Ladies and gentlemen, good day, and welcome to the Ajanta Pharma Q1 FY 2025 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Yogesh Agrawal, Managing Director of Ajanta Pharma Limited. Thank you, and over to you, sir. Thank you. Good evening, and welcome to all of you. With me, I have Mr. Rajesh Agrawal, our Joint Managing Director, Mr. Arvind Agrawal, our CFO, and Mr. Rajeev Agrawal, our AVP, Finance and Investor Relations. I hope that the results are already with you by now. We will take you through business-wise performance for the Q1 of the current year, along with the comparison of the previous year's same period. FY 2025 started on a good note for Ajanta Pharma, with notable achievements in first quarter sales, PAT, and EBITDA. Branded generic business saw a healthy growth of 17% on the back of our strategic approach and focused execution. Our consistent efforts yielded commendable results, maintaining our position as a leading player in the pharmaceutical industry. Furthermore, our EBITDA margins expanded to 29%, reflecting our commitment to operational excellence and efficiency. Our ability to enhance profitability while maintaining financial discipline saw our PAT margins improve to 21% from the previous year's 19%. One of the significant achievements during the quarter was our cash conversion ratio of 141%, which was possible through our concentrated efforts of improving working capital cycle. This will certainly help us to improve our returns on investment going forward. We are confident of sustaining this moment, momentum and driving continued growth in coming quarters. Our excellence in terms of strategy and operational execution will enable us to deliver long-term value to our shareholders. Moving on to the business details. During the quarter, the revenue from operations was at INR 1,145 crore, a healthy growth of 12% from our total business, comprising of three verticals: branded generic business, U.S. generic, and institutional business in Africa. During the quarter, 76% of the total sales came from the branded generic, which is spread across India, Asia, and Africa. The sales stood at INR 860 crore, hosting 17% healthy growth during the quarter. This business exhibits assurance, sustainability, and potential for the long-term growth. Let me now take up the international business, and I will first start with the branded generic business in Asia and Africa, which contributed 45% in the total revenue. Let's begin with Asia. In Asia, our presence spans across the Middle East, Southeast, and Central Asia, encompassing around 10 countries. In Q1, sales was INR 277 crore against INR 254 crore, a growth of 9%. We launched seven new products during the quarter in the region. Africa business is spread across 20 countries. In Q1, our sales was INR 230 crore against INR 159 crore, posting a very healthy growth of 45%. We launched two new products during the quarter in the region. The higher growth during the quarter was the result of lower sales in Q1 FY 2024 due to pension reform strike in France and Red Sea crisis. Let us talk about other two verticals of international business. I now move to U.S. generics. U.S. generics contributed 20% to the total revenue. In Q1, sale was INR 228 Cr against INR 213 Cr, posting a growth of 7%. The growth is in line to our guidance of mid-single digit, as most of the launches are skewed towards the last quarter of FY 2025. Our superior execution continues to keep us a preferred partner of choice for the distributors. In Q1, we filed 2 ANDAs, received three final approvals, and launched 2 ANDAs. We have 46 products available on shelf and 21 ANDAs awaiting approval with U.S. FDA. We target to file 8-12 ANDAs in the current year. I now move to Africa institutional. This business contributed 4% in the total revenue, which comprises of anti-malarial product. In Q1, sales were INR 42 crore against INR 45 crore, posting a degrowth of 36%. The sharp degrowth was due to procurement, prepayment of few supplies in Q4 of FY 2024, as mentioned at that time. This business remains unpredictable due to reliance on procurement agency's schedule. Now, I invite Mr. Rajesh Agrawal, our Joint Managing Director, to take you through India business. Thank you, and over to you. Thank you. Good evening to all of you. I'm delighted to share key highlights of the India business. Our performance has been excellent on the back of increased volumes, price increase, and new product launches. India business contributed 31% in total revenue. In Q1, sales was INR 353 crores against INR 319 crores. The revenue from trade generic, which contributed INR 41 crores against INR 36 crores in Q1, in same period of FY 2024. During the quarter, we launched one new product, which was first time in the country. We continue to outpace IPM by 130 basis points, with Ajanta