Ladies and gentlemen, good day and welcome to Q2 and H1 FY 2027 earnings conference call of Alembic Pharmaceuticals Limited. As a reminder, this conference call is only for analysts and institutional investors. 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 a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Isha Lamba, Head Investor Relations and Corporate Development. Thank you, and over to you, Ms. Isha. Thank you. Good evening, everyone. On behalf of the management of Alembic Pharmaceuticals, I welcome you to this earnings conference call for the quarter and half year ended 30th September 2026. Before we begin, please note that during this call, we may make forward-looking statements. These reflect management's current expectations and involve risks and uncertainties that could cause actual results to differ materially. With that, let me introduce the management team present on call today. We have with us Mr. Pranav Amin, Managing Director, and Mr. G. Krishnan, Chief Financial Officer, along with a few other members of the management team. I now hand the conference over to Mr. Pranav Amin. Over to you, sir. Thank you, Isha. Good evening, everyone, and thank you for joining us to discuss the Alembic Pharmaceuticals performance for Q2 and for H1 FY 2027. I will cover the key highlights of the quarter, performance across our businesses, and a revised outlook for FY 2027. I will also discuss the collaboration we announced with DifGen in the U.S. market, and then Krishnan will take you through the financials in detail. The second quarter builds decisively on the momentum of our first quarter and marks an important step in the quality of our performance. Consolidated revenue for the quarter grew, was at INR 2,603 crore, representing a growth of 36% year-on-year, driven by strong performances across all the business. Coming to the India business, it delivered a 14% year-on-year growth in the quarter, led by the human health, which returned to double-digit growth at 11%. The commercial interventions initiated over the past few quarters are translating into visible improvement in field force productivity and execution. Growth is being supported by chronic and specialty therapies, with strong performance in gynecology, cardiology, and emerging therapies. The specialty portfolio grew about 200 basis points ahead of the Indian pharmaceutical market during the quarter, and the overall growth gap versus the market has narrowed meaningfully. We expect the acute portfolio to improve progressively over the coming quarters as well. Animal health maintained its strong momentum, growing 23% in Q2 FY 2027. In India, our near objective is to reach market-level growth in the next two to three quarters. We expect this to be driven by sharper execution and focused brands and priority markets, stronger presence in metros, and a higher contribution from chronic and specialty therapies, while broadly maintaining the current field force scale. Moving on to the international business, the U.S. generics delivered an exceptional quarter, with revenue growing at 72% year-on-year. The performance was supported by strong volume growth in the base portfolio, as well as meaningful contributions from recent launches. While the new launches, including bosutinib, provided an important uplift, the underlying business also demonstrated healthy operating momentum, growing at 23%. During the quarter, we launched three generics, filed five ANDAs, and received one approval. Our existing pipeline supports a steady cadence of more than 30 launches over the next 18 months, with around a quarter of them comprising of FTF or shared day-one opportunities. This gives us visibility beyond the current period of exclusivity-led contribution. We are also pleased to announce the expansion of our strategic collaboration with DifGen Pharmaceuticals, a U.S. based manufacturer of complex generics. The expanded partnership gives us access to a differentiated portfolio of over 20 products across transdermal patches, complex injectables, ophthalmics, and other specialized dosage forms, including select first-to-file and day-one opportunities. The portfolio addresses an aggregate U.S. reference market of approximately $5 billion and also provides access to U.S. manufacturing capacity which can be reserved for us. Contributions are expected to begin from FY 2028, with the initial wave of launches providing near-term revenue visibility and a platform for progressively increasing contribution to the U.S. business, as the portfolio is commercialized over the next few years. Importantly, this is a capital-efficient way to deepen our complex generics pipeline, broaden our mix towards higher-value opportunities, and build greater manufacturing optionality in the U.S. We believe this collaboration will strengthen both the visibility and quality of growth in our U.S. business over the medium term. Moving to the U.S. branded business, the portfolio is now in place, and commercial traction is building. Prescription trends, formulary