Please note this conference is being recorded. I now hand the conference over to Mr. Rishabh Barar from CDR India. Thank you and over to you. Good day, everyone, thank you for joining us on this call to discuss the Q3 and nine months FY 2023 earnings for Cohance Lifesciences. We have with us Mr. Venkat Jasti, Managing Director, and Mr. Venky Tamansunder, Vice President in Corporate Affairs, and Mr. Subba Rao, CFO of the company. Before we begin, I would like to mention that some statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. Documents relating to the company's performance have been mailed to you earlier. I would now like to request Mr. Jasti to share his perspectives on the performance and outlook. Over to you, sir. Thank you, Rishabh, and good afternoon, everyone. Thank you again for the update on the quarter three results to the board. As you know, we have a quarter-on-quarter increase in the revenue. If you see the nine months, it's more or less flat. At the same time, the EBITDA is less by about INR 30 odd crores because this is mainly into the product. As you know, the specialty chemical has more or less equal to the number, the earlier number of last years, we are achieving it for the team itself. This is because of the seasonality, stage of the growth, I mean, going starts, sometimes it will be more front and sometimes more to the backward. This time it is mostly that for itself and some product. That means these keeps happening and it may not be the same year-over-year. This next time it may be a little bit later also. It is not possible. It is It is much in one quarter, right? Like, compared to the last quarter, this is the quarter the specialty chemical almost stopped. Whereas the CRAMS has come down and mainly due to the less COVID revenue from this. We have mentioned in the last month call that, I mean, originally in the year beginning, because of the less COVID molecules, the revenue will be down by around 5%-10%. In the middle of the year, we have said, may be able to get back to the CRAMS business. That's the number or maybe even better. As how this thing stands, I think we maybe if we'll be able to get number as last year, maybe like [guess]. Also, the possibility. If you see on the macro level, you know, I cannot give you any kind of a projection to our visibility is only this point. I just want to give you some macro scenario. As you know, the CDMO business is globally going around 70% with a market size of over $130 billion. After this COVID wave, now the R&D thing is coming back. They are coming to a more regular stream. Also, we have heard from our customers during previous [guess] that they're also looking to change China to other countries. India is likely to get benefited. It may not happen overnight; things are going in the right direction overall. With what we have been over the last 20 years, we'll be doing customer interactions and stickiness and more opportunities for us to keep using capacities and increase the chemistries and... Well, as you know, we have been doing very good for the past couple years with a year over 21% growth. All in all, we see, you guys see this up and down as you know in our business model, it's not quarter on quarter. Sometimes it may not be year on year, at the same time, things are looking good. There will be ups and downs in between, which you, most of you are well aware of it. I think long-term growth prospects are very good, and we expect that to benefit us in the long run, especially if the China plus one or China minus one story involves. I think [guess] will look good. This is as standard as of now, I think it's better for me to answer you rather than giving you more of the outcome. I now look forward for your questions. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have our first question from the line of Rashmi Shetty from Dolat Capital. Please go ahead. Yeah, thanks for the opportunity. Sir, on the specialty chemical business, though you alluded the growth is through seasonality, just trying to understand how the current sales, you know, during the and in the first nine months which have come, if it's from the only two molecules or, you know, we have received some repeat orders from the third molecule also? Earlier you guided that, you know, there will be a flattish growth in FY 2023 in specialty chemical business. now because of the higher growth in the nine months, did we update our guidance on this piece of business for this particular year? Yeah. As I was telling, it's completely a nature with respect to other year with respect to the chemical. Situation with respect to the drought or the rainfall or whatever it is, the starting of the monsoon also now, they keep changing it. This year it was pre-poured, it looks like, and they got more requirements came in. I think they have taken this that it's communicated also. That's why you see in nine months itself we have surpassed the last year's number. With respect to the product, one product, we have small amount of the third product also pouring into this quarter, which we have told you earlier. Otherwise, these two products are the main things. At the same time it can happen that the next requirement there may be pushed to not into this first, second quarter. Maybe Maybe second, third quarter again. All things are possible. All in all, we look, I mean, you know, as per the customer thing only, we are saying it's a flattish growth on the specialty chemicals. When the things are good, then