Ladies and gentlemen, good day and welcome to Ajanta Pharma Q4 FY25 earnings conference call. As a Ladies and gentlemen, good day and welcome to Ajanta Pharma Q4 FY25 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 plus zero on a touch-tone 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, Chief Finance Officer, and Mr. Rajiv Agrawal, our AVP Finance and Investor Relations. The results are already with you. We will take you through business-wise performance for the quarter and for the whole year, along with the comparison of previous year's same period. Let's get into the business performance. For the current year, 2025 marked yet another year of outstanding performance, driven by our well-crafted strategy and strong operational execution. We are committed to growing sustainably and scaling up responsibly, building every part of the business in such a manner that creates long-term value to our stakeholders. Staying true to our commitment of growing the branded generic business in mid-teens, I am pleased to share that we delivered a healthy growth of 15% during the year. Our financial strength also continued to improve, with ROCE at 32% and return on net worth reaching 25% as of March 2025, reinforcing our position amongst the best in the industry. Our strong cash conversion ratio of 92% enabled us to distribute a significant payout of INR 7,000,000,000 to our shareholders, reaffirming our commitment to delivering value to our stakeholders. Moving on to the business details, our overall business saw a healthy growth of 11% during the quarter and 10% for the year, in spite of sharp degrowth in Africa institution business and soft growth in US generic business. The growth for the year was fueled by an excellent performance of our branded generic business, which contributed 74% in overall revenue. This business is spread across India, Asia, and Africa. The sales stood at INR 805 crore during the quarter, posting 12% growth, and INR 3,394 crore, a growth of 15% during the year. This business exhibits assurance, sustainability, and scalability in the long run. Let me now take up international business, and I will first start with branded generic business in Asia and Africa, which contributed 42% in the total revenue. Let's begin with Asia. Ajanta's Asia business extends across Middle East, Southeast Asia, and Central Asia, covering nearly 10 countries. We are strategically strengthening this business through increased investment in both products and people to drive accelerated growth in the coming years. I am pleased to share that we have significantly expanded our product portfolio in the region, with the launch of 25 new products, primarily in chronic therapies. This expansion positions us strongly for the sustained growth in FY 2026 and beyond. In Q4, sale was INR 303 crore against INR 281 crore, a growth of 8%. During the year 2025, sale was at INR 1,191 crore against INR 1,057 crore, a healthy growth of 13%. Let's move to Africa. In 2025, our Africa business achieved an outstanding growth of 28%, driven by continued strategic focus on expanding our chronic therapies portfolio in the region and successful launch of 13 new products. These initiatives are steadily building a strong foundation for more sustainable and scalable business in the years to come. As we look ahead, while the Africa Pharma market is anticipated to witness a moderation in growth in 2026, alongside the impact of high base effect 2025 for Ajanta, we remain confident in the long-term potential and strength of our business in the region. During the quarter, the sale was INR 133 crore against INR 113 crore, a growth of 17%. For the year, sale was INR 750 crore against INR 585 crore, a healthy growth of 28%. Let us talk about other two verticals of international business now. Let's go with US generics. As anticipated, our US generic business closed the year with a growth of 9%, with all five new product launches occurring in the second half of the year, limiting their ability to contribute to the full-year performance. However, we are well-positioned to capture the complete potential of this product in FY 2026, which is expected to witness a stronger growth supported by a robust pipeline of additional launches planned for the year. We remain vigilant, considering ongoing tariffs, uncertainties, and will respond based on actual outcomes. During the quarter, the sale was INR 325 crore against INR 261 crore, posting a healthy growth of 25%. For the year, the sale was INR 1,047 crore against INR 964 crore, a growth of 9%. Our superior execution continues to keep us as a preferred partner of choice for the distributors. Let's move to the Africa institution. As we have consistently highlighted over the years, this business has remained unpredictable due to its heavy dependence on the procurement agencies. During the year, the business experienced a significant degrowth of 41%, including a sharper decline of 53% during Q4, reducing its contribution to the revenue to just 3%. Consequently, it has become a very small part of our overall business. Looking ahead, we continue to maintain a cautious outlook on