Ladies and gentlemen, good day and welcome to Jubilant Pharmova Limited earnings conference call for the quarter and half year ended September 30, 2021. I now hand the conference over to Mr. Vineet Mayer, Head of Investor Relations at Jubilant Pharmova Limited. Thank you, and over to you. Thank you, Stanford. Good evening, everyone. Thank you for being with us on our Q2 FY22 earnings conference call. I would like to remind you that some of the statements made on the call today could be forward-looking in nature, and a detailed disclaimer in this regard has been included in the press release that has been shared on our website. On the call today, we have Mr. Shyam Bhartia, Chairman. Mr. Hari Bhartia, Co-chairman and Managing Director. Mr. Arvind Chokhany, Group CFO. Mr. Pramod Yadav, CEO, Jubilant Pharma. Mr. Giuliano Perfetti, CEO, Jubilant Biosys. Mr. Syed Kazmi, CEO, Jubilant Therapeutics. Mr. Arun Sharma, CFO, Jubilant Pharmova. I now invite Mr. Shyam Bhartia to share his comments. Thank you. Good evening, everyone. I hope you and your family are safe and healthy. The company reported 4% top-line growth during the quarter, driven by steady revenues in the pharmaceutical segment and robust growth in the contract research and development services segment. In the pharmaceutical segment, while radiopharma, allergy, and CMO businesses reported growth on a year-on-year basis, the API business performance was lower on a higher base last year, and generic business witnessed headwinds due to temporary pricing pressure in the U.S. market. Generic business was also affected during the quarter by import alert at Roorkee plant and by the impact of the industry-wide impurity issue in certain sartan products that led to the lower sales and some product withdrawals. In our contract research and development services business, we witnessed strong growth both year-over-year and sequentially, driven by continued strong demand from our customers for our drug discovery services. In proprietary novel drug business, our plans are on track to take 1 program to the clinic stage by the end of this financial year. Our strategic initiatives of API demerger is progressing well. We have received consent from the bondholders and term loan holders and have filed the first motion in NCLT in September 2021. We expect to complete this reorganization by the end of this financial year. During H1 FY22, we grew our revenues by 20% year-on-year and improved our EBITDA margins by 2.44% versus H1 FY21 due to recovery of radiopharma business and strong performance in allergy, immunotherapy, CMO, API, and contract research businesses. I would like to mention that over the medium term, we have very strong growth levers in all our businesses. To drive growth in these businesses, the company will continue to invest accordingly. I would like to welcome Giuliano Perfetti, who has joined as the CEO of Jubilant Biosys Limited and brings with him over two decades of experience across businesses and global markets. I wish Giuliano all the best and confident that he would play a strong role in further strengthening and scaling up our contract research and development services business under Jubilant Biosys. With this, I hand over to Pramod to discuss the pharma business. Thank you, Mr. Bhartia. A very good evening to all of you. Pharmaceutical revenue was at INR 1,543 crore versus INR 1,516 crore in Q2 FY2021. Our radiopharma business witnessed improvement in sales year on year. However, pace of recovery during the quarter was affected by increase in COVID-19 cases in the U.S. I would like to mention that we continue to maintain majority market share in key products in this business. The RUBY-FILL installations during this quarter were affected by the higher COVID-19 cases in the U.S. We remain, however, bullish on RUBY-FILL, given its unique benefit to the patients, and have completed the doubling of RUBY-FILL manufacturing capacity, which will enable continued growth in this product over the near medium term. Our NDA I-131 MIBG clinical trials, both for phase II and phase III, are progressing satisfactorily. Radiopharmacy business witnessed steady performance year on year. However, volumes were somewhat impacted during the quarter due to ebbs and flow of COVID-19. Our aggressive turnaround plan is on track to grow top line strongly with new customer wins, expand network to service newer geographies, and enhance cost and procurement efficiencies. We have witnessed positive outcome over the last two quarters. The Allergy & Immunotherapy reported robust performance both year-on-year and sequentially, with strong recovery from COVID-19, backed by healthy growth in revenue resulting from volumes higher than pre-COVID levels. In our CMO business, we witnessed year-on-year growth in revenue, driven by continued strong demand from customers as well as due to COVID-related deals. In addition to INR 200 