Ladies and gentlemen, good day and welcome to the Granules India Limited Q2 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 the conference call, please signal an operator by pressing star then zero on your touchscreen phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Irfan Raeen from MUFG. Thank you, and over to you, sir. Thank you, Muskan. On behalf of Granules India Limited, I extend a warm welcome to all participants on Q2 and H1 FY 2026 financial result discussion call. Today on our 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 expectation, belief, and opinion as of today. These statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. 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, Irfan. Good evening, ladies and gentlemen, and thank you very much for joining us on our Q2 FY 2026 earnings call. We appreciate your continued interest in Granules. We have uploaded a detailed presentation of our quarterly performance on our website. I trust you had a chance to review it. I will start with an update on the 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 the subsequent warning letter. As communicated during the last investor call, we have reached the eligibility milestone for a request for a meeting and re-inspection, and we have now initiated formal engagement with the agency. We have been granted a meeting with the FDA in January 2026, which is Q4, and remain on track with all the required remediation measures in preparation of this interaction. We continue to submit monthly progress reports with the latest update provided on October 31, 2025. In addition, multiple status reports have been shared to date, and the FDA has raised no concerns regarding the adequacy or pace of our corrective actions. Cross-contamination testing on more than 3,000 retrospective and concurrent samples has also shown no failures to date. Meanwhile, the Gagillapur site had received a GMP certificate from the German authorities, an outcome of the inspection completed in February 2025. The site had also completed eight customer audits with no critical observations and received the UL certificate last quarter. The facility is now cleared by the German and Danish authorities, with Denmark granting us a UGMP certificate in July 2025. Across our network, multiple regulatory milestones have been achieved. At GPI site located at Chantilly, Virginia, the U.S. FDA has issued an Establishment Inspection Report for the unannounced pre-approval inspection conducted in June 2025 for a first-to-file controlled substance ANDA. Our API Unit One facility at Bonthapally has received an EIR and has been classified as VAI by the FDA following the June 2025 inspection. Our Greenfield GLS facility at Genome Valley, Hyderabad, has received U.S. FDA approval for a product following the PAI conducted between July 28 and August 1, 2025. This marks the first FDA approval for the GLS site, strengthening our finished dosage capabilities and enabling multi-site manufacturing. In the coming quarters, inspection for the GLS Genome Valley site, inspection by the European authority is also scheduled. With these developments, we are confident of returning to the growth trajectory for formulation business from India, free from delivery constraints. The successful U.S. FDA inspection of our Greenfield formulation facility at Genome Valley unlocks an additional 10 billion doses of formulation capacity, a 40% increase over the existing 26 billion dose capacity at Gagillapur. It also establishes a second source supply of finished dosage 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 this FDA approval. With remediation at Gagillapur expected to conclude in the near future, post which we anticipate securing new product approvals and enabling the site to fully support our return to the growth trajectory. Together, these steps will free us from delivery constraints for both the U.S. and EU, enabling us to fully leverage the growth potential of our formulations business from India. Additionally, growth will come from CNS ADHD segment 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 the oncology capacity monetization from Unit Five in Visak, creating a balanced platform for near-term performance and long-term growth. Our peptide CDMO platform, SLS Peptides, built on Senn Chemicals' strong Swiss legacy, is progressing well through its integration and capability-building phase. Our Swiss innovation, Indian-scale model, is resonating strongly with target customers, and Sanjay will take you through this later in the call. 