Ladies and gentlemen, good day and welcome to the Gland Pharma Limited Q1 FY 2027 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shriniwas P. Dange, Investor Relations at Gland Pharma Limited. Thank you, and over to you, sir. Thank you, Darwin. Good evening, everyone. We welcome you to Gland Pharma earnings conference call for Q1 of FY 2027. I am Shriniwas Dange from the investor relations team at Gland Pharma. Today, we have Mr. Srinivas Sadu, Executive Chairman, and Mr. Ravi Mitra, Chief Financial Officer from India office. We will begin the call with the business and operational highlights from Mr. Sadu, followed by the group financial overview by Mr. Ravi. Before we proceed, I would like to remind everyone that some of the statements made today will be forward-looking and are based on management's current estimates. These statements should be considered in light of the risk associated with our business. This call is being recorded. The playback and script will be available on our website shortly. With that, I hand over the call to Mr. Sadu for his opening remarks. Thank you, Shriniwas. Good evening, everyone, and a warm welcome to all of you to Gland Pharma's earnings call for the first quarter of fiscal year 2027, ended June 30th, 2026. I will begin with the business and strategic overview, and Ravi will subsequently walk you through the financial performance for the quarter. We have started FY 2027 with a strong momentum, delivering healthy year-on-year growth in revenues, EBITDA, and profit after tax. Our performance reflects the resilience of our business model and the successful execution of our strategic priorities. Growth during the quarter was driven by continued strength in our CDMO and B2B businesses, contribution from recent product launches, increasing volumes from existing products, improved capacity utilization, and sustained operational efficiency initiatives across the organization. For the first quarter of FY 2027, we reported revenues of INR 18,003 million, representing a growth of 20% year-on-year. Adjusted EBITDA for this quarter stood at INR 5,102 million, with margins of 28%, while profit after tax was INR 3,170 million, reflecting a healthy growth of 47% year-on-year with PAT margin of 18%. The quarter demonstrates our ability to consistently execute on multiple growth whilst maintaining strong profitability. We continue to benefit from a balanced business mix and differentiated manufacturing capabilities. Continued operating leverage, improved capacity utilization, and disciplined cost management have further supported our profitability during the quarter. Let me now provide an overview of our performance across business segments. Our CDMO business continued to deliver strong growth during the quarter and remains one of the key pillars of our long-term strategy. Revenue from the CDMO segment stood at INR 8,915 million, which grew by 20% year-on-year and contributed 50% of total revenues during the quarter. Growth was driven by recent product launches and progression of existing commercial programs. Our customer engagement remains strong, and we continue to attract robust global pharmaceutical companies seeking reliable CDMO manufacturing partners. Our pipeline of development and commercial opportunities remain healthy and provides good visibility for future growth. The continued expansion of our CDMO partner and product portfolio validates our investments in capabilities, infrastructure, and customer relationships over the last several years. Our B2B business revenue stood at INR 9,088 million, contributing 50% of total revenues and recorded healthy growth of 19% year-on-year. The growth was supported by increased demand from existing customers, new contract wins, and higher volumes across several key products. Recent product launches, together with strong execution and supply reliability, have enabled us to deepen customer relationships and expand market share across select products and markets. Having discussed our performance with business segments, let me now provide an overview of our key geographic markets. The United States continues to be our largest market and delivered another strong quarter. Revenues for the quarter stood at INR 9,810 million, reflecting a growth of 32% year-on-year. Growth in the U.S. was driven by recent product launches from the CDMO segment and volume expansion in existing products. MVI and darbepoetin has witnessed an encouraging launch and continues to ramp up as expected. During the quarter, we launched four products in the U.S. In Europe and other regulated markets, revenues for the quarter stood at INR 4,488 million, reflecting a growth of 11% year-on-year. Growth was supported by increasing customer engagement, contribution from recent launches, and improving momentum across both our commercial and CDMO activities. We continue to strengthen our presence in these markets through differentiated products, expanded customer relationships, and improved commercial execution. In the recent past, we have licensed four products for various partners across several countries, and several active discussions are underway in Europe. In the rest of the world markets, revenues for the quarter stood at INR 3,039 million, broadly in line with the corresponding period last year. While demand across several key markets remained healthy, revenues in the quarter were impacted by supply disruptions in Saudi Arabia, one of our important markets. The award of NUPCO tenders has been delayed, and we expect the results to be announced shortly. Looking ahead, we