this segment for the foreseeable future. The anti-malarial business contributed a revenue of INR 147 crore during the year against INR 249 crore in the previous year. Revenue for the quarter was INR 28 crore against INR 61 crore. Now, I invite Mr. Rajesh Agrawal, our Joint Managing Director, to take you through India business. Thank you, and over to you. Thank you, and good evening to all of you. FY25 was indeed an eventful year for the India business, with many new initiatives. First, there was the addition of two new therapies, gynecology and nephrology, with a little over 200 MRs in the domestic market. Secondly, there was a significant expansion that we undertook in the existing therapies, with the addition of 250 new MRs. We are open for further expansion in FY26 as may be necessary. Third, acquisition of three brands in the pain management segment. I am pleased to share that, as a part of the strategic initiatives, we have taken a significant step forward with the first-ever acquisition of three brands in the pain management segment. These additions align well with the accelerated growth trajectory of our India business and will further strengthen our pain portfolio. It is important to note that the value of these brands falls below the threshold for mandatory disclosure. We continue to outperform the Indian pharmaceutical market by a significant margin of 300 basis points for the year, with Ajanta delivering an impressive growth of 11% compared to IPM's 8% growth. Notably, our volume was nearly double of the IPM. This positive trend is evident across most therapeutic segments in which we operate, where our growth has consistently outpaced segment averages. We remain confident of sustaining this momentum in the coming years, backed by a robust pipeline of new product launches. Focusing on our performance in FY 2025, the India business contributed 32% to the company's total revenue, supported by the launch of 32 new products, including eight first-time launches in the category. In Q4, sales stood at INR 369 crores compared to INR 326 crores in the same quarter of the previous year, registering a healthy growth of 13%. For FY25, sales reached INR 1,452 crores, up from INR 1,308 crores in FY24, reflecting a growth of 11%. Our India business also includes revenue from the trade generic segment, which contributed INR 49 crores in Q4, up from INR 41 crores and INR 179 crores for the full year compared to INR 161 crores in FY24. In the covered market, we are fifth largest in IPM and among top 10 in all our therapeutic segments. As per IQVIA MAT March 2025, cardiology contributed 38%, followed by ophthalmology 29%, dermatology 23%, with remaining 10% coming from pain in India branded sales. 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 fourth earning call of FY2025. On this call, our discussion includes certain forward-looking statements, which are projections or estimates about future events. These estimates reflect management's current expectations 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 obligations to publicly update any forward-looking statements, whether because of new confirmations, future events, or otherwise. We will look at the consolidated financials and provide year-on-year comparisons. The key financial highlights of Q4 and FY2025 are as follows. Total revenue in Q4 stood at INR 1,170 crore against INR 1,055 crore, posting a growth of 11%. For FY2025, the revenue was INR 4,648 crore against INR 4,209 crore, posting a growth of 10%, which was in line with our guidance. Our gross margins stood at 77% in FY2025, an improvement of 200 basis points over the previous year. This was the result of higher contribution from branded generic business in overall revenue. We expected to remain in the similar range with a movement of 50-100 basis points due to a change in product mix. For FY2025, personnel costs stood at INR 1,090 crore, an increase of 21% over the previous year. Change in gratuity policy in Q1 and the addition of medical representatives in India has resulted in this exceptional increase. We expect this to get normalized in FY2026. In Q4, the cost was at INR 280 crore, an increase of 20%. Our R&D spend continues to be at 5% of total revenue and is expected to remain at a similar level going ahead. In Q4, expenses were INR 630 million against INR 500 million, and in FY2025, it was INR 2,240 million against INR 2,080 million. Other expenses in Q4 stood at INR 3,100 million against INR 2,780 million, and in FY2025, it was at INR 1,280 million against INR 10,700 million, previous year same period. Our thrust on the branded generic business, with investment in products and people, will keep other expenses elevated in FY2026 as well. Our EBITDA margins stood at 27% for FY2025, though it was lower at 25% in Q4 due to higher personal costs and lower gross margin for changing from business mix. EBITDA stood at INR 2,970 million against INR 2,780 million, a growth of 7% in Q4, and INR 12,600 million against INR 11,720 million, a growth of 7% in FY2025 over the previous year. We expect the EBITDA in FY2026 to be around FY2025 rate. Other income was at INR 