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. manufacturing operations, moving up the value chain in Europe, and finally, expected normalization of operations and new product approvals from Gagillapur post-completion of remediation. Over the medium to long term, our strategic expansion into high-value segments such as peptides through Senn Chemicals and SLS Peptides, alongside oncology and new dosage forms, will further strengthen our competitive position. Supported by our sustainability commitments and disciplined execution, we are confident in delivering sustained value to all stakeholders. With that, I will 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, and good afternoon, everyone. Let me take you through the development and progress of our peptide CDMO platform, SLS Peptides, which is being built on the strong foundation of Senn Chemicals in Switzerland. SLS operates as a separately managed subsidiary, maintaining an arm's length relationship with its parent, that is, Granules India Limited. The Swiss site at Senn Chemicals continues to function as our global R&D and CDMO hub, ensuring complete data confidentiality and IP protection for our customers. In parallel, SLS India is being developed as a scalable manufacturing and R&D backbone, creating a Swiss innovation and Indian-scale platform that differentiates us in the global peptide CDMO landscape. A key milestone on the India side is the establishment of the Peptide R&D Center of Excellence at Indian Institute of Technology, IIT Hyderabad, which is now ready and will become operational this month. Over the past few months, the Senn and SLS team have collaborated closely across Switzerland and India on CapEx execution, quality initiatives, and various other support functions. This has helped reshape the business into a true CDMO model focused on complex and emerging peptide segments. At the same time, we have strengthened leadership, governance, and performance management systems at the site. Our quarterly performance was in line with expectations, reflecting the ongoing transitions, integration activities, and inherent variability of CDMO operations. Importantly, the underlying traction remains strong. We are in an integration and infrastructure upgradation phase and expect to turn profitable in Q4 of this year while continuing to target FY 2027 as the first fully synergized and profitable year for SLS. On the commercial front, customer engagement continues to gain momentum. Recent interactions at major industry events, including CPHI Frankfurt and ongoing Tides Europe in Basel, from where I'm speaking right now, have reinforced growing interest from leading innovator pharma companies, emerging biotech, and cosmetic peptides customers. We are seeing multiple feasibility programs, new inquiries, and renewed discussions with several global innovators. Our LPPS hybrid chemistry capabilities and the India-scale manufacturing narrative have been particularly well received by early-stage biotech companies seeking agility, responsiveness, and cost-effective development pathways. Senn Chemicals' deep expertise in liquid phase synthesis continues to attract innovators looking for scalable and economical process development and manufacturing solutions. In the cosmetic segment, Senn's TFA-free peptide offering remains a unique differentiator valued especially by Europe-based innovators and brand owners. In summary, SLS is now emerging as a differentiated peptide CDMO, combining Swiss shopmanship, Indian efficiency, and global reach. With rising partnership interests, advancing technology collaborations, and growing customer confidence, we are building a strong foundation for a credible and competitive peptide CDMO platform. With that, I will hand over to Mukesh Surana, our CFO, who will take you through the financial performance. Thank you, CMD and Sanjay. Let me take you all through the top financial parameters now. Revenue, the second quarter revenue was INR 12,970 million as compared to INR 9,666 million in Q2 FY 2025, reflecting a growth of 34%. Revenue sequentially grew by 7% as compared to Q1 FY 2026. Year-on-year growth was primarily driven by the formulation business in North America and Europe. In Q2 FY 2025, the company had voluntarily paused production in the Gagillapur plant to reassess the potential risk on account of the U.S. FDA observations. The sales breakup as per 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 65.7% in Q2 FY 2026, representing an improvement of 368 basis points year-on-year and 82 basis points sequentially. Gross margin improved primarily because of improvement in operational efficiency and product mix. EBITDA and EBITDA margin, EBITDA for the quarter was INR 2,782 million, that is 21.5% of sales as compared to INR 2,033 million, that is 21% of sales in Q2 FY 2025, an improvement of 42 basis points from Q2 FY 2025, despite EBITDA loss of SLS Peptides of INR 200 million. EBITDA percentage of sales for Q2 FY 2026 is improved by 106 basis points from Q1 FY 2026. The improvement in EBITDA was primarily due to sales growth and margin expansion. R&D. R&D expenses for the quarter were INR 705 million, that is 5.4% to sales as compared to INR 524 million, that is 5.4% to sales in Q2 FY 2025, and INR 678 million, that is 5.6% to sales in Q1 FY 2026. We will continue to spend similar expenses to support long-term strategic growth. Net debt, our net debt stood at INR 10,241 million as compared to INR 9,480 million in Q1 FY 2026, primarily due to increase in CapEx spends in the quarter. Cash-to-cash cycle, our cash-to-cash cycle was 204 days in the current quarter as compared to 205 days in Q1 FY 2026. Cash flow from operations, cash flow from operations for the quarter was INR 1,937 million as compared to INR 2,806 million in Q1 FY 2026. CapEx, CapEx spent during the quarter was INR 2,112 million as compared to INR 1,137 million in Q1 FY 2026. ROCE, ROCE for Q2 FY 2026 is 16.2% as compared to 16% in Q1 FY 2026. 