Ladies and gentlemen, good day and welcome to JB Pharma's Q1 FY25 earnings conference call as on the 9th of August, 2024. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Jason D'Souza, Executive Vice President at JB Pharma. Thank you, and over to you, sir. Thank you, Rayo. Welcome to the earnings call of JB Pharma. We have with us today Nikhil Chopra, CEO and Whole Time Director, Kunal Khanna, President of Operations, and Narayan Saraf, CFO at JB Chemicals and Pharmaceuticals Limited. Before we begin, I would like to state that some of the statements in today's discussion may be forward-looking in nature and may involve certain risks and uncertainties. A detailed statement in this regard is available in the Q1 FY25 results presentation that has been sent to you earlier. I would like to hand over the floor to Mr. Nikhil Chopra to begin the proceedings of the call for his opening remarks. Thank you, Jason, and a very warm welcome to each one of you. Thank you for taking the time to join us. I will share my perspective on JB Pharma first quarter performance and give some insights on the prospect for growth. I'm happy to share that JB Pharma has delivered a robust first quarter, and also for the first time during any quarter, we have crossed quarterly sales of INR 1,000 crores. Reported revenue for quarter one, FY 2025, stood at INR 1,004 crores, which is an increase of 12% year-on-year. Gross profit margins stood at 66.2%, higher by 80 basis points. Our operating EBITDA, that is EBITDA excluding non-cash ESOP cost, recorded a strong increase of 20% year-on-year to INR 292 crores. I shall now move on to our business updates. The domestic business has delivered traction with a revenue of INR 595 crore in Q1, up 22% year-on-year. Excluding ophthalmology, our domestic business has grown at 13% year-on-year. JB Pharma continues to be one of the fastest-growing company in top 25 in Indian pharma market, where we have delivered 12% growth against industry 9% as per IQVIA Q1, FY25 data. Amongst our big brands, Cilacar, Cilacar-T, Nicardia, Metrogyl, and Sporlac gain ranks as per IQVIA MAT, June 2024 data. Along with the brands, our brand franchisee are also registering strong growth. Our volume growth as per IQVIA Q1 FY25 on a like-to-like basis, was higher by 300 basis points than the IPM volume growth. I am also happy to share that with the recently added ophthalmology portfolio, our domestic business now accounts for 60% of our overall top line in Q1 FY25. This is a significant achievement, considering domestic business was 44% overall in revenue in FY21. So from 44% in FY21, in Q1 FY25, we are 60%. Domestic business is contributing 60% to the overall revenue. The acquired portfolios are also sustaining momentum. As per IQVIA MAT June 2024, Sporlac is an INR 100 crore brand, having delivered CAGR of 20% over 3 years. Our Razel franchise, that is also our second, delivered a robust growth of 29% during the year to a revenue of INR 89 crore as per IQVIA MAT June 2024 data. Further, our ophthalmology portfolio is scaling up well. We have had a smooth transition and have managed to attain revenue momentum for this portfolio in short period. Let me turn the attention to our international business, where we have seen stable revenues of INR 409 crore during quarter 1, FY 2025. International formulations grew at 5% year-on-year, and if we exclude South Africa business, then the international formulations grew at 10%, where ROW and Russia delivered robust growth. In the CDMO segment, we saw some moderated quarter due to muted cough and cold season across the world. Revenues were at INR 106 crore for quarter 1, FY 2025 for CDMO business. This business is likely to pick up in second half of the year, starting September, month. On the balance sheet, we have further strengthened the organization. The operating cash flows have improved. We have reduced our INR 249 crore of debt in quarter 1, FY 2025, and our net cash position has further strengthened. We are maintaining our operating EBITDA margin guidance in the range of 26%-28%. The domestic business should continue to grow better than the Indian pharma market, backed by strong brand franchises and traction in the acquired portfolio. In CDMO, we expect realization momentum in the second half, as shared earlier. Russia and ROW business will continue to perform well, and South Africa business should begin to record growth in second half of the year. As shared earlier, last 5 quarters, we had taken a haircut of around INR 150 crore for our South Africa business, which was more of tender business. We remain focused on making the organization progressive and future-ready. That brings me to the conclusion of my opening remarks. I would like to call on Mr. Narayan Saraf, our CFO, to share his views on the financial performance for the quarter. Over to you, Narayan. ...Yeah. Thank you, Nikhil. A very good afternoon, everyone, and welcome to our earnings call. I will now take you through the financial highlights for the Q1, FY25. Revenues for the quarter were at INR 1,004 crores, representing an increase of 12% year-on-year. The domestic to international business mix was 59% to 41%, respectively. The domestic business achieved revenues of INR 595 crores with growth of 22%. The international business remained flattish, generating revenues of INR 409 crores. CDMO business was impacted due to muted season, and the international formulations business, excluding South