Ladies and gentlemen, good day and welcome to the Sequent Scientific Limited Q3 FY 2025 earnings conference call. I now hand the conference over to Mr. Abhishek Singhal. Thank you, and over to you, sir. Thank you, [Seema]. A very good morning to all of you, and thank you for joining us today for Sequent Scientific's earnings conference call for the third quarter and nine-month year-ended financially 2025. Today we have with us Mr. Rajaram, MD and CEO of Sequent Scientific, Dr. Haribabu, Whole-time Director and CEO of Viyash Life Sciences, Mr. Saurav Bhala, CFO of Sequent Scientific, and Mr. Ramakant, CFO of Viyash Lifesciences to share the highlights of business and finances for the quarter. I hope you've gone through our results release and the quarterly investor presentation which have been uploaded on our website, as well as the stock exchange website. The transcript for this call is available in a week's time on the company's website. Please note that today's discussion will be forward-looking in nature and must be viewed in relation to risks pertaining to our business. After the end of this call, in case you have any further questions, please feel free to reach out to the investor relations team. I now hand over the call to Rajaram to make his opening remarks. Good morning, everyone, and a very warm welcome on the call for quarter three financial year 2024-2025 results. We are now in the final quarter of this financial year, and I'm delighted to report that the company has continued to accelerate its performance on top line and on margins. I will share the performance of the quarter in more detail, as well as the progress on the merger with Viyash Lifesciences, which was announced in September 2024. I am joined on the call by Dr. Haribabu, Whole-time Director and CEO of Viyash Lifesciences, and also joining on this call is Saurav, Chief Financial Officer of Sequent, and Mr. Ramakant, CFO of Viyash. Coming to the performance of this quarter. In quarter three FY 2025, our consolidated revenues came in at INR 3,908 million, which is the highest sales in any quarter in the last three years. This translates to a growth of 18.7% compared to the same quarter last year, that is quarter three FY 2024. At the end of the first nine months of the year, revenue growth stands at 14% versus the first nine months of last year. This growth is on the back of strong efforts on margin improvements through a combination of pricing, product mix and cost management. EBITDA pre-ESOP for this quarter came in at INR 494 million, which represents approximately 64% growth over quarter three last year. When we consider the first nine months of the year, EBITDA pre-ESOP at INR 1,424 million represents 116% growth over the first nine months of last year. Our cumulative PBT at the end of nine months has also grown to INR 280 million, which is nearly 150% growth over the same period last year. Clearly, the momentum is evident in the results, and we are therefore confident of systematically improving on all parameters going ahead. I will share some qualitative highlights, and more details are available in the investor presentation. There are obviously some developments globally which are geopolitical in nature. While we are alert to the events, our focus is on our operations and our customers. Starting with our formulations business, our operations in emerging markets led by Turkey continues to grow in healthy double digits, both in local currency as well as in reported sales. Additionally, we are growing exports out of Turkey and our recent EU certification at the factory in Ankara will start giving us more opportunities. The formulations business in Europe is growing in volume as we introduce new products for Europe and other markets. In Latin America, we have extended our operations beyond Brazil and into Mexico and Peru. In addition, we continue to build a global platform for gut health products based on natural actives, which are increasingly getting preference as users and regulators get stricter on the irrational use of antibiotics. I had said last quarter that we are doubling down on India as a key market to accelerate growth in formulations. Our initiative, Project Udaan, to reach more veterinarians with an expanded field force is now yielding results, again with double-digit growth everywhere. We will increase our reach again next quarter, and that should prepare the foundation for higher growth in the next year when the impact is annualized. Coming to APIs, we see a positive swing in some therapeutic areas, especially in the deworming category. Our API revenues for the quarter have grown sequentially as well as versus the same period last year. Our factory in Mahad has received additional WHO pre-qualification approvals and this should position us well for supplies to new formulators. During the quarter, we also completed one new CEP filing. Our margins continue to hold or improve, and we continue to drive the next phase of margin expansion with our new CIP initiatives. As discussed during the merger announcement, we will be very well-positioned in R&D as a result of the merger with Viyash. You will hear more about this as and when we are in a position to share more information. As we head towards the completion of this financial year, I am very glad that the tough decisions we took last year on creating a more profitable product mix, closing the high-cost operation in Europe, and driving cost improvement programs systematically, has now helped us reach a place from where we can accelerate growth. Our balance sheet is becoming stronger, and with the merger, it would be substantially strengthened to support an aggressive play in areas like healthcare for companion animals. I will now hand over to Saurav to share the financial results of Sequent Scientific Limited, and then