immediately they get the requirement and we're able to supply in time. That's great news. That's how it goes. Okay. Sir, on your CDMO pharma business, you know, we in the middle of the year, you know, we expected that only for this year we will be able to do some strong double-digit growth. Considering the fact that, you know, we have shown a decline in second quarter and third quarter, do you think that, you know, for this full year, you know, we will see a decline in the pharma business, CRAMS business? You think that, you know, some sales got deferred and it will come back in quarter four? I think slight decline will be there, but we hope to I mean, quarter four may not make it to the complete comparable to that level. In general, based on the feedback we're doing this previous day, last November, I think now is the first quarter. Now the year starts for most of the OTC and other companies in January. I think we should be able to see more number of opportunities coming and of course new business will be coming here. I think as of now except COVID and generic molecule, other things are all on track now. We are functioning. We expect that significant growth should still happen. In the pharma business, will you expect that ex-COVID molecule, you still expect a single digit growth? Yes. Of the year. Yes. Okay. Okay, Okay, Sir. Thank you. you. That's it from my side. Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. We have our next question from the line of Cyndrella Carvalho from JM Financial. Please go ahead. Thanks for the opportunity. Sir, we are looking at this quarter. Cyndrella, your voice is very feeble. Is this better, sir? Yes. Am I audible? Yeah. Yeah. Sorry for this. If we look at this quarter, we have higher contribution from the specialty chemical side, and still we have maintained our EBITDA margin. Is that a better contribution from the new products that we have in the specialty chemical, or how should we understand the margin aspect for this quarter? No, no. I mean, we cannot attribute everything to one product or the other. It's a total product mix, especially things that goes in. The specialty chemical itself came in last year. There is no difference. The improvement if at all is in the craft side of the business. Even though volume is less, the product mix, you know, value addition and all that stuff will play a role. This year-on-year basis it will even out now. It will not be same. Okay. Okay, that is helpful, Sir. Just wanted to understand in case like, you know, we are seeing higher profitability coming from the specialty side. That's the reason I was trying to understand. Right. Right. Okay. In terms of our CDMO business, how should we see, sir, any visibility that you can provide on the coming fiscal, FY 2024? It's very difficult. We know that. I never give you a full fiscal thing, but that's why I gave you the macro level things that are happening. Whether that translates into the business orders or not, we don't know. As of now we are hoping it is, you know, around 10% growth as I was telling you all the time, and we expect the same if not better. Right now we can only tell you what we have on hand, let's say five months visibility as of now. Sir, It's looking good. Okay. That's helpful, Sir. Again, thank you so much for that. Sir, if we look at the Advent deal, where are we in terms of the process right now? Any timelines that you can allude, and in terms of process you can highlight any details on that side? Regarding the Advent thing, they have to do the all the approvals. They have to get it and we have the timeline up to August of this year to get all the approvals, you know, like PPIs and [guess] and VIP, you know, whatever you can call it. They have applied and waiting for the approvals process to take place. Okay. Okay. Thank you so much. I'll join. Thank you. A reminder to participants to press star one to ask a question. We have a question from the line of Darshit Shah from Nirvana Capital. Please go ahead. Yes, Sir. Thank you for the opportunity. Just want to know a couple of things. One on the, you know, our integration on the API part, we were in talks with, few of the clients who are probably planning to come and see the facility and then give a go. Any update you would like to throw on that? On what again, Darshit? Oh, our integration API. Yeah, we've been talking to them. As you know, last time itself I told you we are now accounting, but they have to come and audit because they are different departments. They have to come and audit, and they are expecting to come second and third quarters. I mean, calendar two years, second and third quarter, that means second and third quarter of ours. Likely to show up, and it takes time, but we are working on it. Yes. Right. Currently, how many products do we have under commercial and phase III, balance, I mean, including the COVID, Sir? Well, we have around seven products. Pharma, CRAMS. Yes. Yes. Okay. Any color on the phase III products, we were using. No. As of now there is no indication, no indication from the customers. Once the customers, they get themselves out, then only we get the integration. As of now, there is no integration whatsoever that we have, things that are in the three, we will know next level. We don't know if we have it. Got it. Yeah. That I understand, because you both have any indication. Any late-stage products if you can see, I mean, it might happen in six months, 12 months, but any number of late-stage