Please note that this conference is being recorded. I now hand the conference over to Ms. Cyndrella Carvalho from Suven Pharmaceuticals Limited. Thank you, and over to you, ma'am. Thanks, Robin. Good evening, everyone. We welcome you all on our Quarter 1 FY 2025 Earnings Conference Call. Let me introduce you to our management team here: Mr. Annaswamy Vaidheesh, Executive Chairman, Dr. Prasada Raju, Managing Director, and Mr. Singh, CEO, and Mr. Himanshu Agarwal, our CFO. After our opening remarks, we will open the floor for Q&A. Now, I hand over the call to our Managing Director, Dr. Prasada, for his opening remark. Over to you, sir. Thank you, Cyndrella. Very good evening to everyone. We extend a warm welcome to all on your Q1 FY25 Earnings Conference Call. In terms of the macro industry dynamics, we continue to witness tailwinds in pivot to CDMO industry. Customer sentiment remains positive towards India, driven by supply chain de-risking and inventory macro. This continues to drive our confidence in medium- to long-term growth. To give you a few perspective about pharma CDMO, our strategic orientation towards deepening and widening our pipeline is yielding results. A healthy inflow of RFQs, we continue to see higher momentum of inflows of RFQs, which is attributed to consistent efforts by the management, commercial team, and R&D, supported by a positive industry macro. We remain focused and work with our customers to convert these RFQs meaningfully. RFQs received with a healthy mix of mid-phase to late-phase projects, including commercials. Our BD team has also secured RFQs from a few new customers across U.S., Europe, and Japan, covering both pharma CDMO as well as AgChem, highlighting our strategic emphasis on broadening our customer base. We are also deepening our R&D engagement with our customers, receiving RFQs for expanded product categories, effect of efforts in the right direction for Suven. Our current phase III pipeline includes seven molecules translating into 13 intermediates. We are geared up to meet customers' increasing demand for backward integration by utilizing our existing capacities. In summary, we expect growth from second half of FY 2025. Moving on to specialty chemicals and AgChem. As mentioned in our previous update, we are leveraging the AgChem downcycling to our advantage, converting our specialty chemical service line into a new dedicated strategic business unit. In line with this, we have started investing on onboarding domain experts and operating partners in this space who can bring expertise and expertise. Our Vizag plant is now dedicated, specialty and AgChem facility, investing in differentiated capability for specialty and AgChem business, focused on initiatives to drive continuous improvements, including instrumentation, automation, while implementing best practices of EHSI. Within the AgChem segment, demand recovery has been slower than expected, but we continue to expect growth based on the demand recovery during second part of the current financial year and beyond. We will have to wait for another quarter to get complete clarity from our customers on the AgChem side of it. Moving on to our strategic intent and, the commitment, what we have communicated to all of you in the past, means calls on our acquisitions. Sapala acquisition, we have also completed the first phase by acquiring 51% of the stake on a fully diluted basis, which implies 67.5% on a current DP2 basis. We also started working very closely, and, number consolidation is expected from Q2 of this financial year. As we integrate, we have also started engaging with all the critical customers of Sapala and are also exploring cross-pollination opportunities. What we realized, one of the important growth drivers for technology platform of oligonucleotides and Sapala, is to have a GMP facility which is contemporaneous to unlock the future opportunities. Hence, we are also crafting a plan towards the GMP facility. In the coming quarters, we'll come back with more details around it. Now, we wish to give a brief business perspective on Cohance. As stated in the investor presentation, Cohance is back on the growth. ADC segment, Cohance is receiving more inquiries on new adjacent platform, payloads, and the new orders are also on track. The CDMO segment is expected to grow year-on-year in FY 25, with shipment schedules largely towards second half of the year, with insight purchase orders in hand. Coming to API Plus, Cohance is experiencing demand recovery. It is evident by the fact that it delivered 22% of year-on-year growth in Q1, and the order book remains healthy to deliver growth on a full year basis. In summary, the overall outlook, there is no change in the outlook as we have communicated in the past. Q1 has been in line with our expectation, while Q2 will see a muted growth. As