crore COVID-related revenue that we realized in Q1 FY 2022, we booked around INR 150 crore of COVID-related revenue in Q2 FY 2022. This is against INR 93 crore in Q2 FY 2021. With pandemic cases showing downward trend, the CMO performance is expected to return to normal levels in coming quarters. The capacity expansion projects at Spokane is underway and is expected to complete by end of calendar year 2024. Once completed, this will open further growth avenues for the CMO business. Performance of our API business was lower year-over-year due to higher base last year, but sequentially, it witnessed a strong growth with stable margins. We expect this trend to continue, though of late we are seeing price increase for some of key starting material being imported from China, as well as increasing solvent and utility cost in India. We expect this cost to be passed through finished goods prices. We are also reducing our dependency on imports from China for KSMs by developing them indigenously. Our API business demerger, as mentioned by Chairman, is underway, and once completed, it will create a robust platform that provides end-to-end services. I am sorry, there was some echo in the background. That will provide end-to-end services from drug discovery services to the clinical research to contract manufacturing of innovative and the generic APIs, and would unlock massive potential for growth over the medium term. Our generic business reported lower revenue and profit during this quarter due to several factors such as pricing pressure in the U.S. market, lower volumes due to import alert at the Roorkee plant, and industry-wide import issue in sartans that led to voluntary withdrawals. This was partly mitigated by higher remdesivir sales. The EBITDA for quarter was at INR 324 crore as compared to INR 343 crore in Q2 FY 2021. In H1 FY22, pharmaceutical business revenue was up by 18% year-on-year, driven by recovery in Radiopharma and strong growth in Allergy & Immunotherapy, CMO, and API businesses. The generic business also grew by 8% year-on-year in H1 FY21. The EBITDA during H1 FY22 grew by 32% versus H1 FY21, with 2.28% improvement in margins to 22.2%. With regard to Roorkee import alert, our remediation activities are ongoing as of this now, and we expect to complete the same early next calendar year. The Nanjangud OAI status remains as it is. We have completed remediation activities and await U.S. FDA inspection. With this, I'll hand over to Giuliano to provide insight into Contract Research & Development Services business. Thank you, Pramod. I'm excited to become part of the Jubilant Bhartia Group. I'm glad to interact with you all through this earnings call for the first time. At Jubilant Biosys, we have a robust platform with both the levers to significantly scale up this business, both in terms of capabilities and capacities. In our contract research and development service business, under the Jubilant Biosys brand, we delivered another quarter of strong performance during Q2 FY 2022, driven by continued strong demand from biotech companies for our integrated discovery, as well functional services such as chemistry, DMPK, and discovery biology. The business has a healthy pipeline of new contracts and customer acquisition for FY 2022. Q2 FY 2022 revenue grew 44% year-on-year and EBITDA grew 73% year-on-year with a margin of 32.9% versus 27.4% in Q2 FY 2021. Our H1 FY22 revenue was up by 49% year-on-year, EBITDA by 81% year-on-year, and margin stood at 35.6%. I am also glad to mention that our new state-of-the-art chemistry research innovation center at Noida is now fully operational. The new facility has been designed with highest global compliance standards to support both biotech and big pharma by delivering speed, quality, and innovation. In view of the strong demand from our customers, we have approved further expansion of the Greater Noida facility, which will deliver both chemistry and the DMPK services. With this, I now hand over to Syed to discuss the proprietary novel drugs pipeline. Thanks, Giuliano. Good evening, everyone. In our proprietary novel drug business, we are developing a pipeline of first-in-class and best-in-class agents to deliver precision medicines focused on addressing unmet medical needs in the area of oncology and autoimmune disorders. We are also leveraging our industry-validated drug discovery platform to identify novel promising assets and move them from discovery to development on an accelerated timeline. Our first-in-class LSD1/HDAC6 dual inhibitor addresses multi-billion-dollar market segments in both hematological malignancies and solid tumors and has successfully completed pre-IND meeting with the FDA with a goal to file the IND by end of calendar year 2021 and initiate first-in-human clinical studies in early 2022. Three more programs are following this lead. A first-in-class HDAC4 inhibitor targeting autoimmune