coming quarters. We're currently looking at it and exploring it as it is part of the India for India strategy. It's part of one of our key elements of the India for India plan is expansion of reach through partnerships. We're currently in the process of studying and analyzing whether there are possibilities to effectively extend the reach of our brands. Our brands that are well-established, they have a lot of equity. And, the potential for the equity of those brands to be explored in more cities and in a with a more capillary distribution is there. And, we agree with you. We're exploring the different ways to get there. So, increase in the reach that we have made so far in 30,000 doctors is what I get from the team. The latest number is an increase of 30,000 doctors from the beginning of the year. This meeting is being archived. Sorry. Vaishali, any issue, or we can continue on the call? We can continue. Thanks. All right. So I hope you heard, you got the point there? Yeah. Oh yeah, I got it. And it is Tier 2, Tier 3 cities, towns are also contributing to the growth, meaning in terms of we. I think we're gonna be able to go to extend more in Tier 2, in Tier 3 if we establish, define, and establish partnerships for increase of reach through our own base. We think the improvement we've made is mostly Tier 1. Second question is on the consumer healthcare separation of entity, which is going to happen. What is the progress that is happening on that company also, if you can give some insights on that? And is the separate marketing tool and finance and all those things have been already done? And what are the gaps they are thinking? What is the strategy? So just to get an idea because, let's say in next six to nine months, it will be a separate company. And having some idea will be helpful for us. Yeah. So no, that is a good question. I've run that business already separately inside of Sanofi India Limited. So today, consumer healthcare is a business unit inside of Sanofi India Limited with dedicated resources alone, which will make it easier for the separation, when the separation is finally approved and executed, right? So, but as of today and from the beginning of the year, the consumer healthcare business has operated quite independently within the Sanofi India Limited as a step of preparation for the future, effective separation of the two companies. So it's already running with those independencies, if you're asking about that. Now, the second part of your question, I think, was about gaps that we would be looking for. I think that we mentioned, you know, a number of gaps in our India for India plan, right? Doubling down on Allegra on the success of Allegra, deepening the consumer understanding. And I think, those are actually the key two main areas that we believe we will be able to accelerate in the beginning, along with improving the policy for consumer healthcare in India. We believe we can shape the help to shape and contribute to shaping the market, shaping the regulation on consumer healthcare in India, which will allow to unlock, will unlock growth opportunities for Sanofi and for the market in general, right? In India, consumer healthcare is still subdeveloped in terms of regulation, underdeveloped in terms of regulation. Most of these products that today are in consumer healthcare, so does OTC in many countries around the world. In India, there's still prescription. There is a space for us to make that transition in India and then accelerate the business. I think maybe a little bit of. Thank you. I join back in Q for further queries. Thank you. Thank you. We've moved to our next speaker, Mr. Yasser Lakdawala from M3 Investment. So request you to unmute yourself and ask your query. Hello. Yeah, I just, you know, had a sort of question on, you know, how are we looking at Toujeo and Lantus as a strategy? 'Cause one sort of franchise is now, you know, undergone price control. We could probably push it a lot more deeper. But at the same time, we as a company globally also try to maintain margins, you know, or we want to maintain high margins. So it makes sense for us to sort of push Toujeo as a franchise, right? So how do we sort of handle this sort of quandary? Do we go deeper in the Tier 2, Tier 3 markets with Lantus, look at Tier 1 markets as more of, you know, where peers are able to sort of buy, or purchase Toujeo? So, you know, what is our broad-level strategy with regards to our insulin portfolio? And just building on top of that is, you know, as an entity, you know, some of our global peers like Novo Nordisk and Eli Lilly have sort of taken this sort of field of, you know, the research and development and launches to sort of a whole new paradigm with, you know, the launches of GLP-1, GIP. Now, we don't really have that development pipeline coming through. So what is Sanofi as from the parent's standpoint and from our India standpoint, how do we build this business going forward? 'Cause eventually, we will be we will be putting in a lot of marketing effort behind Toujeo and Lantus. But, you know, say at five, 10-year, you know, from a five, 10-year timeframe, you know, the m the industry paradigm might shift, right? The treatment paradigm might shift. If you could help us understand that, that would be great. Absolutely. So thank you for the question. Let me help you to understand a little more the dynamics of the insulin market, right? So first of all, when we talk about Lantus and Toujeo, these are products that are developed and catered to different patient profiles. So it is not about Tier 1 versus Tier 2 in which city or which market do we push one or another, or do we promote one or another. They are promoted simultaneously in all geographies to different patient groups based on the differences between the products themselves, right? So that's clarification point number one. So there is a role and an opportunity and a space for Lantus that