we mentioned earlier, we will deliver growth on a full year basis versus last year. The key strategic initiatives are pretty much on track with the right inputs that what we have defined, and we wish to reiterate our aim to double the combined business organically over the next five years and M&A to act as a growth accelerator. With this, now I would like to request Himanshu Agarwal, our CFO, walk you through our financial performance and provide further updates to you. Thank you. Thank you, Dr. Prasada. Good evening, everyone. In quarter 1 of FY 2025, Suven generated a free cash flow of INR 33 crores, with a cash and bank balance of now at INR 864 crores at the end of the quarter. Overall, company's revenue declined by 34% year-on-year. The pharma CDMO segment is expected to deliver growth in FY 2025, with shipments scheduled largely towards the second half of FY 2025. The gross margins improved by 157 basis points year-on-year, driven by the improved business mix. Adjusted EBITDA margins were at 38%, while adjusted PAT were at 28%, reflecting our current investment in upscaling Suven for the next growth chapter. EBITDA also had one-time cost of INR 55.7 million, which is largely due to stock factoring, for which the reported EBITDA margins for Q1 stood at 35.5%. We have today incurred INR 22 crores on phase I for our R&D center at Genome Valley, which has been in operation since June 24. The total CapEx for the current quarter stands at INR 27.4 crores. As informed earlier, our formulation plant, which is a Casper unit, which is a wholly owned subsidiary of Suven, was audited by the USFDA, and we received two procedural observations. We have also appointed new statutory auditor, Grant Thornton, as well as internal auditor, Ernst & Young, reflecting our commitment to strengthen governance and internal control. Regarding the proposed merger with Cohance, you would be pleased to note that we have received approval from stock exchange and SEBI. We have submitted application to honorable NCLT Mumbai bench, and we are awaiting the hearing date. Subject to regulatory approvals, we expect the completion of this activity in next seven to 10 months. According to Cohance's investor presentation, we have achieved a revenue of INR 252 crores, growing at 10% year-over-year, with adjusted EBITDA margins of 20%. The API plus business reported a growth of 22% year-over-year. On a pro forma basis, our combined Suven and Cohance quarter 1 and FY 25 revenue was at INR 483 crore and gross margins being at 67.3%. The adjusted EBITDA stood at INR 136 crore, with EBITDA margins at 28% and adjusted PAT being at INR 84 crore. Cohance has also invested INR 41 crore in a new facility in Vizag, bought from Avra Synthesis. This capacity will add to our basic and intermediate supplies, increasing our flexibility towards backward integration. Overall, as mentioned by Dr. Prasada, Cohance is back on a growth path, and we expect the trend to continue for the remainder of the year. At a combined platform level, we anticipate growth in the second half of FY 25, with year-on-year growth in both revenue and EBITDA, and further growth acceleration from FY 26 onwards. Thank you. Thank you. We now go for questions. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Myra from Skylark Investments. Please go ahead. What steps are we taking to convert the increased RFQs into confirmed orders? Are there any challenges you foresee in the process? What is the long-term vision for the new agrochemical SBU, and how does it fit into your Suven's overall growth strategy? ... Thank you, Myra, for asking this question. RFQ, as you understand, there are three important elements. One is our abilities to respond on time and right path and schedule in line with the customer expectation. As we discussed in our previous earnings calls, we have also strengthened our back-end team on project proposal making, and also created dedicated teams for us to be able to respond on time. We also have mutual conversations with our customers to get the feedback before the decision is made. So that is the extent of relationship is also being nurtured further. With all these things, we expect definitely a meaningful and healthy RFQ conversion. However, as all of us understand, based on the design of the business, some of the RFQs which are at mid stage might take, 2.5-3 months time, and something can take little early. However, majority of RFQs have already been responded to, and we only expect customer decisions to come in. Second question, what you are mentioning about, specialty chemicals, how it will fit into your larger thinking of the growth and how it will strategically fit into? Enough deliberations that we have made, a few things that we wanted to accomplish, it's not no more a separate service line from the business. We also had a candid