180 million in Q4 and INR 950 million in FY2025. It includes forex gain of INR 70 million and INR 280 million, respectively, in Q4 and Q1. Income tax stood at 23% of FY2025 and is expected to remain at this level in FY2026. In Q4, PAT was INR 2,250 million against INR 2,030 million, a growth of 11%. For FY2025, it was INR 9,200 million against INR 8,160 million, a growth of 13%. PAT stood at 19% in Q4 and 20% for FY2025. CapEx was a little higher for the year, with investment of INR 3,180 million in FY2025. This includes new liquid plant at Pithampur, new office in Kandivali, and brand acquisition costs. CapEx, including maintenance CapEx for FY2026, is estimated to be around INR 3,000 million. Working capital remained our focus area, and we will continue to monitor it closely. Trade receivables at 94 days against 199 days, and inventory at 72 days against 73 days, is becoming a normal level. Our cash flow from operations at INR 1,157 crore for FY2025 is indeed a landmark, with a cash conversion ratio of 92%. Free cash flow of INR 694 crore, with 75% PAT conversion, also reflects our efficient cash flow management. ROCE and RONW continue to improve and be comparable to the best in the industry. ROCE stands at 32% and RONW at 25% at the end of March 2025. 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 the touchscreen telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Tushar Manudhane from Motilal Oswal Financial Services. Please go ahead. Yes, thanks for the opportunity. Sir, just a clarification on this EBITDA margin guidance. You said similar to that of FY25, right? Yes. 28. 28.3%, 28% plus minus. Sorry? Correct? 28% plus minus. Can you repeat your question? Sir, just a clarification on EBITDA margin guidance first for FY26. Yeah. You know the higher end? 28% plus minus 1%. Got it. Sir, but given the kind of growth which we are witnessing in the branded generic business, and still, if you are guiding for the similar EBITDA margin, does it mean that other expenses are going to further rise from here on? Yes, to some extent, because the investment which we have done in people, etc., is going to increase the sales and promotion costs. Because currently, 450 people have been added over a period of the second, third quarter, so naturally, their full cost will come in this year. Got it. Sir, gross margin lower is largely to do with US exposure higher? Yeah, for the quarter, yes. You are right. Then subsequently, we are guiding for the gross margin also to be broadly similar as that of Q4 or FY25? FY25. Got it. Thank you so much. I will come back with you. Thank you. Thank you. Next question is from the line of Vishal from Systematix. Please proceed. Mr. Vishal, your line is unmuted. Please go ahead. Yes, sorry. Good evening, everyone. In the presentation, you've shown that the ophthalmology segment has grown only 5% this year. Any specific reason the segment growth was lower this year? Yeah. What is the reason for the growth? Yes. No, there is no specific reason. I mean, nothing that we can point out. That is what it is. Okay. Sir, the next one is, you have INR 1.76 billion in capital work in progress. Would you be able to share what that pertains to? It pertains to various projects which we are undertaking. The head office, which is the Ajanta Tower, which is going on at the moment, some of the floors are yet to be completed and capitalized. Plus, also, we have our liquid plant in Pithampur. Ladies and gentlemen, the line for the management has been disconnected. Please stay connected while we reconnect them to the call. Thank you. Ladies and gentlemen, thank you for patiently holding. We have the line for the management reconnected. Over to you, sir. Yeah, I think Vishal, you were asking something. There was a technical glitch. We are also. Yes, sir. I was asking about the CWIP. What you indicated, part of it is on account of Ajanta Tower, and the rest, you were talking about a liquid plant, which. Yes. It got disconnected. Yes. It is a liquid plant in Pithampur, which we are setting up. That is there. Plus, also, some other small projects which are going on in different manufacturing sites. Okay. This liquid plant pertains to the US market or the India market? No. No. This is for the emerging market. Okay. Yeah. Sir, one question on this U.S. market. You have a product called Oxtellar XR, where you are the third generator, which has an approval. What I could see is you have discontinued the product on the site. Is there any reason to discontinue that product? No, no. There is no. Which website are you talking about? On Drugs@ FDA, what I can see is Apotex and one more player have launched the drug, but Ajanta, which also has an approval, but it's showing discontinued there. Yeah. No, I don't know. We'll have to see the website, what it is showing. We have not discontinued. In fact, we have launched that product in the last quarter as an authorized generic from the originator. So we are already there. If it is an authorized generic, would that be the reason to have discontinued your own ANDA? No, no. We will be transitioning into our ANDA once our AG contract time