Good afternoon, everyone. I welcome you to Emcure's Q2 FY 2027 earnings conference call. Thank you for joining us today. Today on the call with me are Mr. Satish Mehta, our Chairman, Managing Director, and CEO; Mr. Samit Mehta, Whole-Time Director and Chief Operating Officer; Mr. Taj Shaikh, Chief Financial Officer; Mr. Vik Thapar, President, Corporate Development, Strategy, and Finance; and Mr. Piyush Nahar, Executive Vice President, Corporate Development and Strategy. The quarterly financial results were published earlier today. They are available on the NSE and BSE, and also on our website. We will begin today's call with brief opening remarks from management, followed by a Q&A session. I would like to remind everyone that the safe harbor provisions detailed in the results presentation and the press released earlier today apply to this conference call. Please note that this call is being recorded, and both the call audio and the transcript will be made available on our website in due course. With that, I will now hand the call over to Mr. Mehta to begin with his opening remarks. Over to you, sir. Thank you, Saurabh. Good afternoon to all of you, and really appreciate and thank each and every one of you for joining us. We appreciate your continued interest and support. Before I start talking about our performance, I would like to wish each and every one of you a very happy and prosperous Diwali and New Year to you and all your dear and near ones. Thank you once again. I am pleased to report another strong quarter for Emcure, with broad-based growth in revenue, profitability and earnings. Our team's determination to rise to challenges underpins this performance. The resilience shown by each and every Emcurian, especially in the current geopolitical situation, is extremely praiseworthy, and I very much appreciate the efforts of each and every team member of Emcure. We at Emcure remain focused on achieving our goals and delivering sustained progress for all our stakeholders. Now, let me focus on financial performance for the current quarter. Revenue grew by 24% year-on-year to INR 2,820 crores, supported by growth across all geographies, and it has increased 9% sequentially. Profitability outpaced revenue growth. EBITDA rose 31% to INR 575 crores, and the EBITDA margins expanded by about 100 basis points to 20.4%, driven by productivity gains and operating leverage. Profit after tax increased 29% to INR 325 crores. With that, let me turn to our business performance. I would now first focus on the domestic market, that is India, which is very close to my heart, as I've been telling in all the calls. In India, our business grew by 12% year-on-year to INR 1,155 crores in Q2. It was also second consecutive quarter of double-digit growth, with growth improving from 10% in Q1. Organic growth for the quarter was 10% versus 6% that we had seen in quarter one. We expect to build upon this improvement in the second half of the current fiscal year. Women's health, cardiometabolic and CNS portfolios were the primary growth drivers during the quarter. Zuventus performance improved sequentially with key brands showing good traction. Beyond prescription medicines, our consumer health business is also gaining traction, with brands such as Bitter Drops and Calec building scale. Over time, we see this becoming an additional growth engine. We remain focused on making our big brands bigger, improving our field force productivity, and building scale in chronic and specialty therapies. on 12th October, our board approved the amalgamation of Zuventus Healthcare and Emcutix Biopharmaceuticals, both wholly owned subsidiaries into Emcure. This corporate action is part of our One Emcure vision and continued efforts to simplify the group holding structure. Zuventus brand and teams remain an integral part of our India business. The scheme will allow for synergies in our backend operations and corporate functions, and is subject to necessary approvals, including that of NCLT. After having spoken about our domestic business, now let me focus on our international business. Our international business delivered another strong quarter, complementing our performance in India. Revenue in the international market grew by 34.5% year-on-year to INR 1,665 crore and accounted for 59% of our total revenue. Continued expansion of our base business and contribution from new launches obviously drove this performance. As far as Europe is concerned, Europe for us grew by 36% to INR 604 crore, supported by strong delivery across both U.K. and continental Europe. Growth was broad-based, led by our base portfolio, new launches and continued scale-up of liposomal amphotericin B. Business momentum is expected to continue in second half as well. As far as Canada is concerned, Canada grew by 24% to INR 431 crore, driven by continued growth in our base business and recent launches. We expect further launches in the second half, and we continue to build a very strong pipeline for Canadian market. After having spoken about Europe and Canada, let me now focus on rest of world. We call it as emerging markets. The rest of business