Ladies and gentlemen, good day and welcome to the Granules India Limited Q1 FY 2026 Earnings Conference Call. 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 this conference 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 Ms. Prachi Ambre from MUFG IR team. Thank you and over to you, ma'am. Thank you, Shruti. On behalf of Granules India Limited, I extend a warm welcome to all the participants on Q1 FY 2026 Financial Results Discussion Call. Today on the call, we have Dr. Krishna Prasad Chigurupati, Chairman and Managing Director, Ms. Priyanka Chigurupati, Executive Director, Mr. Mukesh Surana, Chief Financial Officer, Dr. P.V. Srinivas, Chief Technology Officer, and Mr. Sanjay Kumar, Chief Strategy Officer. Before we begin the call, I would like to give a short disclaimer. This call may contain some of the forward-looking statements, which are completely based upon our beliefs, expectations, and opinions as of today. The statements are not a guarantee of our future performance and involve unforeseen risks and uncertainty. With this, I would like to hand over the call to Dr. Krishna Prasad, Sir, for his opening comments. Over to you, Sir. Thank you. Thank you, Prachi. Good afternoon, ladies and gentlemen. Thank you very much for joining us on our Q1 FY 2026 earnings call. We appreciate your continued interest in Granules India. Hello? Hello. I was on mute. I don't know if somebody muted me here. Can I start again? Yes, please start again. Okay. Good afternoon, ladies and gentlemen, and thank you for joining us on our Q1 FY 2026 Earnings Call. We appreciate your continued interest in Granules. We have uploaded a detailed presentation of our quarterly performance on our website, and I trust you have had a chance to review it. Let me start with U.S. FDA remediation at our Gagillapur facility. We are in the final stages of remediation following the August 2024 U.S. FDA inspection and subsequent warning letter. Our fourth status report was submitted on July 31, and so far, no concerns have been received from the FDA on the adequacy or pace of our corrective action. We will reach the six-month eligibility milestone for a meeting and re-inspection in September and plan to engage with the agency at that time. Meanwhile, the site has cleared inspections by German and Danish authorities, with Denmark granting an EU GMP certificate in July 2025. Across our network, multiple regulatory milestones have been achieved. At our U.S. GPI site, an unannounced FDA inspection was completed successfully with one observation and has been responded to within the stipulated timelines. Our API Unit-I facility at Bonthapally completed an FDA inspection in June 2025, also with a single observation, and the response was submitted in a timely manner. A key milestone was achieved at our new formulations facility at Genome Valley under Granules Life Sciences, which underwent its first-ever FDA pre-approval inspection from July 28 to August 1st. This was successfully completed with a single procedural observation, and the response will also be submitted within the stipulated timeline. These successful inspections across multiple sites reaffirm our commitment to strengthening quality and compliance across the organization. Our focus remains on embedding a proactive, data-driven, and sustainable culture of quality for the long term. Restarting the growth phase. With these developments, we are confident of returning to the growth trajectory of our formulations business from India, free from delivery constraints. The successful U.S. FDA inspection of our Greenfield Formulations facility at Genome Valley unlocks an additional 10 billion doses of formulations capacity, a 40% increase over the existing 26 billion dose capacity at Gagillapur, and establishes a second source supply of finished dosages and PFIs to the U.S. from India. Supplies of monograph products to the U.S. have already commenced, and ramp-up of prescription product supplies will follow FDA approval. In the coming quarters, inspections by European authorities for the Genome Valley site are also expected. With remediation at Gagillapur expected to conclude in the near future, post which we anticipate swiftly overcoming the production slowdown from additional protocols, securing new product approval, and enabling the site to fully support our return to the growth trajectory. Together, these steps will free us from delivery constraints in both the U.S. and EU, enabling us to fully leverage the growth potential of our formulations business from India. Additional growth will come from CNS ADHD segments from our GPI facility in the U.S. Scale-up of large volume products in the U.S. and Europe, moving up the value chain in Europe, as well as oncology capacity monetization from Unit-V, creating a balanced platform for near-term performance and long-term growth. We have also taken a significant step into high-growth peptide therapeutic and CDMO space with Senn Chemicals AG and Ascelis Peptides. Sanjay,, our Chief Strategy Officer, will elaborate on this strategic