conversation, thanks to our customer and a partner who has given a feedback, saying that the entire mindset is different and the skill set needs for specialty and AgChem is different than pharma, while science remains same. We knew this, but we were only waiting for a right time to come in. We felt when the business is in the process of recovery, we have an option to clearly invest our time and effort to separate it out. With this, we can stay completely relevant to our customer, and we also can invest time and effort to have continuous improvement mindset, and also highest level of efficiencies that is needed for us to be extremely relevant in the specialty chemical industry. With this, our opportunities of going further, deeper with existing customer will be much more better. Hence, it also secures our future growth, as we have also decided that while the pharma CDMO becomes one of the important growth driver, specialty chemical business remains as one of the biggest priority going forward. By earmarking this as an independent BU, which gives enough focus, that's the reason we have agreed to decide this step. I hope it responds to your points, Myra. Yes, it does. Thank you so much. Thank you. The next question is from the line of Madhav from Fidelity International. Please go ahead. Hi, good evening. Thank you so much for your time. I have two questions. First one was on margins in quarter one. Maybe I lack some basic understanding. Is it that there's some seasonality in the business, that quarter one is generally softer, and then because of operating leverage, Q2 is stronger? Is that it, or there's been some margin pressure in Q1? If I understand correctly, Madhav, your question is primarily is the quarter one lower and the margin pressure is there on Cohance, if that is what your question is. As you understand, is, is that your question, Madhav? Yeah, exactly. Yes. Yeah. So it's a design of the business, and we don't expect any fuller basis impact which can adversely create a trouble to us. It is definitely as per the plan. It is slightly better than our plan, and we don't expect any challenges, both in terms of phasing as well as material margin. However, quarter-on-quarter business mix changes, that's the reason you see it, and it is not a right reference point to judge this business on a quarterly basis. That's okay. Because, if I look at FY 2021-2024, full year margins have been 29%-32%, and Q1 was 19.5%. So I'm just trying to understand that maybe quarters are the reflection, we should look at full year only, right? I guess. One more additional point, Madhav. In this quarter, the mix of API plus is higher than the CDMO. CDMO mix is going to be improved towards the latter part of the year. That's the way to look at it. Cohance's full-year margins will remain in that same 50% range what we have delivered last four to five years. There's no change in that, is what I'm thinking? It will be same or it will be slightly better. Okay, perfect. Understood. And also, the second question was on the, the ADC, projects that we are working on. Could you remind, just, help me understand, is this the right understanding, that we have, two commercialized, products in ADCs which we are supplying right now? Is that the right understanding? And, the pipeline, we have one phase three product in ADCs. Is that right, or something, something different? Your first understanding is correct. We are supplying markets to two commercially approved products, and two projects are in pipeline now. Two projects in pipeline, okay. And these are in what phase are we in? Like, is it phase III, phase II, or where are they exactly? One is at advanced stage. Okay, got it. Thank you. Thank you. Thank you. The next question is from the line of Akansha from RBC Capital. Please go ahead. Hello. Good evening, sir. My question is: What synergies do you foresee from the Sapala Organics acquisition? ... and how will it be integrated? You mentioned you have a higher momentum of RFQs with a 2x increase compared to the same period last year. What specific factors are driving this surge in the RFQs? Well, thank you, Akansha, for this question. Synergies from Sapala, as we have alluded during our merger time, predominantly, the cross-pollination of the customer is one important factor that we have considered, and we also seem to have a similar kind of a reception. We have started meeting all the customer. Whatever assumption that we made pre-acquisition is still valid. Second, on the RFQ point, there are three things which are changing. As you understand, globally, the clinical trial trend is substantially increasing, and public domain information says coming closer to 22,900 is the closer number, where clinical trials are happening, out of which 52% remains in the small molecules. That is definitely one important