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 the touch-tone 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'll wait for a moment while the question queue assembles. The first question is from the line of Tarang from Old Bridge Asset Management. Please go ahead. Hi, good evening. Congrats for the strong quarter and the compliance outcomes that you've seen for a couple of your facilities in the last quarter. I had a couple of questions, actually. One, just to get the health of the organic, the base business, ex-Senn, is there any positive or negative one-off in this quarter? Good to understand. You are Tarang, one-off with respect to the overall Granules group you are asking or any specific question? Yes, yes. I mean, were there any special one-time opportunities or some one-time expenditures that you incurred in this quarter? The U.S. FDA consultancy expenses are continuing. Other than that, it is more or less similar. Of course, post-acquisition of SLS, there is a full quarter loss in the current quarter. Okay. Second, given that this was the first full quarter of SLS getting consolidated, would it be fair associated with SLS are now baked into your current quarter, and this is how it should perhaps reflect from future quarters? I think we lost you in between, Tarang. Can you repeat that question? I'm saying with the first quarter of SLS integrated into the business, would it be fair to presume that all the fixed costs associated are baked into your P&L, and this is the trend that we should see going forward, or we could see further escalation in your cost structures? In terms of fixed cost, Tarang, full quarter expenses have been considered, so it will be similar going forward, maybe some additional if at all if you want to hire a headcount. With respect to the revenue and the profitability visibility, Sanjay has already covered in his discussion. Sanjay, you want to add on? Yeah, sure. Tarang, the same thing as Mukesh confirmed. There could be minor headcount-related expenditure as we build our operations in India going forward. From the revenue and the cost perspective, the things are expected to get better from here. Just last two follow-ups. What was the final outlay for this transaction? My sense is there must have been some adjustments that might have been incurred at the time of outlay. I just wanted to get the final outlay. I think there is a German subsidiary that has been involved. If you could give us a sense for the purpose of that. Sorry, your voice is not clear properly, Mr. Tarang. I'll join back the queue. I think there's some problem. I'll join back the queue. Thank you. Okay, no worries. Thank you. The next question is from the line of Ritwik Sheth from One Up Financial. Please go ahead. Hi, good evening, sir. A few questions from my end. Firstly, SLS includes Senn Chemicals, right? Yes, Ritwik. Okay. So this 20 closes related to completely Senn Chemicals. Would that be a right understanding? Yeah, it does largely Senn Chemicals only. SLS, we have just started some of the R&D infrastructure setup. Okay. Got it. Sir, in your opening remarks, you mentioned that you expect to turn profitable in SLS Peptides. What kind of revenue trajectory should we expect going forward in SLS Peptides and Senn Chemicals combined? What is the base right now, if you can give us that figure for Q2? Sanjay, I didn't give you a guideline with that, but basically, I don't think. We don't give guideline, but Sanjay, you can give a strategic outlook. Yeah, sure. Sure, happy to jump in. See, we will be unable to divulge the details at a quarterly split level, but it's safe to assume that the base which we acquired is just under $20 million. The growth will be multiple around this. We're not looking at incremental growth around it. We will not be able to provide you a quarter-to-quarter guidance per se, and current base business is in no way a reflection of what we intend to build given the excitement in the peptide space and the encouraging new inquiries that we're receiving basis our sweats and India play. We'll leave it at qualitative at this moment. Yeah, that's where I will stop. Sure. And just to, sorry, to hop on SLS Peptides and Senn Chemicals, what would be the capital employed as of September 2025 on this business? Sorry, we lost you again. Okay. Am I audible now? Yeah, now you're audible. Yeah. So what is the capital employed in SLS Peptides and Senn Chemicals? Yeah. Tarang, there is no major change from what we have said in the last earnings call. It is a total INR 450 crore of acquisition, debt plus equity. Additionally, we have invested another INR 1 00 crore for additional scaling up of CapEx. Sure. Okay. What could be the asset turn that you would have going forward once you completely integrate this over the next two years? Can you give some sense on that? It's a CDMO business. CDMO business asset turn would be completely different than the normal business, and also the margin profiles would be completely different. We are generally not giving sales guideline, but what Sanjay has clarified already is there is a base, and we are not looking at simple incremental growth. It will be a multiple of the base. Right. Got it. What is the