access, and physician response are progressing in line with our plan. Alembic Therapeutics' portfolio is beginning to gather pace and contributed close to 3% of total U.S. revenue during the quarter. Our current investment in U.S. branded business is planned and focused on establishing a scalable franchise with meaningful medium to long-term potential. The ex-U.S. markets delivered steady growth of 12% year-on-year, and we continue to strengthen our direct presence in priority markets like Europe, LATAM, and select Asian markets. The API business benefited from the breadth of its customer and product base as it sustained a strong growth trajectory and delivered volume-led growth of 39% year-on-year, which includes certain CMO deliveries to its key customers during the quarter. As we look ahead, our priorities in the international business are to sustain execution in the base business, strengthen the value and differentiation of our R&D pipeline, and scale the U.S. branded portfolio. Turning to the outlook, our strong performance in the first half gives us greater confidence in the outlook for the second half of FY 2027. We now expect the U.S. business to grow up to 40% year-on-year for the full year, supported by base business volumes, new launches, and continued scale-up of our specialty portfolio. API business has also performed ahead of our expectations and is now expected to deliver at least high teens growth for the year. Our outlook for India and ex-U.S. remains unchanged. To reiterate, we expect India branded business to grow as per the market, get close to the market, to double digits, and directionally aligning with the market growth. We expect the ex-U.S. to grow at mid-teens. Reflecting the stronger outlook for the U.S. and API, we are raising our FY 2027 consolidated revenue growth guidance to about 20%-25% from the mid-teens indicated last quarter. This guidance incorporates the expected normalization of exclusivity-led sales and reflects our confidence in execution across the broader portfolio. With that, let me hand over to Krishnan, who will take you through the financials. Thank you, Pranav, and good evening to everyone. Let me take you through the financial performance for quarter two and the first half of FY 2027. Quarter two was another quarter of strong growth and profitability. Consolidated revenue grew at 36% year-on-year to INR 2,603 crore, supported by healthy performance across businesses. Gross margin expanded by 70 basis points year-on-year to 73.7%, benefiting from favorable product mix despite higher solvent cost and geopolitical headwinds. We continue to operate within our guided range of 70%-75% gross margins. R&D expenditure for the quarter was 8% of revenue. Investments during the quarter were focused on building the complex generics portfolio, ramping up regulatory filings, and strengthening the pipeline of differentiated products. Reported EBITDA grew 78%, while the EBITDA margin expanded by around 520 basis points from 17% in quarter two of last year to 22.2% in the current quarter. Margin expansion reflected healthy operating leverage in the core business, as well as supported by new launches and disciplined growth in R&D expenditure, while absorbing our planned investment in the U.S. branded business. Profit before tax grew 95% year-on-year, and effective tax rate for the quarter was approximately 24% compared with 18% in the previous year. Profit after tax grew 81% year-on-year to INR 335 crore. As a reminder, we have moved to a normal tax rate of 25% in India effective from this financial year, while cash tax continues to be around 18.75% considering the available MAT credit. For the first half of the current financial year, consolidated revenue grew at 31% year-on-year to INR 4,753 crore, while reported EBITDA grew at 51% and EBITDA margin improved by 255 basis points. The first half PAT grew by about 15%. Moving on to capital expenditure for the first half, we spent about INR 250 crore of CapEx. With major CapEx cycle now behind us, our focus is on driving returns from the existing asset base through debottlenecking and incremental line additions without significant new greenfield investment. We are confident that this will drive improvement in asset turns and returns. Net debt remains comfortable at INR 1,236 crore, and which is less than 1x of full-year EBITDA. The current working capital is largely linked to longer collection cycles, especially on the new U.S. launches, which should unwind progressively over the next few quarters. Overall, strong performance in the first half of the year has reinforced our confidence in the direction of the business. The U.S. generic business has delivered exceptional growth. India branded business is showing visible improvement in commercial execution and chronic therapies, and traction is building across the U.S. branded portfolio. At the same time, profitability has strengthened, working capital and net debt improved sequentially, and the balance sheet remains healthy. This gives us the flexibility in our strategic choices and capital allocation as we continue investing in R&D, focusing on differentiated products and specialty capabilities while driving better returns from the asset base already in place. Our focus for the second half is clear, which is to sustain the execution, convert the pipeline into new launches, build the momentum in India branded and U.S. branded businesses, and translate the growth into durable earnings and returns. With that, we can now open the floor for questions. Thank you very much, sir. 