Africa, improved by 9% year-on-year. Gross margins for the quarter stood at 66.2%, expanding 80 basis points from last year's Q1. In the quarter, our operating EBITDA, excluding ESOP cost, was at INR 292 crores, reflecting a 20% year-on-year growth. The margins were at 29% and expansion of 190 basis points, as compared to 27.1% in the same quarter last year. On the expenses side, the total employee cost, including ESOP, increased by 12% to INR 167 crore. ESOP cost was at 4% of the reported EBITDA, versus 5% year-on-year. Other expenses as a percentage to sales improved by 130 basis points, positively impacted by continuous focus on optimization of overhead and marketing spends. Freight costs continued to be higher, impacted by geopolitical issues. Finance cost reduction is due to prepayment of term loan, and hence, profit after tax was at INR 177 crore, which increased 25% year-on-year. Happy to report that our gross debt as of 30th June 2024 came down to INR 108 crores from INR 357 crores as on 31st March 2024. While our operating margins have improved significantly in Q1 FY25, we reiterated our guidance for operating margins between 26%-28%. On the balance sheet side, we continue to focus on managing our working capital efficiently, and improving on return on capital employed. Our operating cash flow continues to remain healthy, and we are net cash positive of INR 313 crores. As we continue on this journey of growth and transformation, we remain confident on a positive outlook through opportunities for the company and providing value to our stakeholders. That concludes my opening remarks. I now request the operator to open the floor for the question and answer session. Thank you. Sure. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Tausif from BNP Paribas. Please go ahead. Tausif from BNP Paribas, you may go ahead with the question. Tausif from BNP Paribas, can you hear us? Take the next question. Yeah, no, you're audible now, Tausif. Go ahead. Yeah, thanks for the opportunity, and congrats on a good set of numbers. My first question is on the domestic business, the ophthalmic portfolio. I mean, is it possible, can you share the overall growth, this business witness on a YOY basis? And also, Nikhil, it has been almost, six months of integration. What has been your key learnings, challenges, and how do you see this business going ahead? See, on the ophthalmic business side, we have been very positive on how the business is shaping up over the last six months. Our main focus was to kind of re-energize the brand assets, which we have taken, and we are seeing very good results after we have seen the transition happen on our side. Just to give you a sense, we have also kind of invested incrementally on the field force. So the reps who were working on the ground, when it was taken from the erstwhile organization, was close to 70. We have increased that field force size to closer to 105, and as a result of which, we are seeing a positive traction on the secondary demand as well. We have always maintained that this is a portfolio which we will grow closer to mid-teens. Just to give you a broad sense from an annualized run rate perspective, last year, the portfolio clocked annualized sales of close to INR 160 crores. We maintained that the annualized run rate for this financial year for us will be INR 180 crores+. So that gives you a sense of the growth which we are looking at. And from H2 onwards this financial year, we will also be looking at adding some new introductions. A significant part of that will materialize in terms of commercial opportunities for us for the next financial year. Thanks. So my second question is on the CDMO business after the muted start for the years. I mean, sir, do you maintain your guidance for double-digit growth for FY25 in this business? Yeah. What I shared earlier in my commentary is September onwards. ... we see the traction in this business. The way this business is positioned, that, because of the extreme heat condition across the globe, and because of the climatic conditions, our order books are more in place for quarter three and quarter four, and there are good number of new projects which are on. So, by the end of the year, we should be able to deliver a double digit growth for CDMO. Thanks, sir. Thank you. The next question is from Rahul Jeewani, from IIFL Securities. Please go ahead. Yeah. Hi, sir, thanks for taking my question. So you indicated that the volume growth for us in the India business this quarter was 300 basis points ahead of the IPM volume growth rate. So can you just split out the 12% growth which we saw as per secondary data between volume, price, and launches? So volume growth has been the main driver for us, you know, which has been 4%+. If you look at some of our key big, large franchises as well, you know, Cilacar, for example, has grown at 13%. Cilacar-T has grown at closer to 20% volume growth. And even our Razel franchise, as reflected in IMS, is taking a volume growth of closer to 20%+. Metrogyl is higher single digit volume growth, which is substantial for a mature brand like this. So overall, if you really look at it, when we are looking at our 12%, 4% volume, close to 6% is coming in terms of price, and there are new introductions which are attributed closer to 2%. We maintain that, you know, this volume growth, which we have always mentioned, we should be higher than IPM. Given the trends which we are seeing of our big