expires with Supernus. We will transition into our own ANDA. I will have to check what website you're talking about, but we are not aware of that. As far as we are concerned, we have approval for that. Right now, we have launched as an authorized generic. Once that timeline is over, we will be coming with our own product. We'll be launching our own product. What would be your market share as an authorized generic there now in Oxtellar XR? Right now, it is small because we just launched recently, last quarter. Going forward, I think we will be able to increase our market share. Okay. Understood. Just a follow-up on the ophthalmology slowdown. Just wanted to understand whether the segment is largely driven by cataract surgeries and chronic areas like glaucoma and dry eye, and whether Ajanta has a strong presence in these segments? Yeah. We have a presence in more than 80% of the subtherapeutic areas. Dry eye is also post-cataract, anti-infective, anti-allergenic, glaucoma. We are present largely into all of these NSAIDs for ophthalmology. As far as the growth rate is concerned, there are many other segments. For example, gynecology has grown only at 4% range. Respiratory has grown, again, mid-single digit. There are multiple. That is why you see the IPM growing only at 8%. There is no specific reason. I think that is the question for IQVIA to maybe look into and answer. On a reported basis, also, you would have grown slower in ophthalmology? Because this is secondary data, but for you on a primary basis, like primary sales channel, would you have grown at mid-single digit or higher rate? Mid-single digit. We are at mid-single. IQVIA data, we have grown at 6% compared to the market growth of 5%. That is what is most relevant for us. Got it. Okay, sir. Thank you very much. Thank you. Thank you very much. Thank you. Before we move to the next question, a reminder to the participants to ask a question. You may press star and one. Next question is from the line of Abdul kader Puranwala from ICICI Securities. Please proceed. Yes, sir. Thank you for the opportunity. The first question is with relation to your India business. I heard that you have added a few MRs this year. What would be the quantum of MR addition for the next year? We do not have a specific objective for adding any numbers. We will optimize the field strength as we go along, wherever we feel that additions are required. It is just start of the year. We will know after maybe first quarter as to where all and how we add the MRs in which segment and in which territory. There is no specific number that we are starting the year with. Okay. Okay. Sir, when we talked about last quarter and this quarter as well about foraying into two new therapeutic categories, just wanted to understand from a prescriber standpoint. The MRs are currently catering to the same prescriber. The reason why I'm asking that, if I look at your presentation, then the doctor coverage kind of stands flat at 2.5 lakh doctors, if we check that with the previous quarter presentation as well. Can you clarify that, please? Yeah. No, you're right. The reason being in nephrology segment, it's a very small subset of the frank nephrologists by way of qualification. It's an insignificant number to really see an impact on the 250,000 all doctors that we cover. It's a relatively smaller field force. It's more of a task force-based approach. We were already covering nephrologists by way of our existing brands, which are Feburic and Cilnod, which are also heavily prescribed by nephrologists. It's the same customer, but we are having a first-line treatment product through the nephro team now. Therefore, even those minor additions are already factored in by nephrology. In gynae, we have a small team at this point. The coverage is not massive all India. We hope to be able to expand the footprint as we go along in the coming year. You may see some addition in the doctor coverage by the end of the year, to be more specific on that. Already in our investor presentation, it is mentioned as 250,000 plus. If there are minor additions, that will cover that. Understood. Understood. One more on your Africa institution business. I know that you have been quite cautious on the outlook of this business for quite some time. Given the recent uncertainties about donor funding, though not directly related to your line of business, any outlook you may like to provide on that front would be helpful. Thank you. No. As you have seen, current year also, we have degrown heavily. This is one business segment we can never give a guidance on. We do not know what kind of procurements will be done by the agencies, what kind of money they will be getting. Now, with the USAID, U.S. government has said that they are not going to continue with USAID anymore. We are not sure what kind of procurements they will do, if at all they will do anything. I think this segment of the business continues to remain unpredictable. The best thing we can do is, whenever opportunity comes, we can maximize it. There is no guidance which we have for this segment or no outlook. Understood. Okay. Got it. Just final one