invite Dr. Haribabu to share the highlights of Viyash and the consolidated entity. Over to you, Saurav. Thank you, Raja. Good morning, everyone. It's a pleasure to be here today to provide the key to our strong financial performance for both quarter three of FY 2025 and ninth month of FY 2025 as well. I will also share the update on the progress of our strategic merger with Viyash Group and Sequent Research, one of our wholly-owned subsidiaries. Starting with Q3 financial highlights for Sequent. We achieved a total revenue of INR 3,908 million for Q3 2025, delivering a strong year-over-year growth of 18.7% and a quarter-over-quarter growth of 6%. Our formulation business recorded INR 3,008 million in revenue, registering a year-over-year quarter three growth of 19.2% and a quarter-over-quarter growth of 8.9% on a constant currency basis. The API business posted INR 812 million in revenue, demonstrating a year-over-year growth of 16.1% and a quarter-over-quarter growth of 4.5%. The gross margins improved by 300 basis points on a year-on-year basis, rising from 45.2% to 48.2%. There was also a 120 basis improvement on a quarter-on-quarter basis from 47% to 48.2%. Our EBITDA pre-ESOP for the quarter amounted to INR 494 million, reflecting a strong year-on-year growth of 63.8% and a quarter-on-quarter increase of 8.5%. The EBITDA margins pre-ESOP stood at 12.6%, delivering a healthy improvement of 340 basis points on a year-on-year basis. Our PBT registered a very strong growth in Q3 of 444% from INR 15 million FY 2024 Q3 to INR 81 million in the current quarter. Coming to the highlights for the nine months ended FY 2025. For the first nine months of FY 2025, we achieved a total revenue of INR 11,497 million, reflecting a year-on-year growth of 14%. The formulation business recorded INR 8,849 million in revenue, contributing a year-on-year growth of 21.9%, and the API business posted INR 2,509 million in revenue, reflecting a year-on-year growth of 7.8%, both on a constant currency basis. The gross margin improved by 280 basis points from 44% to 46.8%, driven by focused strategic actions on our success goals, mix optimization initiatives, and very selective price increase across regions to maintain our margins. EBITDA deliveries stood at INR 1,424 million, which is a significant growth of 116.5% year-on-year basis. Our EBITDA margins pre-ESOP increased by 590 basis points on a year-on-year basis, increasing from 6.5% in nine months financial year 2024 to 12.4% in nine months ended financial year 2025, setting our strong focus on driving profitable growth across segments. On a YoY Q2 basis, our PBT also grew very strongly by 49%. Coming to other key items. In Q3 FY 2025, we recognized a net monetary gain of INR 5 million on account of the hyperinflation accounting adjustments as required under Ind AS 29 for our Turkey operation, which remains to be in a hyperinflation economy. During Q3 2025, a Forex loss of INR 52 million was reported, primarily driven by the sudden depreciation in currencies of BRL and EUR depreciation against the USD. Large portions of this Forex loss is unrealized in nature and is required to be accounted for following the relevant accounting standards. The impacted currencies, as mentioned earlier, we have already started seeing a partial reversal in the subsequent months. Regarding the tax impact, I need to highlight in Q3 last FY 2024, a one-time significant tax benefit was recognized in our Turkey operation due to change in hyper accounting methodology as mandated by Turkey's regulatory requirement. This has resulted in a one-time exceptional tax benefit for which was accounted in financial year 2024, but it pertained to prior years including financial year 2021, financial year 2022, and financial year 2023. If we exclude this one-time key exceptional tax benefit in last financial year, even the PAT has shown a very strong growth of almost about 65% on a like-to-like basis for Q3 financial year 2025. Coming to update on the merger process progress. The merger scheme which was approved by our board of directors involves the merger of Viyash Life Sciences Private Limited and its subsidiaries as well as integration of our wholly-owned subsidiaries with Sequent Scientific Limited. I am pleased to report that we have made good progress so far on the merger process as follows. The board approval, as communicated last time, was received on 26th September, after this, the process started. The Competition Commission of India has already approved our application. The approval was received on 21st of January, 2025. The scheme is under review by the exchanges and SEBI. That is going very fine. We expect the SEBI approval exchanges to come soon. Then we remain on the guided timeline for completion of the merger process. In summary, our strong financial performance in Q3 and nine months for the financial year 2025 underscores the success of our strategic initiatives, focus on driving operational efficiencies, and our unwavering focus on profitability. The progress we have made in our M&A activities further strengthens our foundation for long-term growth and expansion. We remain committed to delivering value for all our stakeholders and are confident in our trajectory to achieve sustained growth. With that, I now hand over the call to Dr. Hari to provide the details on the performance highlights of the Viyash Group. Thank you. Thank you, Saurav and Rajaram for the update. I'm very happy to share the Viyash strong, consistent performance and also update on the merger scheme. Viyash recorded strong performance quarter with acceleration in revenue growth and margin expansion year-over-year. Our core strengths remain R&D, manufacturing, IT, and also business development activities. These have been supplemented by efforts made over last 24 months in development