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 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. Participants, to ask a question, you may press star and one. First question is from the line of Rashmmi Shetty from Dolat Capital. Please go ahead. Yeah, thanks for the opportunity and congratulations on good set of numbers. Sir, on the U.S. front, we have done around $100 million plus. Ex-bosutinib, how was the overall sales? Yeah. So if you take the new launches out, so the base portfolio grew by 23% in the quarter. Okay. Is it something that whatever run rate we were expecting for bosutinib, we have surpassed that growth also? I mean, quarterly sales also? Bosutinib has done, yeah, far higher than as per expectations or what we expect. As you know, we have exclusivity till end of November, so we have got two more months, which will be October, November. We will see what happens after that, I do not know. Let us see what the market shapes up as. But right now, it is done pretty well, and we are pretty happy with what we have achieved in the bosutinib. The sales run rate is basically whatever you all expected. It is in that line only. Yeah, yeah. The new generic launches added the extra delta to the overall sales. Yes, absolutely. Just to reinforce a point, the quarter one growth was also excluding bosutinib, was also in the mid-20s, which reinforces the point that the core business, which is driven by volume growth, continues. Correct. Just on the India business, we were expecting that from the second half, we will be performing in line with the IPM. This guidance still holds? I mean, in the second half, would we be expecting that for quarter three and quarter four, it would normally recover and be in line with the IPM? Yeah, Rashmmi. I think what we are seeing in Q2 was an encouraging trend, especially we see the chronic outpace IPM. Acute, yes, there are still some issues, but we are quite confident that hopefully acute will also get to IPM level by the end of the next couple of quarters. Next couple of quarters, we should be at IPM or higher. Okay. And just on the cost front, your other expenses and staff cost, both quarter-on-quarter has gone up significantly. If you can comment on that part also, and how should we look at EBITDA margin for the full year, and what is the drag of PVR for this quarter on the margin? Yeah. So, too many questions loaded into that. Let me take it one by one. If you look at the employee cost, it is increased year-on-year. It has a combination of two parts. First is the increments that has come along. The headcount is holding as it is. So we have not increased the field force in India, so it continues to remain constant. While the other element of employee cost-related increase is about the U.S. branded expansion that we are doing in the field force. So that has also contributed to the increase in employee cost, which is all part of the plan and the guidance that we had considered at the beginning of the year. So we are in line with what we expected. On the other expenses, it is about the increase is primarily driven by certain promotions and marketing expenses. Again, that also has an element of U.S. branded business expansion that we are doing. And sir, what Sorry, go on. Yeah. Yeah, so I'm saying that this is the new base, right, for the subsequent quarters also, if you want to model in? Yeah. See, the other element that is included in the other expenses is also about the freight and forwarding cost, the logistics cost related to shipments from India to U.S. and other markets, which also saw an year-on-year increase, from the March quarter onwards, right? So from March, actually, because of the shipping lines and the related cost expanding, increasing. So that's also contributed to that. So it depends on where the crude oil settles in terms of transportation costs, and the availability of shipping lines. But directionally speaking, if you look at how the margins are playing out, this is not something what we didn't expect. The gross margin that we expanded in the current quarter is actually a result of absorbing these costs that we are seeing in the transportation and other elements. So we don't see And that's also flowing through to the EBITDA margin, right? I think you should look at the interplay, how the gross margin to EBITDA is flowing through, where we expect for the full year, for the first half, we have about high-teen gross margins, and which we expect to continue towards the second half as well. We should expect the margin profile to hold for rest of the year. Okay. For the full year, we should expect like high-teen EBITDA margin? Yes. How much would be the PBR drag on it for the full year as well as for this quarter? How much we have seen? Yeah, at the beginning of the year, we guided for a 150- 200 basis points dilution in the- Right in the U.S. branded business. So I think that still holds. Okay. Yeah. Thank you so much, sir. 