continue to see attractive opportunities to expand our presence across key international markets, supported by our broad product portfolio and strong manufacturing capabilities. In India, revenues for the quarter stood at INR 666 million. At an overall level growth across geographies reflects the increasing diversification of our revenue base, deeper customer relationships, and the success of our strategy to build a balanced presence across regulated and emerging markets. Our recent new launches are doing well. These new products are expected to remain important growth drivers through FY 2027 and beyond. In addition to these launches, we are seeing healthy demand across several existing products. Growth has been supported by volume expansion from existing customers and improved competitiveness enabled through our cost optimization initiatives. Increased capacity utilization across manufacturing facilities is further contributing to operating leverage and supporting profitability. Our CDMO business continues to show strong traction. During the quarter, we secured multiple new CDMO contracts, including a new GLP-1 collaboration, and expanded our pipeline across complex injectables, peptides, and drug delivery platforms. We continue to see strong customer interest and a good of opportunities that provides confidence in the long-term growth prospects of this business. Yesterday, we announced the execution of a strategic manufacturing and supply agreement with one of the leading global pharmaceutical companies for the technology transfer, manufacturing, and supply of a portfolio of sterile injectables to the global markets. The portfolio comprises a diversified basket of oncology and non-oncology products in vials, lyo, ampules, and pre-filled syringe presentations, covering both complex and conventional injectable formulations. The agreement is expected to provide strong long-term business visibility, with revenue generation anticipated from calendar year 2029. The current agreement covers 55 SKUs to be manufactured across the three sites, with scope of adding more products soon. Once all products are commercialized, realized revenue potential is expected to be approximately $ 90 million-$ 100 million. Technology transfer activities are planned for completion within two years, with revenues expected to come in from calendar year 2029. We have also entered a strategic collaboration with Neuland Laboratories for the manufacture of sterile APIs for microparticle depot products. Long-acting depot formulations continue to represent an attractive and growing pharmaceutical segment globally, and this partnership strengthens our capabilities in complex injectable technologies while complementing our broader strategy of building differentiated and high-value product platforms. As demand continues to grow across our businesses, capacity creation remains a key strategic priority. Building on our recently announced CapEx program, we are actively progressing multiple brownfield and greenfield expansion initiatives across our manufacturing network. These investments are intended to support growth from existing products, upcoming launches, and increased CDMO demand and newer speciality technology platforms. We continue to evaluate additional capacity requirements to ensure that we remain well-positioned to capture future growth opportunities while maintaining operational flexibility and best-in-class service levels. Another important strategic development during the quarter is our in-licensing agreement with a China-based development company for the development, manufacturing, commercialization of a niche liposomal product for the U.S. and European markets. This partnership strengthens our entry into differentiated drug delivery systems and expands our product portfolio. This collaboration has the potential to extend beyond a single product, given the partner's extensive pipeline for complex injectable products. Given the development timelines involved, we expect commercial opportunities and meaningful revenue contribution to start by FY 2030, creating another important long-term growth driver for the company. Our R&D efforts remain focused on building a differentiated pipeline. During Q1 FY 2027, we spent INR 772 million on R&D, representing around 4% of consolidated revenue. In the U.S., we filed three ANDAs, received seven approvals, and launched four products. Our pipeline is increasingly focused on complex injectables and differentiated platforms, which will drive long-term value. Let me now touch upon the continued progress being made across our European manufacturing operations. Cenexi's revenues stood at EUR 48 million, with an EBITDA of EUR 2 million. Despite the disruption of activities caused by the summer heatwave in Europe, the Fontenay-sous-Bois facility delivered a good performance, benefiting from the production ramp-up of a new ampoule line and higher operational efficiency. During the summer shutdown, as part of our ongoing modernization efforts, we will discontinue one of the older ampoule lines and replace it with a new high-capacity line. This new line is expected to enter production in early 2027 and will add approximately 30 million ampoules of annual capacity for enhancing efficiency, competitiveness, and growth potential for the site. At the Hérouville-Saint-Clair facility, activity levels continue to increase steadily. Revenue growth is being supported by higher volumes from two products successfully launched during 2025, which continue to gain momentum. We are seeing encouraging customer demand