grew by 41% to INR 630 crore. The ARV business continued with strong performance, while non-ARV growth accelerated by support of new launches and expansion of portfolio in key markets in Latin America, CIS, Asia and Africa. We are very bullish about the emerging markets. We are dealing in lot of countries as far as the continents that I mentioned, and we do expect our rest of world business to continue to grow over the year. That is going to be backed by science, technology, innovation, about which I have been speaking in all the investor call. We will be having a good pipeline as far as the emerging markets are concerned. Having spoken about Europe, Canada, and rest of world, now let me focus on R&D and pipeline. R&D investments during the quarter were INR 111 crore, about 4% of revenue from operations. These investments will step- up in the second half as per plan. During the quarter, we received over 20 product approvals, including liposomal amphotericin B in Brazil, Mexico, and bevacizumab for wet AMD, wet age-related macular degeneration, in India. We also received a positive recommendation from India's Subject Expert Committee for lenacapavir injection for PrEP indication. As part of bringing lenacapavir to patients in rest of the world markets, we filed our dossier with WHO and U.S FDA and look forward to progressing the reviews over the next few quarters. These approvals and filings strengthen our launch pipeline and also give us visibility on sustained growth across markets. Now let me focus on outlook as far as the balance part of the year is concerned. In summary, Q2 delivered strong broad-based growth and profitable growth. The strength and resilience of Emcure business, as I mentioned some time back, are evident in our first half FY 2027 performance. The foundation gives us confidence that the momentum will continue in the second half of FY 2027 and to raise our full year 2025 revenue growth outlook, and to raise our full year FY 2027 revenue growth outlook. We now expect revenue growth to exceed 20% compared to mid-teens mentioned earlier. I repeat, we now expect revenue growth to exceed 20% compared with mid-teens that we indicated earlier. EBITDA margin improvement for the year is now expected to be upper end of our guidance range of 75-100 basis points. Let me repeat, EBITDA margin improvement for the full year is now expected to be near the upper end of our guidance range of 75-100 basis point. Our first half 2027 performance also reinforces our confidence in our achieving five-year goals that we have defined for ourselves and creating long-term value. Before I close, I would like to thank all our employees, partners, and shareholders for their continued, unrestricted support to all of us. With that, I will now request Taj, our CFO, to review the financials before we open the floor to questions. Thank you very much once again. Over to you, Taj. Thank you, Satish bhai. Good afternoon, everyone. I will take you through our financial performance for the second quarter and first half of FY 2027. All comparisons are year-on-year unless stated otherwise. All the numbers are in INR. Revenue from operations for Q2 was INR 2,820 crores, up 24.3% year-on-year and 9.3% sequentially. India grew 12% to INR 1,155 crores, and our international business grew 34.5% to INR 1,665 crores, accounting for 59% of our consolidated revenues. Europe and U.K. grew 36% to INR 604 crores. Canada grew 24% to INR 431 crores. Rest of the world grew 41% to INR 630 crores. On the profitability, gross margins for the quarter was 59.5%. Our quarter-over-quarter gross margin improved by about 110 basis points, driven by business and product mix. Employee costs were INR 435 crores, up 13%. Other expenses were INR 669 crores, up 20%, primarily on account of higher sales and higher R&D expenditure. R&D spend was 4% of revenue. As a result, EBITDA, excluding other income, was INR 575 crores, up 31%. EBITDA margins expanded by about 100 basis points year-over-year, and about 70 basis points sequentially to 20.4%. Other income was INR 16 crores compared to INR 39 crores last year, primarily on account of lower foreign exchange gains. Depreciation and amortization was INR 110 crores, in line with Q1. Finance cost was INR 36 crores, reflecting the increase in borrowings. The increased borrowings were to fund acquisition-related payouts. Profit before tax was INR 446 crores, up 31%. The effective tax rate was 27%. Profit after tax was INR 325 crores, up 29%, with a PAT margin of 11.5%, an improvement of 45 basis points. For the first half of FY 2027, revenue was INR 5,401 crores, up 23.6%. EBITDA was INR 1,083 crores, up 28.6%, with a margin of 20%, an expansion of about 80 basis points. Profit after tax was INR 618 crores, up 33%, with a PAT margin of 11.4%, an expansion of 75 basis points. Coming to the net debt, net debt as of September stood at INR 1,317 crores, an increase of INR 263 crores over March 2026. During the first half, we also made acquisition-related payouts of INR 551 crores. These primarily include the final payout for Canada acquisition, the acquisition of minority stake in Gennova, and payments towards the U.K. product portfolio. We remain committed to our objective of becoming net cash by the end of FY 2028. With that, I request the moderator to open the line for questions. Thank you so much, sir. Ladies and gentlemen, we will now begin the question-and-answer session. If you wish to ask a question, please use the raise hand feature available on the dashboard. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Tushar Manudhane. Please go ahead. Thanks for the opportunity, and congratulations on good set of numbers. Sir, just on amphotericin, how much would that be now contributing in the Europe segment itself? Thanks, Tushar. We don't break out by product, but as Satish had mentioned in his readout, amphotericin is one of the growth drivers. It's a key growth driver for Europe growth, but it's not the only one. We are seeing growth even in our base portfolio out there. Okay. Any other product which would be, which is worth calling out, it's not in the base business, but maybe over next 12 months, which will also contribute like amphotericin for Europe and for the other geographies? Yeah, Tushar, this is Samit. The other product that we think will contribute significantly in Europe is treprostinil. Okay. Could elaborate on market size, competitive factors? I think there's limited competition. I won't have the exact number of players there, but we see this as an attractive market. Probably not a very large volume product, but in terms of value as well as margins, it's a very strong product for us. Got it. Lastly, with respect to the increased guidance of 20%, if you could give little further details in terms of which geography the growth prospects got further better compared to earlier guidance. I think if you look at it, there is two factors, right? One, domestic, we are seeing good traction out. I think it's going in line with what we have been talking about, and we see further acceleration in 2H versus the numbers we have. I think a big part is also the international, especially the ROW and Europe, which are scaling up much better. I think some of the product approvals that you were expecting have come through, they are ramping up, so that gives us good confidence. Yeah, and I think even on the ARV side of the rest of world business, we've seen a strong order book, so we're confident of obviously some of the revenue recognition related to that in the second half of the year continuing as well. That is it from me. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and 1. Reminder to all the participants, if you wish to ask a question, you may please use the feature of raise hand. Thank you. Our next question comes from the line of Alankar Garude. Please go ahead. Hi. Thank you for the opportunity, and congrats to the team on a pretty good performance as well as the increase in the guidance. Sir, first question on domestic growth. You have spoken about Zuventus performance improving sequentially. There has also been an increase in the year-over-year organic growth if you compare it with the first quarter. How long do you think will it take for Zuventus growth and our overall organic domestic growth to be, say, at par with the market growth? Will it take one quarter, two quarters, more than that? Any color on that would be helpful. Hi, Alankar. This is Vik here. What we have been seeing even with Zuventus is obviously for the last couple of quarters, we have seen a robust growth and stabilization within the team and the operation. If you look at some of the exits and some of the attrition that happened in Zuventus, that was predominantly in the second half of last year. Vis-à-vis that, I think given where we stand, we expect half two of this year to obviously be strong relative to the prior year. We think that that growth and acceleration for Zuventus certainly will continue half two of this year versus half two of the prior year. And broadly, Vik, by the end of this year, can we expect the growth to be more or less in line with the IPM growth? Yes. Okay, perfect. The second question is, can you talk a bit about Poviztra? How is the traction there? Is the market shaping up more or less in line with your expectations in terms of your strategies and even the innovator? I mean, is there any change in the approach you feel that is required to drive growth further? Any color there would be helpful. Alankar, this is Satish Mehta. So Poviztra is getting traction month after month. As far as IQVIA is concerned, in the last month, we were the number 4 brand, I believe. As far as we are concerned, and based on the numbers that we had for the month of October, we should probably improve our rank at least by one. The other thing that is happening, that the story of our DNA and this being a biologic, that seems to be resonating with the medical profession. As far as this obesity market is concerned, we are shaping that market along with Novo Nordisk. We are also fortunate to get a lot of data from Novo Nordisk. To that extent, it's a great investment which Emcure has made, because this market is only going to grow. But at the same time, it