growing at 8.9%, surpassing IPM growth of 7.6%, as per IQVIA MAT, June 2024. This trend extends to most segments we are in, where our growth has consistently outpaced the segment growth. In Cardiology, our growth for the quarter, as per IQVIA, was 15% against IPM growth of 12%, though on one of our major products. In the covered market, we continue to be the fourth largest in IPM and among top 10 in all our therapeutic segments. As per IQVIA MAT, June 2024, our faster growth is contributed mainly by new launches, which was about 1.3 times to the IPM. We have now four brands in top 500 list. In our sales breakdown, cardiology contributed 38%, ophthalmology contributed 31%, and dermatology contributed 23% of our India business, with remaining 8% coming from pain. I now invite Arvind Agrawal, CFO, to take you through the financial performance. Thank you, and over to you, Arvind. Thank you. Good evening, and warm welcome to the first earnings call of FY 2025. On this call, our discussion includes certain forward-looking statements, which are projections or estimates about future events. These estimates reflect management's current expectation about future performance of the company. These estimates involve a number of risks and uncertainties that could cause our actual results to differ materially from what is expressed or implied. Ajanta does not undertake any obligation to publicly update any forward-looking statement, whether because of new information, future events, or otherwise. We will look at the consolidated financials and provide year-on-year comparison. The key financial highlights of Q1, FY 2025, are as follows: Total revenue stood at INR 1,145 crores against INR 1,021 crore, posting 12% growth. We expect our overall revenue to grow in low teens in FY 2025 on the back of mid-teen growth in branded generics, mid-single digit in USA, and degrowth in Africa institutional business. Our gross margin stood at 77%, an improvement of 200 basis points from FY 2024. The same was due to higher contribution of branded generic business in overall revenue. We expect it to remain in the similar range or 50-100 basis points movement due to change in product mix. Personnel cost was at INR 284 crores, an increase of 33%. This increase consists of regular annual increments and one-time charge of about INR 30 crores for change in gratuity policy of the company, where we have removed the cap of INR 20 lakhs for individuals, for their gratuity eligibility. R&D expenses was 4.5% of total revenue. In Q1, expenses was INR 51 crore against INR 55 crore. We expect the expenses to be at 5% for full year. Other expenses in Q1 stood at INR 263 crore against INR 285 crore in previous year, same period. We expect the expenses to go up in coming quarters in the range of 26%-27% due to increased R&D and SG&A, and expenses. We achieved EBITDA margin of 29% in Q1. EBITDA stood at INR 330 crore against INR 271 crore, a growth of 22% over previous year. We expect the EBITDA to be around this range, ±1%, for whole of 2025. Other income was at INR 26 crore in Q1, which includes forex gain of INR 8 crore. Income tax stood at 24% during the quarter, and we expect the same to be for FY 2025. In Q1, tax was at INR 246 crores against INR 208 crores, a growth of 18%. Tax stood at 21% of revenue from operation. We incurred CapEx of INR 60 crores in Q1 FY 2025. CapEx, including maintenance CapEx for FY 2025, is estimated to be at around INR 175 crores. In Q1 FY 2025, we have generated a healthy cash flow from operations of INR 466 crores, with cash conversion ratio of 141%, and free cash flow of INR 301 crores with 1.3% tax conversion.... This is the result of our consistent efforts in improving working capital cycle. With these highlights, I open the floor for the question and answer. Thank you. 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 the question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Abdulk ader Puranwala from ICICI Securities. Please go ahead. Yeah, hi, sir. Thank you for the opportunity, and congratulations on good set of numbers. So my first question is with the Africa branded generic business. So in your opening remarks, you alluded to a lower base, but even if we see from a historical trend rate perspective, you know, we have done substantially well this quarter. So going ahead, you know, what is the kind of revenue trend rate we should see in this particular segment? Yeah. So I think, as I mentioned, some of the sales got spilled over from the last quarter of Q4 of the previous year, and because of that, this quarter looks bit elevated. So I think if you see historically, our average rate was around INR 155 crore to INR 160 crore. As I think we've given the guidance, for the blended branded generics business across India and across all the international markets, we are looking