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 Kenil Mehta from Boring AMC. Please go ahead. Is my voice coming? Yes, please go ahead. Sir, wanted to know, do we have more products from the XPS and Para IV side in the U.S. business over next few quarters, which could be launched and which could lead to sustaining the margin of this product line due to bosutinib? It is tough to say what the margins will be because when we launch these other products, I said a fourth of our portfolio of 30 products that we have in the U.S. market, they will be either shared day one or FTF. There are three, four which are FTF, then the rest. It really depends how the market plays out. It is tough to give a projection on that. I think only thing we can project is moving forward, we expect the U.S. growth to continue. Okay. On the products side, one is Toviaz and second is Uptravi. Can we launch Uptravi with the patent expire? Sorry, your line is not clear. One second. Hello? Hello? Can you please repeat your question? We have few products approved which are going to expire. One is Toviaz and second is Uptravi, which are expiring in next few quarters. Should we take into the numbers we can launch it and have a good number similar to this bosutinib next few quarters, runway-wise for the U.S. business? I actually don't like to comment on individual product-wise potential because there's too many. Uptravi is a shared exclusivity on some of the strengths. On the other one, it's a sole exclusivity. It's tough to say. I think I'd leave it to all of you. I think you all should make the forecast, but I don't like to give a forecast because there's too many variables there. Okay, understood. Second question is, as we are seeing increasing improving growth of India business towards the IPM, as we see more growth coming, should we expect a little bump in our gross profit margin level due to it being better than the generic business over next few quarters compared to earlier levels? Yeah, so see, if you look at the gross margin, we have guided for a range of 70%-75%, and we've been in that range for quite a few years. I think the mix of the business will have an interplay. The mix of new launches will have an influence on the gross margin. I think for now, we expect it to be in that same range of 70%-75%. Understood. Also, on the animal business side, there has been an improving growth in the companion animal space across India and other geographies. Should we see our portfolio getting little changes from the farms, farm and field supplement to a little companion side, which will lead to improving business dynamics? Also, are we expecting to go into the companion animal space in the Europe market, U.S. and Europe market going forward? I think, if you see our animal health business, I think it's a very well-run animal health business and compared to pretty much most animal health businesses in India. If you see CAGR, we've been CAGR of over 20% over the last five to seven years. I think we're doing very well in the space that we are in. We continue to evaluate other areas as well, including companion animals. No firm strategy as yet, but we keep evaluating that. So let's see how it goes on. Right now, we're pretty confident about our growth with the existing business that we have. Understood. And sir, last few quarters, you were telling about the contract manufacturing for the U.S. business for our plants. So what's the status on that? This quarter, we have a higher contract manufacturing share for our injectable unit? We do pursue some contract manufacturing in some of our facilities and some of our capabilities, more so in the sterile and the oncology, and that is going on well, and I think we do have some contracts in place. Okay. Is it on cost plus markup basis or a little bit of profit sharing? No, this is pure contract manufacturing. If you can just get back in line, I think, because there's quite a others Okay, sure. Yeah. Thank you. Thank you. Next question is from the line of Rahul Jeewani from IIFL Securities. Please go ahead. Yeah. Thanks, sir, for taking my question, and congratulations in terms of the growth bounce back which we have seen on the India business. Now, just from the leadership changes which we implemented in the India business over, let's say, the past couple of quarters, do you think now we have the confidence of, let's say, sustaining this double-digit growth trajectory in the India business going forward? I think Pranav touched upon it in the guidance. Yes, Rahul, I think the commercial execution is