good news. And when we compare with 2023 to 2024 number, the number of small molecule in the pipeline is also increased by upwards of +15%. This is one important factor, which is definitely helping us to generate more RFQs. Second point, there is also a sentiment towards geopolitical issues and towards India that is also favoring, not just to us, to the entire Indian CDMO industry, which is also helping. Third, our internal actions of increasing our commercial effort and business development effort, including the back end, which we are trying to be much closer to the customer, is also helping us to have more number of RFQs coming to us. Okay. Thank you, sir. Thank you. Thank you. The next question is from the line of Varun Bang from Bandhan Life. Please go ahead. Yeah, hi. Thanks for the opportunity. So we have talked about continued momentum in RFQs. So can you share more perspective on kind of projects that we are receiving, a qualitative perspective on RFQs that we are receiving versus, the kind of projects that we are having in existing pharma CDMO business? Okay, thank you for the question, Varun. I would request our CEO, Dr. Sudhir, to respond to your question. Thanks, Prihank. So I think, in the previous commentary, what you heard from Dr. Prasada, that these are the combination and mix of both, you know, early phase development and late phase and commercial as well. What you're talking about, the momentum, see, if you do not have an early phase, you don't develop a pipeline. So, basically, what we are trying to do, develop a pipeline of more projects from early phase. However, as we said that, we have also started since we started our commercial engine a couple of months back, and that has started seeing results in terms of RFQs. So we have started seeing RFQs from the new customers as well. No, I actually wanted more qualitative perspective on the RFQs that are coming versus existing CDMO projects that we are working on. So it's more or less similar in line, but there are also new avenues, so also we are able to experience it. But, Varun, you should allow us to come back to you once something becomes real. Got that. And actually, I also wanted... Yeah, sorry. We see some change in the RFQs, especially in line with the new therapy indications, which are growing substantially. We see some change in the mix. However, it's too early for us to comment. Got that. From commercial standpoint, how do you see them versus existing pipeline that we have? Are they same as existing purchase, or will be more lucrative from margin standpoint if they eventually grow in volumes? Indeed, yes. But, again, we go back to the same thing, Varun, I think you should allow us for some more time. Got it. Can you share more perspective or, let's say, more color on the kind of projects that we are looking at, which is going to drive growth in HQ? So it's a combination of both, commercial as well as some of the, reloads and the new RFQs. And, for existing products, we are almost, we have purchase orders in hand. It's a question of our abilities to deliver. That gives us the confidence that the H2 will be much more assured for getting the growth coming back to us. However, there are some projects where we have to win some of the RFQs. It's a combination of both, Varun. Got it. Got it. And, any thoughts on dividend policy? Isn't it more prudent to have a dividend payout policy? How is management and board looking at it? Himanshu, if you can answer this. Yeah. So, Varun, we've articulated the dividend policy, and it's kind of there on the investors section. So we... I mean, obviously, you know, as we all understand, the dividend is a function of the cash, and cash is a function of how you deploy. Whether you deploy in new technologies and increase the business, versus you give it out as a dividend... And then as you would have noticed, we have acquired a strategic, we've done a strategic investment of Sapala, which you right now, there has been discussion about what are the synergies and what is the benefit that the business will get. So we feel that there is a very clear direction from a long-term technology deployment, and we feel that that is the right opportunity for us to use the cash that is there. However, having said that, there is a very clearly articulated dividend policy that's available on the website. Sure. Thanks, I'll join back with you. Thank you, Varun. Thank you. Ladies and gentlemen, to ask a question, you may please press star and one. The next question is from the line of Jatin Chawla from RTL Investments. Please go ahead. Hi. Thank you, good evening. So my first question is, you've spoken about RFQs, last quarter and this quarter as well. I just wanted to understand, you know, broadly at an industry level, what sort of timeline is there from, you know, this RFQ to getting some