internal timeline to scale this up? Would it be two years? Would it be three years or sooner than that? Just to get a qualitative sense on that. Sanjay, can you answer that? Sure. The first year, we want to just make sure that we turn profitable. In FY 2027, the target is to turn it profitable. In terms of a build-out, the CDMO business is typically a long lead item, but it does not mean that we have to wait out three years to get to what we realize. I think we have been in good shape in starting this at six months from now to an 18-month period. That is where we start converting some of the inquiries into the real businesses for ourselves. We keep our investment proportional to the kind of projects that we start getting in. Again, stopping short of a guidance, but we are not looking at a very, very long term beyond a three-year horizon. The real build-out happens from a one- to three-year period itself in, again, a multiplier function, not an incremental fashion. Got it. I have one more question. Can I go ahead? Yeah, go ahead. Yeah. If you see in the last two to three years, we've been around this ballpark top line of approximately INR 1,100 crore-INR 1,200 crore per quarter. Earlier, in the last phase from 2014, 2015 to 2022, we have grown at double digit. Would you think that with all these remediation and the new site getting approvals one by one, would you suggest that we would start going at double digit from FY 2027 onwards on the top line on the base business and plus peptide business? Yeah, I think you are right, Tarang. We were constrained by certain things last few years, but now, like I said in my opening remarks, we are going to have a breakout and get back on our growth track. Got it. Okay. Okay, sir. Thank you and all the best, sir. Thank you. Thank you. A reminder to all the participants, you may press star and one to ask question. The next question is from the line of Tarang from Old Bridge Asset Management. Please go ahead. I was lost in the middle, so the last few questions were not by me. They were from someone else. In any case. Okay. Okay. Go ahead. Yeah. Sir, just to get a better sense of the German subsidiary that's been incorporated, what's the thought process there? Number two, we saw very strong traction in both your Europe business as well as your U.S. business this quarter. Has that got to do anything with Paracetamol coming back? A little bit, Tarang. Not totally Paracetamol. Now, your first question about the German subsidiary, we are focusing on EU growth now, and we need to have an arrangement for stocking and selling. That is the reason we are starting a subsidiary there. It will not be a big affair, but slowly we see growth there. Regarding the growth, EU is going as per plan. We had a little slowdown in the last quarter, but it is on track now. Of course, U.S., as we anticipated, mentioned many times, we are expecting very strong growth from our U.S. manufacturing, especially more than Indian products sold in the U.S.. GPI, as a standalone unit, has picked up and is doing quite well, and we anticipated good growth from there. Has that meaningfully contributed this quarter? Yes. Yes, sir. Okay. Thank you, guys. All the best. Thank you. The next question is from the line of Priti Agarwal from SK Associates. Please go ahead. Yeah. Thank you so much for the opportunity. I would like to know what were the key drivers behind the increase in EBITDA? Yeah. The key driver is largely operational efficiency. Operational efficiency, of course, includes various things in terms of yield improvement and some of the leveraging on the packing side, etc., and also product mix. This EBITDA margin could have been further higher if the EBITDA loss of peptides was not there. The product mix and operational efficiency have helped us in improving EBITDA. Understood. How did the INR 200 million EBITDA loss from SLS Peptides affect overall profitability? The turnover, we have already covered in the presentation. It is almost similar number of turnover quarter on quarter in SLS, INR 28 crore -INR 29 crore, and the EBITDA loss is about INR 20 crore from SLS. Understood, sir. Thank you so much and all the very best. Thank you. The next question is from the line of Maitri Shah from Sapphire Capital. Please go ahead. Yeah. Hello. How are you doing? Yes, Maitri. Hello. Yeah. Yeah, you're okay. Yeah. Just on the peptide business, so we said that we'll turn profitable. Are we expecting to turn PAT profitable or EBITDA profitable by Q4? Sanjay, for you. Yeah. In Q4, we should be EBITDA profitable. Okay. Do we see a lot of programs coming in this business? That is why we are expecting this back profitable from quarter four, or is this mostly on just? How do we expect this growth to happen? No. No. I understood the question. We do have the visibility for Q4 right now, and if we execute it well, we are hopeful of turning profitable in Q4, and that's very much in sight. On the inquiries and on the new projects, those are longer lead items, and those will get realized subsequently. Our Q4 performance will not be largely dependent on those development or any outcome of those discussions. Yes, there are indeed some great discussions that are ongoing. I will just caveat it by saying that these