requires patience and understanding of the market. It's not really going to happen in a day, but we obviously see ourselves a long-term player in this particular market, and things are happening in the right direction. It's not earth-shattering the way it was felt some time back, but we are right there. We are doing a great job, and we are getting traction day after day. Understood. The second set of questions is on the International business. International, for example, in this quarter is almost 59% of sales. Given that you do not have a U.S. business per se, a B2C business, I mean, just to help understand and get some color on the international business, broadly, what would be the contribution of, say, the top three or top five molecules to overall sales within international? Actually, quite well spread out because of the international markets, when you look at individual segments like Europe, Canada, or ROW, they are all contributing mid-teens plus. Then within each of those markets, there is hardly any product concentration. In fact, Canada and rest of world are quite broadly spread out, and Europe is also, despite having lipo ampho in there, is a fairly well-spread portfolio as well. We really do not have a large product concentration in that context of that 59% of the business. But in terms of the kind of products, obviously, as we have been highlighting, it is really led by a number of complex injectables that are having good traction across markets. Understood. Would it be fair, Vik, to say that even something like amphotericin B would be less than, say, 10% of our international sales? For sure. In fact, as we have been highlighting, we continue to get approvals in some of the key ROW markets, and we have yet to even commercialize the product in a number of those markets. I think to that extent, the contribution from the ROW markets may go up over time. In Europe, we anticipate at some point, obviously, we will face some competition. We are fairly well placed in terms of our in-house capacities, being able to cater to what we think is going to be the overall demand between Europe, Canada, and the emerging markets for that product. But even despite that, I think there will not be over-dependence per se on that product. As Vik, I completely agree with what you are saying. As of now, Alankar, we are not selling anything in the Canadian market. As far as the emerging markets are concerned, we have just started getting approvals. As I mentioned in my address, we just got approval in Brazil and Colombia, and maybe Mexico is around the corner. It is just Europe which is contributing. To that extent, whatever performance that we have had in the second quarter, yes, amphotericin has helped, but at the same time, I mean, one thing I would like to make it very clear, it is very broad-based. That is very helpful. Final question before I come back into the queue. What would be the constant currency growth in this quarter? Thank you so much. I think on the international business, about 10% has been the currency impact to the top line. So constant currency, I think, was 20, sorry, 18. Yeah, 10% on the international. So constant currency growth international was about 24%. Overall is 18.5. Understood. That is it from my side. Thank you and all the best. Thank you. Ladies and gentlemen, anyone who wishes to ask a question can use the raise hand feature on the dashboard. Thank you. This is Saurabh Paliwal. Request the participants to please use the Zoom audio to ask the question. We will not be taking questions over chat. Thank you. Request all the participants, please use the raise hand feature available on your dashboard. Thank you. Our next question comes from the line of Nitin Jain. Please go ahead. Nitin Jain, please introduce yourself, your company name, and proceed ahead with the question. Mr. Nitin Jain, please go ahead and introduce yourself. Hello? Yes, Mr. Jain, we can hear you now. Please introduce yourself and proceed ahead with the question. Yeah, good afternoon. This is Nitin Jain from Fair Value Equity Advisory. Congratulations to the management on a great set and the guidance raise. Not really looking for an exact number, but will the management be able to guide on how they see FY 2028 shaping up? Do you think you will be able to replicate this year's numbers next year too? Thank you. That's all from me. Yeah, this is Vik. I'll take a stab. While we're not putting out any specific guidance for 2028 just yet, at the same time, obviously management feels very good about the business and bullish heading into half two. We certainly hope that some of the momentum that's carrying over into half two will continue to build on for FY 2028. I think previously we've sort of guided what we think each of the different verticals are capable of growing at on a midterm basis, and I think management continues to stay confident in that sort of assumption. Right. Do you think this will be driven more by international or will domestic also rebound? I think on domestic, what we've highlighted is if you see our last couple of quarters, the growth, including the organic growth