orders? So, you know, definitely we can actually give you a little broader perspective about, from an industry standpoint, because RFQs can be from, let's say, early phase and to mid-phase to late phase. Early phase can be 4-6 weeks, and mid-phase can be 6-8 weeks, and 8-12 weeks is the late phase. That's a normal industry trend. We also expect the same thing to happen to us as well. So broadly then, over a three-month period, like, you know, say the, the outer limit for the commercials is 8-12 weeks. So over a three-month period, there should be some decisions that you should see. So when you talk to us next quarter, we would have some decisions on, these RFQs that you have seen and some, news on orders as well. Your understanding is absolutely right. It is an ongoing process. Definitely, wherever we see some improvements, whatever it becomes real to us, certainly we'll bring this information back to all of you. Thank you. Great, thanks. My second question is, on the ADC side, you said there are two projects in pipeline, and one at an advanced stage. This is for Cohance. Are both these projects in pipeline for the existing warhead, for the existing ADC or, is there something for the new one? So it's a combination of customized payloads and also adjacent payloads. At this point in time, both the teams are showing a lot of interest, and as we are speaking, we are on one of the adjacent payloads. We are in advanced stage of discussion with one innovative company, and certainly once it becomes real, this information can be shared appropriately. But definitely we see a lot of traction than what it was a quarter before. That's good to hear. The next question is on the agri side, what gives you the confidence that things will really recover in the second half? I can see for your pharma side that you have, you know, firm orders in hand, and you're seeing a very strong RFQ pipeline. On the agri side, what is really driving this confidence that second half onwards, we should start seeing growth come back? Jatin, I think it's a very valid question. So before we sort out and we solve for our growth, we have to solve for the macro changes, whether it is destocking, whether it is, El Niño impact, or whether it is a drought in other parts of the countries. Coupled with our customer growth, then our growth can come in, too. What we learned from our customers is, one of the important projects, we are able to see some level of, openness, where they wanted to look for, volumes coming for half of the this year to next year, where definitely the demand is coming back to us. That is one important factor that we are doing. And definitely, with the easiness of destocking, which is coming almost to the closure stage, the demand will definitely improve. It's a function of market and customer, which both we see a positive sign. Got it. Got it. And just one quick clarification. You have said that, you know, in your, I think, guideline initial remarks, you said you expect growth for the full year in the pharma CDMO piece. In the combined in, you know, pharma plus agri also, do you expect growth in the full year? This is excluding Cohance. Overall, CDMO Cohance, Suven is going to grow by end of this full year. Got it. Thanks. Thanks a lot for answering the questions. Thank you. Thank you. We have the next question from the line of Sangeeta Agarwal from Jain and Company. Please go ahead. Yeah. Hi, good evening. So my question is also on, RFQs. So in RFQs, what are the categories wherein we are seeing expansion, expansion to commercialization stage, so to speak, saying that? Ma'am, can you just elaborate what exactly do you mean by categories? Uh, sorry? Can you just elaborate, what exactly you intend to say category meaning, what exactly the- Different illnesses, basically, that's what I'm looking at. Different? Different illnesses. Okay. So predominantly, again, it is oncology is the key driving force, and there are some products which are also coming as orphan drug products. Because of these two, there are some products which are already having a fast-track approval. Predominantly, these are all the few things as of today we have. Apart from that, recently we have also started getting RFQs other than this category as well, but it is too early to comment right now, but maybe a quarter and two quarters later, once we become real, we can come back to you. Okay. So any breakup you can give? Not exactly at this stage, ma'am. It's too early to comment. Okay, okay, fine. Yeah. Thank you. That's helpful. Thank you so much. Thank you, ma'am. Thank you. The next question comes from the line of Ankit Shah from Canara Robeco Asset Management Company. Please go ahead. Hi. Hello, am I audible? Yes, we are audible. Please go ahead. Yeah. Hi, sir. Thanks for the opportunity. Firstly, a clarification, so can you elaborate