are slightly long lead time discussions and will have to wait out. We are very hopeful of converting those. Okay. So then the entirety of FY 2027, do we expect these inquiries to convert, or are we expecting them to happen post FY 2027? These are typically we are talking to innovators with their in-clinical assets and their programs. It could be a calendar year 2026, financial year 2027, and the visibility we have is over a longer horizon as well. These will have the projects and the programs at various stages. In FY 2027, we are in discussions with companies with a program in FY 2028, and subsequently, for the later stages, the project goes through. These are very long lead time discussions. Part of it can be realized in the coming year, and there will be an ongoing component from there based out on the success of a project, and we become a co-traveler along the innovator on the agenda. Okay. Secondly, what sort of revenues do we need to clock in to have a positive EBITDA and also a positive VAT? I do not know any guidance, but hitting this revenue figure can turn us profitable, basically. I won't be able to give you the exact detail, but when you see the Q4 numbers, we'll get a better idea on what could be a break-even number, both on the EBITDA and VAT front. We do have the visibility, and we will cross that in Q4. What sort of visibility do we have? Are these contracts something we got into before this business was in like a hazard to us? No, that I can answer. No, that Maitri I can answer. As a part of our project, there are certain commercial products out of the previous projects which have gone to a commercial stage, and there are supply commitments, and those are phased out along different quarters. The visibility that we have for the Q4 for those commercial supplies items will help us take us over the profitability benchmarks and break-even numbers. These commercial projects will continue throughout FY 2027. Is that also correct, right? Yes, that will also be correct. Could you give us an annual range of what is this commercial project? What sort of annual revenues? We will not be able to. Maitri, we cannot divulge more detail or more granularity into the business at this point in time. Okay. Yeah. Yeah. That is it from my side. Thank you so much for answering. Thank you. A reminder to all the participants, you may press star and one to ask question. The next question is from the line of Aditya from Sowilo Investment Managers. Please go ahead. Yeah. Thank you for the opportunity. My question is on the Gagillapur facility. So I think earlier, the timeline we were looking at was December 2025 to get the FDA to reinspect. Are we still on that timeline? No. Not really, Aditya. We expected once we were ready for the inspection and once we informed FDA, we thought that they would come for a quick reinspection. We did get back to them last month, and they gave us a meeting only in January of 2026. After that, how long they're going to take is something we will see. From our side, we are ready, and let's hope that it all happens fast. Okay. Just to understand, now when we say that we need them to come and inspect, what kind of, in terms of a—I mean, I do not know if it is the right word to use—revenue loss because of this we are facing, or is it that we are compensating for the volumes through some other facility? We had constraints in capacity, and we were not operating at full capacity, Aditya. Definitely, there was a revenue loss because of that. We did compensate from our U.S. manufacturing quite well and a little bit on OTC products from our GLS facility. Now, with the approval of the GLS facility by the FDA, we will be able to manufacture more RX products from here, and we should be able to make up for—and we should be able to increase our revenue. However, once the Gagillapur facility is out of the warning letter, we have some approvals. New products have been pending, and once we get those, I think there will be a better increase in revenue. Okay. So basically, it's not—okay, it's not that the existing one will just get spared. We have a periscope for the revenue growth once it comes back online, right? That's right. Not only from GLS, but also from Gagillapur itself, there'll be better growth. Yeah. Understood. That was my question. That's it. Thank you so much. Thank you. The next question is from the line of Ritwik Sheth from One Up Financial. Please go ahead. Yeah. Thank you for the follow-up. Just one question. You mentioned that the consultancy expenses are still going on in this quarter. Can you just give us that figure for Q2 and H1 FY 2026? Yeah. Sure. FY 2026, I would hesitate to give because continuously we are monitoring. Q2 actual numbers I can give, it's at about $2 million in the quarter. Okay. First half? First half is also—first quarter also of similar number. Okay. So basically, there's a $4 million expenses that we have incurred in H1 FY 2026. That's right. And. It's a recession trend of it coming down. I think it'll come down in Q3, and Q4 it'll come down drastically. Okay. Okay. So FY 2027, this would be close to 1 million. Yes. That is the expectation. Yes. Quite confident. Sure. Sir, are you looking to do any product site transfer from Gagillapur to