disorders such as rheumatoid arthritis subsets as well as metastatic cancer. A differentiated PRMT5 inhibitor with potential best-in-class profile, which uniquely shows both blood and brain exposure and therefore can address brain tumors like GBM and brain metastasis. Finally, an oral brain penetrant PD-L1 inhibitor, first ever potential checkpoint therapy for brain tumors. We anticipate the submission of additional INDs by the end of 2022. In our proprietary novel drug business, we are developing very high potential assets that have attracted significant interest from institutional investors and strategic partners. The company is working towards creating shareholder value in this business through an external capital raise, on or potential partnering with major global pharmaceutical companies. This, I now hand over to Arun to discuss the financials. Thank you, Syed. A very good evening, and I thank everyone for taking out time and joining us on our quarterly earnings conference call. I would like to highlight the company's financial performance for the quarter and six months ended September 30, 2021. For quarter financials, revenue from operations during the quarter was at INR 1,657 crore as compared to INR 1,591 crore in Q2 last year. Pharma revenue stood at INR 1,540 crore versus INR 1,516 crore in Q2 FY21. While contract research business reported revenue at INR 108 crore as compared to INR 75 crore during Q2 FY21. Reported EBITDA during the quarter was at INR 344 crore as compared to INR 353 crore in Q2 FY21, with a margin of 20.8% versus 22.2% in Q2 FY21. Depreciation and amortization expenses during the quarter was at INR 100 crore versus INR 85 crore in Q2 FY21. Finance cost during the quarter was INR 35 crore versus INR 46 crore in Q2 FY 2021, a reduction of 25% year-on-year. Reported PAT during the quarter was at INR 143 crore as compared to INR 147 crore in Q2 last year. EPS for the quarter was at INR 8.97 per share versus INR 9.21 per share in Q2 FY 2021. Now moving on to H1 FY 2022 financials. For H1 FY 2022, revenue stood at INR 3,292 crore versus INR 2,747 crore in H1 FY 2021. Pharmaceutical revenue was at INR 3,085 crore versus INR 2,612 crore in H1 corresponding year. The contract research and development service revenue was recorded at INR 196 crore against INR 132 crore last year. The reported EBITDA for the period was at INR 723 crore versus INR 536 crore in H1 FY 2021. Depreciation and amortization expense was at INR 188 crore versus INR 167 crore in H1 last year. Finance cost stood at INR 69 crore versus INR 94 crore in H1 FY 2021. Average blended interest rate at H1 FY2022 stood at 4.62% versus 5.17% in H1 FY2022. PAT for the quarter was at INR 303 crore versus INR 182 crore in H1 FY2021, with EPS of INR 19.06 per share versus INR 11.44 per share in H1 FY2021. Net debt on a constant currency basis on September 30, 2021, was at INR 1,823 crore versus INR 1,928 crore as on March 31, 2021. Net debt to EBITDA improved to 1.14 as on September 30, 2021, from 1.42 as on March 31, 2021. During the quarter, we saw our net debt increase by INR 173 crore, which was mainly attributable to temporary increase in working capital, which is expected to normalize during this financial year. On YTD basis, net debt on a constant currency basis was lower by INR 105 crore. Capital expenditure, excluding R&D capitalization, was at INR 131 crore for the quarter and INR 238 crore for H1 FY2022. For full year, we maintain the same spend around INR 700-800 crore for this financial year. With this, I would like to conclude our opening remarks. We will now be happy to answer any question that you may have. Thank you. Thank you very much, sir. Ladies and gentlemen, we will now begin the question and answer session. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Rahul Veera from Abakkus. Please go ahead. Hi, sir. Congratulations on decent set of numbers. Sir, just a couple of questions from my end. Even though we executed couple of CDMO contracts in this quarter, in terms of margins, sir, we are on the much lower side. Usually, with CDMO contracts, we've seen the margins being on the upper end. I understand our Radiopharma business is not yet fully back to the 2019 levels, but even after considering that, the margins are still at 20%, so much lower. Can you throw some light there? Thank you for your compliment. This is Pramod here. The margins in CDMO are little lower because of two reasons. One is that the CDMO deal value, in comparison to previous quarter, in this quarter was slightly lower. In our CDMO business, we also include the API, where we mentioned that for some of the sartans, there were the product withdrawals, so that impacted the margin for the quarter. Okay. Sir, once your specialty pharma, that is Radiopharma, comes back to normalization, do we see our margins moving close to 25% plus? The margins ultimately will move up to the very healthy