of high-margin complex products and also promoting those products, rationalization of low-margin business, which includes intermediate and continuous cost reduction program on the various products. For this quarter, Q3 FY 2025, our revenue grew by 19% year-on-year to INR 384 crores and Adjusted EBITDA grew by 68% to INR 68.5 crores to the corresponding quarter last year. Viyash had EBITDA margins of 17.8%, which is almost more than 5.2% of corresponding quarter last year. Our nine months FY 2025, our revenue grew by 10% and EBITDA grew by again 42%. Our nine-month EBITDA margins of around 17.4%, again, which is almost more than 3.9% over last nine months. Nine months Adjusted EBITDA is INR 189 crore. In line with previous quarters, Viyash generated INR 38 crore of free cash flow in this quarter and INR 177 crore of free cash flow in last nine months. Borrowings reduced by INR 28 crore in this quarter and INR 122 crore in last nine months. Of course, our net debt EBITDA ratio is continuously coming down, which is at 0.4x now. We want to reiterate that a lot of costs below EBITDA, particularly exceptional items, which are mostly related to merger activities and one-off amortization of acquisition intangibles. When we acquired a few companies, actually amortization intangibles are largely non-cash and non-recurring. Viyash adjusted PAT we presented in the investor presentation is an indicator of our steady state standalone profitability. Profitability, sorry. Also it's reflected in our cash flows and continuous debt reduction. Business growth is supported by investments in multiple strategic areas and a strong operating base, which we'll cover now. Our business has strong momentum across portfolio selections, validations, filings, launches, and adding more geographies and more customers. New product launches and filings. We launched two new products in this quarter in the U.S. and have filed three products in this quarter for U.S. and Europe. As you know, our portfolio is very strong. We have 45 products in pipeline across different stages, and we completed four validations in last quarter and also we received five regulatory approvals in this quarter from various agencies. These are in addition to what we do CDMO and also CMO for big pharma as well as big generic companies. We have touched upon our complex portfolio, market leaders focus on innovative relationships, and our management team is continuously focused on cost improvement, of course, and is continuously adding new products and geographies in this quarter. Now let me take you through major updates. For FY 2025 Q3, combined revenues for two entities grew by 19% and EBITDA grew by 66%. The combined EBITDA stands at INR 118 crore this quarter with 15.2% margins. For nine months, combined revenue grew by 12% and EBITDA grew by 67%. Combined EBITDA for nine months is INR 332 crore with 14.8% margins, of course, with improvement of 4.3% from last year. The combined net debt/EBITDA ratio is now 1.2%. It's continuously coming down, whereas at last quarter it was 1.4%, it's coming down to 1.2%. Quarter on quarter, you can see that it's continuously coming down. Now we have started to plan integration of two companies and realizing synergies, and we have received CC approval, as Saurav mentioned, and started prioritizing our key synergies with multiple life areas. Of course, we also mentioned in a couple of areas in the investor presentation, few of them are like R&D. We strongly believe we have strong R&D strength and IP focus. Definitely, it's going to accelerate development for the animal health products and which can realize very quick, I can say. Of course, optimization is key for entire group since we have large network, multiple sites, 15 sites all over the world. Our network optimization and also combined procurement can create a big synergy in Q4, 15 months, we can say. Coming to the business, we should be able to leverage our key relationships from both companies. Of course, we already started seeing from last quarter, few companies started actually giving us more business from both sides. Whereas couple of years contracts actually adding business to Sequent. At the same time, as we mentioned earlier, couple of big pharmas also started approaching Viyash on a few products. Others, of course, all other areas, supporting functions we started integrating. Maybe in the next six to eight months, we are going to complete this integration activity. Most probably all these synergies we are going to present sometime in Q1 FY 2026 to our board, and we'll share to the investors. The merger scheme, as Saurav mentioned, we already received CC approval, and we're waiting for SEBI approval and we are expecting sometime this month or next month. Once we receive SEBI approval, we'll go to NCLT, and it may take another six to eight months. I think overall activity is going to be complete by September or October, as mentioned earlier. With this, I will open for questions or clarifications. Thank you, everyone. Pratisha, we can take the Q&A, please. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the 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 a question. Ladies and gentlemen, we will wait for a moment while the question queue is tended. The first question is from the line of Jagdish Sharma, an individual investor. Please go ahead. Hi, guys. Congrats on excellent quarter, especially on sales and EBITDA. I have a few questions. The first one is that what is our driving growth in the emerging markets and Europe? My second question is, are margins improving in all our business segments? My third question is, will we cross INR 1,500 crores of sales in FY 2025? My last question is why is our stock not moving as per our EBITDA this quarter, and what is our plan for it? These are the four questions? Yes, sir. Let me answer some of them. Firstly, for what is driving growth for us both in emerging markets and Europe, it's the work which is being done in, as I said earlier, on the product mix as well as new launches and pricing. Specifically, if you look at it, our biggest market in emerging markets is Turkey. In Turkey, we have stabilized the business, and we are seeing growth coming both on volume as well as on pricing. In addition, export, which is a priority in Turkey because it is a good base and we have a strong manufacturing unit there. Our exports have started growing out of Turkey to the neighboring North Africa, Middle East region. As far as Europe is concerned, the volume growth has started in Europe. In fact, we have launched New products in the area of companion animals, that is getting us growth. In both these markets, growth typically keeps happening because in the first phase, you launch within the country, then in subsequent quarters, you start expanding it to the other markets. You would launch in Spain, which is where we have the base, then we start expanding it to other countries in Europe and sometimes even outside of Europe. That's how once you launch a product, you are able to, over the next two to three quarters, get your growth by expanding it. That's really the reason why we're getting the growth over there. The second piece, in terms of margins, I think we have shared before, margins are a combination of product mix, they're a combination of some work which has been done in the area of Cost Improvement Programs, and of course, pricing particularly. In an inflationary economy, we managed to get prices without actually having any volume impact of significance. The third question, will we reach INR 1,500 crores in India on Sequent Scientific? I wouldn't want to give any guidance on that, but mathematically, if you look at it, I think you can calculate what the fourth quarter could be, assuming that it is pretty much close to the current one. We should be getting past that, at least in terms of the direction we are in right now. I think the last one you had is on why the PAT, and I think Saurav explained that. One is that in the same quarter last year, we had had an exceptional gain in terms of a tax benefit in Turkey on account of local accounting requirements. Therefore, if you really look at it is more an impact of that base, which is why it is looking like the PAT is declining. Otherwise, on a standalone basis, I mean, if you exclude for that, PAT is in fact also improving. Nevertheless, I think going ahead, our focus is, as we look at both the finance costs as well as the capital investment, which we will be through the synergy of the merger improving, we should be able to consistently improve on our PAT. Yeah. Okay. Thank you. Okay. Thank you. Thank you. Participants who wishes to ask a question may press star and one. The next question is from the line of Shivani from Monarch Networth. Please go ahead. Hi, sir. Am I audible? Yeah. Hi. Congratulations on the good set of numbers, and thank you for the opportunity. Sir, a couple of questions. One, I wanted to understand that what is the seasonality pattern. While you have seen growth in emerging markets quarter-on-quarter, in Europe and Indian market, the growth was slightly muted. One, I wanted to understand that. Secondly, if you can also give me a split of growth from product launches, volume, and price. Third, I wanted to understand the Zoetis product status in Indian markets. Lastly, what is the weight of companion animal health products in our portfolio? Okay. First question on seasonality. I think seasonality is there in every individual country. There is no seasonality as such across the sector. Therefore, you will find different impacts coming on that. For example, in India, typically, the seasonality is there because quarterly, you tend to have a reduction in terms of some of the prevalence of diseases as well as the requirement for these medicines. You will find typically, sequentially, quarter three tends to be lower, but I think year-on-year, you will continue to see the growth because of the activities that we are doing. The same thing applies in other countries as well. It is a combination of the kind of mix you have, whether you have companion animals, whether you have production animals. There is always seasonality in this in different countries. I think what you should be focusing on, really, we should be looking at is on a year-on-year growth, which is coming in the respective markets, and we are happy to say that is something which is consistently coming over there. The second question on volume, new products, and price. Pricing typically has been different. I think in most countries, we would be expecting a pricing growth of between 3%-5% on a full year basis. In markets like Turkey, of course, it would be substantially higher, going well because of the high inflation, because the inflation there is well into 40% plus, and therefore, we obviously take prices much more. Typically, in our basket, if you look at it, if you say that we grow between 10%-12%, you should have about a third in each of this. You tend to have about 4%-5% coming from pricing, about 4%-5% coming from volume, then at this point of time, about 2%-3% coming from new products. That's the typical combination which is there in this business. Our effort is really to accelerate the contribution of new products. Last quarter, we began to see a higher contribution coming from new products because of some of the launches which we have done have now begun to roll out to other markets. On the Zoetis distribution status, yes, there has been a product which was discontinued by Zoetis some time ago due to manufacturing issues. Therefore that is still impacting us in terms of product base. We understand from