platform later in the call. On the sustainability front, Granules India Limited was named to the 2024 CDP Supplier Engagement A-list for leadership in supplier climate action and value chain emissions management. We also joined the Pharmaceutical Supply Chain Initiative, furthering our commitment to transparency, sustainable operations, and global supply chain excellence, building on our SBTi-validated net-zero targets. EcoVadis gold medal and CDP Climate score of B. To conclude, we are entering the phase of reviving our growth with a stronger quality foundation, expanded capacity, and a more diversified portfolio. Near-term momentum will be driven by the ramp-up of prescription supplies from our Genome Valley facility, continued growth from our U.S. operations, moving up the value chain in Europe, and finally, expected normalization of operations and new product approvals from Gagillapur post completion of the remediation. For the medium to long term, our strategic expansion into high-value segments such as peptides through Senn Chemicals and Ascelis Peptides, alongside oncology, will further strengthen our competitive position. Supported by our sustainability commitment and disciplined execution, we are confident in delivering sustained value to all stakeholders. With this, I now hand over the call to Sanjay Kumar, our Chief Strategy Officer, who will share more on our peptides and CDMO growth platform. Thank you, Chairman, Sir. Good afternoon, everyone. I'll take you through one of the most exciting strategic developments at Granules, our foray into the peptide and CDMO space through the acquisition of Senn Chemicals and the creation of our wholly owned subsidiary Ascelis Peptides. Peptides have rapidly emerged as a cornerstone of advanced therapeutics with applications spanning diabetes, obesity, oncology, cosmetics, and therapeutic plastics. The advent of GLP-1 drugs, such as semaglutide and tirzepatide, has been transformative for the obesity market, fueling unprecedented revenue forecasts and exceptional consumer interest. With the global peptide market driven in part by GLP-1 receptor agonists, now at a run rate of $78 billion per annum, and projected to surpass $130 billion by 2030, this does represent a compelling long-term growth opportunity. It is reshaping industry and buzzing with innovative activity worldwide, creating a growing need for a credible CDMO partner. Ascelis anchors Granules' transition from a primarily small molecule oral solid dosage-focused business to a diversified platform in compacting peptides and enzymes or oligonucleotides. Senn Chemicals is a first-stage CDMO with more than six decades of expertise in both liquid-phase and solid-phase peptide synthesis, backed by a strong regulatory credential and a proven track record in peptide synthesis as a leading innovator's company. This expertise forms the foundation for Ascelis as a full-spectrum CDMO solution provider, serving innovators across pharmaceutical, cosmetics, and therapeutic plastics with flexible, high-quality manufacturing solutions. The team at Senn includes more than 80 highly qualified professionals, with more than 50% of the managerial roles in R&D, manufacturing, quality, and business development, headed by PhD graduates, demonstrating the depth of expertise that drives our CDMO capabilities. Our execution roadmap for Ascelis Peptides is anchored on four strategic pillars. First, we are prioritizing the CDMO arm of Senn Chemicals to deepen engagement with the top innovators. This involves prioritizing flawless execution of ongoing CDMO projects, expanding the customer base to more innovators, enhancing service offerings, and leveraging Senn's long-standing reputation for delivering complex, high-quality peptides. Second, we are creating the backbone of amino acid derivatives and peptide fragments out of India to serve multi-segment application across target peptide markets. This capability will ensure a wide range of therapeutic and specialty applications, ensuring that we have the essential building blocks for both the current and the future customer needs. Third, we are building a dual-site manufacturing network for high-value peptide APIs, leveraging Switzerland for small-scale, high-complexity production and India for large-scale, cost-efficient manufacturing to serve global markets. This structure provides both flexibility and scale, enabling us to meet the diverse requirements for innovator customers in the CDMO space. In addition to the pharmaceutical peptides, Senn Chemicals operates in two niche but attractive segments: cosmetics and therapeutic plastics, forming the fourth pillar. In cosmetics, Senn and Ascelis are positioning as an early mover and a credible player in the cosmetic industry's transition towards the TFA-free peptide access, addressing both performance and sustainability expectations of the customers. In therapeutic plastics, peptides serve as a precise targeting agent that can be radio-labeled for imaging and conjugated with therapeutic drug treatment, offering strong