levels, and that will be driven by our increasing installs of the RUBY-FILL, by our increasing launches of more of the generic products and our NDA I-131 MIBG business. As the COVID continues to get normalized, overall those dispensings will increase because the elective diagnosis will come back to the normal level. Yes, the margins in the near term, like in the next maybe 2 to 3 years, will bounce back to very healthy levels. Thank you. We've lost the line for the current participant. We take the next question from the line of Vishal Manchanda from Nirmal Bang. Please go ahead. Thanks for the opportunity. Excuse me, this is the operator. I'm sorry to interrupt. Sir, may we request you to use your handset, please? We can't hear you that well. I'm audible now? Yes. Thank you. Yes. Sir, with respect to the radiopharma business, sir, the radiopharmacy business, has that completely normalized or even that is yet to normalize? This business in the month of April and May had almost normalized because during that time, the number of COVID cases in the U.S. had gone down substantially. However, from June onwards, the COVID again started increasing, and June, July, August, September were the months where we were impacted by COVID. Those dispensing in that business had gone back to between 90%-95%. Okay from the last one week, we are again seeing the overall better trend in the U.S., so let's keep the fingers crossed. Okay. I just want to understand the margin impact of the decline in radiopharmacy business. At a gross margin level, it would be a healthy business. All that you lose would kind of come out of the EBITDA. Is that right to assume? Yeah. We have been mentioning from the last two calls that we have put the very robust strategic initiative in place in that business to grow the top line. You are right that if the top line grows, the fixed cost at the pharmacy level is more or less remaining same, or it doesn't go up in the proportion of the top line. You get a very healthy bottom line in the process. Along with that, we are also looking at improvement in operational efficiencies and the procurement efficiencies. We mentioned that in two years' time frame, the business will be at the breakeven. We are tracking it, and we are on track as of now. Okay. Any improvements that we can see this year in terms of 100 basis point margin improvement on account of the efficiency measures that you are taking? Since we are already taking efficiency measures, and we are already seeing the improvement, if the COVID situation doesn't deteriorate further, we expect this year our margins to be better than last year. Okay. Where would be DTPA in terms of the normal volumes? Will it be down 50% or even lower? Sorry, I couldn't get the question. If you can please repeat. Where would be DTPA in terms of the normal volumes? Is it still 50% lower or it has started to come back? It's actually difficult to track it, the exact number on quarter-on-quarter, because this all will depend upon how many dosage have been dispensed from the various pharmacies, from ours as well as from others. We have seen an uptick in DTPA as well as MAA in this quarter. However, this is not yet close to the normal level. It is still much lower. It is not close to the normal level, you say? Yes. Got it. We have seen slight improvement, but we have yet lot of paths to cover. Okay. Thank you. That's all from me, sir. Thank you. Thank you. The next question is from the line of Tushar Manudhane from Motilal Oswal. Please go ahead. Sir, just would like to understand how much would have been the impact of these voluntary withdrawals and that will come under the raw material cost, right, affecting the overall gross margin? It will be difficult to mention the exact amount that how much has been the impact. If you can see our overall EBITDA margin, in comparison to the previous quarter, has gone down by about 2% to 2.5%, though the revenue is more or less same. That much of the impact majorly has come due to these withdrawals, as well as the import alert into the generics business and overall U.S. pricing pressure into generic business. At least can you forward why this withdrawal being looked at? Excuse me, this is the operator. I am sorry to interrupt. Sir, your voice is not very clear. May we request you to use your handset, please? Am I audible now? Yes, it is better. Yeah. Okay. Just taking this further now, is this withdrawal exercise more or less done, and so will not have this impact in the coming quarters or that will still continue? The big goal is done, but we will be back in the market in the next quarter. Okay. Broadly, basically trying to understand how the gross margin will have the trajectory going forward. Yeah. Even in this quarter, though we will start putting the product back into the market, which will be free of the impurities. It will get to the normal level in the last quarter of