specifically, has been accelerating. I think on the Zuventus piece, I already talked about half two being strong relative to where we were in half two of last year. So we definitely see ourselves growing in line or slightly above industry on an organic basis. Then of course, we continue to look for in-licensing opportunities as well. So overall, we feel good about the domestic business. That's all from me. Thank you. Congratulations once again. Thank you so much. Our next question comes from the line of Bansi Desai. Please introduce yourself and proceed ahead with the question. Yeah. Hi, this is Bansi from JPMorgan. My first question is on the domestic growth. You alluded, we should come back to industry growth shortly. Question is, what is going to drive that and in what timeframe should we expect Emcure to beat the industry growth? Thanks. I think, Bansi, what we are seeing is, as we have mentioned, the base business ex-Zuventus continues to do very well. Zuventus, we are seeing quarter-on-quarter improvement. As we head into 2H, we think we will be more in line with the industry. For the full year, I think we should probably end up closer to low- teens growth overall. I think the exit of FY 2027, we should be at or above industry growth. Zuventus would be what in terms of number, first half? Zuventus is roughly about 25% of our revenues overall. No, in terms of growth. We don't break it out by Zuventus. By this thing, but I think what we're talking about sequentially from 4Q, we have seen a significant improvement in Zuventus. Okay, but then it means that it remains substantially below the acute category or IPM category, because I'm assuming that chronic continues to do well for us. Yeah, that would be a fair reflection, but we're not breaking our exact numbers. But as I said, our ex-Zuventus is growing faster than the industry. Okay. What will bridge that? Is it volume growth in Zuventus that will help us get there, or is it going to be combination of new launches, volume growth, in your view? This is Satish Mehta. I mean, as I mentioned some time back, as far as Zuventus is concerned, we had massive exodus last year. There are three things, I keep on saying, stability, consolidation, and acceleration. As far as Zuventus is concerned, it took us some time to get back the stability and new phases, consolidation was very important. I believe these two things are behind us, and now we are in the process of accelerating the business. I will essentially stick to what Piyush or Vik mentioned. I think it has taken time. It is not easy as the pharma industry brand building, but at the same time, every reason to believe that the worst is behind us and we are on the right track. Understood, sir. Secondly, the question is around profitability across our businesses. Without quantifying, if you it in the overall mix. From our past conversation, I do recall that businesses like Canada, et cetera, are extremely profitable for us. Now we also have complex launches in markets like Europe as well. So, if you have to just provide us a hierarchy, it would be helpful. Yeah. So, I will take a stab at that, Vik. I think India continues to be obviously our number one vertical in terms of profitability. Having said that, we have always highlighted that a component of the India business, it also includes the in-licensing relationships we have with some of our multinational partners. That piece of the business obviously is at a lower standalone margin profile. So on a blended basis then, obviously, you have to look at India in that context. On the international side, I think Europe and Canada continue to be very strong, profitable business, as is the ROW non-ARV component. On the ARV side, obviously, the margin profile is, I would say, lower than the overall corporate margins. Having said that, on the R&D front, we have always been guiding to 4% or 5% overall spend on revenues. That is probably tilted more towards a bigger component of R&D spend being on the international pieces of the business. Post-R&D, obviously, that also plays into the overall profitability of those businesses, especially as we continue to invest on a number of these more complex opportunities for those markets. That's helpful, Vik. Also, from an ROW standpoint, while ARV margins probably would be lower, as you highlighted, but growth has been pretty solid this year. Given these are tender businesses, what kind of visibility do we have if we have to think slightly medium-term for tender business, particularly in ROW? Yeah. I think, at least from what we've been seeing, the traction continues to be strong. Also, as you know, we're one of the few players that have the opportunity on Lenacapavir, where we have also filed our product. I think in the medium term, Lenacapavir will be an important part of the ARV portfolio, and we believe that that'll come and be margin accretive to where we stand on the portfolio today. Overall, we feel good about the ARV segment continuing to show strength over the next short- to- medium term. All right. That's helpful. Thank you so much. Our next question comes from the line of Foram Parekh. Please