brand franchises, we'll continue to drive that, volume growth, going ahead as well. Yeah, thanks, sir. And sir, on the gross margins, we have seen a very strong improvement this quarter, and this was despite the dilutive impact of the Novartis Ophthal acquisition. So can you please explain in terms of what is driving such a strong gross margin performance for us? So I think what was shared earlier, Rahul, is if you look at overall in India, the growth which we are seeing in particular volume is coming in the chronic part of the business. Overall, the mix is improving, which is overall helping us in terms of, in terms of deriving better gross margins. And in spite of what you shared, that Opthal business being dilutive in gross margins, still we are able to maintain 60, 65, 66% of gross margin. Also, this quarter, we saw very good performance in our Russia business, which also helped us in terms of maintaining our gross margins. And this, this was particularly in our supply to CIS countries. That has helped us, and that will continue to happen for quarter two and quarter three, for Russia business. South Africa business, though it may be small, but overall, you should see top line growing. In quarter one, our gross margin and profitability also have propped up in a small way. So these all factors put together are helping us in terms of maintaining gross margin 65% or 66%, in spite of Opthal business being dilutive in gross margins. Sure, sir. And sir, you indicated that the CDMO business would pick up in the second half of the year. Yeah. Typically, the domestic and the CDMO business are the highest EBITDA margin segments for us. So, given that in first quarter itself, we have delivered operating EBITDA margins of 29%, and with the scale-up which we anticipate in the CDMO portfolio, in second half, do you think that we are being conservative on our operating margin guidance of 26%-28%? See, Rahul, the way it works, if you look at overall the trajectory for India business being acute, and this year, acute portfolio has contributed overall as compared to where we were last year, but this subsides down in second half of the year. So India business will continue to grow, but H1, you will see overall better mix and better gross margin for India business. That is point number one. And point number two, the way things are happening in the rest of the world market and with the logistic issues that we are facing and material availability, keeping that into consideration, all those issues, that is why the guidance continues to be 26%-28%. And what we want to also comment that our overall EBITDA margins would be on the higher side of the guidance that we are giving to the market. Sure, sir. Sir, one last question from my end. Yeah. So are you still evaluating deals in terms of acquisitions in the domestic markets? So we continue to. We have a team of M&A of five people who continue to evaluate assets, depending upon availability, brands, mid-sized countries. So that is a process which continues to happen in the company, Rahul. Sure, sir. Thanks, and that's it from my side. Thanks. Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Rashmi Shetty, from Dolat Capital. Please go ahead. Yeah, thanks for the opportunity, and congratulations on good set of numbers. In your, you know, when we see your Rantac and Metrogyl molecule, we are seeing that, you know, from last few quarters, and also, you know, you have also indicated in the presentation that it is growing at a CAGR of 11%-12% over three years. So just need to understand the dynamics that, you know, how is this ranitidine market and metronidazole market is growing, even whether that entire molecule market is also growing in double digits, or, you know, JV is able to take up more share and growing in double digits. And how is the pricing overall, you know, in these two molecules? So, you know, we just explained to you how the market is structured. You know, in both these markets, we have a significant market share, right? So if the market has to grow, JB has to grow. Yeah, that's point number one. What we are seeing both in Metrogyl and Rantac, you know, last year, we saw the demand being slightly subdued, and we maintained that it was because of the moderate seasonal trend. This year, however, we have seen good offtake, specifically for our metronidazole, you know, molecule category. Where even in IMS Reflection, you have seen a good volume growth, and internally also, if you clearly look at our numbers, our volume growth has been substantial. So we have been able to grow this despite the fact that, you know, WPI price benefit was not passed on to Metrogyl as a brand this year, but still it has shown very strong growth. And metronidazole as a molecule category will continue to be, you know, gold standard, because there is really no substitute for any anaerobic infection. There are some seasons where the demand tends to be subdued, but that's pretty much about it. Also, we have done a lot of incremental innovation for this, you know, category. So we continue to ensure that, you know, the molecule continues to be relevant, innovation in terms of ER, Metrogyl ER being an SKU where we are putting in a lot of trust. That continues to be our focus area. Same goes for ranitidine. Yes, you know, the demand was slightly under stress over the last two years, but the good thing to note is that now the steady state has been maintained, and within the H2RA