this financial year. We will also see some impact of that in Q3. Got you. Thank you. Thank you. The next question is from the line of Tarang from Old Bridge Capital. Please go ahead. Hello, team. Good evening. Thank you for your time. Two questions from my side. One, what is the gross block associated with the Roorkee facility, and how much of remediation cost do you anticipate over the next 12 to 15 months? Your first part of question I missed. If you could please repeat again. What is the gross block associated with the Roorkee capacity? Okay. When you are asking the gross block of the Roorkee capacity, Nitin, exactly what is that you're asking? The value of the gross block associated with the Roorkee plant. I think, Pramod Yadav, it's about the fixed assets. I think Chris Preti will be able to answer. You can answer the second question. Yeah, Chris or Arun, would you like to answer? Yeah. Let me look at that and I'll have to get back to you. Okay. Till he looks at, I can answer the second question, which you are asking about how much could be the remediation cost. We had already incurred quite a lot of remediation cost while we were taking actions on the warning letter observations. The observations which have come again in the last audit, because of which we have got the import alert, they require more of some of the changes in our SOPs and the training to the operators and that kind of the remediation efforts, which really doesn't incur much cost. That's much of the remediation cost. It's nowhere material. Okay. It's only a matter of time and getting those processes in place that this should help with the remediation, correct? Yes. That we indicated that we expect that we will be completing all that in early next calendar year. Got it. My second question. Yeah. Yeah, sorry. Please go ahead. No, I was saying that then we will let the FDA know, and then we will have to wait for the FDA to come and audit us. Okay. My second question is relating to the CRDS business. I just read that you have recently just completed the expansion of the Noida Research Center. Correct me if I'm wrong, you suggested that maybe perhaps you're going in for a larger expansion given the burgeoning demand environment for this business. Would that be accurate? I request Giuliano to address this. Yes, I'm here. That's accurate. The capacity expansion I was referring to has been completed, and commercial operations commenced from September 2021. I mentioned further expansion we plan to do for the DMPK and chemistry, and this will start generating additional revenue from first quarter 2023 on. Sure. Giulio, just wanted to check, are these new campaigns that you're getting from your existing customers or new customers that are approaching you? Yes. Our current customer base is strong, and so we're leveraging existing customer as well, further developing the customer base. I'm sorry. Please come again. You're saying that you're getting new projects from your current customers, or is it really a mix of both? We are leveraging our existing customer base, which is strong, and at the same time, we are continuing to further expand this customer base. Okay. Thank you. That's it from me. I just wanted the gross block number. That'll be helpful. Thanks. Thank you. The net assets at Roorkee are $35 million net book value. You are not audible, Chris. The net book value of our assets at Roorkee are $35 million. Thank you. We'll take the next question on the line of Rahul from Abakkus. Please go ahead. Hi, sir. Sir, a quick question from my end. Any other CDMO contracts from the COVID that we are foresee? We continue to explore the possibilities and the opportunities, and as and when we will be concluding any of the contracts, we will be informing about that. Sure. As of now, CDMO will largely be running on the previous old contracts, which are relatively low margin business. Is that correct to say? No. Let's not say low margin. Even our normal business in the CMO also had a very healthy margin. They started looking little less in comparison to much better margin into COVID-related deals. Yes, the COVID-related deals in Q3 and Q4 are not So we had mentioned that the business will be coming back to the normal level. Sure. Sir, quick question on the Jubilant Biosys side. Since we are entering in the clinical stage, are we looking to raise any funds, sir, for that? Sorry, could you kindly repeat, please? Yeah. In the Jubilant Therapeutics and the Jubilant Biosys, are you planning to raise any funds in either of them? Let me answer this. This is Hari Bhartia. Sure, sir. As we have explained in the past that in the therapeutics, we are looking to raise a crossover round for our projects which are going into clinic. In Biosys, we have no plans of raising funds right now. Sure. Fair point, sir. Thank you so much. This was helpful. Thank you. Okay. The next question is from the line of Ranjhun Jain