Good afternoon, everybody, and welcome to our quarter one results presentation. To get us going, our domestic formulations business clocked a revenue growth of 14% in the quarter, with seven out of 10 therapies delivering double-digit growth rates. Our key franchises, including insulin and our semaglutide brand SUNDAE, they have all posted strong performances in quarter one. Our consolidated revenue has grown by 13% year-over-year in quarter one. Profit after tax has expanded by 40% - 50%. The details of the results and the presentation have already been made available to you. Without further ado, we can switch to our questions and answers. Thank you, sir. Ladies and gentlemen, we will now begin the question and answer session. Participants who wish to ask questions may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. When prompted, you can accept the prompt on your screen, unmute your audio and ask your questions. We will wait for a moment while the question queue assembles. Participants who wish to ask questions may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. The first question comes from Harith Ahamed, Avendus Spark. Harith, thanks for the opportunity. When I look at the domestic branded formulations performance, we're seeing underperformance as you've disclosed in the OAD and cardiac segments. Especially in cardiac, what exactly is driving this underperformance? In both these segments, by when can we expect growth to catch up with IP levels? Yeah. Harith, look, there's a slide at the end where we talk about four or five things which we are doing. We expect in the next two quarters, cardiac will be close to the market growth. Where have we gone wrong? Look, we have been trailing in the hypertension. A large part of our cardiology is hypertension, and that is where we are trailing a bit. We have already started efforts of getting across the line. I think we should start seeing it from this month itself once the data comes in terms of progress. It seems that in two quarters we should be there. They are largely two products which we are kind of getting on track. Okay. In terms of entering the non-represented insulin analogs market, which you've highlighted as a priority? Yes. How should we think about timelines for launch of insulin aspart, degludec, and some of the combination products? Okay. Harith, look, a little bit of a detail here. We've already taken two engineering batches and one PV batch of these analogs at our Bhopal unit. The DS has been made by our 11. The DP has already been taken. We have taken three engineering batches. One is the recombinant semaglutide, one is degludec, and one is the combination with degludec. This will now go through the process, very likely to file it for the next phase in this current quarter. It will then go through the regulatory process. aspart is something which should happen earlier. We've been stuck on something. I think we have sorted. I think aspart should be there in this year, probably in the calendar year itself, much earlier than that. The rest would all be pushed off to the next year. Okay. Last one with your permission. Sure. I evaluated the product mix impacting our margins for the quarter. When I look at the gross margins on a sequential basis, there's been a fairly sharp decline. I was wondering if there is anything other than just the product mix that's impacting gross margins. Sequentially? Something on the raw material side. Just let me understand your question. I think KK wants to get in. Yeah, KK. Harith, when you say sequential, I assume you're talking about. I'm sorry. Q1, Q2, Q3, Q4, that way, right? Yeah. 4 Q to 1 Q, there's been a sharp decline. Domestic formulations gross margin has been in a 76%-77% band for all- Okay. Quarters of last year. Okay. What you see in Q1 of this year is a departure. Yeah. Yes. I was trying to understand the reasons for that. Yeah. Harith, I would suggest that we will largely be in this range for at least one more quarter. This has largely happened because of the product mix change. If you see when you go to the same slide where you see the growth rates. You see the insulins and the biologics are catching up. Okay. We assume this will remain like this. Which is very heartening for the organization because, in the last two couple of years, we were trying to get both the engines kind of working. We thought last year itself, this engine will overpower and get us to 12%, 13% growth, which kind of didn't work out. Biologics and insulin will remain in this trajectory. It might even go up because once we start the production next month in Bhopal, wherein we have got the licenses, our ability to maneuver on a lot of things goes up. Consider Q2 also be in the same vicinity of the gross margins. By Q3, we will see that the gross margins start improving. Q4, there is a fair chance of us coming back to where we started with, more or less. Do remember, we are getting into a therapy where gross margins will not essentially decide the EBITDA margins. If you look at the organization level, we are reporting 35% EBITDA. Yeah. 74%- Gross margin Gross margin. Between EBITDA and gross margin, we have 39%. Yeah. Right? The same in biologics could be as low as 20%. Okay. Today, when we sit here, our insulins could be at 30%, 31%. It could be more, but it would be surely be 30%, 31%. The gross margins are much, much lower. Two