products we have in the pipeline? Yeah, we have always, the number of projects in the late stage, and they keep changing it. They have to keep crossing on to add, based on the type of molecules. We have about five in the pipeline. We do have late-stage projects, but, you know, we'll have to give you a prediction based on that, at what they're trying to do. Got it. Lastly, if I may ask on Suven Life, any update you would like to, since we hold Suven Life shares as well, any update you'd like to throw on the SUVN-G3031, what's the progress? How's been the safety part been addressed? If it's, I mean, since we have enrolled quite a few number of patients there. We are almost 90%. The enrollment has coming to the 90%. According to the estimates by them, because of the $200 million stuff they are enrolled in, it is likely to be in September quarter. October quarter, we should be able to get data. See, last patients may come in around June timeframe. That means from there it will take about at least 30 days to one to two days to get data and then keep on submitting and then move to. Okay. How is in the safety part? It's been safe enough. Yeah. We just started. We have our nine patients already enrolled. Yeah, I can also say the same. Got it. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. Participants who wish to ask a question are requested to press star and one on their phone now. We have a question from the line of Damayanti Kerai from HSBC. Please go ahead. Hi, Sir. Thank you for the opportunity. Sir, can you please elaborate bit more on your CDMO business from what is happening mostly at the customer level? You mentioned about R&D and then China plus one strategy, et cetera. Can you throw some more color there, and how we should look at this business for the next 2-3 quarters? As you know, the customer interaction happened finally in the past year. Before that it was only the regular meetings in which you do not have any other sub-processes and the paperwork and all that stuff. Only the transaction-based activity we've been doing here. The way they have said it, now they are coming out of the COVID situation and they're starting the new, I mean, what do you call it? thing, purchase for the new products and all this stuff. That's one thing. That means it will start flowing out the new projects eventually. The second thing they said is they're also looking to outsource more. I think one is R&D spending is going up. The second thing is, they are going to change their sourcing strategies, may not happen overnight, as I was telling, from China to some other territories. More likely India will be the most opportunity for them, and that's what they're looking at. In that process, we think, that's why I gave, because I won't give you any projections. I just gave this, until that time everybody is at more China plus one. I was saying, no, it may not happen. After this CPhI, we are kind of trying to say yes, with not only the increased R&D spending, but also the increased outsourcing in the global market scenario because of some of the growth that is happening in India more, I think they're likely to get more benefit. We being in the long-term player of them who have a huge work with all the big pharma, and with all the kind of infrastructure and the mindset and the focus with which we do the FP-based activities, we are at the front end to get any opportunity that we have. That's what it is. Okay. That's, I think, good to hear. Are we seeing more like, more inquiries or as RFP from the customers or, things are still in discussion stage? Yeah, yeah. It will come, but it's only a couple of months it will happen. At some point in time we have. Holidays are over now. They're fully back in swing, and they will start now doing these things. I think you'll see, 2-3 months, the flow should hopefully increase. Okay. Just a clarification. R&D, I guess, till a few months back, we heard about some curtailment or some back by customers in terms of R&D spend. Now, like you are saying, things should improve from here on, and you are already seeing some, I'll say... We heard that. We've not seen on the ground yet. Only you'll see that if I get into two, three or more requirements, then I'll say yes. Okay. Considering all, most likely say another, one or two quarters, we should be seeing things moving up from here, after this. Yes. That's what our hope based on the feedback we have. Okay, sir. That's very helpful. Thank you for your response. Thanks. Thank you. We have our next question from the line of Abdulkader Puranwala from Elara Capital. Please go ahead. Yeah, hi, Sir. Thank you for the opportunity. sir, could you please provide some flavor on the? Abdul, your voice is very low. Can you please increase the... Yeah. Is it better now, sir? Yeah, little better. Yeah. Sir, can you please provide some color on products which are on the pharma as well as on the specialty chemical side, which you expect to go commercial in the next two, three years? Any, you know, timeline or anything what you heard from the customers? You know, since you mentioned that the global pharma activity is picking up. On the, on the commercialization side, if you could provide some clarity would be very helpful. It's, you know very well that it's very difficult even for the customers to say anything. For me to tell is highly impossible because unless the data comes out, you cannot tell. As I was telling to the earlier caller, I have no indication whatsoever. With respect