from Nirmal Bang. Please go ahead. Thank you for the opportunity, sir. Just one clarification. Sorry to ponder on this again and again, but when we got this import alert in the month of July, in the press release we have mentioned that there is not much impact on non-exempted portfolio. We have stated that it would be less than 3% of the revenue. What has changed? If you can quantify the impact in this quarter, and it is likely to continue for next at least two, three quarters going forward also? For the non-exempted products, we had mentioned that there are the three conditions which FDA has put on us, which we have to comply with. Those three conditions included testing of the product at an independent laboratory and also taking the entire GMP verification by an independent consultant. You may appreciate in the GMP process to get the product tested at a different lab needs the method transfer, then analytical method validations, and then the product testing, et cetera. It takes some time. Same way for a GMP consultant also to virtually remotely have access of all the production records and verify them and then give the GMP certificate also took some time. That impacted the performance during the quarter. However, now we have geared up on both those things, and the exempted product shipments have started going to the U.S. now. You mean to say that during this quarter, Q2, there were kind of no sales from Roorkee, which would start of the exempted products from this Q3. Is that right to say? Yes. After the import alert, the sales of exempted products from the Roorkee has started about two to three weeks ago, and it's ramping up. Sure. Thank you. Sir, just last one on Nanjangud. You said that we are doing and the remediation is almost over from our side. When we are expecting the next development on this, probably re-inspection or online re-inspection. What is the next logical step there would be? To our best of understanding, FDA had not been doing online inspections for the normal GMP audit. They were doing online inspection for the selected product approval, et cetera. Now in the recent past, FDA has restarted doing the audits in India. We don't know that our Nanjangud plant comes where into their priority list, we expect FDA to come and audit us soon. Sure. Thank you, sir. Thank you. The next question is from the line of Alankar Garude from Macquarie. Please go ahead. Hi. Good evening, everyone. Sir, my first question is, amidst lower sartan prices, what were the drivers for the strong sequential growth in the API business? Could you please repeat the question? Sir, amidst lower sartan prices, just wanted to understand, what were the drivers for the strong sequential growth in the API business? Other than sartans, we also have many other products, and even in the sartans also, there was a demand. The pricing pressure was mainly on the 1 sartan. Where in the valsartan, the prices during the N-nitrosodimethylamine impurity in the supply was very limited, had gone up substantially, which now have come back to the normal level. Other than the valsartan, we have a huge product range for the various therapeutic applications. As you know, there is a higher demand from the APIs from China because there had been lot of discussion about reducing dependency from the Chinese supply chain. We saw the additional demand coming up because of that, and we had a high volume sequentially. Though in comparison to a year ago, it still looks a bit lower because the last year was the exceptional quarter. In Q1, our plant was closed, so in Q2, the dispatches were very high. Understood, sir. Sir, is it also a factor of the debottlenecking exercise which is currently happening? Have we realized any benefit of that in this quarter? That exercise is not like it's a one-time exercise. We have six plants and various streams over there at that site. Plant by plant, stream by stream, we are doing the debottlenecking. Those action plans are on track. Depending upon the product, in some of the products, where the debottlenecking has happened, we may have realized the benefit of that. It has not been completed for all the products for all the streams. Understood. Sir, my second question is, you spoke about higher KSM and solvent prices and your ability to pass it on to consumers, the customers. Can there be some lag in passing on this higher input cost? Yes, there could be some lag because one is that we do not know how much inventory our competitors are holding at the old price. The customer may take time to negotiate and give us the revised price. It could be lag. In the API business, we have seen that whatever the cost increase, generally it gets passed on into the finished good prices. Understood, sir. Sir, just maybe a small follow-up there is, these issues specifically pertaining to the China power outage problem, that could continue in this third quarter as well. Would