things. One is that when we move to Bhopal, gross margin will start improving. Number two, in biologics, the mid portion is not generally as big as the other domestic branded because the biggest reason is that the YPMs are very high. Our biologics business would have a YPM of INR 15 lakhs, INR 16 lakhs. Going to that vicinity. Okay. That's how it plays out. Okay, understood. That's all from my side. Thanks a lot. Thank you. Participants who wish to ask questions may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. The next question comes from Nilay Parekh. Please go ahead. Hello, sir. Hope I'm. Hello. Yes. My question is this, Swiss Parenterals is growing quite lower than what was anticipated. Can you give us some sort of clarity on this bottom for this growth and how are we going to ramp it up now from. Some sort of full year with guidance for the Swiss. Okay. Good question, Nilay. Nilay, yes, you are right, that the growth is softer in Q1. There is some remediation work which is happening in that facility. We really don't feel as of now that we will be impacted to a large level when it comes to the revenue side. On the EBITDA side, we might have a hit of couple of hundred basis point also because of the remediation work which is happening. That is the reason we have asked for one more quarter to basically put out everything together. My visibility as of today is we really don't promise any growth over the last year. The growth could be in the same vicinity as we are today, and it could be even lower, but it will be in that zone, from a neutral to a low single-digit growth. With the margins might compress couple of hundred points. If we get through what we are planning to do, it might improve in Q4. Right now, this is the visibility, but by the end of Q2, we'll be able to give you a clear-cut answer. Okay, sir. Sure. All the best for it. Thank you. Thanks. Thank you. Participants who wish to ask questions may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. The next question comes from Parth Sodha. Please go ahead. Am I audible? Hello. Yes, sir, you're audible. Good evening, and thank you for the opportunity. After integrating Biocon's insulin business, are there any adjacent therapeutic areas where Eris would consider acquisitions to strengthen its chronic portfolio? Man, not as of now. You're seeing that from the last two years and even the first quarter, we have been investing money behind facilities, technology, on the manufacturing side. We feel this is what is our priority area, at least for this year and starting of the next year. Largely, we are staying away from acquisition. That's the plan as of now. Noted. Thank you, sir. Thank you. Thank you, sir. Participants who wish to ask questions may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. The next question comes from Tushar Madani. Please go ahead. Hi, sir. Thanks for the opportunity. Sir, just on the semaglutide update, with the INR 4 crore per month, we are largely at the similar number as it was in June, July, or has that scaled up further? If you could share that. Tushar, let me repeat. You're asking me that, is that INR 4 crore moving up, in the present quarter? Is that your question? Yes. Yeah, Tushar. We see movement. We see upward movement while we talk. Second thing is also that we haven't had a launch of the obesity SKU, the Wegovy GX. Our Wegovy GX is being launched this month. By the end of the month, we are building. Next month, we are launching. That would also add up a little bit. Yes, from a Q1 average, Q2 is looking better. Got it, sir. Is there any price correction further happened, or whatever price at which we launched, that's the price we are continuing even now? Tushar, look, frankly, the prescriber base has not spread the way we would have thought earlier. This, from our point of view, is not a good time to reduce the price further. Once the market kind of escalates, it spreads out, at that point of time, there might be a good reason to correct further up. That's still kind of we have to wait and watch. As of now, we see we are okay with the price points. Got it, sir. I'm not sure if you have already highlighted, but what would be then the full year revenue guidance for FY 2027, considering Swiss Parenterals' impact and then subsequently certain therapy impact in the Domestic Branded Formulation side? Full year guidance. Revenue. Yeah. Tushar, we will maintain what we said. We are looking at a 300 basis point up ahead of the market. As of now, the market seems to be with whatever assumptions we see coming in, market seems to be at 11% by the end of the year, for the whole year. If it is 11%, we should be at 14%. That's the plan. Exports to be sort of mid-single digit to flat, right? Tushar, look, export, my visibility today is that we will either be flattish or there will be a growth of low single digit, either side, degrowth or growth. You consider it flattish, and we will lose certain percentage points in the margin, around 200, 300 as of now, but we'll talk little more about this in Q2. Got it, sir. Thanks for that. That's it from my side. Thank you. Thank you, sir. The next question comes from the line of Ashish Tavri. Please go ahead. Yeah, thanks. Especially in the India market, with one of the larger player vacating the market, is there a void which has been created, and does that give us some extra scope