potential in oncology, rare disease, and personalized medicine. The path forward. As I mentioned, we are advancing on two parallel fronts, enhancing Senn capabilities to target more number of high-value CDMO projects through customer expansion and integrated R&D manufacturing capability, while simultaneously establishing a robust India-based R&D and manufacturing infrastructure for amino acid derivatives, peptide fragments, and eventually full-length peptides. A key milestone of this journey includes the peptide R&D facility and center of excellence at the Indian Institute of Technology, IIT Hyderabad, scheduled to become operational by October of this year, and a commercial-scale peptide manufacturing facility in India targeted for completion by the end of the next financial year. The integration of Senn Chemicals into the Ascelis platform is progressing well, with cross-functional teams driving synergies across R&D, engineering, quality, and regulatory functions, while harmonizing systems, strengthening governance, and accelerating business development. These initiatives are aimed at positioning Ascelis Peptides as a credible, mid-sized CDMO player in tight modality over the next three to five years, serving as an innovation-aligned growth engine for the next decade. With this, I will now hand over the call to Mukesh Surana, our Chief Financial Officer, who will take you through the financial performance. Thank you, Chairman, Sir, and Sanjay. Let me take you all through the top financial parameters now. Revenue. The first quarter revenue was INR 12,101 million as compared to INR 11,799 million in Q1 FY 2025, reflecting a growth of 3%, and revenue grew by 1% as compared to Q4 FY 2025. This also includes the revenue generated from Senn Chemicals AG of INR 291 million. North America had a year-on-year growth, and Europe grew sequentially. Lower sales in ROW was primarily because of PFI supply backlog from Gagillapur. The sales breakup as per the business divisions and geographic regions are presented in our investor presentation, which is available on the website. Gross margin. We delivered a strong gross margin of 64.9% in Q1 FY 2026, representing an improvement of 593 basis points year-on-year and 148 basis points sequentially. Gross margin improved primarily with consolidation of Senn Chemicals AG. EBITDA and EBITDA margin. EBITDA for the quarter was INR 2,467 million. That is 20.4% of sales as compared to INR 2,593 million. That is 22% of sales in Q1 FY 2025, a decline of 159 basis points from Q1 FY 2025. The decline in EBITDA was primarily due to an increase in professional expenses incurred for consultancy and remediation efforts in responses to your observation. EBITDA as a percentage of sales for Q1 FY 2026 is down by 69 basis points from Q4 FY 2025. EBITDA percentage is impacted on account of higher manpower costs with consolidation of Senn Chemicals AG. R&D. R&D expenses for the quarter were INR 678 million, which is 5.6% to sales as compared to INR 620 million, which is 5.3% to sales in Q1 FY 2025, and INR 665 million, which is 5.5% to sales in Q4 FY 2025. We will continue to spend similar amounts to support our long-term strategic growth. Net debt. Our net debt stood at INR 9,480 million post-acquisition of Senn Chemicals AG as compared to INR 7,061 million in Q4 FY 2025. Cash-to-cash cycle. Our cash-to-cash cycle was 205 days in the current quarter as compared to 202 days in Q4 FY 2025. Cash flow from operations. Cash flow from operations for the quarter was INR 2,806 million as compared to INR 3,183 million in Q4 FY 2025. CapEx. CapEx spent during the quarter was INR 1,137 million as compared to INR 1,598 million in Q4 FY 2025. ROC. ROC for Q1 FY 2026 is 16% with increased capital employed post-acquisition of Senn Chemicals AG as compared to 16.6% in Q4 FY 2025. With this, I open the floor for questions. 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 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 a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Tushar Manudhane from Motilal Oswal Financial Services. Please go ahead. Thank you for the opportunity. Am I audible? Yes, Tushar? Yes, Tushar here on the audio bus. Okay. Sir, now that the remediation measures are more or less done, we've got ramp-up of Genome Valley as well. For FY 2026, you sort of what kind of revenue growth and the EBITDA margin, you know, one can think of? Tushar, remediation, they're going to meet the U.S. FDA next month. By the time they come and re-audit us and clear this, it could take up till the end of December. We see good. Also, for the new GLS site, the approval we expect in another 30, 35, or 40 days. After that, only the real growth would start. The new approvals that are pending with U.S. FDA for Gagillapur site will also be cleared, and they'll take some time to revamp. You can see FY 2027 as a very good growth year, starting from the last quarter of this year. I'm glad. Sir, this peptide segment, what kind of investment one should sort of think of for FY 2026 to start with, and then over