to specialty chemicals, we've already mentioned the fourth molecule should come sometime in the 2024-time frame. That's the only thing we have an update on that. Not an update. We are restating whatever we said earlier. It's very difficult for me to predict what it is. Until they know, we don't know. It can happen maybe two months from now, but we don't know that thing because we know... Still, if you understand, we also know how regenerative therapy works. We will not be knowing our own only 3031 what will happen, until, probably until November time frame. Right? Similar thing for the, our own investment customers. We will not be able to tell. The only thing they can tell whether the study is going on or, about to conclude or whatever. That's That's the only they can tell. Right now for people to say that we are able to forecast because these are all double-blind studies. Got it, Sir. On the third molecule on specialty chemical side, Sir, has it started contributing? I mean, in Q3, was there any contribution? No, no. It's only in the quarter one it is over. After that, I tell you again it is not late at all, you know, to come back. It will come back. All right. Got it. Largely on the margin front, Sir, you know, if you could provide some clarity as to, you know, where the margins would sustain. Would this 42%-43% range, you know, would be something which could sustain ahead? I mean, when you talk about from an FY 2024, FY 2025 perspective. Yes. I mean, we always, if you remember, we always say plus 40% is normal for us as of now in the expense. Okay. It is usually 2% extra one quarter, 3% for one quarter, but, plus 40% is normal for us. As of now, I won't see any reason why it will go down. As of now. It can stay, and it can also go up as you know as in all in all. Sure, Sir. Understood. Thank you so much for answering my questions. Thank you. We have our next question from the line of Gokul Maheshwari from Awriga Capital. Please go ahead. Yeah. Thank you for the opportunity. Sir, could you give an update on where you are on the [guess] facility and your plans to really scale up the production facility which you acquired, and if whether that requires more investments? Can you repeat the same for the [guess]? Yeah. Can you just give an update on the [guess] facility which you acquired last year, and whether, you are on track to increase the capacity utilization over there? Would you require any more investments in that facility? As of now, we have filed about 10 already, and there are some filings which are going on. The approvals are coming one by one, and the first quarter will be from March and April, May timeframe will be going out. Right now I don't need any CapEx expenditure for the [guess]. Only when these things... So we have 1 point billion capacity in that. Only when that is run, we can only get that. You know as you know, we also have the capability at Pashamylaram our site. Mix and match, we can do that. We have enough time to create infrastructure if needed. That's not a problem. Right now we don't need any additional investment. In the nine months, what will be the contribution of [guess] in our sales this year? As of now, there is no contribution match. It's only the expense that we pay to match and it will have a 0.15 something before the before we see the revenue. We expect the revenue to flow only. Breakeven will be about six months from the day that we've taken over. It depends on how the molecules get approved and when we go and what the productivity out of that. As of now it's only one or two that are going. Based on that, it's difficult to tell until it goes to market. Okay. What is the estimated CapEx for this year, FY 2023 and also for FY 2024? The CapEx, as you know, we have taken a in-principle approval of about INR 600 crore altogether. That is the only one that is, we are using INR 200 crore towards the [guess], I mean, new building creation, which is the main thing that is going on. Half of it is spent, half of it is being spent within the next six months. We hope the second quarter onwards, we thought it will be first quarter, but it is delayed by a couple of months. It will be the second quarter onwards, we'll have the validation next year. That will be utilized. The rest of the CapEx is for the [guess] and the change of the R&D location. Whenever the government asks us to move, that's why we are taking proactively in-principle approval. That's not going to happen now because no indication is given. These are the things that are going on. Politically, it cannot happen within the next one year because the election will be coming here. The other one is the Pashamylaram. As of now, we are qualifying both the X-ray center, Pashamylaram site for any new projects also. Right now we are okay. As and when it requires the based on the pipeline and based on the requirement, we can start the activity. Right now, it may not be until maybe 6-9 months, we will not be starting that activity at the third portion of the thing. Other than that, you know, we have a regular CapEx of which is the balancing CapEx because it's a different matching which we do all the time for different products. About INR 70 crore, INR 60 crore-INR 80 crore every year will be there in CapEx, all the balancing in that CapEx. That will be a continuous cost. Okay, great. Thank you so much. Thank you. We have our next question from the line of Tushar Manudhane from Motilal Oswal. Please go ahead. Yeah, thanks for the opportunity. Sir, firstly