reshaping, and the intervention that's been made over the last couple of quarters is something which is playing out. What we are happy with the performance is also about the spread of performance across the divisions, right? It's good to see that within the chronic segment, almost every division, all the divisions, in fact, have grown well year on year, which has contributed to better than IPM growth in quarter two. This commercial, the execution interventions, we expect that to sustain the growth momentum over the next few quarters. Our, see, I think the immediate target for us is to bridge the gap versus the market growth, which at an overall level is really visible. Of course, the acute part is something that will take a couple of quarters to pan out. But the chronic is something, the chronic and specialty segment is something that we are already seeing the outcome of the interventions that's made. So we expect that to sustain over the course of next few quarters as well. Sure, sir. Given that our animal health business obviously has been delivering around 20%, 25% growth, that also should now, let's say, help us to sustain this double-digit growth trajectory on the overall India business. Yes. Yes. Sure, sir. With India business getting back to this track of double digit and we not meaningfully expanding the rep team, when do you think that, the improvement in the India business starts translating into a better base business profitability as well from a margin perspective? Yeah, I think that's a good question, Rahul. I think as I've mentioned in the past, our first priority is getting to the market rate at IPM, which we hope to be at in the next couple of quarters. Once that happens, you'll automatically see with the steady growth rate coming up and if we're not increasing our field force, that should lead to higher PCPM as well, and that'll lead automatically to a little bit margin, gradual margin improvement as we move along. Yeah, sure, sir. On the U.S. business, you mentioned that the branded contribution during the quarter was 3% of overall U.S. sales. So if you can qualitatively comment in terms of how that has been versus the expectations which you have put out for PIVYA. So is it tracking largely in line, or we still need to ramp up as far as the branded business is concerned? Yeah. There's still a definite ramp-up required in this part of the business. We've got about four products in the portfolio, and all of them are contributing. PIVYA is a new one in terms of new prescriptions. NUVESSA and Nuvetest, they were already in the market, so those prescriptions have been easier to get. But we believe that there is a lot of positivity in the market. It's like a J-shaped curve, you know, so the prescription habits changing those will take a time, but it's as per our expectations. And I believe that we will start breaking even in the first half of next. By the end of this year or the first half of next year is when we'll break even. But trends are positive, and I think we're seeing a month-on-month increase in the activities and prescriptions as well. Sure, Pranav. Are there any, let's say, quantitative targets which you want to give out in terms of, let's say, two to three years out, what could potentially be the contribution from the branded business to our overall U.S. sales? I do have an internal target, but we haven't given a guidance on that as yet. I think let's wait till the end of the year. I think the next half will give me more confidence how the ramp-up is going on, and we'll be in a better position to give a guidance by then. Okay, sure. I will join that. Yeah, thank you. Thanks, Rahul. Thank you. Next question is from the line of Damayanti Kerai from HSBC. Please go ahead. Hi, good evening, and thank you for the opportunity. I just have one question on your U.S. branded business. Pranav, if you can update a bit on what kind of channel access you have gained for the products which are in the market, and what kind of spend is currently ongoing? Do you need to put up more foot on the ground, like you have to do more hiring, et cetera, to achieve that break-even in first half next year or so? Just to clarify, this 150, 200 basis points kind of drag from branded portfolio is in full-year basis, right? Yes. Yeah. In terms of the spend, as Krishnan mentioned, the 150, 200 basis point drag is on a full-year basis. I also said that I expect that from first half of next year, this will be break-even, so we won't see the drag in the next year, right? in FY 2028, we will not see the drag. In terms of feet on the ground, our goal was to get to about 40 to 45 reps. We're at about 30 or 35 right now, so moving on track. I think it's progressing as per what we thought. Anything else you asked for, Damayanti? Yeah. So, in terms of channel access also, whether these are branded products, right? So I assume you need to have channel access as well, or these are mostly right now coming through cash, like direct pay? No. So this is your. So we have got all the Medicaid