a period of time overall, what kind of amount are we sort of talking for this space? Okay, this side, we have acquired this business equity plus debt, overall enterprise value of about INR 450 crore. This year, we are looking at an additional investment of probably close to INR 100 crore in Switzerland and also another INR 20 crore-INR 30 crore or so for the backend in India for R&D lab. This is for the financial year 2026. For the financial year 2027, we may want to spend a little CapEx on the backend manufacturing capability. We are still estimating that. Got you. Sir, just further on the Europe sales, we've seen slight uptake, upper FY 2025 to be sort of muted. As we are also moving up the value chain, what kind of growth prospects can be sort of thought for Europe's business? I think let the experts answer that. Priyanka, are you there? Yes, I'm here. I can take that question. Europe, yes, there was a small uptake this quarter. There continued to be an uptake. This is essentially because of our investing more based on the amount of procurement. Sorry. Going forward. Yep. Priyanka. Ma'am, we couldn't hear you. Oh, I'm sorry. Can you hear me now? Yes, ma'am. Now we can hear you. Please go ahead. Thank you. Over the last year, we've actually had orders for Europe. Now that we've started increasing, slowly freeing up our capacities, we started supplying more products to Europe. In addition to that, some of the approvals that we got earlier, we started launching them in Europe through some partners. That's essentially it. Going forward, you'll see this getting to about 15%-20% of the revenue. Got it. Got it, ma'am. Thanks, that's it so much. Thank you. Thank you. Our next question is from the line of Maitri Sheth from Choice Institutional Equities. Please go ahead. Hi. Thank you for the opportunity. This is a question regarding the CDMO in the peptide segment, which is now highly rated. Maitri, ma'am, your voice is coming very low. Can you please take the device close to you? Is this better now? Sorry, ma'am. Hello. Please repeat. Yes, ma'am. Now it's better. Hello. Is this better? Yes. Yes, ma'am. Please go ahead. I was at the start of action on the CDMO and peptide segment. Now that it has started coming to the revenue, how much peptide total revenue contribution? Maitri, ma'am, sorry, your voice is breaking when you're speaking. I'll just join that. Maybe one. Okay, ma'am, please. Thank you. Our next question is from the line of Madhav from Fidelity. Please go ahead. Hi, am I audible? Yes, sir, you're audible. Yes, Madhav. Yeah. I just wanted to understand that for this peptide CDMO franchise, which we're looking to invest in, generally, CDMO businesses have a slightly longer gestation period, you know, to get the pipeline with the innovators and building up. I just wanted to understand where we are in that journey in terms of, you know, client relationship or projects in the pipeline. You know, how much time does it take before we see some of these molecules, you know, commercializing and scaling up for us? If you could give some timeline there, it will be helpful just to understand where we are in the cycle here. I think Sanjay will answer that, Madhav. Madhav, you're right. The CDMO business, by very nature, is a long-gestation project by itself. Having said that, Senn Chemicals already has a book of business and ongoing projects at various levels, though at a small scale, that gives it some revenue visibility right away. What we are seeing today is both from the innovator companies and other players in the CDMO supply chain geared towards serving the innovator customers. We are seeing inquiries and demands all across the spectrum, and we are responding to those. We believe with Senn legacy, its own customer connect, both with the innovators and with the other pharma partners, we are in good shape. The priority is first to execute well on the ongoing CDMO project that we are partnering on, some of the in-clinical assets, and simultaneously execute well on all the RFP, RFQ that we are receiving through them. We do have visibility and a story of the legacy of Senn backed by the backbone infrastructure that we're creating also out of India in a cost-efficient environment. This is the story that has been getting traction through our initial conversation with the customers. I will stop short there and will be able to provide additional visibility in the coming quarters. However, it's sufficient to say that we have an existing book of business and an existing set of inquiries that we are responding to, giving us good visibility on the expected business that we can expect in the future quarters. Just a quick follow-up. In terms of projects in the pipeline, generally, peers in the space give a breakdown in terms of how many projects they have in phase one, phase two, phase three, something like that. Are there any projects which are in phase three today, or are we doing more phase one, phase two kind of projects? If you could give some color so we can make some assessment there. Thank you. Madhav, we are bound by confidentiality on these assets, and we are not at the freedom to disclose those. Yeah, these are in clinical early stages at that point. Understood. Understood. Got it. Thank you. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touchtone telephone. Our next question is from the line of Krisha Kansara from Molecule Ventures. Please go ahead. Krisha, ma'am. Ladies and gentlemen, as the current participant is not answering, we'll move to the next question. The next question is from the line of Devanshi Shah from SDA Finance. Please go ahead. Devanshi, ma'am? Hello? Yes, ma'am. Please go ahead. Yes, am I audible? Yes, ma'am, you're audible. Please go ahead. Sure. I had a few questions. First one was with the new peptide R&D facility and integration of Senn Chemicals, what is the roadmap for scaling peptide APIs and CDMO services, and how do you see this contributing to differentiated growth in regulated markets? Devanshi, in our earlier question, I alluded to the ongoing traction that we have on the CDMO side with a few existing projects in line and additional inquiries that we received. I can provide additional color to the nature of those inquiries. Some of these are linked to the early phase in clinical assets, and some of these are quite a big innovator company to check for our capability as they ramp up their pipeline and more and more assets are expected. They are scouting for the right kind of assets and capabilities, asking the partners to demonstrate these capabilities in specific peptide segments. We're getting those tractions as well. In addition, there are needs for amino acid derivatives and small peptide fragments, which is a common element across most of the players, and they're looking for a reliable and a cost-efficient source outside of China. That is another tailwind that the industry is facing, and Senn Chemicals is well-suited with this facility platform to serve those demands. Okay. Got it, sir. Also, your Europe’s revenue contribution has improved sequentially. What factors really drove this recovery? Was it like volume growth, customer additions, or improved supply dynamics? What was it? Which was? I'll take that question. I just answered it with the earlier gentleman. It's an increase in our capability of supply to Europe in addition to some additional launches that we have that we actually pursued this quarter. We actually launched one product this quarter, and you'll see increased revenues coming from that one product going forward as well. Going forward through Europe, we have about 10 approvals that are pending within this year and next year, out of which one or two products we can only launch later because of the patent situation. We have about six products that we can launch upon approval. You'll see revenues from Europe going up sequentially. Got it. Thank you so much. Thank you for answering my questions. Thank you. Thank you. Our next question is from the line of Maitri Sheth from Choice Institutional Equities. Please go ahead. Hi. Is it better now? Yes, Maitri, ma'am, it's better. Please go ahead. I just have a couple of questions. One is on the CDMO peptide segment that is now started contributing to the revenue. If you can share any color on how much contribution we are expecting by this fiscal end, that is one. Second is on the API segment. If we are expecting any recovery going forward because the segment has been seeing a drag for quite a few quarters. Maybe by this fiscal end, can we see a low single-digit or mid-single-digit growth in the segment? That's all. On the API, let me take that question. Tushar and Sanjay will take that. API has never been a focus. We are always trying to move forward in the chain. APIs are converting to PFIs and PFIs to tablets. If you see our formulation growth, most of it has come from using our own APIs. There was a drag on paracetamol in the past. That has slowly started picking up, paracetamol, PFIs, and API. We see some growth happening in APIs, but overall, most of the APIs made in our facility will be for in-house use. Sanjay, you want to take the next? On the peptides, Maitri, the current book of business on an annualized basis is in the range of CHF 15 million- CHF 20 million. The good thing is now Senn Chemicals AG would be out of certain delivery constraints. Earlier, it was not able to take certain opportunity because it didn't have the backbone of India-based supply infrastructure that we are able to bring to our channels. Number two, it did not have the scale-up capability beyond its scale size. We are addressing both of these constraints and trying to get the best use of, again, I keep on saying, the once-in-a-lifetime opportunity that we see in more inquiries, more interaction with the customers so that Senn is now well-suited to leverage and execute on those opportunities, which earlier it was unable to do so. Thank you, sir. Ladies and gentlemen, the line for the current participant has been disconnected. Our next question is from the line of Krisha Kansara from Molecule Ventures. Please