to post a mid-double-digit growth. So I think, considering Asia, Africa, we are heading towards delivering that kind of number. I think that's what is the outlook. Got it. Helpful. And second, second question is with relation to your working capital. So, you know, with the kind of cash flow you have done this particular quarter, would you like to highlight some measures what you've taken to cut down on your working capital or some change in policy which has led to this kind of an improvement? See, basically, there are two areas in the working capital cycle. One is the inventory and another one is the debtors, receivables. Now, on the inventory side, anyway, our consistent efforts are happening in terms of all the efforts which are being done to reduce the inventory level at every locations and every point. While that is being done, the receivable is something where we have been able to achieve some improvement, especially on the U.S. side. And this is where we are getting reflected in the cash accrual. Got it. And, so my final question on the gross margin guidance of, you know, between 75%-76%- Yeah. So, I mean, if we allude, you know, to the kind of growth what you're guiding for, then, you know, largely the kind of mixes what we have seen in this particular quarter should sustain for the full year. So, I mean, any reason why we are being little conservative here on guiding for the gross margins when we're already about the threshold as compared to what we are guiding? See, as I mentioned in my, actually, I am saying that it can be ±1%. So, So, the contribution of branded generic of 77% may reduce as we go forward, with higher contribution from U.S. or institutional business. So in that case, this variation can take place, but otherwise we are consistent with the number which we are talking about. Plus the expenses during the quarter, they have been slightly on the lower side, which we expect that in next three quarters, those expenses will slightly elevate. So that will also have an impact on that. On EBITDA, yeah. Yeah. Yeah. Got it. Got it. Thank you. John, back to you. Sure. Thank you. Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Tushar Manudhane from Motilal Oswal Financial Services. Please go ahead. Yeah, thanks for the opportunity. Sir, just first of all, I missed on the, on the opening remarks about the employee expenses. If you could just, you know, repeat the same. See, basically, in the employee expenses, there is one time charge, about INR 30 crore, which is there. This is because of the, you know, change in policy of gratuity, being paid to the employees. Earlier, we had a limit of INR 20 lakh rupees, for the gratuity for the employees, whenever we are giving it to them, when they are retiring or resigning. Now, that cap of INR 20 lakh has been removed, and because of that, the provision for gratuity has increased. So, that provision is something which is one time charge, which has come in. Now it will get normalized in the subsequent quarters. You should be broadly INR 250 crore ± per quarter sort of an employee expense in the coming quarters? You are right. You are right. You should minus INR 30 crore to kind of get a- Yeah. From the current quarter. So if, given the product mix, you know, if we are able to sustain the gross margin, and even if I, you know, assume, let's say, INR 10 crore-INR 15 crore increase in our expenses, still we should be doing much better in terms of the EBITDA margin? So what is holding us back, for, you know, the forthcoming quarters or full year et cetera, in the time from having a better profitability or the better margins? No, as I mentioned, you know, the expenses were very low in the first quarter. I think as we go along, the expenses will pick up, the other expenses. So the, in that case, our expectation is that the EBITDA margin should be in this range or ±1%. Understood. And so how much was the trade business for the quarter in India? Yeah, it was INR 41 crore, this quarter, as against INR 36 crore in the last year, same quarter. Understood, sir. And, lastly, how are you seeing the base business in, as far as U.S. is concerned, is the price erosion sort of stable at, say, mid-single-digit, or is getting higher? Or if you could shed some light there. Yeah, price erosion is stable. It remains to be in the high single digit. There is no aggressive price erosions or any kind of kinks are there. So for now, I think the market seems to have stabilized quite well. Understood. Thank you. Thank Thank you very much. Thank you. The next question is from the line of Gagan Thareja from ASK Investment Managers. Please go ahead. Yeah. Good evening. I hope I'm audible. Yes, please. Yeah. So on the Africa branded generic piece, you know, it has been fairly volatile across the quarters, even in the past, and you have alluded to