to expand our franchisee? Yeah. Look, Man, first of all, we don't consider it to be a great kind of an event. It happens all the time. These are part and parcel of good manufacturing practices. People need to call it out when it works like that. Obviously, we would gain something out of this. Is that the strategy to grow? The answer is no. We were number one in units and prescription even before that event. We will continue to be striving for the same position even after the event. The event might give us some kind of a push here and there. Which is not strategy. We are working more on strategics rather than trying to gobble up something here and there. Got it. In terms of, say like therapy or brand diversification, anything you're looking in the market to acquire more? Anything on in-licensing? If you could help us understand. Guys, look, in licensing all these things, it's like a continuous process. Do I have something as exciting as I would like to share? The answer is no at this point of time. As far as acquisition is concerned, we just kind of made a point that we are not looking for any acquisition as of now because a lot of money is being put in manufacturing, which we think is a priority for the organization. Great. Lastly, given the global situation, which was there and still persisting, how has the raw material cost moved for us, especially for our India domestic formulation business? Is the gross margin contraction also includes the higher solvent prices? Yes. Yes, there has been certain issues around this. Look, everybody would like this to end as soon as possible. Having said that, our dependence is slightly lower because if you look at our therapy mix now, our therapy mix is quite concentrated from that point of view. Yes, there is a blip, but not worth enough to call it out as such until this point of time. It has affected more our international business, where there have been delays in sending the goods, delays in receiving those things. It's played out more there than in DBF. Great. Lastly, if you could just spell out the total number of MRs that we have on the ground in India. 4K. Roughly 4,000. 4,000. Are we looking to hire? We do have plans, that is for the second half of this year. Incrementally, Ashish, nothing which we should be bringing to your notice. Great. Thanks a lot. Thank you. Thank you, sir. The next question comes from Mr. Mohammed Patel. Please go ahead. Can you hear me? Yes. Yeah. I wanted to check. OAD, we have grown 2% versus market 11%. What is the reason for that? Well, look, simple. First of all, the reason is that our growth is lower. Is it 2%? No. Internally, we are growing at around 6%. The problem which you see in the data is one of our product got banned last year, Glimepiride MV. That continues to reflect in last year. That is the reason. I mean, internally, we have taken that off. I think this anomaly will get over in the next month itself. Once that anomaly gets over, we will get 2%, 5%, 6%, and the rest, we are kind of working it out to get closer to the market. There is a lag in this market, and that's what we are planning to cover it. Yeah. I had a follow-up question. How are we going to bridge this 6%-12% kind of gap? guys, business as usual. I'm just getting the focus back. There's a couple of new product launches. It's all elementary. It seems that there was a little bit eye off the ball kind of a thing in couple of products. We have got it back. I'm a little confident because we have done it in the past. We have been doing it for a long time now in diabetes. My confidence is a shade higher to get it back. Okay. Cardiac, you mentioned some two products by which you're going to bridge the gap from 11%-15%. Yeah. Can you highlight that? Absolutely. Good that you remember. We were looking for, in our view, a very good, big launch of a product called Esaxerenone, which is a non-steroidal MRA. The launch had got delayed. The approvals have got delayed. We couldn't launch it. As of now, the visibility is of launching it in the first fortnight of August. That, to our mind, is a very good opportunity. Okay. The next question is, the semaglutide market offtake has been slower than expected. What are your thoughts on the same? Yeah, we might have to do another meeting for that. Yes, you are right, it has been a little slower than what we expected. I take nothing away from the product. Look, I have been a very strong supporter of semaglutide in diabetes. The general winds which were blowing was more from an obesity point of view. If you would have taken a note of what we had been saying from the last couple of quarters, that this is a diabetes drug which has an effect on weight loss. We see the prescription coming up. The good thing is that the prescriptions are coming up from the KOLs. If you look at the speciality mix, the endocrinologists, diabetologists are contributing 70% of the prescription, which basically, till this point of time, has always meant that this is a flow going down in the next couple of months, couple of quarters. I still am very upbeat about semaglutide from a scientific point of view. I feel that this is a drug which will change the face of diabetes globally and especially in India, where the load is too much. I see some good green shoots happening, but the value volumes are not what we expected. It's a matter of time. Okay. How many product