it be fair to assume that the higher prices which we are seeing right now, those could continue in the third quarter as well? We will start seeing the impact of higher prices. Some impact we will start seeing in Q1, and we will see more impact in Q4 because we also are holding some inventory of the raw materials. Yes, in some part of Q3 and Q4, we will see impact of those prices, and we have to make the assessment how much we'll be able to pass on. As of now, we expect we will be able to pass on complete increase with some lag. Sure. That's it from my side. Thank you, sir. Thank you. Thank you. The next question is from the line of Roshan Nair from Equirus Wealth. Please go ahead. Yeah. Thanks for the opportunity. My question pertains to more of generic business. With that, the pricing pressure, lower volumes due to import alert and all these problems pertaining to generic business. When can we see the revival in this segment of business? Let me try and address that in two parts. In terms of revival in the U.S. generic market, it's a cyclic pattern. Every 1 or 2 years, the price pressure comes, and when the price pressure comes, some of the weaker players who are not making margin, then they vacate the market. The market again becomes short, and then prices again start going up. This cyclic pattern continues, and currently we are at the bottom of this cycle. The other impact on us is because of the import alert. The products which currently are restricted for import into U.S., we are making arrangements to get them contract manufactured at third party. From those locations, we start bringing them into the U.S. This process takes time. Generally, the process takes about 8 months to 12 months. For the products which are exempted, that, as I mentioned earlier, that we are streamlining the issues and we have started supplying the products to the U.S. market. The fourth and last is that we don't expect that import alert should last long. We are hopeful that in the next audit, we will be able to get this import alert lifted. Once that happens, then anyway the situation becomes normal. In turn, whatever capacity we are having, we are also trying to maximize that capacity for the non-U.S. markets. We are taking the various initiatives to minimize the impact of this import alert. Okay. My other question is relating to the capacity expansion at RUBY-FILL manufacturing capacity. When can we expect the ramp-up? In the first year, what would be the percentage in terms of ramp-up of the facility? This you are asking for Roorkee or for U.S.? The one which saw the doubling of manufacturing capacity. We had almost doubled the capacity in the Cadista in our U.S. dosage form facility, and in my speech I mentioned doubling capacity of the RUBY-FILL at our Montreal facility. Your question is for which business? The U.S. one. U.S. one. Yes. The capacity, whatever the investments we have made in that, is now available. As I mentioned that we expect to put the product back in the market towards the later part of this quarter and ramp up into the next quarter. This increased capacity will help us quite a lot to get much better market share in FY 2023 in the U.S. market. Okay. All my other questions are answered. Thanks a lot for the session. Thank you. Thank you. A reminder to the participants to ask the question, please press star and then one. The next question is from the line of Vivek Gupta, an individual investor. Please go ahead. Hi. Thanks for the opportunity. Probably some of the questions are answered earlier, but a couple of questions still are left in my queue to ask. First one is, I see that the trade receivables are towards the higher end during this quarter along with the inventory. What would be the reasons for it? The inventory is higher because of these few of the disturbances we talked about the market withdrawal or the import alert, where we had continued the production of the exempted products, but we were in the process of fulfilling the conditions of the FDA. That as soon as those conditions are fulfilled, supplies can go. That was the reason on the inventory side. On the trade receivable side, I'll say that it may be only the timing and the product mix impact. Okay. One more request I would like is, I find there are no exchange filings coming from Jubilant Pharmova side about the updates, and it is only at the time of results that you mention all the details in your presentation. It would be great if we have some intermediate press releases to better understand what is going on from the company's business perspective. The other question is Yeah, go with me, sir. Yeah. I said whenever there's any material event, which as per the requirement we have to inform, we ensure that that information goes to the stock exchange. Just to quote with an example is, recently you mentioned in the presentation citing that you submitted to NCLT about the reorganization