on, now that over a period of time, given the kind of ramps action that has been, this is your experience, if you could share in terms of what kind of technology platforms or chemistry skill sets that has been little or rather unique or differentiated to Suven Pharmaceuticals which sort of drives the business in the brand segment in particular? I would not say it's the technology platform that differentiates us. It is the focus with which we work in the innovative products is the one that defines. They knowing fully well, the first flow is supplied, maybe the last flow is supplied, it may be FP-based or FP. That is keeping us safe. Other than that, I mean, technology everybody has it, but the focus is going mainly on the generic side and gradually integrating into some other brands. Our people, more or less than the 90% people are using the FP-based activity, and we fully leverage our CDMO side a little bit. You cannot say it's the technology, but as the chemistry is concerned, except for coordination and fluorination, and so we do many number of projects. We have done about 980 projects so far which means the ability each and every chemistry at the gram level to kilo level to multi-ton level. Okay. Okay. Also, if you could break down the, let's say, gross block, into CDMO pharma and CDMO specialty chemicals? Okay I'll provide you. Right now I don't have the information. I'll provide you. Updated, so on. Just, maybe if, the asset turn into different segment, 40 could be approximately if you could share? Okay. Yeah. Seven. Okay, sir. That's it from my side. Thank you. We have our next question from the line of Pradeep Kothari from Unique Portfolio Managers. Please go ahead. Hi, good afternoon, Sir. Just one clarification, please. Both molecule and chemical that we expect to come in next. This is already commercialized in the past, right? That's why they asked us for a supply next year. This is not a new molecule. Which one is that? The fourth molecule which you mentioned on the. No, no, it's a brand new one we never supplied. We have only qualified our sample, and it is, let's say, 2024, sometime in 2024. Calendar 2024. Okay. Fair enough. Sir, this, regarding this new capacity, we mentioned that we only start to think about it six, nine months down the line. Also we see that there's a lot of customer demand, China plus one or the whole supply chain detail. Usually how long does it take for us to put up a new capacity and in just your short term? Okay. For everybody's information, compared to any other generic molecule, the creation of the capacity is a kind of, what you call, predetermined. In our case, what happens is when the molecule is getting stabilized and the opportunity is coming in, by the time the peak system requirement comes, it takes three years. What I'm saying in the beginning, we do usually, what do you call this, campaign-based activity, but we'll be knowing that it will come back. Based on that, we'll put it. If it is an only, making it with a balance equipment, it takes six months. If I need to create a total block, then it takes 18 months. It depends. Most of the time, we won't create the block itself, but when we create the block it will be a 100% thing. It will be more or less what happens if I'm doing, a campaign now, I want to continue the campaign, then I may need to use a couple of balancing equipment to use the unutilized capacities to put to the new product. For that, it will take just three to four months only, and that's all. We thought, Luckily for us, this business model, the time is when it should be known, but the time is at least two to three years. We can certainly create the capacity, to do that. Secondly, we also can do, the early stage testing to some other unit suppose if they want more quantity suddenly for whatever reason. We have done that earlier. We'll never have any problem. Most of the time our basic campaign-based activity occurs when we have a capacity. Even though we have, say, 100% capacity utilization, it's only 70% because not all of it can be utilized. That 30% can be, using the balancing equipment I can put more product. We will never have a shortage of capacity. At the same time, when the new capacity is required, we have enough or ample time to do it. We have the backups in the other unit also based on the customer's request, we can do that also, which is the, I mean, actually, this is the way it works. No, fair enough. enough. Very clear. Sir, just last request, even on the last call we had mentioned that we might get the management Advent on the call and maybe just hear from them. Let's say maybe on the next one call we can do that. Management, yeah, Advent will come only with the transaction take place. Right? Until that time also we have to be here. Okay. Sure. Thank you, Sir, and all the best. Thank you. We have our next question from the line of Darshan Shah from [guess]. Please go ahead. Yeah. Thanks for the opportunity. This is Rohan. My question is with respect to the proposed merger with the Advent-owned entities, are those entities carrying any unutilized capacities that we could potentially use for our CRAMS operations? Does need for us to do CapEx gets reduced or are those unutilized capacity, if they exist, cannot be used for our CRAMS business? Let me tell you, it's not wise on my part to anticipate what's going to happen. You can ask me how much they are utilizing. Transaction is over, we are not going to talk anything about the CRAMS