launches should we expect for FY 2027 and 2028 in terms of number of products? Mohammed, look, product launches are now a regular thing, right? The launches sometimes do get here and there because of, procedurally. That is why if there is something major, we'll call. Like exenatide, we called. We are planning something in the third quarter, which to our mind would be a big product. Every time a big opportunity comes, we'll call it out. Otherwise, growth is always a function of volume, new product, and price rise. Let's remain there. Okay, last question. CFO to EBITDA was 77%, should we expect this trend for the rest of the year? Sorry, what is that? CFO to EBITDA percentage. Yeah. That would be the trend to expect for the financial year. Okay. Thank you. Thank you, sir. The next question comes from Mr. Pratish Chadha. Please go ahead. Sir, any timeline for the analogs? I wish I could give a timeline, man. We are very eagerly waiting. Look, the way it looks from here, I think we should be up there in Q3. That's where we are pinning it up now. There have been so many hits and misses that I'm a little skeptical in calling out a date. That's where we are. Okay. Thank you. Thank you, sir. The next question comes from the line of Alankar Garude. Please go ahead. Hi. Thank you for the opportunity. Sir, another question on semaglutide. You spoke about KOLs prescribing the drug, if you can just talk about any feedback from the patients. Is there any resistance at their end? If you can talk about possible supply issues or any patient adoption issues apart from the government regulations, that would be helpful. Oh, yes, of course. I'll do that. Look, guys, this is the first time what we are seeing in the market is that the chatter on the side, say, social media, actually has become quite a bit. For the first time, we are seeing patient resistance at the clinic level saying, "Doc, give me some more time. Let me think about this." That's what we are seeing in the marketplace today, and it is happening across the specialties, which we hadn't seen. All that which happened a couple of quarters ago now, so much of noise around this has taken a little bit toll in terms of the adoption. Now, what is happening now, while there is a resistance on one side, simultaneously, there are patients who are coming back with successful HbA1cs, 5.3, 5.2, liver fat getting diminished, correction in LDL. These are the people who are now getting on the other side because once you start semaglutide and you escalate it to a level where it gives result, it takes two to three months. Please understand, this is the fourth month, and the adoption happens late. If you remember in one of our conferences, I told that the peak adoption happens in the third year in any chronic disease product, right? What I can tell you that the adoption is growing, right? It is a matter of time that this will be on the other side. I'm completely convinced on the future of semaglutide because it is not the future of me or the industry, it is about the future of Type 2 diabetes. It is such a wonderful drug, right? It has a lag, and that lag is currently going on. That's one piece. The second piece is the supply of things. Look, everything has some good attached to it. Because the market didn't take off probably with which we were all expecting, it gave everybody good time to kind of put their backend together. For example, our facility also got the license a week back. That we'll start putting it together. It has given three, four months for the industry to kind of create a good integration. I don't really worry for the suppliers at this point of time. Understood, sir. That's very helpful. Maybe one follow-up here would be, would it be fair to say that the issue is not as much on the prescriber side, but more on the patient side, and maybe over the last few months it was more on the supply side? Look, supply side happened because all of us rushed into that. The value per pen is very high, man. We haven't dealt with a mass product with this kind of a value. Generally, the way we do billing is, if we have a team of 400 representatives, we give them 200 strips, 300 strips usually. A strip is more or less INR 100, INR 150, so it gets to INR 30,000, INR 40,000 per person. When it came to a INR 3,000 NRV product, even if you give 50, it becomes INR 1.5 lakh. One and a half lakh with four is like INR 5 crore. There was a gush which happened, which was not because you build 20 pens, which is very basic, and you have three SKUs. Even if you build five pens, it kind of gets there. The supply issue, which we thought early, was not a secondary problem, was a primary issue. Then the secondary kind of caught up and it got balanced. That was what happened in the first year and it was bound to happen, man. It happens all the time when there is a little bit of excitement in the market. Now it has kind of settled down. That's there. Number two, patient resistance is not. What happens, it doesn't only remains on the patient, it has an effect on the prescribing doctor also, because when a doctor sees more people saying, "Let us think, let me come back," so he also gets a little bit, maybe on the back foot. This is a small little journey which we have to do. It's a curve, I would say. I think we are doing well. That's my hunch, that we are doing well. Got it, sir. Sorry, just one more final