our partners that they have made alternative arrangements to resume manufacturing of that product, and therefore we expect it to come back somewhere in the next two to three quarters. This is the rearrangement of some of their manufacturing facilities, and therefore they have put a stop to that for some time. That should continue and come back to us in two to three quarters. Obviously, our growth is without that. We are now beginning to grow even the business which is without the growth distribution at a much, much faster rate than what we had earlier. On the contribution of companion animals, varies country to country, depending on whether it's distribution or not. India, we don't have companion animals. In some parts of Europe it is as high as 30%-40%. I would say on an aggregate basis, it is probably between 5% to 8% for companion animal contribution right now of the problem. Thank you. Thank you so much. Thank you. The next question is from the line of Harshad Dhot from Dymon Asia Capital. Please go ahead. Hi, sir. Good morning. Thanks for the opportunity. Just a few questions, sir. Some emerging markets grew phenomenally during that quarter. Can we assume that this trend is sustainable going forward as you have launched your products into the multiple new countries? This is the first question. The second question is, as we have started manufacturing from Turkey and we have started exporting from that market, what kind of cost benefit that we are getting and how should we approach the gross margin going forward? The third thing, we are hearing the bird flu cases have started to rise again. Do we have exposure there, specifically in the U.S. market? Because we report the Europe emerging markets and all. Are we having exposure there? The last thing that you highlighted earlier, the margin expansion will continue in the new CIP initiatives. Can you please throw some light on that? Thank you. I couldn't hear you very clearly, but I think the first question of yours is that if the emerging market growth, is it sustainable, and what would it continue, right? Yeah. This quarterly run rate was very strong, right? From INR 115 crore-INR 120 crore, we have jumped to around INR 137 crore. This quarterly run rate is sustainable? I think more than the run rate, I think the fact that we should be growing in double digits in emerging markets is what we should anticipate going ahead on a quarter-on-quarter basis. There will obviously be some variations depending on which of the emerging markets is seasonal, non-seasonal at that time. Again, our emerging markets are founded on some very strong bases. Turkey is a very strong manufacturing and local export base for us. So is Brazil. These are both part of the emerging markets that we have. It's not just a creating operation for us. Therefore, we expect that we should grow at double digits in emerging markets year-on-year. On a sequential basis, I guess we'll hopefully show continuing growth all the time. On the second part on Turkey manufacturing, the growth itself, of course, there is cost competitiveness having in Turkey. Turkey, we already have an existing plant. Our growth is coming for two reasons. One, we have used Turkey as a base to start exporting to regional North Africa and Middle East markets, which are fast-growing animal health markets, particularly for the portfolio which is presently available in Turkey. We have an injectable manufacturing plant, which not many companies have an injectable manufacturing plant in that region, and therefore that's an area which is fast-growing. Second is that we closed our operation in Germany last year. Some of the products from Germany are being transferred to Turkey. We do not want to lose the market opportunity for those products. One time we do have a drop in sales, which is earlier from Germany. Now we expect those sales to be revived out of Turkey. Therefore some of that will come back. That's how we see growth coming from Turkey. Gross margins, I think in Turkey, as we begin to get volumes, we should get some advantage because at this point of time, the currency is not sort of declining as sharply as it used to, say, two years ago. The government policy generally has also been very prudent. We are seeing, therefore, a stability in that market. I didn't understand the question on U.S. markets, whether the current situation is impacting us. No, no. Sir, do we have exposure in the U.S. market because we are hearing that the bird flu cases have started to increase there. Are we catering to the bird flu segment as well? What segment? We don't do any formulations to the U.S. at all. Okay. From Sequent, there is of course, a strong business which Viyash has, and I'll ask Dr. Hari to talk about it on the exposure to the U.S. We do not. On the API side, of course, we have a USFDA plant in Vizag, and we have nine of them in Viyash. There is APIs which are going to the U.S. At this point of time, I'm not seeing any big risk on that, Dr. Hari, on the U.S. market. I think instead of saying risk, we can see the opportunity for us. Human health, we have U.S. presence, of course. Good part is we have manufacturing site in U.S. If at all there is a positive, that will be upside for U.S., if any actions comes from Trump. Other area where we can see lot of potential for animal health. U.S. generally is catching up a lot for animal health. That we see last six, eight months, lot of clients are opting actually to launch those. I think we can see the huge potential for API, selling API, animal health API business to U.S. Also maybe in future we are going to explore formulation for animal health also. We don't see any risk at this point. We have small exposure U.S. formulation, but definitely that will have some additional advantages for that. Okay. Sir, do we also cater the bird flu