category, ranitidine will continue to kind of drive the market in the gastro segment. So we are not very stressed about that. We will continue to do life cycle management of this brand, and that is how we are trying to grow the market and, at the same time, gain incremental market share as well. So, the major growth is coming from the GPs or, you know, it is a mix of both GPs and the specialists. Is it something that we are seeing any shift from, you know, PPIs to this ranitidine market? For us, the demand continues to come from consulting physicians and GPs. For the life cycle management of certain SKUs, we tend to focus more on gastros. So, for example, Rantac OD, for example, the demand will come from gastro and CP, whereas for plain Rantac, it will come from GPCP, right? So that the trend for us. Sorry, could you repeat the second question? Are we seeing any shift from, you know, PPI to, that is your pantoprazole, omeprazole from there, you know, to this ranitidine market? Any shifts just taking place because of the higher side effects or, you know, it is still the same? Doctors continue to be guarded about the long-term side effects of PPI. But, you know, in all fairness, we don't see any significant prescription shifts happening as of now. As we mentioned, H2RA have their own relevance, and they will continue to have their relevance in this segment. Okay. My second question is on Azmarda. You know, what is the monthly sales rendered, you know, you currently have? How is the pricing and the competitive scenario in that molecule? So the market is consolidated for sure. Whatever initial, intense competition we saw, that has neutralized, and it's become a, you know, game of, top, four to five players only. We are pleased to state that over the last four months, our demand has been steady, moving up from 110,000 units to 120,000 units. So we believe, you know, our product has achieved a steady state demand of 120,000 to 125,000 units, and we should only see volume growth of double digits from here on. Okay. Thank you, sir. That's it from us. Thank you. The next question is from the line of Gupta from Centrum. Please go ahead. Hi, thank you for the opportunity. So just want to understand on, the, like, EBITDA margins. So what was the primary reason behind the improvement in the EBITDA margin? Yeah. Okay. Yeah. Hi, so very clearly, like I mentioned in my commentary as well, the primary reason of EBITDA margin was better control on our overheads and so marketing spends, which had given us almost 130 basis points of improvement as operating leverage. And secondly, it was by the gross margin, where we clearly saw 80 basis points improvement, resulting in almost 200 basis points improvement in EBITDA margin. And the GC mainly came from better price, mix, and COGS benefits. Right, sir. So, like, just for bookkeeping questions, what is the ESOP charge for FY25? 25, how much is it expected to be? It's for the Q1, it's around 4%. Yeah. For the year, we are guided to around 42-45. 42-45. 42, 45. Okay. Sir, regarding the debt position, so do you have any repayment plans? ... So we have, like I mentioned in that we have already repaid almost around 249 odd crores of debt. Now we are left with around 108 crores, out of which we are expecting to pay everything by March of FY 2025. And there is equal installments, which we pay every quarter. Okay. Thank you, sir. Thank you. The next question is from the line of Alok Dalal from Jefferies. Please go ahead. Yes, good afternoon. Nikhil, the organic growth of 13% that you achieved in the quarter, is that sustainable for the full year? So we should be. I think we should be growing at mid-teen. That is what commentary we've been giving. We expect market to grow at around 8%-10%, Indian pharma market. We should be, we should be able to grow between 12%-14%. That is mid-teen. That is what we have been guiding. Okay. Second question on new launches. How many new launches are being planned, including line extensions, and which areas will those be in? So our new launches will be in the world of pediatrics. It will be in the world of GI. It will be in the world of probiotics. That is how we try... Alok, we try to launch the products where at least we have the big franchises. So you will see us launching some new launches in the world of. We have. Last month only, we have launched a topical application for Metrogyl franchise. Then we are getting into the world of franchise. All those new launches, you will see 1 out of 1, 1 or 2 products being launched every 2 months. That is how trajectory you will see. And new products today are contributing to around 2%-3% of overall growth. And why, Alok, why I shared that we should be able to grow better than the market? Because you have to understand that if you look at today, our presence in the categories where we are in India, India business. If you look at cardiology market, which is growing at 14%, our cardiology growth is around 16%-17%. Portfolio, hypertension, heart failure, lipids, overall put together. Pediatric market is growing better than the Indian pharma market. Probiotic market is growing better than the Indian pharma market. Pediatric market is growing better than the Indian pharma market. And we have now good dominant presence in all these categories. That is why at least we are confident in terms of delivering mid-teen growth, growth for India business. Okay, that's very encouraging. Thank you for taking my question. Thank