channel filling and, you know, destocking kind of playing in how the numbers behave across quarters. Is there something of a similar nature in this quarter? Yeah. As I mentioned, in the opening remarks, this quarter looks a bit elevated because some of the sales of the last quarter got factored in, it got accounted in this quarter. But historically, if you see, we have delivered a CAGR of about 13%-14% growth for the last five years in Africa, if you remove quarter-to-quarter or one year to second year. So I think, this kind of volatility can happen. One quarter maybe for XYZ reason, channel filling, defilling, any issues there, like we had a Red Sea crisis or the strike in France. That does impact, but I think you have to look at a longer horizon of one year or maybe multiple years, and I think the fundamentals remain strong to deliver the mid-teens growth there. Okay. And when you say that branded generic market for, I mean, sales for you will grow at mid-teens, will it be mid-teens across all the three markets, India, Africa, and Asia, or are we, you know, sort of seeing different numbers? We are giving the mid-teen growth guidance for the branded generics in emerging markets, which is Africa plus Asia. Okay. That does not include India. All right. All right. And then if I look at, you know, this year's sales mix, given your guidance of higher growth in branded generics versus institutional and U.S. business, which are relatively lower margin businesses, you know, it could intuitively seem that the sales mix should lead to better margins year on year. In addition to that, you know, you have added to your sales force in the past year in the African market, Asian market, and which should see an improving PCPM. I mean, if you, you know, reason it out, it will seem that there should be a good, strong case for margin improvements. Is that line of thought wrong? No, I think that line of thought is not wrong, because as we said, you know, 29% EBITDA in this quarter is something which is very clearly seen. And as I mentioned in the opening remarks, I think ±1% is the variation which can happen. Otherwise, it is something which is going to be there. The plus one I understand, sir. Minus is something that, you know, is hard to understand given the way things are moving for you. Unless, of course, you know, there are some force majeure conditions of any sort. Exactly. Exactly. That's the reason, because institutional business is not in our control, what orders we will get. U.S. is a unpredictable market, which can happen. There are many other factors for the supply chain in the emerging markets. So we have to factor in for any volatility which can happen, which is unforeseen. Are freight costs in any way, you know, impacting you in 1Q, or do you foresee them impacting you going ahead on a year-on-year basis? Yes, on a year-on-year basis, I think what we have seen the freight cost go up in Q4. So far in the Q1, they have remained at the similar levels. They have not aggressively gone up. But, on an annualized basis, we believe that, we would be adversely impacted by INR 30 crore in the freight cost as compared to the full year last year and current year last year. So we'll have an extra freight of INR 30 crore. Right. And from a sales force point of view? By assuming that the freight level remains at the current level. If they go up or down, accordingly the impact will change. In terms of sales force addition, what are your, you know, planned additions this year in India and the other markets? In India, there is no increase in the sales force we are estimating. In the emerging markets, we could have an increase of the sales force of about 8%-10%. But that could happen towards the later part of the year. So may not be some significant in the current quarter and the next quarter. I think most of the addition will happen towards the end of the year, maybe third quarter and fourth quarter. But against the 1,800, probably we could add another 150, or 100-150 people. Right. And finally, what is your capacity utilization? You know, a broad sort of indicative number. About 60%-65% across the plants. Okay. Thank you, sir. I'll get back in with you for more. Thank you. Thanks. Thank you. Before we take the next question, we would like to remind participants that you may press star then one to ask a question. The next question is on the line of Sudarshan Padmanabhan from JM Financial PMS. Please go ahead. Thank you for taking my question, and congrats on good set of numbers. So my question is to understand in a cardiovascular, you know, business of ours, I mean, in the last two to three, you know, quarters, we've basically seen the growth a bit muted. If you can give some color with respect to, you know, now that, you know, we have been adding MRs, and, you know, the other segment, specifically