segment as well? No. Bird flu, no. Right now, no. Okay. Also the OpEx part. This quarter it was a bit higher side. You described it in the PPT that because of this inflation environment in Turkey and spending for the domestic market. How should we see the OpEx part going forward? It will typically get revenues going forward and then it will normalize on the margin part. How should we see that? Clearly going forward, we expect that as budgets are approved and as the scale improves, OpEx as a percentage should start moving down, at least for what is not business development related OpEx, from the normal sort of G&A and things like that. I think here there has been a one-time thing. It's not exactly one time because there has been a union-based settlement which has happened in Turkey because of which the base has got revised and then it remains steady, for union arrangements are for a long period of time. That's why there's a bit of change in the OpEx. Okay, [Kumar]. Thanks. Thanks a lot. Thank you. The next question is from the line of Bharat Sheth from Quest Investment. Please go ahead. Hi, Mr. Rajaram and Harib abu. Congratulations on good performance. Sir, first of all, I have one question on some of the question on the Sequent. Export out of Turkey has already started, how do we see going ahead that can play as a natural hedge so that the currency fluctuations really do not affect us? Is there any other question, Bharat, by? Yeah. Secondly is now when we have started also in expanded our footprints to Mexico and Peru in South America. Third, you have stated in your opening remarks that now we'll see the accelerated growth. If you can give some color on the Sequent part, that will be of a great help. I have some strategic question, I'll come back to. Okay. The first question on Turkey, the thing, yes. We import APIs and some packing materials, et cetera, into Turkey, either directly or indirectly. Our exports today have, from this last quarter onwards, actually started exceeding the imports that we have. Therefore, we now have a pretty natural hedge as far as currency is concerned, and we expect the exports to keep growing well ahead of our imports. While of course, that does not mean that we will not have currency fluctuations during an import or thing, but on an annualized basis, we are protected from that. That has been an effort now for some time. That, of course, will keep growing in our view on exports for Turkey. Right. Yeah. Unless something very adverse happens, the business is now naturally with exports more than imports. The second question that you had is on what we are expanding and what is going to be the growth. Yeah, I think we are now in a position. We have been guiding for a while that we expect to do double-digit growth on the business, both on top line and on margins. EBITDA, we were looking to move closer to 15%. I think we are now in a position where our top line should grow double digits more and more comfortably as we begin to expand into some other countries. Mexico, Peru, et cetera, were not part of our agenda earlier, but now we have started using Brazil as, because it's stabilized over there, as a base for the rest of Latin America. These are strong markets for animal health. These will come. We'll probably share a bit more when we have stronger sort of base. It's early quick improvements that we are getting in these markets. I will leave you to ask your other questions to Dr. Hari, the strategic ones you had. Yeah. Good morning, Haribabu. Yeah, good morning. Sir, our first nine months our growth was little, kind of a high single digit or low double digit. From this quarter onward our growth is high teen. How do we see, from here onward, years and growth as well as the EBITDA margin, whatever you expanded, how do we see? Let me start with Viyash. You must be seeing actually year-on-year it's close to 20% growth on top line. Correct. EBITDA margins are very high, as I explained in my previous quarter meetings also. If you can see our OpEx percentage versus the top line. OpEx remains stable. Why? Because our utilization keeps on growing quarter-on-quarter. Since OpEx remains the same, our EBITDA margins are continuously growing. This is going to continue definitely next couple of years. Why? Because still our capacity utilization is around 60% and we have at least, if not 100%, 20%-25% free capacity to add product. Also as we know, API business, every year 10%-15% we can improve capacities without adding any CapEx while doing cost optimization. This will continue. Definitely we'll grow double digits. Absolutely no issue on that. Also our recent investments last 12 to 24 months. You must have seen a lot of products have been developed and filed, and recently we also added onco portfolio. A lot of products are coming in Onco portfolio. In addition to that, we also started developing few things for CDMO, especially for big pharma and also the generic. That's continuously adding. Last two quarters it's added reasonable. In addition to whatever our internal products we filed, last nine months, we must have added at least six to eight products under CDMO, CMO activities. That activity is going. Viyash is going to grow continuously, definitely double digits. EBITDA will be stabilized at some point of time. May not be 60%-70% level, but it will be always better than the top line growth next couple of years. When it comes to combined, and definitely I can say combined company growth. As we mentioned, couple of synergies we are very actively working on that. While improving the capacity utilization, same as Viyash, combined entity also our margins are going to grow because we don't need to add any additional people or much CapEx. Of course, there will be some optimization CapEx continuously, but it's going to benefit combined entity near