follow-up on this particular point. You said, you will consider any pricing actions only once the volumes expand a bit. Isn't it bit of a chicken and egg situation, considering that the pricing is much higher compared to what patients were paying for any normal diabetes therapeutic therapy so far? Look, a lot of things are chicken and egg, and that is where you have to use your gut sometime. We are going by the conventional wisdom. The conventional wisdom is when you get to a level where you have good 4,000, 5,000 prescribers at a PYD of 15, 18. That's a conventional wisdom, right? That is the time it expands, and it goes to the other people also. Right now, we are not even close to the question of affordability. We have much bigger population which is available for this price point, and we are still not able to get there. Right now, price is not the issue, and you can see that in the data. The prescription data is not differentiating as much within the price bracket because price is not a challenge at this point of time. Adoption is. We want to work towards adoption, and at the right time, we will be happy to make it accessible to more people. Understood, sir. That's very helpful. Final question from my side. In general, IPM growth rates have increased considerably over the past few quarters. Different companies have different theories as to what is leading to the overall market growth rates improving. Can you also help us understand what are the reasons you are attributing to this IPM growth picking up over the last few quarters? Man, look, what I could tell you that nothing has changed on the ground except for GST reduction. Whether this GST reduction is kind of convincing people at the retail level to keep a little bit more inventory to service their patient, there is a good possibility. When you keep little more inventory, generally that inventory falls into the chronic segment because that is where it is more predictable. If I look at the prescription data, if I look at the prescription growth data, OPD data, nothing seems to change in the last six months, nine months. The only change which I could see is this. We can build stories on that people are getting more educated and aware, but that it's a slow burn, which is happening from such a long time. My take on this is maybe that GST thing which is making people store a little more. That's my take on this. I have no data to prove this as of now, but this is what my experience tells me. That is very helpful, sir. That's it from my side. Thank you and all the best. Thank you. Thank you so much, sir. The next question comes from Bhavna Israni. Please go ahead. Can you introduce- Bhavna Israni, please go ahead with your question. Can the participants also introduce themselves, please, before asking a question? Hi. Am I audible? Yeah, you're audible now. Yeah. Sir, just wanted to check how we are seeing Eris in the next three years, as now we are focusing on the manufacturing footprints also at the Bhopal site. We are launching on the analog products also and others, the chronic therapies also. How we are seeing the Eris is shaping up in the next three years, next two to three years? Yeah, Bhavna. Look, I would like to believe that we have kind of turned a corner because we were trying to do this new age, biologics and insulins and oncology and try to put all these together and try to get the back end ready. This was all that which was happening in the last couple of years, I would rather say. If it works well, there is a good chance that we structurally get to a top tier of growth because then you have one good significant portfolio which continues to grow quite ahead of the market. Then you have the routine thing which grows at double digit, close to that double digit number. We are in that direction. Have we reached there? I don't know. We should reach there. That's the belief which we are keeping. Okay. Got it, sir. Thank you. Thank you. The next question comes from Foram Parekh. Please go ahead. Yeah. Thank you for the opportunity. My first question is on the vitamin section. We see good percent growth in this therapy. Is it safe to assume that we are seeing a rub-off effect because of the GLP uptick? What can be the reason for this up move in the vitamin section? For a more logical reason to give you at this point of time, it is surely not the GLP thing. GLP has reached far too less a patient until this point of time to have a rub-off effect in any other adjacent therapy. Now, why is the growth being good? As of now, I don't have an answer to this. My only hunch is that, maybe, the stocking has gone up. It's got a little liberalized there. I don't have an answer from a structural change, which I could see. Okay. My second question is, on the OAD side. As you mentioned that we will see uptick in OADs to 5%-6% growth. Can we also see a corresponding uptick in the domestic EBITDA margin, which is right now 35%, and can it scale back to 37% with uptick in OAD? No, not only OAD, Bhavana. Look, that 37 going to 35 is not the function of OAD not selling. It's rather the function of gross margins being contracted by 300 basis points. Now the gross margin coming back is more of a function of we letting in the production in our newer facility, the facility getting functional, and we are able to get the yield which we require. Most of it comes from the other side. Which