the derma, continues to remain pretty strong. How do you see this segment gathering momentum, and what actions have you taken there, sir? The prime reason for the subdued growth that you see in cardiology segment is because one of our largest brands, the largest brand for the company, Met XL, had come under the further price reduction by NLEM in the last year. That impacted us until March of 2024. That's why you see a subdued growth, because we were the price leaders, and we took a sizable hit on the Met XL top line, as well as, of course, getting added into the bottom line part. After that, if you look at the Q1 of the current year, which is April-June quarter, our growth in Met XL and overall in cardiovascular segment is much better than the IPM and the likewise molecule growth. So, so that was a minor aberration that happened, but, we don't see any major challenge in the cardiology segment. As I said, the growth has bounced back. We have grown at 14.8% as against, 12.2% of the, of the cardiology segment in the Q1. So we have, we have grown faster. I think the price cuts would have helped us to gain market share being the market leader, so that is visible in the first quarter, I would assume. Sorry, I couldn't hear you clearly. As the price cut? Yes, sir. The price cuts, normally, you know, when the market leader takes a price cut and they have such a strong market share, eventually with the lag, we will start getting the market share back. So that would be visible probably in the first quarter, and we should gather momentum as we move to the second and third quarter. Is that right, sir? Yes, we are, we are quite hopeful. All the efforts are on to build the momentum. Yes, sir. And secondly, sir, one thing, you know, I was pretty happy to see on the annual report that, you know, we had 14 launches and some of the launches that we had were first time in India. If you can give some color with respect to, you know, how are these 14 molecules doing, and how many more launches have you seen in the first quarter, or we plan, say, in the first half of this year, sir? On a blended basis, if you look at the growth composition of Ajanta versus the IPM, our new brands growth has been contribution from the new product launches has been better than the industry growth by 1.3x, as I mentioned in my opening remarks. Which, as I said, gives a very encouraging picture of how we are able to perform in all the new brand launches that we have undertaken in the last 12 months to 24 months also. We have a robust pipeline, and I see that these brands can become very important and significant for the company in the coming few years. Yes, sir. Sir, one final question before I join back is, you know, the Africa brand that has rebounded very sharply, I mean, after, you know, majority of FY 2024, they saw some kind of channel inventory. Is this quarter more or less reflective of what we can achieve, say, in the next, you know, on a quarterly basis, or is there been any kind of a front loading in this quarter in terms of the run rate, sir? I mean, as I again clarified, our run rate was about INR 155 crores per quarter. So if you see last three quarters, that was the run rate. Last, on the Q4 was at INR 110 crores odd. So we had a drop in the, on the quarter. And as I said, some of the sales got pushed into this quarter. So this quarter, I think you should add in the last quarter and work out the average, and there's a growth in that. Of course, there was a healthy growth, despite the fact that the quarter got, the sale got added in this quarter. We feel confident of posting a decent growth in the, in the Africa. But I think the way I would say, I would urge you to look at our branded generic business in emerging markets is, look at the blended basis. Some Africa at times may grow faster and Asia may be slightly behind, or Asia may grow faster than Africa. But the right way, the whole DNA look is the same, the gross margins are around the same. So I think on a blended basis, we are giving the guidance of mid-teens growth for the branded generic business of the emerging markets. ... Sure, sir. Thanks a lot for Ajanta. Yeah, yeah. Thank you. A reminder to the participants that you may press star and one to ask a question. The next question is from the line of Vishal from Systematix. Please go ahead. Thanks for the opportunity. Sir, with respect to the branded generic markets, Africa and Asia, would you be able to share some color as to what is driving the growth? So basically, whether it is a market expansion, getting into new geographies, or it is large part of it is basically volume and value growth in existing markets. And do you get the same kind of price increase in these markets as you get in India? Yeah. So it is largely a factor of increased market share from the existing products. As you