for me. Any revenue growth guidance you would like to provide for your branded generic and US business for next year? U.S. business, we are looking to mid to high teens kind of growth. For the. Branded generic? Branded generics, low teens. We are looking at low teens. Got it. Thank you. I've done that again. Thank you. Participants, to join the question queue, you may press star and one. Next question is from the line of Forum Parekh from Bank of Baroda Capital Markets. Please go ahead. Mr. Parikh, your line is unmuted. Please go ahead. Yes. Thank you for the opportunity. Can you highlight on the outlook of ANDA filings in FY 2026, please? We are looking at filing around 10-12 ANDAs in the 2025-2026. Okay. Can you just comment on the U.S. tariff if implemented? How are we seeing this? How much would it—I mean, how would it impact us? Do I understand the portion or the contribution from the U.S. side is very small for us? Just in overall broader perspective, how are you seeing the tariff if levied would impact us? As you may be aware, which is announced by the U.S. government, they have initiated a Section 232 investigation, which means the U.S. government has initiated a study that, if at all, what kind of import they are doing for the pharmaceutical products in the U.S. For any reason, if they're doing substantial import, those countries do not supply to the U.S., what is at risk? They have to come up with a mitigation strategy for that. They have announced this study. This study can get completed in 90 days or 270 days. We don't know what the outcome will be. It's a very complex and convoluted situation where India is one of the largest exporters of pharmaceutical products to the U.S. At the same time, building such capacities in the U.S., if at all they were to build, it's a long process. I think there is no clarity on what kind of tariffs, if at all, they will come. So far, they have been exempted, whether they will continue to exempt or they will put and to what percentage they will put. The situation is very, very fluid right now to make any comment. Having said that, we have evaluated our scenario, strategy, and options. We have a directional plan in place, depending on whatever the outcome of the study and the government of the United States makes the announcement. We will take the suitable appropriate measures to mitigate the risk, whatever best way we can. I think there is no further comments or guidance I can give you because we don't know what the tariffs, if at all, they will be. Whether they'll be 10%, 20%, 25%, there's no clarity on that. Yeah, sure. In the last question, if I may ask, it's on the R&D side. We see that R&D contribution is 5% of the sales. Any guidance like whether this would be the same% or are we intending to increase? Just where are we attributing and where are we spending the R&D cost? Just a sense on that. No, R&D, we are estimating and guiding around the same percentage. Next year also, we will be at around the same% of 5%. As you know, all our R&D is split across formulation development for India, ROW, and US market. Approximately 50% of the R&D spend is for the US market, and the rest 50% is for the branded generic business, which is spread across India, Asia, and Africa. Yeah. That's it from my side. Thank you. Thank you. Thank you. Participants, if you wish to join the question queue, you may press star and one. Next question is from the line of Dr. Aman Kumar Singh, an individual shareholder. Please go ahead. Good evening, all. Congratulations for giving us a good result. I just also wanted to have a dream. I'm associated with this company right from the IPO days, I mean, when we came up in the IPO. Just wanted to know that when we are going to achieve a $1 billion mark as a part of our sales. Similarly, now we have at least one milestone. I can see that we are nearing ₹1,000 crore net profit mark. When do we expect at least a billion dollar of sales, expectation from my side, and at least $250 million of profit from Ajanta Pharma. These are our aspirations as well. All the growth drivers to make this happen, we work every day very hard to put them in place. We continuously try to identify good products, try to identify newer markets, try to increase the market share in every product. I think the team is working very hard to see that we continue to propel this growth. I think hopefully it should come very soon in the near future. That is all we can say about this. No, the rate at which we are growing, I think this 11%, 12%, 15% rate of growth will actually lead us to a billion dollar mark in not less than another five to six years' time. If this can be little, because if there are other opportunities what our company can explore and then put some growth drivers into it. Like you were saying about recent regulations that are happening in the US, similarly, they are also coming up. They are giving boost to CDMO and CROs, all those kind of players. If we can broaden up our portfolio base in some way so that we can increase our sales. Like an optimistic view from my side, and I also wonder how completely achieve it. Agreed. Agreed. Point