you. Thank you. Participants who wish to ask questions, please press star and one on your touchtone telephone. We just take a question which has come on the board. This is a question on interest cost. You know, do we see interest costs coming down in the next few quarters? Yeah. Yeah. Hi, everyone. So we do expect that the interest costs coming down to almost INR 3 crore for Q2, compared to in Q1, we incurred INR 6 crore because of the prepayment of loans. So this will continue to come down as we prepay all the loans by 31st March 2025. Thank you. Before we take the next question, a reminder to participants that you may press star and one to join the question queue. The next question is from Pranav Chawla, from Antique Stock Broking. Please go ahead. Thank you so much, sir, for giving the opportunity, and congratulations on the good set of results. Sir, can you just provide what is the update on our CDMO? We had planned some expansion. We were planning new client additions, as well as expanding into new therapeutic areas. Is there an update on that? Yeah. So, already our lozenges have started going to four countries in Europe. That is immunity and wellness lozenges we have supplied through our partner to Europe. And probably by January 2025, it will be available probably in more parts of Europe. That is point number one. This is lozenges for immunity and wellness, combination of zinc, vitamin C, peppermint. That is number one. Number two is, you should see our melatonin-based lozenges also should touch the market, probably some markets in Middle East and Southeast Asia. By year-end, that should happen. Already there, there's work in progress happening for our pain lozenges for Ibuprofen, which should see the daylight in middle of FY25. That should happen. By year-end or by quarter four financial year, a small quantity of our branded lozenges will also be made available through our partner in US. These are some of the progress that we have made in the world of lozenges, and we continue to work on many other projects, which at the right time, we'll be able to share. So these are some of the progresses that we have made in the world of lozenges. Correct. Sir, and what would be the rough impact of this Red Sea crisis on our other expenses? So some of the logistic costs have certainly been, you know, kind of impacted. So freight costs, if you really look at, you know, route wise freights, they have for some out of our 6-8 major dominant routes, 5-6 are already looking at, we are looking at pre-COVID levels. So and that's why, you know, we are keeping a very close watch on, you know, the emerging freight scenario. But that's primarily, you know, kind of impacted us a bit. Okay. One last question from my end. What is our MR count productivity, and is there any plans to expand our field force in this system? Apart from the nominal numbers which we spoke about in ophthalmology, there is no real significant increase in MR count. We continue to maintain the same number of, you know, reps as we have mentioned in the presentation also, close to 2,300 reps, plus managers. In the near term, we don't see any need for significant expansion. Thank you so much, sir. I'll get back in the queue. Thank you. Before we take the next question, a reminder to participants that you may press Star and One to join the question queue. Next question is from Rahul Jeewani from IIFL Securities. Please go ahead. Yeah, thanks, sir. So we have obviously have been doing very well in the cardiac portfolio, but, can you indicate your plans in terms of the diabetes segment? Because I think we were also trying to scale up in diabetes, so have you seen any traction there? So we have launched, Rahul, we have launched three products in diabetes, that is Vildagliptin, Sitagliptin, and Dapagliflozin. Unfortunately, couple of products, Vilda and Sita, have not done well. But Dapa, so the market has progressed well. We, we continue to have a run rate of around INR 15 crore annually. That is where we stand with the Dapa franchise. Not any big plans we have for metabolics, but we'll continue to look at what more we can do in the world of cardiology with our existing franchises. Sure, sir. So in cardiac, do you still see gaps in your portfolio? So recently we have in-licensed one product from Novartis, that is Inclisiran, which is for LDL and triglyceride lowering agent, which is one of its kind. The cost of therapy is as high as INR 300,000 a year, and it is one injection on day 1, second injection on month 3, and third injection is on 6 months. That is a starting first-year dose and then subsequently 2 injections in a year. We are one of the company, Novartis has in-licensed this product to 3 companies in India, and based on our cardiology presence, we were one of the partners who has been chosen. So we'll continue to look at this type of opportunities, whether it comes in terms of in-licensing, whether it comes in terms of partnering, or tomorrow, organically, we want to launch any of the portfolio which can fulfill the gap and need in the market. Sure, sir. So on this product, we are now one of the three in-licensees for this. Yes, yes, yes, yes. Sure, sir. And sir, on the export business, we started this rationalization of the South Africa tender business, I think in last year, second quarter. So where... And now it will be in the base going forward. Yeah. Do you think that our export business would export business growth would now