scheme for this Jubilant Generics with the Jubilant Pharmova. There was no exchange filing corresponding to the same. It was done in September, I suppose. Correct? I think there was an exchange filing. We have Arvind on the call. Yes, that's right. We have Arvind on the call. Can you Yeah. We did the filing on the relevant date also. It was done, Vivek, at the time of the last quarter results announcement. It was very covered with the proper exchange filing, Vivek. You might have a look at that. No, that is fine. I'm talking more from the NCLT submission perspective. No, these are the intermediary steps. The last call- These are the intermediary steps. The same- There are intermediary steps. No. Yeah. These are intermediary steps. No worries. When we informed in the last first quarter results along with the exchange filing, and we announced a public announcement, in that it was clearly mentioned, and we can share that with you, that announcement, and you can get that from the stock exchange website. It details all the steps and procedures. This is just an intermediate update we are giving the journey, and it said that it will be effective of 1st April next year, and there'll be all kind of processes that will run in the meantime. Yeah. Thank you. The next question is from the line of Jai, an individual investor. Please go ahead. Hello, sir. Congratulations for decent set of numbers. I believe with the kind of product and management bandwidth we have got, we would be able to pull up. A couple of questions, sir. One is on Europe foray for RUBY-FILL. Second one is on, if you can show some lights on SOFIE Biosciences partnership, how is it going, and do we look at increasing stake in SOFIE Biosciences? Third one, probably there are many management interviews are being done by the various business channels. I could hardly see our management coming on the business channels and discussing the business updates. If you could do it more frequently, would be helpful for individual investors. Thank you, sir. Sujit, thank you for the compliments. Your third point, which you made, is duly noted, and we will take the necessary action on that. On the two other questions on the RUBY-FILL Europe. We got the approval in the RUBY-FILL Europe, and we have started doing the installations in the Europe as well, other than the U.S. and Canada, where we had been doing earlier. That's an additional geography, which we have started developing, and we are getting a good traction on that. Your second question was, if you can just let me recall again. It's on SOFIE Biosciences partnership and- SOFIE Biosciences, yes. what plans we have got? Yeah for that partnership. It's SOFIE Biosciences. They have 3 business verticals. They have the network of PET radiopharmacies, where we have many of the complementing things with them in terms of overall distribution and acquisition of the customers. There, the cooperation is continuing. The other piece is they had the novel assets called SOFIE for the diagnostic and the therapeutic applications. For the therapeutic, they have out-licensed this to Novartis, for the diagnostic, they have kept it to themselves. They are, as of now, in the process of taking the approvals of that from the U.S. FDA, they are making the filings. Their 3rd business vertical is doing contract manufacturing for these radioactive isotopes along with the ligand. Helping the other biotech companies, pharma companies, and universities to develop the product. We see lot of synergies into our business with their business. About the pharmacy, I have already talked about. They have good products for them for the distribution, and I can speak about them because that's in the public knowledge. You know that Biogen product is approved for the Alzheimer's. They also have agreements with a company called Life Molecular Imaging, who has a Neuraceq, a product which is required for the diagnosis for the Alzheimer's. Earlier, the Neuraceq was not getting too much of the traction because therapeutic application was not available. Now, with therapeutic application being available, they will have a substantial business for the dispensing of the Neuraceq. Same way, they also have the other contracts for the PSMA product or the PSMA Si, which is also expected to bring healthy revenue and the margins for that. We are very happy and satisfied with our investment, and we are very confident that this investment will give healthy returns. Thank you, sir, and all the best. Thank you. Thank you. Ladies and gentlemen, that was the last question. I now hand the conference over to the management for closing comments. Thank you so much for the conference call, and wishing all of you a very happy Diwali in advance. Thank you. Thank you. Ladies and gentlemen, on behalf of Jubilant Pharmova Limited, that concludes this conference. We thank you all for joining us, and you may now disconnect your line.