noted. Rest assured, we have a good business development team and at the top management. We are continuously evaluating all the possible opportunities. As you rightly said, if we continue to grow at mid-teens, in five years, we should 2x business. We are doing everything to see that we put all the growth drivers in place. As you rightly said, hopefully it should happen in five to six years. Could happen earlier also, who knows? Okay. Thank you. Thank you so much. Keep the good work going. Thank you. Thank you. Thank you. Next follow-up question is from the line of Tushar Manudhane from Motilal Oswal Financial Services. Please proceed. Yeah. Thanks for the opportunity again. Just again on the US business, where the filings have been less in FY25, while the ramp-up in filings is expected in FY26, what is giving the confidence for sort of mid-teen sort of a growth in FY26 in US business? U.S. filing is separate than the growth we are looking at the next year. Yes, I agree with you. Current year, our filing has been slightly less than what we would have liked. We have guided 8-10 or 8-12. Two of our ANDAs, which were to be this thing is getting spilled over from studies, have not been successful. I can definitely say that I think 10 ANDAs minimum are for sure looking very, very much possible for the next year, considering the development stage where we are in for the pivotals, which we have passed and all those things, 2 up to 12 also. We will feel very, very comfortable and confident of the next year ANDA filing. The growth which we are talking for the US business 2025-2026 of high teens is more on the back of four launches which we have done in the last six months. In Q3, we did three launches, and Q4, we did one launch. In next year, we are looking to launch seven new products. The last four products which we launched in second half, that will ramp up in the current year. There will be some part of the new seven product launches which will be scattered over the year. Some upside will get from there. The combination of these put together, we are giving the guidance of high-teen growth in the US market for the next year. Understood. Just lastly, at the industry level, any disruption you are witnessing either on the raw material procurement or on the US exports front in anticipation of this geopolitical tariff trade war? No. Currently, as you know, there is no tariff on pharma, except the 20% tariff which was announced by the U.S. government on China. That first 20% tariff applies to pharma also coming from China to the U.S. Other than that, there is no other tariff on pharma coming into the U.S. from any other place. The 20% tariff on pharma, which was first announced by the U.S. government, we have not seen any kind of things, any shake-up or any disruption or any kind of significant changes or movements because of that. Market seems to be pretty much as it was before. There's no shake-up which we have seen. That's great to hear. Thanks a lot for your insights. Thank you. Yeah. Sure. Thank you. Next question is from the line of Shrikant Akolkar from Nuvama. Please go ahead. Hi. Thanks for the opportunity. Now, my question is on the India business. We have done MR additions. We have done a few launches, and we also have courage in new therapies. Over a two to three-year period, how do you see the India business shaping up? Our primary objective remains to outpace each therapeutic segment that we are present in and operate in. If we are able to outpace the market at a molecule level and at a subtherapeutic level, I think that's our prime goal. If the India market is growing at 8% at an IPM level, our aspiration and aim is to grow at least 200 basis points faster than the IPM growth. That is how we can look at for the next two years also. The new therapies that we have entered, when do you think that those therapies could be contributing substantially, meaningfully? What could be the three-year, five-year periods where we think this can add meaningful value? No, it's a good question. Both the therapeutic segments are quite competitive. The competitive intensity is very high. It will take maybe at least three years because we have just entered last year with the first-line treatment, current portfolio for each segment. Really, to make a presence felt, it will take about three years. At least that's what we are aiming for. Understood. On the new product acquisitions that we have done, a few products that you have highlighted, is it possible to talk about the thought process that have gone because we have not done any acquisitions so far? What could have changed, and how big are these products? The annual revenue was about INR 15-17 crore for these brands. They were acquired from a company called Actigen. They are primarily into the pain management segment. Honestly, the outlook has not changed. We have always been looking out for acquiring good assets, brands, or companies in the domestic market. We have been in the foray in many such acquisitions that have happened and companies that have got sold or acquired. This brand augmented very well with our current product portfolio, and