Genome? Yes. What kind of timelines would you have for these products? We have already applied, made application for some of the products, and some more are being filed right now, which will be a CB 30, and we expect quick approvals. I think about four to five products will be transferred from Gagillapur, and that will give us the needed capacity. Got it. Sir, can you throw some color on the controlled substance growth for H1 FY 2026, and how do you see it panning out in the next couple of years? I think Priyanka, can you take that question? Sure. The controlled substances were pretty stable over the first two quarters, but going forward, we have about—going forward, do you want short term or long term? Yeah. For next two to three years? Two to three years, we'll see possibly one to two approvals from the side, but then most of our products are about two to three years out. We'll have the launches happen three years post because most of them are patent protected, and some of them are first to file. We do expect tentative approvals to come in within the next quarter itself, next two—well, next quarter. Okay. What kind of growth can we expect from this business? Without giving exact numbers, I'll say that there's going to be a significant growth over the next 3 years-10 years because we have products filed until 2035. So we have a lot of confidence in this particular pillar of growth, and we're very excited to see this pan out. Yeah. Okay. That's it from my side. Thank you. Thank you. The next question is from the line of Vivek Gupta from Star Investment. Please go ahead. Yeah. Hi, sir. Am I audible? Yes, Vivek. You are. Yes. Actually, I just happened to join the call a little late, so I'm not sure if the question was answered previously. Yeah, I just wanted to know what factors contributed to the revenue growth in formulation markets in North America and Europe. Yeah. The question was answered, but for your benefit, I think Mukesh will go through it again. Yes. In the current quarter, sequentially, also we have grown significantly better. Some of the remediation activities are robust enough. The productivity improvement has happened already in Gagillapur, and Genome Valley also started giving monograph products. In the near future, we will have other products also as per approval Q3, Q4 onwards. In addition to that, the year-on-year growth was significantly contributed because last year quarter, there was a U.S. FDA audit observation, and the plant was temporarily shut down. Third, the pillar of growth on the formulation, which just now Priyanka has clarified, controlled substances also significantly contributing to the growth. Actually, I'll also answer—I’ll also respond to that. We have also won some awards with our existing business. If you recall a couple of—I mean, every con call, I always keep saying that some of the products that we pick are long-term products in terms of gaining market share. We do have products that we got approvals for about almost two to three years back, and we're still gaining share on those products. If you look at IMS data, you'll see that slowly we penetrate the market. Most of the product, we start with 5%, 10%, 15%, and we go up to a very, very decent market share, and that's also contributed to the growth in North America this quarter. Okay. Okay. That helps. So sir, why did the company voluntarily pause the production at the Gagillapur plant in Q2 FY 2025? This was discussed and explained in the past, Vivek, but then I'll explain once again. See, once the FDA brought in some serious concerns, we just cannot say we are good. We'll continue to produce. We took a pause to assess the exact situation and to prove to ourselves and to the FDA that there is no risk. The product is good. There is no cross-contamination in the product. We also told the FDA we have taken a pause, and they told us, "You don't have to take a pause. You can continue production." We wanted to hear from the FDA rather than doing it ourselves. That has gone a long way in convincing the FDA that we are a very compliant company. Okay. Okay. Sir, how did API and PFI sales in the rest of the world markets impact the overall revenue growth? It has been pretty good. It is there in the investor presentation. We have done good growth of PFI in latter market, which we had constraints in Q1 because of the capacity. Now, with the available capacity, with the robust remediation activities in place, we have capacity available, and we are growing. Okay. Okay. Thank you. That was from my side, and all the best for the future quarters. Thank you, Vivek. Thank you. A reminder to all the participants, you may press star and one to ask questions. If there are no further questions from the participants, I would now hand the conference over to the management for the closing comments. Over to you, sir. Once again, ladies and gentlemen, thank you very much for joining us, and we appreciate your questions. I hope that we have done our best to answer them. In case you need some more clarifications, please feel free to reach out to our CFO, and he will be able to update you. Thank you once again, and have a good day. Thank you. On behalf of Granules India Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.