we think should happen. That's why we feel that the second half of this year should see us home as of the visibility which we have today. Sure. My last question is, taking ahead to earlier participant Bhavana's question. In two to three years' time, is there a quantum that we can mention on the top-line growth, aspirational top-line growth or EBITDA margin? Because historically, if we see in last one decade, there are more than a couple of times we have doubled our sales. Now with no inorganic activities on the cards, can we see doubling of revenue anywhere three to five years line organically? Look, I will say the same thing which I told your colleague and friend. Look, structurally, there is a shift in the portfolio. This was something which we were trying from the last two years, but we were not able to cross the line. That's the reason we were getting stuck. Last year also, we were 11.5% roughly. Last year DPL was at 11.3%. 11%. We were getting stuck at that, 10%, 11%, 12%. This change should enable us to get to that top tier of growth. This is what my expectation is. Look, that it has to play out. Sure. These are the questions from my side. Thank you. Thank you. Thank you. Participants who wish to ask question may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. Participants are requested to introduce themselves before asking your questions. Participants who wish to ask questions may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. Participants are requested to introduce themselves before asking your question. We have a follow-up question from Nilay Parekh. Please go ahead. Hello, sir. My name is Nilay Parekh from Perpetuity Ventures. My question is regarding Bhopal facility. When can we expect this commercialization and this operationalization of the facility? Thankfully, I can have a straight answer for this after a long time. We will be commercializing it next month. Our licenses are in place. Right? The commercialization will happen in August. Okay, sir. Also, sir, just wanted to add this one more question. What are our mixed sales for this Q1 FY 2027? Mixed bag sales. Sorry, I didn't get that, Nilay. One second. What? This mixed bag sales for Q1 FY 2027. Mixed bag. Mixed bag. Mixed bag cartridges have already been out of the stock. We haven't checked this actually. We believe that there should be no sale. This is without checking. I think let us check then and get back to you on this. Sure. My hunch says that it would hardly be there. Still, let's be sure about this, Nilay. Nilay, also remember that the ramp-up in Bhopal will take time. We will commercialize it next month, all the products will be taken one by one. It's a kind of a gradual process. We feel that by the end of- Q3, we should be more or less whole. Okay. Okay, sir. Sure, sir. Okay. Thank you. Thank you. Thank you, sir. Participants who wish to ask questions may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. Participants are requested to introduce themselves before asking your question. The next follow-up question is from Mr. Mohammed Patel. Please go ahead. Yeah, hi. This is Mohammed Patel from Edelweiss Public Alternatives. I have one question follow-up. Should we expect market-beating growth in derma, women's and CNS in the coming quarters? Women health, we are already market-beating. Derma, we are right up there. CNS, yes, for sure. CNS, we have launched a good product, actually. It is giving us good visibility. Okay. Yes, I can put my finger on this. No problem. Okay. Great to hear that. Thanks. Thank you. Thank you. Participants who wish to ask questions may do so by clicking the raise hand icon at the bottom of your screen and wait for your turn to speak. As there are no further questions, I would now like to hand the conference over to Mr. V. Krishna Kumar for the closing comments. Over to you, sir. Thank you all for your participation today. By way of summary, our DBF segment delivered a 14% revenue growth in Q1. EBITDA grew 7% year-over-year. EBITDA margin came in at 35%, largely led by the gross margin movement, which in turn is a reflection of the increasing importance of biologics in our product mix. Our insulin franchise continues to be an exciting story of market share gain with significant headroom for growth from our existing products, RHI Glargine and a comprehensive pipeline of insulin analogs. Our semaglutide brand, SUNDAE, has taken off to a strong start in Q1 with a 20% market share by sale volume and 14% by sale value in its very first quarter after launch. On the international front, the base business remains largely uninterrupted since it has no contribution from the E.U. Our CAPA actions are on track, and we expect the sites to get audit-ready by December. Our long-term thesis and growth strategy for this business remains unchanged. Our consolidated revenue has grown by 13% in quarter one with a profit after tax growth of 14.5%. Operating cash flow came in at 77% of EBITDA, and CapEx for Q1 stood at INR 88 crores. Effective book tax rate for the quarter was 20%, down from 22.5% in Q1 of last year. EPS for the quarter came in at INR 10.3. Thank you all and wishing you all a good evening. Thank you very much, sir. Thank you, members of the management. Ladies and gentlemen, on behalf of Eris Lifesciences Limited, that concludes this conference. Thank you for joining us, and you may exit the meeting.