therefore we made the acquisition, and we are reasonably confident of having a quick payback and building these brands to a much larger scale than what we acquired them at. Understood. On the liquid formulation facility, can you talk more about it? I understand it is expanding substantially at the existing liquid capacity, but when do we think this will commission, and what sort of opportunities it can bring? It will be mostly we have a small facility at Dahej, our liquid facility, which is quite old now, small capacity, and we are doing a lot of contract manufacturing outside. Contract manufacturing has a limitation on how much we can scale up, get the approvals from the various authorities in the emerging market, projects. It is very dependent. Our philosophy and objective of Ajanta Pharma has been to get the production inside as much as we can. With that outlook, we have put up a new liquid block at Dahej. Basically, it will be getting all the contract manufacturing inside at our facility and moving some part of the production from Dahej to this facility. This will also act as a platform for us to develop and file new liquid products from this facility into our emerging markets. Going forward in three, four years, then they will be available for us to commercialize. That is the outlook for the liquid plant. Okay. Final question, would it be possible to talk about some of the launches that we have done in the US market and maybe some of the market share is possible? What exactly do you want to know? What is the question you're asking? You said that you have launched, I think, five to six products during the second half of FY 2025. Yeah. Yeah. Yeah. Just wanted to know if you can highlight, as you said, the bigger opportunity for Ajanta will be in the FY 2026 when they gain market share. If you can highlight the name, if possible, of course, name of the products and current market share that you have done there. Yeah. No, I think we've launched a few products. We've launched fluvoxamine tablet, then oxcarbazepine, which is Oxtellar XR. That can become a decent-sized product for us in the coming year. As you know, when you launch the product, the market shares are small, and next six months or eight months, they become sizable. They can become a full-blown opportunity. There will be seven new products, which I'm not able to share the names of with you, but there will be some good product launches which will happen next year. All in all, if you see the IQVIA data, wherever Ajanta has launched the product, we have always been one of the top two or three companies having the market share. Our supply track record is one of the best in the industry. We have a fill rate of 99.9%, so we have no back orders. Our supply chain is one of the most robust supply chain. That enables us and the customer then have a confidence when they join hands with us or give orders to us that they can give the product they can get the product consistently. That has been our strong suit, and we will continue to work on that. All these products, end of the day, whatever price erosion which happens, which we are estimating into the high single digit plus the new product launches and market share from that, all put together, we are expecting this to give us a high teens growth in the US. Just last question, with your permission, what should be the CapEx next year? Around INR 3,000,000,000. 300 crore. Okay. Thank you so much. Sure. Thank you. Next follow-up question is from the line of Vishal from Systematix. Please go ahead. Yeah. Thanks for the opportunity. Sir, with respect to Africa and Asia market, any large markets that we intend to enter this year or the year after? In Asia and Africa? Right. No, Africa, we pretty much are present in most of the countries which are sizable and where you can scale up. We are present in pretty much around 18-20 countries in Africa. In Asia also, I think we have taken initiative of Central Asia a year or two years back. We are scaling up there. It will take another two-three years for it to become sizable. Other than that, I think we continue with our existing Southeast Asia, Middle East, Central Asia as a new addition. New addition, when I say, is last year, but it will still take a few more years for it to become sizable. That is where our focus is right now. Basically, with your existing portfolio of markets and filings, can you sustain the growth in Africa and Asia around this low to mid-teens level for the next maybe three, four years? Yeah. Yeah. We feel very comfortable. We have a lot of good products under approval in various therapeutic segments in all these markets. When we get the approval, we can launch them. We have a very good understanding of this market, which enables us to accelerate and get the market share quicker. There are good products which are under R&D right now, which when they get developed, will be manufactured and filed. There is a robust pipeline awaiting approval for the dossiers filed and under R&D. There are a lot of therapeutic segments we are not present in in these markets where we can enter and get the market share. We are not there