and all the coverages, and we have got all the coverage from the insurance companies as well as the Medicaid. So we are all well covered by all of them, and it is all on track. Okay. Thank you. That was the question. Thank you. Next question is from the line of Maulik from 361 Capital. Please go ahead. Hi, sir. Thank you for the opportunity. I hope I am audible. My first question is basically on the India business. You covered quite a bit, but just wanted a little bit of qualitative understanding. What interventions, what commercial interventions have we done in the field which has driven this healthy growth from the chronic and the specialty side? Yeah, thanks, Maulik. I think in terms of the interventions, what we have seen is broadly, I think it has been more execution-led challenges, firstly. So we are just working on execution-led challenges at different territories. Number 2 is we are trying to see field force productivity, especially working on the chronic portfolios. Thirdly, what we are seeing at geographical spread, we were not, and we are still not 100% there, is our coverage from the metros is still quite weak. So we need to improve on that in terms of geographic coverage. I think we have looked at portfolio again. Right now, portfolio is fine, but in the next couple of quarters, we hope to strengthen this as well. So it is basically just been sharper execution and focused brands and priority markets. Understood. Sir, can you help us with the breakup of how much the growth has been from new products, volumes, and pricing? Would that be possible? For the India business? See, we don't divulge that, but this quarter we have seen volume-led growth apart from price and new products. Directionally, I would say that it is almost 50/50 between price and volume plus new launches. Okay. My second question is, sir, regarding the DifGen Pharmaceuticals strategic collaboration that we've done. What is the terms? Is it like a profit-sharing agreement with the partner? Can you give a little bit more understanding about how will we be benefiting from this, from the products which is mentioned? Yeah. It's a licensing deal. We've combined instead of a one-off. We do a lot of licensing deals, but we've just done it as a basket approach because they had a very interesting portfolio of products, and they don't have any front-end presence. We have tied up about 20-plus products from them. This is all licensing deal where we do a profit share, and then they do the manufacturing, or mostly some we do the manufacturing. These are interesting. I think one of the reasons why we did it is because they have some capability that we don't. These transdermal patches, they have some complex injectables, which we are also doing. They also have a few other dosage forms which we are not present in, which will give a good addition to our portfolio. They have a lot of FTFs and day one launches as well. Understood, sir. Thank you. Thank you so much. Thanks. Thank you. Next question is from the line of Sidharth Negandhi from CWC. Please go ahead. Hi. Congrats on a good performance, and thank you for the opportunity. Two, three things. One, just wanted to understand on the U.S. business, in terms of drivers of future growth, and your share in some of the niche sort of therapies like derma and ophthal. Where are you on your current share? How do you see those as drivers of future growth? You also spoke of some niche capabilities that you get through the licensing deal with DifGen. If you could help us understand that better. The second part is, could you help us understand the impact assessment in your case from crude-related raw material price hikes, and ex of that, what steady state gross margins we would have had? The third is, obviously, as that first-to-file portfolio sort of changes, there will be a certain normalization in margins. Do you believe that your pipeline is paced enough for there to be continued replenishments on that? Those are my three questions. Yeah. Let me take the first one first. I said actually in my opening statement, I did say that with the U.S., what we expect over the next 18 months or so is that we have almost 30 products that are going to get launched. Out of those 30 products, roughly about a fourth of them will either be a shared day one or a FTF opportunity. These are interesting products that we see, and that's what we feel that they will give growth. You asked about our existing business. In terms of derm and ophthalmic is a very good business for us. This Q1 of this year, actually Q4 of last year and Q1, we had a line shutdown. We were increasing the capacity of our line, so that took a minor blip. But on ophthalmics, I can get you the data offline to that, but I'm pretty sure we'll be the one or two in most of the ophthalmics that we are present in. We have a very strong franchise that we've built on the ophthalmic side. Derm also, we've managed to get good market share on the derm, and it's a high EBITDA business for us. Having said that, derm is a little