is very large. And there is an opportunity for Toujeo also very large in the Indian market. We market them both simultaneously for these different groups of patients. So that's an important distinction that I think helps you to understand and model a little bit the dynamics of the insulin business. The second part of your question is about the DI innovation pipeline, right? And about what's coming, you know, in terms of re-energizing this portfolio. As you have seen and as I have mentioned earlier even in this call, we're about to bring to market Soliqua, a very innovative product, very distinct product from Sanofi, that will make an inroad into the premix segment. So that's an opportunity of expansion of our business as we don't currently play in that premix segment. We'll be able to do so with the introduction of Soliqua, which is up and coming. Soliqua is a very significant step up in terms of a solution for healthcare patients, healthcare professionals and patients, compared to the existing products that play in that category today. Moreover, you will have heard, and you alluded to the global pipeline of Sanofi on diabetes. You will have heard and as we have mentioned already in previous calls, the group has acquired recently a company called Provention Bio, which has developed a breakthrough best-in-class first-in-class treatment for diabetes type 1. As you may know, as of today, there is no treatment for this disease, for diabetes type 1. And Tzield, the product that belongs to this organization that Sanofi just acquired, is the first treatment for diabetes type 1. And it delays the onset of diabetes type 1. It has already been approved by the FDA and is already being commercialized in the US, so that you can see then the pipeline for diabetes for Sanofi India is quite robust, right? So, around the corner, we have the introduction of a major product, Soliqua. And down the road, there is a potential for us to bring to India also Toujeo and then Tzield in a complete breakthrough, a best-in-class with a best-in-class, first-in-class solution for diabetes type 1 as well. So actually, the pipeline for diabetes is quite promising for our business. And we're very enthusiastic about it. Thanks a lot, Rodolfo. That was really helpful. I think, a broader-level question is we've, you know, we've sort of gone through a lot of portfolio restructuring, either probably driven by the parent and, done in India as well. You know, we've distributed a lot of the cash to shareholders, via dividends. But ongoing, I think this business is probably gonna be generating about, you know, about $75 million-$100 million or, you know, almost 500-odd INR crores of cash flows. You don't really you know, you're not putting up any, you know, massive manufacturing sort of, capacity in the country. So, is there any thought process from the management to probably go out, you know, now that you'll have a Consumer Healthcare business that is separate, probably be a bit more aggressive and, you know, be tactical in sort of buying out certain brands? Or will Sanofi be more sort of driven from their internal pipeline and internal sort of brands? If you could help us understand the sort of inorganic strategy, if you do have one for India, that would be very helpful. Sure. Sure. No. No. No. Yeah, we're, we're constantly looking for opportunities, organic and inorganic. That's the, you know, big advantage of a large multinational company like Sanofi. We benefit from the global pipeline of innovation that comes from the company. But we are constantly looking and scrutinizing the market for different opportunities. In fact, when we discussed the merger of CHC, we even touched on the fact that it is part of the plan to carefully look for opportunities for inorganic growth for the CHC business. That applies also for the other categories where we play in India. And it's an ongoing process, constantly looking for opportunities. If the right opportunity appears, we'll be ready to make moves. Cool. Thanks a lot, Rodolfo and team. It's really helpful. Thank you. Thank you. Thank you. Our next speaker is Mr. Rishikesh Patole from B&K Securities. Request you to unmute yourself and ask your query. Ready. It's from my side. Thank you, sir. We now move to next speaker, Mr. Umang Shah from Edelweiss. So request you to unmute and ask your queries. Hi. No. So most of my questions have been answered. Thanks. Thank you. Our next speaker is Mr. Vaibhav Sahu from Nippon AIF. Request you to unmute yourself and ask your queries. Yeah. My queries have been answered, no further from my side. Thank you, sir. Our next speaker is Mr. Sahir. Request you to unmute yourself and proceed with your queries. Unfortunately, Mr. Sahir has been dropped out. We'll move to next speaker is Mr. Jiten. Request you to unmute yourself and ask your query. I don't have any questions. Thank you. Thank you, sir. Now our next speaker is Mr. Dhruv Duggal from Silver Mount Capital. Request you to unmute yourself and proceed with your question. Hi. There are no questions from my end at this time. Thank you. Our next speaker is Mr. Dhiraj Sachdev from Roha Asset Managers. So request you to unmute yourself and ask your query. My questions have been answered. Thank you so much. All the best. Thanks, Vaishali. I think, we've answered most of the questions. I think we can now move on towards closing this call. We thank all the participants for attending this investor call. It was a great interaction. Please feel free to write into the management for any further questions. Yeah. So, well, thank you, everyone, for joining this call. Thanks for the great interactive session. We had made our efforts to give you clarity on your questions. Stay safe. Take care. Thanks once again for joining. Happy Diwali and Happy New Year. Thanks, Vaishali. Thank you. Thank you, everyone. We now conclude this session. We may now disconnect your lines. Thank you all for joining.