know, we have added people in our international markets last two years, so that is also reflecting. And the third factor is we are continuously launching new products in these markets. So all these three are driving the momentum for the growth. So if you see, last year, we've added 18 products in Asia. We launched nine products in Africa. So put together, almost 27 products got launched. And already in the current year, we have launched seven in Asia and two in Africa. So nine products got launched for the quarter. So if we are able to add similar kind of products, it takes time for them to nurture and grow, but it just adds up every year, all these three factors gets added into that. There is not such a big price increase in international markets. That luxury or that comfort is not there. So most of it is new products or increase in the volume of the existing products. Right. And, so some sense on how these markets are versus India. So, do you find these markets as competitive as, as India is, or currently these are less competitive and you have more space in terms of launching new products in these markets, emerging markets and Africa? So it is as competitive, it is as competitive as it is in India. Everything is to be fought and gain the market share. Having said that, we believe that we have a very good skill set to identify the gaps in the market and bring the products, get the registrations and bring them to market and make it into a successful brand. So we are very strategic in product selections, adding to our various teams and making a sizable brand out of it. Yeah. Right. And sir, just one final question. On India, what we are witnessing is companies are either trying to add MRs to their teams, or they are acquiring other companies, smaller companies. So, we are doing neither, so we are neither adding MR, nor we are looking at any acquisitions. So, how are we, but we are still growing faster, but how do we intend to sustain this, considering the growing competitiveness? No, the plans are always on. We are always evaluating and looking for opportunities. Also, not only in terms of acquisition, but also there are strategic additions in the MR counts, which are being done. We already have a good optimum coverage. We are rather focusing on increasing the productivity for that. That is really the, you know, focus for us for the last few years. We are on a constant evaluation. If there are opportunities to further strengthen the segment or any other new segment, then we will, at the right point in time, enter those segments. Got it. Yeah. Well, thank you very much. Okay, thank you. Thank you. Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Gagan Thareja from ASK Investment Managers. Please go ahead. Thanks for taking my question. But most companies who have, you know, high salience in emerging markets have, you know, reported poor growth because of adverse currency movements, whereas that has not been the case for Ajanta. So can you perhaps elaborate on, you know, what was constant currency and how and what has been the impact of currency movements in these markets for you? See, currency movement is something which is not very substantial at all. It is something which is the normal growth, which we have got, through volume. As MD mentioned earlier in his opening remarks, we are consistently increasing our market share, we are consistently launching new products, and all that is giving us the growth. So it is not just the, currency, you know, thing which is, coming into the picture. No, I get that. My question is more in the sense that how much of your sales is, you know, completely hedged for currency movements and how much? Yeah. Okay. So, currently, we have hedged for about six months sales already. And going forward, we you know, depending on what the view is on the currency, we normally take the hedge even for nine months or 10 months also. Okay. And so coming to the India business, you know, where you have sort of focused on four therapeutic areas, is it possible to understand to what degree you have been able to sort of broad base your portfolio of products in these three, four areas, and you know, and do you also intend to come into new therapy areas in the coming two, three years? So the first part of your question, in different specialties we have different coverages. For example, in ophthalmology, we are second ranked by way of sales and first ranked by way of prescriptions as per SMSRC audit. Now, in that particular segment, we have close to 70% of the market coverage in terms of being in those therapeutic segments, whether they are NSAIDs, you know, or antibiotics or antiglaucoma, so on and so forth, right? So we have a large coverage in ophthalmic. Whereas, if you look at some of the other segments in cardio and derma, we have a relatively smaller