in gynecology. We are not there in CNS. There are a number of segments. I think there is enough headspace for us to keep growing by adding new products, adding people, and increasing the market share from the existing products. Is it fair to say these markets are even more under-penetrated than what India is, Africa and Asian markets would be present in, with respect to the chronic segments and these new therapies that you talked about, gynecology? I mean, it's very subjective. Each market has their own curve of growth and evolution. Some markets are very mature, like India. CNS is a very large market size. Some markets in Africa may not have such a big large market size of CNS now, but in the future, like India also, 15-20 years back, CNS was very small. Ophthalmology was very small, but now it has become very big. It's optional for us to kind of enter these segments now when they are small in this market. As they keep growing, because they will post growth which are faster than other segments which are mature. Mature therapeutic segments will post a growth of 6%-7%. These segments could post much higher growth of 12%-15%. Considering the strength which we have, we are one of the unique companies having such a large field size outside of India. We understand this market much better. With that strength, we have a good equity with the doctors, and we should be able to get into the segments and make a meaningful portfolio out of them. Got it, sir. Sir, just one final one. We had a 76% payout this year. Should we expect a similar payout going forward? I mean, the only way we can use the money is with the CapEx. We have given INR 3,000,000,000 guidance, which is almost the same as current year. Second is acquisition. If we have any target for acquisition, the money could be deployed there. If not, like in the last two, three years, we have given out this money to the shareholders, then we will give out the money to the shareholders if there is an acquisition which comes through. Got it, sir. Thank you very much. Thank you. Participants, to ask a question, you may press star and one. Ladies and gentlemen, if you wish to join the question queue, you may press star and one. Next question is from the line of Aakash Singha nia from Raay Global Investments. Please go ahead. Yeah. Thank you for the opportunity. Sir, in one of your previous responses, you mentioned that the tariff to the US for India is zero, and for China, currently, it is 20%. Assuming it continues, I want to understand two things. One is, for a similar product, what would be generally the difference between the prices of India and China? Secondly, will a 20% further tariff on China make Indian products and for us more attractive and competitive to gain market share? Right now, as you know, there's a 20% tariff on pharma going out from China to the U.S., which is not there in any other country. To that extent, Chinese companies and whatever arrangement they have with their customers, they have to see how they are going to absorb that. We have very few products with the Chinese players overlapping with them, so we don't have any idea on how that is being done. Generally, the sense which we get from the market is there has not been any big shake-up or disruption. We don't know how that has worked out, whether the prices were passed on, whether the Chinese companies have absorbed. Anyway, I think in the finished products, India is much, much, much larger than China in the finished formulation. Going forward, what is the difference between the tariff between India and China? Going forward, if they put a 25% tariff, will it be common 25%, and China will not have that 20% will be removed and they'll also have 25%? We don't know. There are a lot of uncertainties to kind of make a sense and speculate on that. Okay. What is the price differential currently between the Indian formulation and Chinese formulation, maybe for your portfolio products, would be in what range? No, we don't. As I told you, we don't have overlap with the competitors from China. There's only one product that's not in any shake-up there. Okay. Sir, second question is on for a total portfolio, how much would be acute and how much chronic? Okay. It differs from market to market, actually. For example, if you take India, it is almost about 65% chronic, whereas in the emerging market, overall, if you take, it will be less than 50%. Okay. Okay. Sir, lastly, we acquired these, I think, two or three brands which you mentioned with the revenues of INR 17 crore. Can you share how much amount we have spent on that? I think it is about INR 40 crore. Okay. Okay. Thank you, sir. That is from my side. Thank you so much. Thank you. Thank you. Thank you. Ladies and gentlemen, that was the last question for the day. I would now like to hand the conference over to Mr. Yogesh Agrawal for the closing comments. Thank you, everyone, for joining this call. In case if there are any further questions that remain unanswered today, you can reach to our investor relations team. Thank you. Thank you, sir. On behalf of Ajanta Pharma, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.