go ahead. Hi, am I audible? Yes, ma'am, you're audible. Please go ahead. Thank you. Thank you. Thank you for letting me join again. Sir, I have one question related to our Gagillapur facility. You mentioned that the remediation activities will be concluded in the near future. I have two questions with respect to this. One is, till date, how much have we spent towards this remediation initiative for our formulation facility? That is one. Second is somewhat similar to what the first participant asked. I just wanted to reconfirm the timeline because I missed your point. You mentioned that you're going to meet someone from the U.S. FDA in this month, and they will plan for a re-inspection at our facility by December this year. Post that, it will take one or two months for the approval or the final outcome to come. Am I correct on the timeline? Thank you. Yeah, you're perfectly right, Krishna, on the timelines and the remediation. Basically, we are not supposed to go back to the U.S. FDA for six months from the date of the warning letter. That six months will be over next month, and then we plan to go there. Regarding the other part of your question, Mukesh will take it. Yeah, Krishna. With respect to remediation expenses, and also there were some airfreight costs also we have incurred quarter on quarter. Both put together over the last three quarters, we have spent about INR 80 crore on the OpEx side. In addition to that, on the CapEx side, we have also incurred close to about INR 50-odd crore. Some are improvements, and some are also, you know, related to IT infrastructure and MES, which is estimated at INR 50 crore. We are not fully spent, but CapEx side is another INR 50 crore. Okay, sure. Thank you. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touchtone telephone. I repeat, anyone who wishes to ask a question may press star and one on their touchtone telephone. Our next question is from the line of Devanshi Shah from SDA Finance. Please go ahead. Hi, sorry, I have a few more follow-up questions. My first question was, manpower costs have risen following the acquisition. Should we expect these to stabilize over time, or will they remain elevated due to ongoing integration and expanded operational scope? This increase in manpower cost is primarily with the consolidation of Senn Chemicals. This will remain at these levels going forward. Okay. Also, the ROC has declined to 16% in Q1 FY 2026, partly due to increased capital inflow following the Senn Chemicals acquisition. Do you plan to improve return metrics over the coming quarters, and what timeline do you see for realizing synergies from this investment? It is primarily because of Senn Chemicals AG acquisition. The ROC has slightly dipped. Quarter- on- quarter, we may not see a significant improvement because it's a long gestation period, where Sanjay had clarified earlier. Sanjay, you want to add anything? Yeah, sure. We are working on quickly turning this around to a profitable business, and we believe within 12 months- 18 months, it will match the return metric that the parent organization has. Okay. Okay. My last question was, can you share more on the progress of the Gagillapur remediation program and its expected impact on operational readiness and supply continuity? Devanshi, I've answered this question initially, but let me repeat it. Yeah, we are close to remediation, and we expect that sometime in December, we will have a pre-audit, and maybe a few months or a few weeks after that, we should get our clearance. The impact is we will be able to produce more in our Gagillapur facility. Today, we are constrained to some extent. We have business, but we have supply issues. We will have our new approvals coming through. As we start launching those, again, there will be uptick in sales. Next year, next fiscal, we see it is going to be a good year. Back to our growth trajectory. Got it, sir. Thank you for taking my questions again. Thank you. Thank you. Our next question is from the line of Harith Ahamed from Avendus Spark. Please go ahead. Thanks for the opportunity. Sir, if you can comment a bit about the new GLS facility and how we should think about ramp-up of utilizations there. Yes, Harith. GLS, we have been producing some monograph products for the U.S. so far, small quantities. Now that is getting ramped up. Also, once we get the approval for the first molecule, which we have done a site transfer to Granules Life Sciences, that's a large volume molecule. The capacity, at least 40%, 35% of the capacity of Granules Life Sciences can be taken up just by that one product. There are other filings which we have made for site transfer as they come through. Those are all basically CV30, so they won't take too long. I think by the first quarter of next year, we would have been fully ramped up in this site. Okay. Understood, sir. Now when I look at our R&D spend, you know, we've stepped up versus, let's say, four to five quarters back. The current spend is around INR 300 crore on an annualized basis. Can you provide some color on the