introduce yourself and proceed ahead with the question. Yeah. Thank you for the opportunity. My first question is on the Europe market. On the amphotericin B, if you can just give us some color, have we penetrated in all the geographies, or are there any incremental geographies to be penetrated? Yeah, there are a few geographies we have just got approval, so we have just penetrated to 50% of the market, and a few geographies still pending. We have just got- Sure. So if you can give us some count of this 50% of the penetration, like how many geographies and what is the count? About 20 countries probably where we have still to get into. My second question is on the ROW side. If you can give us the breakup between ARV and non-ARV, as last quarter the ARV pie was around 67%. Are we still in the same trajectory now? Forum, this is Piyush here. This quarter will be roughly about 50%, half-halves. Okay. May I ask, we have got approval for amphotericin B in the non-ARV side, so in couple of markets. By when can we launch in those markets? I think for a lot of the markets, the batches are already under production, especially the ones which we have got approval recently. Across the next half, at least a couple of markets, we should be launching in market. Okay. My third question is on the R&D side. In our opening remarks, we mentioned that the R&D cost will go up in the second half, while I also hear that R&D contribution would be around 4-5%. The increased R&D would be in the same bandwidth, or how should we look at it? Yes, I think the first half R&D was at 4%, and we have guided for a total year of anywhere between 4% to 5%, so it will continue to remain within that bracket itself. Sure. Those were my questions. Thank you. Thank you. Our next question comes from the line of Dr. Kartik Bane. Please introduce yourself and proceed ahead with the question. Dr. Kartik Bane, please unmute yourself and speak. Thank you. Can you hear me? Yes, we can hear you. Thank you for the opportunity, and congratulations on a good set of numbers. This is Dr. Kartik Bane from Bajaj Life. I missed the name of the molecule, the second molecule that you mentioned apart from the liposomal amphotericin B. If you can spell it out. You are talking about the Europe opportunity. Treprostinil. Sorry, come again. Treprostinil. T-R-E-P-R-O-S-T-I-N-I-L. Okay, thank you. Second question is on the amphotericin manufacturing sites. How many sites do we have at this point in time? When was the last inspection? When is the next inspection planned? Do we have any diversification on the manufacturing of that? So, very good question. We have already diversified. We have two different manufacturing sites, and each one is broken out by the market it caters to. Depending on the market, most of the regulatory agency audits are very recent, and they have all been closed as well. We expect that at least in the next 18 to 24 months, we should have the facilities being able to cater without any restriction. One more thing I would like to add. Important country like U.K., it has approval in both the sites. We are also, Europe, which is another important market for us, so it will also have approval in due course of time in both the sites. To that extent, we are, in terms of risk management, fairly well covered. Okay, thank you very much. That is it from my side. Thank you. Our next question comes from the line of Alankar Garude. Please proceed ahead with the question. Yeah, thank you for the opportunity again. Satish bhai, we have seen IPM growth picking up quite well over the last three, four quarters. What factors do you think are contributing to this increase? Have you seen any changes in the end market, and do you think that this is sustainable? Yeah, I think, Alankar, this is Vik here, and I will let others also chime in. You are absolutely right. We have obviously seen a very robust growth for the entire industry, with a number of peers also putting up good numbers. My own take on this is, it is a couple of two, three key factors that are contributing to it. One is obviously overall access to healthcare, and also the awareness that is causing this sort of slight uptick in volumes. Secondly, all said and done, there was this sort of push of generic, but I believe that we are seeing that the demand for quality branded generics continues to be strong. Finally, to some extent, possibly because of the whole GLP-1 category and a lot of noise around that, there is also possibly additional diagnostics that are happening that are possibly feeding into that as well. Overall, I think there is a number of contributing factors where perhaps a year ago, the volume seemed a little bit more anemic in terms of the growth for the industry, seem to be much more robust this time. I will give you some color. You made a very interesting point, because what really happens, as far as your obesity market is concerned, the Mounjaro is a brand of almost INR 1,300-1,400 crores. They do more than INR 110 crores per month. I think if you put all the brands of semaglutide together, they should be contributing around INR 50-60 crores. If you add