whether this one additional product you are in talks with this innovator company, is it an existing client? And, if you could share whether it's a like, phase two, phase three, or commercial product, any guidance that you can give on that? In which segment, Ankit? Under ADC, the one pipeline product you said you are in talk with an innovator company? Yes. So it's a newly onboarded innovator company. Right. And is it like a phase three product or it's a commercialized product? We will come back, but it is definitely at an advanced stage. Fine. My second question- And when you understand, Ankit, just to let you know, to the point what Sangeeta madam also has asked the same question. When we say some of the products which are in oncology segment, history says majority of oncology segment products are either a fast-track approval or a breakthrough therapy. So obviously, the time to market is much faster than the usual traditional product. Hence, once we have a view, definitely we will come back to you saying that this is what the current status is. But definitely it is going in the right direction. Right. Yeah. My second question leads to Suven's CDMO business. So in the presentation you have mentioned there are seven molecules, which are in phase three. So, is there any visibility on commercialization, on any of these, in the next one year? Do you see anyone moving to commercial phase? So, Ankit, we have to follow the customers very closely. Again, we have to qualify our statement. What we heard from our customers, at least molecules readouts are expected in FY 2024. That's what we learned. Better is known to us, we'll certainly inform you. Right. So you mean FY 25, to get out to the expected? Yeah. Okay. Got it. Fine. So next I couple of clarification. Firstly, the working capital days for Suven Pharma have increased to 127 days. So any particular reason for that? Sequentially, it has risen. So, Ankit, as we speak, we had certain delays from the chief of supplies with the customer, given the situation in the Red Sea and the Gulf area. So the shipments got delayed, and as a result, the customers who pay us on site, the recoveries happened in the month of July. So, so almost INR 100 crore of debt has been received as of thirty-first July. So that's been a bit of an aberration because of the way the quarter ended. Nothing else, as a reason. Right. Essentially, it has normalized, as of 31st July. Yes, it has. Got it. And, one data point, I wanted to, last presentation, for Cohance, you had given the share of gross profit from the CDMO segment. So is there something that you can share, this quarter as well? So on that, we'll come back to you. Sure. And one last thing from my end. So, we had acquired Sapala, but any other acquisitions that you are looking for, any other white spaces that you feel you need more capabilities and anything in the pipeline that you have right now on acquisitions? So, Ankit, if I may come in, definitely that's one of important, important strategy endeavor to us to see to it that how Suven growth can be accelerated. Definitely, we have landed up in oligonucleotide space right now, and we are also looking for further adjacencies, and, we have also strengthened our M&A team further. And when we come back with a specific, increment of investment, definitely we will come back to you. Our endeavor is to look at unique technology platforms, which can accelerate the combined organization growth and also helps us to stay completely relevant to our customers. Got it. Yeah, those are my questions. Thank you. Thank you, Ankit. Thank you. The next question is from the line of Rajiv from Dimension Securities. Please go ahead. Good evening, sir. Thank you for your opportunity. I want to inquire about the dividend policy. Thank you, Rajiv, and then the question to Himanshu. Rajiv, I had in fact responded to Varun on the similar question that there is a dividend policy which is publicly available on the website of the company. Okay, because our investors are looking forward, like, Suven has a tradition of giving very high dividend every year, and I consider that now so many mergers and we are taking company. And sir, in the last three months, share prices have gone tremendously very high. So, is there not any operator type dealings or something? Because our investors are also little afraid. I hope you don't mind. No, Rajiv, I think it's a question that you would understand that's not the domain of ours, and we are happy to take all queries on business performance of 30 of June quarter. But, apologies that this is something which is completely outside our domain. Uh-huh. Because we are heavily, our clients and myself all- Sir, sorry. Heavily invested in the company. We request you to please rejoin the question queue, sir, for follow-up questions. Thank you. Thank you, Rajiv. The