start picking up from second quarter onward, given that the South Africa rationalization would be in the base? So that is what I shared in my commentary, Rahul, that, quarter two onwards, we should start seeing midterm growth, midterm growth happening for our South Africa business, and, that will contribute to growth, for our international business in the coming time. sir, in terms of outlook for the overall international business, in terms of growth, because obviously we don't have the base for the South Africa business to model in that growth. But in terms of overall export business, how do you think the growth would pan out? So if you look at what I shared earlier, Rahul, that see the way this business happens, and I think earlier also was spoken about because of the entire logistic issues that we have been facing, material availability issues that we have been facing, the order book looks robust, from quarter two onwards. That is where we stand. And, our. We should, you should see business coming back to double-digit growth, quarter three onwards for this part of the world. That should happen. Sure, sir. Thank you. That's it from my side. Thank you. The next question is from Vilina Jain, from Perpetuity Ventures. Please go ahead. Hi, sir. Could you highlight the margin benefit that we could get from improvement in the South Africa business? The South Africa business is INR 250 crores, which is hardly contributing 5% of the revenue. So it will have some impact, some improvement in terms of margin, but that would not be any big significant. This is how it will stand. Understood. Thanks. Thank you. The next question is from the line of Maulik Varia, from B&K Securities. Please go ahead. Yeah. Hi, sir. I hope I'm audible. Yeah. I had one question regarding raw material cost. Sorry, I joined a little late, so it's a repetitive question. So there are geopolitical issues, and are there any issues being faced by us? We mentioned something about raw material to previous participants. Wanted a little more clarity on it, sir. On the raw material side, what we maintained was that our gross margin should be in the range of 65%-66%, despite the fact that Opthal portfolio has come in, and our earlier estimate was that we'd be able to maintain this steady state, 65, 66, without Opthal. ... Having said that, we have shown that within Opthal also, because of the good product mix, good contribution from India, we have been able to drive, good performance on the gross margin side, and we should be able to maintain this, range of 65%-66% going ahead also. Having said that, we are, you know, kind of watchful about what the situation is, and the best we can do is, try to focus on driving cost, improvement initiatives. And a lot of these initiatives, around raw materials, packaging material, have shown us benefits apart from, you know, the healthy product mix. Okay, sir. Thank you. Thank you so much. Thank you. Participants who wish to ask questions, please press star and one on your touchtone telephone. We just have another question on the board. The question is on Azmarda. Has there been... You know, what has been the overall performance of Azmarda, and how is the market for Azmarda looking like for Sacubitril/Valsartan? The market for sacubitril/valsartan heart failure is, continues to be extremely attractive. The last one year, post the yellow event, saw a significant influx of generics, and that's where there was, you know, the competition intensified probably more than what, we had initially anticipated. But this is a molecule category which we believe will continue to grow in double digits volume terms, you know, for the next 5-6 years. We have already spoken about the fact that more than 10-15 million patients are paying less than 15% diagnosis, so there's no reason why, the market should not expand, and we will continue to be a dominant player in this category. The good thing now is that it's consolidated, so it's become a game of, you know, four to five key players, and we continue to be among the top three players in this category. We are also seeing good steady state demand improvement for our portfolio. So our run rate continues to be in the range of 120,000-125,000 units per month, and we only expect double-digit volume growth in this particular category going forward. Thank you very much. Well, that was the last question. I would now like to hand the conference over to Mr. Nikhil Chopra for closing comments. Yeah. Thank you all for participation in today's call, and as shared earlier, the company is moving towards how do we build the momentum in terms of what we have achieved over the last 3-4 years. Being now quarterly 100, being now 1,000 crores, the onus is on us in terms of how do we build on this trajectory that we have achieved, which is a milestone for us, and continue to grow the business with top line and EBITDA margins as what we shared earlier, between 26%-28%, and deliver EBITDA margins on the higher side of the guidance that we have been giving. We want to grow the profits better than the top line and basically create value for all our stakeholders and build an organization which is more progressive and future-ready. That is what is the intention going ahead. Thank you all. Thank you. Thank you. Thank you very much. On behalf of JB Chemicals and Pharmaceuticals Limited, that concludes this conference. Thank you for joining us, ladies and gentlemen. You may now disconnect your lines.