term, mid-term as well. The synergies whatever initiated, definitely it's going to contribute in mid-term. Couple of things may not contribute in short-term, whatever sales expansion or whatever synergies optimizing few things. It's going to show maybe in 12-18 months. We are pretty confident this will continue to grow next two years. Actually, definitely we'll be very strong growing company, combined entity. Haribabu. Yes, sir. Yes. In current year, I mean FY 2025, combined entity will close somewhere around INR 3,000 crores. For 2027, we were looking for a kind of a INR 4,000 crores. With this kind of now background and you having both the company more closer, do we see that there is a upside room to grow above INR 4,000 crores at the end of 2027 because the kind of portfolio, geographic expansion and your higher growing category is helping us? Normally, as a principle, we don't do guidance, but we can expect very strong growth in FY 2026, 2027. Definitely 2027 is going to be much stronger because whatever initiatives, it takes 24 months. Already we started those initiatives, but FY 2026 also will be growing very strong, both top line and bottom line. Got it. I can't disclose the number what is that, but we'll reach your expectation. Thank you. Sorry to interrupt. May I request Mr. Bharat to please take your mic? We have participants waiting for their turn. Thank you. The next question is from the line of Thomas from [R.S. Akrit]. Please go ahead. Thank you. Would it be possible to provide some more color? Sorry to interrupt. May I request you, Mr. Thomas, to speak a bit louder? We are unable to hear you, sir. Yes. Currently the Sequent margins are closer to 12.5%. If you could provide some color on what will help to ensure that it moves closer to the 15% band over the next 12 to 15 months. That was one. Two, on Viyash, as we hope to have higher growth, the new opportunities which we are looking on the CDMO space is more in the area of human health, or we are exploring more in the area of animal health? If any color could be provided. Thank you. Okay. I will answer both Sequent margins improvement, 12.5% to high teens, whatever we were talking. It's actually gradually going to increase next 12 to 18 months. Lot of initiatives have been made in Sequent. Viyash is going to help a lot in R&D as well as manufacturing. Sequent continuously doing cost optimization. There are two parts. One is optimizing manufacturing networks and R&D, which is going to create a value, which will definitely improve margins, and also utilizing manufacturing network. We see couple of opportunities to grow API business especially in the U.S. Because the most important area we are focusing next 12, 18 months is the API improvement. Formulation is doing pretty good. We are pretty confident that in the next 12 or 18 months, Sequent is going to grow more than 15%, 16%. The two points, one is optimizing those things and helping from Viyash perspective. The second question, you were asking Viyash actually the CDMO and the CMO. As you see, we initiated CDMO last one and a half, two years. With big pharma, mostly life cycle management is big pharma. Already we supplied few products, in fact, three products, which are their large volume products. We supplied and also they started qualifying our products. You know, innovators, it takes normally two to four years, depending on the markets. We started validating, they started filing. That business is going to start in FY 2026, few advanced intermediates as well as APIs. Definitely FY 2027, it's going to contribute a substantial amount on those things. Those products, they're going to qualify us for their global requirement as a primary source. That means whatever they have business, we're going to get major share from that. In addition to that, a couple of areas, especially complex molecules, we tied up with few big generic companies. Even though it looks like generic, but it's not generic. It's a generic plus one, where it requires a lot of chemistry involvement as well as type thing. We tied up with a few molecules with them. Both of those things are coming for launch after 2027. These are complex molecules, always, either actually limited competition molecules where there were no base or NCE-1 kind of thing. We are working with a few big generic companies on CMO, and also there are few partner joint development projects, R&D and manufacturing and also marketing. These things are going to contribute big from FY 2027, of course. Even this year also, it's contributed well on validation quantities. We did at least seven, eight products validation for these areas. It's continuously to grow because one advantage with this is when you tie up with big companies, you have advantage to launch early, anchor customer to launch day one. That will boost a lot for company. You can see a lot activities, CDMO, CMO in these areas next two years. Thank you. The next question is from the line of Sumanshu Gilani from Anand Rathi. Please go ahead. Sir, good morning. Thank you for taking my question, sir. We cannot hear you, sir. Your voice is breaking. Hello. Now I'm audible? Yes. Yes, better. Sir, good morning and thank you for this opportunity, and congratulations on the good set of numbers. Sir, I have two questions, largely for the margin side. Just wanted to have a sense in terms of how do you guys actually calculate the contribution of new products in that particular quarter? In your opening remarks, you highlighted that the contribution has been somewhere around 2%-3%. These are the products which are actually launched during this last quarter, or how do you see that? Is it the products which are getting launched over the last one, two years? The second question is largely on the margin side. Maybe if you can help us understand in terms of the margin or the