more competitive compared to the ophthalmic space. So that is existing. In terms of the second question in crude and the impact, what we've seen is that all the costs that have gone up due to this volatility, crude, and all the volatility in the world, it's kind of got balanced out by the currency depreciation. So those have kind of balanced each other out for us during the quarter. In terms of the FTF portfolio, as I mentioned, we have a decent pipeline moving forward. Almost 30 products have been launched, and about a fourth of them will be either FTF or day one. Very useful. Just to clarify, the DifGen one will be where they will manufacture and you will sell, right? Are you looking at in-licensing that you will also use your manufacturing capability? Sorry, just to clarify. No, no. This is all developed by them. Most of it is all manufactured by them. Maybe some we may do contract manufacturing, but most of it is manufactured by them as well. All the marketing and front end will be done by us. Great. Thank you, and all the best. Yeah, thank you. Thank you. Next question is from the line of Foram Parekh from BOB Capital Markets. Please go ahead. Hi, thank you for the opportunity, and congratulations on good set of numbers. My first question is on the U.S. side. If you can give us some dynamics on the PIVYA, like the prescription count that we must have recorded in the quarter. So, Foram, what we've done is we've not really disclosed product-wise. We just talked about Alembic Therapeutics, which has about four products right now. We've not disclosed the prescription count. On PIVYA, it is there. It is still, as I mentioned earlier to the earlier question from somebody, that amongst the three of them, NUVESSA, Nuvetest, and PIVYA, NUVESSA and Nuvetest having faster ramp-up because those are existing products, so we've been able to get more prescriptions on those two products. PIVYA is a new product, so there is a little bit of a J-shaped curve that we will see. But we are confident that gradually those prescriptions are rising, and in the second half, by the start of the next year, we should see PIVYA also contributing meaningfully. Sure. And a related question to the U.S. market. Since we have given a guidance of 18-24 months that on FY 2027 high growth, we still expect growth in FY 2028. So, if you can give us some more clarity on the growth, whether you'll expect single-digit growth or double-digit growth in FY 2028? I think you are right. This year will be a high base growth for us. I think next year we are still confident to grow on this. I think it will be close to mid, like about 10%-12% kind of a growth definitely we can see next year if all these launches pan out well. Sure, that is helpful. My third question is on margins. In our opening remarks, we mentioned that gross margin expansion is getting cascaded to EBITDA level. In this quarter we had a high gross margin of around 74%, and that is cascaded to EBITDA margin around 21%. We are maintaining our guidance of around 70%-74%. Prior to this exclusivity product, our gross margin has been around 70%-72%, which has led to almost 16% kind of EBITDA margin. Going forward from FY 2028 onwards, do we stay in the same range, or is there anywhere we go back to pre-COVID levels of 77% kind of gross margin, and therefore EBITDA margin would be around 20%? See, I think there are two aspects you are touching upon, right? One is gross margin. We believe it will be in the range of 70%-75%. That is a normal range that we are working on. If there are a few products that can push up the margins, that is something that we will take it as it comes, right? When you look at the EBITDA margin, gross margin flowing through to the EBITDA margin, I think there are few levers that will pull us through closer to 20%. One is, of course, the operating leverage, as we have seen since last quarter, we have been saying that the utilization of the existing facilities have ramped up already, and we have good visibility of that continuing in the near future. That should help us add a good amount of operating leverage coming from the existing facilities. Second is, you should also remember that the current EBITDA margin profile includes a bit of drag from the U.S. branded business. As Pranav Amin said, that beginning next year, we should be seeing that break-even, right? That should also start stop diluting the overall margin profile, which should help us get closer to the 20%. Sure. We do envisage 20% kind of EBITDA margin in the near terms, right? FY 2028, 2029. Yeah, we would like to go towards those kind of margins. Sure, that's very helpful. Thank you. Thank you. Ladies and gentlemen, we'll take this as the last question for the day. I now hand the conference over to Ms. Isha Lamba for closing comments. Thank you, everyone, for joining the call. If you have any further questions, please reach out to the IR team. Thank you. Thank you, ma'am. On behalf of Alembic Pharmaceuticals Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.