presence because the way it has evolved and we have entered at a point in time where we could not launch the older molecules. Answering your second part of the question, obviously, as I said just now, we are evaluating different therapies every quarter and every six months. And if we find the opportunity, then we will, for sure, launch those specialties and into some of the new specialties in the coming year also. Right. Thanks. Thanks for that. And for U.S., you know, while this year you are talking of mid-single-digit sort of growth, with eight to 1.0 filings, if I heard it correctly, how should, you know, one, think, for, for Ajanta's U.S. business you know, in a three to five-year timeframe? Well, that's a very long outlook. We normally don't give that kind of guidances. We will stick to the current year. Having said that, you can factor in the number of... We've already shared the number of ANDAs awaiting approval and number of ANDAs which we are targeting to file current year, and that should be in place for next two years also. So lot of products will get launched. And as I said, current year also, a good number of launches will happen towards the Q3, Q4. So that will, the factor will come in into the next year. So just general, my sense is, I think, next year, our growth in U.S. should be in double digit, but, I'll hesitate to give any kind of specifics, whether it's low double digit or mid-teens or high teens, but I think outlook looks positive to us. Okay. For the emerging markets, do you intend to increase presence or maybe add new markets or new countries where... I mean, in Asia, I think Philippines is large for you, followed by some of the- Yeah. Middle Eastern markets and CIS. We have started to build, we have started to look at some other markets. Central Asia is our next thrust right now. So we are in the active phase of ramping up our presence there by filing a lot of product dossiers. And as the product gets approved, then we'll add the people to promote them. We are looking at Angola, Africa also to add to increase the product portfolio. Some other geographies are also there in Asia, but it's a bit too early. We've just identified the products, start filing there. It may take three years by the time we get the approvals and we start to commercialize. But yes, to answer your questions, there are some countries which are at advanced stage, where we filed the dossiers. Approval should come in 12-18 months. Some we will file or we have just filed, so that may be three years. So there are different markets and different maturity curve, which will fructify next one year, two year, three year. Okay. But you don't intend to get into any of the Latin markets? Honestly speaking, I think the way we have prioritized our entry, there are certain number of markets which we believe where we have good understanding and skill set, and they'll be easy addition to us, as compared to going to Latin America, which will be a very completely new market. And with the same resources, it will take longer time for us to ramp up there. So I think there is enough work for us to do for next two years in the geographies which we are present in, that is Africa, Asia, and the Middle East. Once we are probably at advanced stage of filing dossiers, then we will look at Latin America. Okay. In India, do you feel the need to add to your sales force? Not this year, perhaps, but next year. Yeah, maybe in the next year. As we go along, we will evaluate further by the end of the year, maybe quarter three or quarter four, we will evaluate. But we are doing strategic additions if required. Nothing in major numbers. Yeah. Okay. So even if there is a sales force addition in FY 2026, it will be, you know, not a very significant number, is what you're saying? Yeah, we don't foresee a significant number. Basically, again, productivity is what we are focusing on. So, and we are gaining good momentum into that, so it's fine. What's the PCPM for your India business currently? PCPM, one minute, I'll just, four lakhs for the end of first quarter. PCPMs touched INR 4 lakhs. What was the number for 1Q last year and whole of last year for that? Year-on-year Q1, it was INR 3.5 lakhs. Okay. And for the full year, FY 2024? Sorry, so FY 2024 was INR 3.5 lakh, and current year first quarter is INR 4 lakh. Okay. Thanks for taking my questions. I'll get back in the queue. Thank you. Okay, yeah. Thank you. Participants who wish to ask questions, please press star and one at this time. As there are no further questions, I would now like to hand the conference over to Mr. Yogesh, for closing comments. Thank you, everyone, for joining this call. In case if there are any further questions that remain unanswered today, please, reach out to our investor relations team. Thank you. Thank you very much. Thank you, everybody.