areas where we're spending and, you know, if you could quantify or talk about the number of filings that we're targeting? Priyanka, you want to take that question, Priyanka? Yeah. Like we mentioned in several calls earlier, while we continue to spend on our regular products that we work on, the large volume integrated products, two special areas that we're focusing on are ADHD and oncology. The spend of each is a little bit higher than what we typically spend on healthcare. We are working on global expansion of these products, and that in itself increases the filing costs, etc., quite significantly in each region. If you combine both of them, that's why you see that the spend has gone up over the last couple of quarters. Also, the quality of filings that we're doing has significantly improved only because you can see that we have a couple of first-to-file products, which we can get into details about a little bit later, which we're very excited to launch in the next couple of years. Again, like I mentioned, oncology products, you'll see them going off patent in about three to four years. We'll start launching them in about three to four years in global markets. So. Is that answering the question? Sorry, please go ahead. Yeah. Go ahead. Sorry. I was thinking about, you know, some qualitative color on the various segments, like controlled substances or what's on the other areas? ADHD meaning controlled substances, and apart from therapy, therapy agnostic. Concentration is mostly on onco and ADHD as of now. Like Priyanka said, we are therapy agnostic, but we are mostly concentrating on first-to-files and possibly some final five beta. That's where the cost is going up. Sir, also about the recent leadership change, if you can give some color on how we're planning the transition post Dr. K.V.S. Ram Rao's resignation. I'm fully back in the seat, Harith, and I'm very excited. I think I'll be able to make a positive difference. Also, family is getting involved more and more. I'm very confident of a very positive outcome. Thank you, sir. Last one, with your permission, on peptides, you know, not very familiar with the capabilities at Senn Chemical. Wshat exactly are our capabilities there in terms of protected amino acids, peptide fragments, APIs, and how do we see the capabilities evolving in the peptide space? If you can also comment a bit about the competitive landscape here. Some of our peers are fairly advanced in terms of their capabilities and capacity enhancements. Are we a bit late in terms of our entry into the space given that the market is fairly established and supply chains are fairly evolved currently? Hi. Mr. Hi. Mr. Srinivas here. Regarding Senn Chemicals, yes, they have very experienced peptide chemists with a good pedigree. They're considered as experts in liquid-phase peptide synthesis, but they also practice solid-phase peptide synthesis too. They are there in amino acid derivatives and serving the needs of both the pharmaceutical industry as well as cosmetics. The amino acid derivatives, they're supplying on custom-made peptides to the innovators, as well as to the cosmetic industry. Innovators, when I talk with, both in the case of pharmaceutical as well as in the cosmetic industry. They are there in that field. Essentially, they have the capacity to produce up to kilogram scale, if not more than that. That is what about the capability of Senn Chemicals as of now. We are backing it up by setting up the R&D facilities here in India. Essentially, what we are trying to do is that we are setting up both the synthesis as well as characterization facilities, so that whatever API development that goes on, whether it is in India or in Switzerland, the characterization will happen here. Harith, let me just add. Today, people are moving away from solid-phase synthesis to liquid-phase. There are so many advantages in liquid-phase, which was not realized before. The capability Senn has on liquid-phase is recognized by many of the companies, and they're giving us products or discussing products with us, which will only be made in liquid-phase and not in solid-phase. That gives us a differentiated advantage as of today. The fact that Senn is an expert on liquid-phase is known throughout. Okay, sir. Also, let me just add another one. The future is liquid-phase peptide synthesis for peptides. Okay. Got it, sir. Thank you for taking my questions. Thank you. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touchtone telephone. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Thank you. Ladies and gentlemen, as there are no further questions, I now hand the conference over to Dr. Krishna Prasad Chigurupati, the Chairman and Managing Director, for closing comments. Over to yourself. Thank you very much, ladies and gentlemen, for being with us today, in spite of having many other investor calls today. Thank you once again and look forward to meeting with you and being with you for the next quarter results. Thank you. On behalf of Granules India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.