platform. If your question is, yes, certainly it will be a plus, you know, for anything, you know. Whatever I am using, like, just before this call I was telling, you know, if I need to do additional tests in other units, I can do that. Similarly, when that comes in, same thing can be done, right. Right now we're not going to talk about that. We have clearly given you the statement made by the Advent entity, signing into the company that, they have an intent to see, launching this platform into [guess] so that there can be capacity enhancement can be used, backward integration can be used, and content can be used, and the more technologies can be, coming into the picture and more customers can be there, and, they have the global out, reach and which they can take more the opportunity also. That is post thing, right? Right now we're concentrating what we do, and when all that happens, I think, then only I can talk anything about it and I will do. We're not going fully in the operation. That will be implementing after that. Okay, Sir. Thank you and all the best. Thank you. Thank you. We have our next question from the line of Rajashekar Iyer, an individual investor. Please go ahead. Rajashekar? My question has already been answered. Thank you so much. Thank you. We have our next question from the line of Hussain Kagzi from Ambit Asset Management. Please go ahead. Hello. Hi. Thank you, sir. Am I audible? Yes. I wanted to get a sense on when is it that our pharma molecule is coming up for by, I guess. The first two molecules that we launched, that were commercialized two, three years back, were patent was expiring somewhere in 2024, 2025. If you could give some idea on that. I mean, the earliest is I think is, you know, 2025. As you know, it is the pharma, they'll have the traditional, I mean, indications will be given, and we'll be going for another five years or so. I don't see anything under 2028 actually to be going out of the, our, supply. That's based on the interactions we have with the customers. We don't see any, even though it's going out of patent, the until we see it from there only, if anything at all, there will be a reduction. We'll be editing out of those things. Otherwise, they're staying as it is, maybe not more. It doesn't matter. It doesn't, next two to three years, it will not affect. Okay. Got it. Got it. Got it. two, three years. Sir, one thing was that you were talking about that now probably you're seeing increased inquiry from customers to shift from China to India and talks happening in that regards. In your assessment, how long does it take for this to happen or probably translate anything into a meaningful opportunity for you or other peers? Because I think, see, for example, in generic, you have to go and re-file the DMF or the ANDA or something like that. In, in kind of related to innovator positions, suppose they are going through a conversation now. How long will it be that you would anticipate this to reflect into any, you know, tangible numbers? Yeah. As you rightly said, it is not going to be overnight. Here, right now it is only the discussions, based on the discussions we could gather what's going to happen. As you know, when I change existing molecules, it will take one year to two years to come back, three years also. Similarly, changing the source from another place to here, especially if it is a regulated three years, it will take time. I know that process when they say something, it is one year before you give real tangible. In general, but when once that happens, it will have a win-win situation for both the customer and the partner. We hope to get those opportunities not only for Suven but all the players in India. Eventually. That's why it will not be next six months or something like that. Even for the flow of projects, we have only said that we have heard it. This is the maximum level we are telling. In general, it will happen for the long run. Being a first in the line, we are the first one to start the CRAMS projects way back in 95 when nobody knows what the CRAMS is all about. We thought we will be the best one to get some advantage out of that. That's what I said, in addition to the other things. Understood. That's helpful. That's it from my side. Thank you. Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. Participants who wish to ask a question, may please press star and one on their phone now. As there are no further questions, I now hand the conference over to the management for closing comments. Over to you, sir. Thank you everyone for participating in this, third quarter results and the year-to-date results. As you know, and our, profits grew as of now, and we expect to end the year with a slight positive growth and, technically margin. In the long term, with the new opportunities that are coming in, new businesses that are taking it to be a global pharma outsourcing and the opportunities, because of the China plus one, and also opportunity of long-term relationships we have and the existing, capacity building taking place and also the other projects what we have in the pipeline and all the things goes well. At the same time, you will be seeing, you know, not only quarter-on-quarter, variation, but, year-on-year variation also will be there. I mean, in the long run, it is a very promising things, especially changing the mindset of the global pharma outsourcing and targeting towards India. Suven is one of the frontrunner, and we would like to get the benefit out of it.