next question comes from the line of Darshit Shah from Nirvana Capital. Please go ahead. Yeah, sir. Thanks for the opportunity. So, I just heard that now in the CDMO, out of India data is to be read out in FY 25. So, also on the, so these are for the intermediate. So earlier also, you were in talks to kind of value migrate to API, you know, with, our existing as well as new innovator companies. So any, thing that is on our advantage for that? We have actually provided all the insights, but as of today, Darshit, the majority of the opportunities are coming on the registered starting material to our GMP intermediates, and we don't seem to have so many RP inquiries are coming in. However, we have actually given our proposal, and our customer is evaluating potentially to consider appropriately. We do have the capability that has been explicitly understood by our customers, but decision is awaited. However, all the RFQs what we are getting are not in API space. Got it. And so if you look at your aspiration, which we are highlighting to grow at around, I mean, to grow the combined business to double in next 5 years. So now that works out to be around 15%-16% CAGR. It seems to be pretty low, like both the companies, you know, if you look at historically, 4-5 years, both the companies have kind of grown at 20%-25% CAGR. So are we not seeing enough green shoots, or are we being too conservative? Because we as a minority shareholder is probably eye a little far higher growth with Advent kind of coming in, you know, combining this business and all. So where am I missing, if you can kind of throw some light on that? So Darshit, thanks for asking this question. Internally, what we intend to communicate is our strategic direction. However, whenever we see improvements coming in, definitely we'll come back and communicate how can we further accelerate. And, definitely our aspirations are higher and better, but we prefer to commit and deliver our promise to all of us. Got it. No, sir, thank you. Actually, the earlier management, anyone didn't guide anything, but they kind of delivered without any commitment or guidance. But, you know, happy to kind of have at least some guidance from the new management, but hope you kind of deliver far better than what you are expecting. Thank you, sir. You can be, you can be rest assured, the company has a very strong fundamentals, Darshit, and also we have rebooted whatever is important for the organization, both on R&D side and commercial side. We are able to see how we are deepening our pipeline and bringing a very, very healthy pipeline, not just for a few years to come in and decades to come in. As a management team, we feel extremely strong about delivering what we are committing in mid-term to long term. Thank you. Thank you. Thank you. The next question is from the line of Dheeresh from WhiteOak. Please go ahead. Thank you. Just so, just to confirm my understanding, did I, do you say that for full year, you will grow, in the pro forma entity will have a growth on top end in the mid-term? That's right. Absolutely. Okay. And, just, in Cohance, there is a growth in revenue, but you're saying CDMO has grown 22%. That means Cohance... Sorry, API has grown 22%, API plus, plus. That means Cohance CDMO has de-grown in this quarter year-over-year. If I have to say that was set to have that record the same kind of growth, and it was not a surprise, it's more of a cyclical nature of the business. They have secured the purchase orders, but deliveries are predominantly scheduled in H2. Hence, the overall combined platform level of Cohance on full year basis, it will be same or better than the last year. So that's CDMO mix standpoint. Understood. Okay. Thank you so much. Welcome. Thank you. The next question is from the line of Karthik from Suyash Advisors. Please go ahead. Good evening, Dr. Prasada. Sorry to be delivering the guidance question, but just to understand the Suven guidance better, so if you match or do better versus last year on a full year basis, that would largely be driven by CDMO business. Is my understanding correct, or do you believe that the specialty also can come back substantially to match at least last year's levels? Currently, your understanding is correct, Karthik. Currently, within the CDMO, pharma CDMO is going to be the primary driver to deliver our promise currently, yes. Okay. Okay. Thank you and best wishes, sir. Thank you. Ladies and gentlemen, we have no further questions. I would now like to hand the conference over to the management for closing comments. Over to you. Thank you, Robin. Thank you everyone for joining, and we wish to talk to you in next quarter. Thank you, everyone. Thank you, everyone. Thank you. Thank you. Thank you. On behalf of Suven Pharmaceuticals Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.