gross margin differentiation between the new launch product and the traditional ones. Are you asking specifically for Sequent or for both the companies? For both the companies. I think one is the 2% may be related to Sequent, right? Overall, actually, one is when you supply that validation quantities, margins is something. When you launch new products, margins is other thing. In that, if I look at the margins for our API business, Viyash perspective, there are two types of margins. One is mature product launches, and the other one is the new product launches like you are entering day one for developed markets. Mature product launches is more or less same as our average regular manufacturing product. When it comes to new product, day one launches, those launches are much better than the average mix of regular products. It's both actually. We do both. Actually, few products, we actually do day one launch and also few products. We feel lucky we may get exclusivity. We are hoping actually, few exclusivity soon. Those margins are pretty good. Day one product launches margins are much better than, at least maybe I can say more than 10% from the existing base. I think Sequent also is more or less applicable thing. Whatever we launch, the new product launches are better than. Typically, new product launches tend to be improving the margins. That is the direction. Second, on formulations in general, it takes about 24 months from the launch in the first market. To a registration and expansion in the last targeted market which we have had. When we talk about growth coming from new products and formulations, it's typically from sales of the product from 24 months before to now. That's the broad period taken for registering sales. The product should have been launched in or introduced first time in the last 24 months. Got it, sir. Thank you. The next question is from the line of V. P. Rajesh from Banyan Capital. Hi. Thanks for the opportunity and congratulations on a good set of numbers. My question is more around the synergies and more qualitatively. Just trying to understand on the distribution side, what kind of synergies do you expect? On the manufacturing side, giving like synergies for scale facility, both for human products as well as the animal products. Similarly, on the distribution side, if you can elaborate a little bit more if the selling process or the distribution partners have scaled. That's really what I was trying to get a better handle on. Thank you. Okay. Thanks for that. I think two parts. One is distribution. Since both businesses' distribution channels are different, we don't see much synergies in near term in distribution, especially formulation distribution. When it comes to API distribution, definitely there's a cross-selling opportunity we started seeing for both companies where PS2 business, generic, HCl, there's a lot of traction coming from. Sorry to interrupt you, sir. We are unable to hear you clearly. Can you please repeat? Okay. Is it clear now? Yes. Okay. Sorry for that. I don't know. I started with the distribution, formulation distribution. Since both companies' distribution channels are completely different, we don't see much synergies in near term. Long term, once we start establishing or promoting human health formulation, these countries are different, but at least near mid-term, we don't see much synergies for distribution and formulation. When it comes to API distribution or sales, definitely we see a large synergies in that cross-selling. Although already we see some of the important things are going on. Since animal health business has started catching up in U.S. generic, we see lot of cross-selling opportunities for animal health. Same way when we started talking to big pharma, especially CDMO, we see some opportunities for PS on that perspective. Okay, the second question. Other synergies, definitely short term, mid-term, we see a lot in especially API, R&D, manufacturing, sales, as well as other functions. Already we started integrating R&D. We have started helping Sequent in R&D, both new product development as well as optimizing its existing products. Is it clear now? Am I audible? Yes. I don't know. A lot of noise is coming somewhere. When it comes to manufacturing, this is a bigger area since we have a large manufacturing network, large procurement setup, and large supply chain or distribution thing, and we see a lot of synergies in that. Couple of things, network optimization and procurement synergies that are actually bind together are definitely optimizing some of those things. Definitely, shared service or support functions we are going to bring together. There will be some optimization on those areas. These are the major areas, R&D, manufacturing, support functions. We can't give the actual exact number, but I see there's a lot. Closing the sites, one is obvious we can utilize more, but definitely if it's required, actually, we'll optimize one or two sites also to benefit that. We can see substantial synergies in these areas next 18-24 months. Thank you very much. Ladies and gentlemen, due to time constraints, that was the last question for today. I would now like to hand the conference over to the management for closing comments. Thank you for attending this call. We're very happy that this has been a strong quarter and you're seeing the direction moving up. I think we will have more to report on both the business as well as the progress of the merger. As Dr. Hari said earlier, we will have more granular sort of details in terms of some of the synergies and other plans that we have going ahead. Look forward to seeing you at the next call, and thank you, and have a good day. Thank you, guys. Thank you. Thank you all. Thank you. On behalf of Sequent Scientific Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.