this INR 150 crores to a market of, say, INR 25,000 crores, which is the current size of the market, I mean, at least 4% or 5% for sure is being contributed by obesity. That is also one of the reason why we are seeing an uptick. I mean, one has to study, but just trying to tell you what is going on. And the other thing that I have seen, Alankar Garude, in my 30 years of association with the domestic market, once the economic growth picks up, normally, I have seen the growth of the pharma industries 1.5 times that of the economic growth that we have. So if you are growing at 8%, 12% is granted. It is going to happen, 11%, 12%. And add to that the new product launches and the new concept, obesity, which has come. That's how you are showing, by and large, industry showing 14%, 15% by the way of growth. And it's a very, what I would say, qualitative assessment. One has to do a little deep dive and go into the numbers and see how sustainable it is. Understood. No, very interesting points. I think most of the reasons that you outlined seem to suggest that this could possibly continue, maybe not to the same extent. If you look at FY 2028 as well, would that be a fair assessment? I do not know. I mean, it's very difficult to say because the other thing that happens, how the geopolitical situation plays out, you wouldn't know. Suppose tomorrow, the Iran war flares up, the oil price is $120, $130 per barrel, the situation will turn to much less growth. So it is very, very difficult to say in which direction it will go. As of today, it looks good, but at the same time, one wouldn't like to hazard a guess about future. I mean, I'm always inclined to look quarter by quarter. And let's move on, and then we'll see what happens. Understood. That actually brings me to the second question. We have not really seen any impact of higher raw material cost as far as this quarter is concerned. Of course, there are other factors which are driving the gross margins as well. But would you like to highlight where are you in terms of any raw material impact? I mean, if you can talk about the second quarter and also if you can highlight about the second half, is the situation relatively comfortable? I think, Alankar Garude, I mean, for us, definitely there has been some amount of impact on account of the input or raw material costs. I also think that freight costs and insurance costs— Yes. —as well as the transit times have increased across the board. I think on the one hand, we've benefited from some favorable currency impact. On the other side, I think some of these costs are wiping out a big chunk, if not most of those gains. That's why I think overall, our gross margin impact has been relatively muted. But certainly, we have been seeing in many cases, some rising input costs. Got it. Another question, what was the share of ARV in this quarter compared to 65% in the first quarter? Roughly half of the ROW sales was ARV. Got it. Piyush, would you like to maintain our earlier number of 50-55% ARV contribution in FY 2027? Yeah, we'll end up there. Okay, fair enough. And final question, when do you expect to start supplies of semaglutide in Quebec for your partner, Dr. Reddy's? I think we are waiting for the supplies. Depending on when we get the supplies, we'll be ready to launch. I think Reddy's has talked about sometime in November, but we'll direct to do that. Understood. All right, that's it from my side. Thank you. Thank you so much. Ladies and gentlemen, anyone who wish to ask a question can use the feature of raise hand in your dashboard. Thank you. Reminder to all the participants, if you wish to ask a question, you may please use the raise hand option on your dashboard. Thank you. Next question comes from the line of Tushar Manudhane. Please introduce yourself, and you can proceed ahead with the question. Thanks for the opportunity again. This is Tushar Manudhane. Sir, just on the OpEx side, if you could share anything meaningful that would come up, either in the terms of capacity for the scaling up or in terms of marketing side, which will lead to higher other expenses compared to revenue growth. No, nothing on that side right now. Tushar, I think what we have always talked about is a lot of the margin improvement that you will see is going to come from operating leverage. You will see our G&A growth be slower than the revenue growth. Got it. With the significant improvement in the domestic formulation growth, could you just sort of refresh in terms of the number of MRs and the MR count which you intend to take probably over next 20-30 months? I think the MR count remains similar, about 4,100 or 4,100 to 4,200. We are not looking to add right now any new MRs in the near term. This conceptually or strategically, has there been any change on the, what do I say, incentive scheme, which is sort of with the same MR team, we are able to sort of improve the growth reasonably well in line with industry and believe that we can grow better than the industry. If you can throw some light on that aspect. There's been no change on the incentives that we have made, right? I think what we have all been talking about for, if you look at our last two, three quarters, the focus is a lot more on execution in terms of are we reaching out to the right doctors, how are we engaging with the doctors, a lot of on scientific promotion, and that is what is driving us. If you look at even some of our top brands, I think for us, the differentiator is a lot of our top brands are where you have something different, innovative to talk about. If you take Orofer XT, where the whole anemic franchise, or even our current molecules like Asomex and Metpure and all, those are seeing good growth out there for us. Yeah, and I think, what I would just say is, from time to time, we keep tweaking the incentive scheme marginally to try and see that a greater percent or overall population of the MRs are qualifying. I think with the right incentive structure and focus that Piyush Nahar talked about, we feel confident that without significantly increasing our MR headcount, we can indeed continue to grow. In fact, we've seen even in the current quarter, an uptick in the productivity per rep compared to the prior quarter. Got it. Lastly, while in the brand specific, we do get to understand from certain data like IQVIA, but if you could throw some more color on the hospital side within domestic formulation, how much does that contribute and what has been the growth in that particular? I won't have the offhand numbers offhand on hospital side, but it's going to be in single digits somewhere. It's not going to be very large. I mean, just to chime in, as far as we are concerned. Our focus is more on generating prescriptions in the trade, meeting the doctors. As far as hospitals are concerned, typically, most of the products are injectables. To that extent, we are very well placed because our all solid dosage formulations are doing exceedingly well, like Orofer XT, Pause, Metpure that you just mentioned. Got it, sir. That's it from us. Thank you. Thank you. Our next question comes from the line of Alok Dalal. Please introduce yourself, and you can proceed ahead with the question. Yes. Good afternoon. Thank you for taking my questions. Few quick ones. Any update on your filing for semaglutide in Canada? In the discipleship, so probably in the next few months. Next few months. Okay. Piyush, what is the contribution of in-licensed products to India sales today? It is about your high teens somewhere. High teens range. Okay. A similar number, if you can give for biosimilars for India and overseas? Biosimilars— 10%. India, I think overall India will be about 10% or international will be lower than that, because international we are only selling in the emerging markets. Okay. Okay, that's it from my side. Thank you. Thank you. Next question comes from the line of Foram Parekh. Please go ahead. Hi. Thank you for the opportunity again. My question is on the domestic side. If you can help us give the OTC contribution to the domestic sales? Foram, it's still scaling up, so we won't want to break it out right now. I think once it reaches a meaningful size, that's when we'll probably talk about it separately. We are obviously seeing green shoots, and the response is very good, but early days. Sure. But would it be fair to assume that it would be in mid-single digit, or would it be lower than that? I don't think we want to break that out right now, actually, Foram. Sure, no problem. My second question is on the international front. For both Europe and Canada, if you can help us give the split between organic and inorganic sales? Europe and Canada both is organic. There is nothing inorganic right now there. Okay, so the base portfolio would be contributing how much percentage? The whole, right? The growth is largely driven by base plus new launches, because we have not had any acquisitions out there in Europe, Canada. There is one small Cutimed, but that is a quite small scale. There has been nothing in the last 12 months. I mean, Europe, yeah. The Tillomed acquisition happened longer than a year and a half ago, and a very tiny acquisition of Cutimed in Canada. But by and large, it is the base business that is growing. Sure. If you would help us give us the contribution from new product launches, would it be fair to assume around 10% for both the geographies? We have not broken that out, but yeah, a big part of the growth is going to come from new launches. Sure, that is helpful. Thank you. Thank you. Ladies and gentlemen, anyone who wishes to ask a question, please use the raise hand feature on your dashboard. Thank you. Ladies and gentlemen, as there are no questions from the participant, I would now like to hand the conference over to Mr. Saurabh Paliwal for closing comments. Thank you, and over to you, sir. Thank you everyone for joining us today. If you have any further questions or queries that you need answers to, please feel free to get in touch with me. With that, we close the conference call for this quarter. Wish you all a very happy Diwali and a great evening. Goodbye. Thank you so much, Saurabh sir. Ladies and gentlemen, on behalf of Emcure Pharmaceuticals Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.