trends, improving utilization levels, and a steadily strengthening operating profile. Combined with ongoing cost optimization measures, we remain optimistic about the site's performance trajectory. In Braine-l'Alleud, we secured a pre-filled syringe manufacturing program for an injectable orphan drug for a European customer. This further strengthens the site's order book and reflects the continued momentum in business development and customer acquisition activities. We continue to see encouraging traction and new business generation across our European operations. Across the organization, we remain focused on initiatives aimed at improving productivity, procurement efficiency, manufacturing yields, automation, and energy optimization. These programs continue to deliver tangible benefits and together with high utilization levels, support margin expansion and long-term competitiveness. To summarize, we have delivered a strong start to FY 2027 with healthy growth across revenues and profitability. We continue to strengthen our commercial portfolio, expand our manufacturing capabilities, deepen customer relationships, and invest in the future growth platforms. We remain highly confident in our CDMO strategy, execution capabilities, and long-term growth trajectory. Thank you for your continued trust and support. I will now hand over the call to Ravi for the financial review. Over to you, Ravi. Thank you, Mr. Sadu. Good evening, everyone. Thank you for joining us today as we review our financial performance for the first quarter of financial year 2027. I am pleased to share that we have delivered a strong start to the year with healthy revenue growth, robust profitability, and strong cash generation. Our performance during the quarter was driven by continued momentum across our CDMO and B2B businesses, contribution from recent product launches, increasing volumes from existing products, and the benefits of operating leverage and ongoing cost optimization initiatives. As the Executive Chairman highlighted earlier, we continue to see encouraging traction across our business segments, geographies, and product portfolio, positioning us well for sustained growth in the coming quarters. Before I discuss the quarterly performance in detail, I would like to mention that as integration benefits between Gland Pharma and Cenexi continue to increase, Cenexi is now fully integrated into our broader CDMO business. Accordingly, its contribution is increasingly reflected in our consolidated performance. Let me begin with the financial performance for the quarter. For Q1 FY 2027, our consolidated revenues stood at INR 18,003 million, reflecting a growth of 20% year-on-year. Growth during the quarter was driven by contributions from recently launched products, expansion in CDMO revenue, and continued volume growth in existing products. From a business segment perspective, both our CDMO and B2B businesses delivered healthy growth during the quarter. The contribution from CDMO continues to increase and remains an important driver of our long-term growth and profitability profile. Moving to margins, overall gross margin for the quarter stood at 65%, reflecting the benefits of a favorable product mix, increasing contribution from CDMO projects, improved operational efficiencies, and procurement initiatives. Margin improvement was also supported by yield improvement, alternate sourcing, and manufacturing optimization. Aligned with our strategy of building a differentiated portfolio of complex injectable products and advanced drug delivery platforms, our R&D investments continue to remain healthy. R&D expenditure for the quarter stood at INR 772 million, representing approximately 4% of consolidated revenue, an increase from INR 723 million in the previous quarter and INR 664 million in Q1 FY 2026, demonstrating a 16% year-on-year increase. Our investments continue to focus on complex injectable peptides, depot products, drug delivery technologies, and liposomal products. We remain committed to strengthening our development pipeline and expanding our technology capabilities to support long-term growth. Coming to profitability, reported EBITDA for the quarter stood at INR 4,930 million, with EBITDA margin at 27%, higher as compared to 24% in corresponding quarter of previous year. This is after excluding forex losses of INR 36 million in this quarter. Adjusted for non-cash ESOP expense of INR 172 million, adjusted EBITDA stood at INR 5,102 million, reflecting an adjusted EBITDA margin of 28%, up from 25% in the corresponding quarter of the previous year. The year-on-year improvement in profitability was driven by a combination of higher CDMO revenue, favorable contribution margin mix, operating leverage, productivity improvements, and cost optimization initiatives. Continued utilization improvement across our manufacturing operations and the growing contribution from value-added products also supported margin expansion during the quarter. Other income comprising primarily interest income stood at INR 612 million in Q1 FY 2026. During the quarter, there was a forex loss of INR 36 million, which is included in other expense as compared to forex gain of INR 508 million in Q4 FY 2026 and INR 39 million in Q1 FY 2026 included in other income. Profit after tax for the quarter stood at INR 3,170 million, representing a sharp growth of 47% year- on- year, with PAT margins of 18%. However, as compared to Q4 FY 2026, the decline in PAT is largely attributable to forex loss in this quarter vis-à-vis forex gain in the previous quarter. The effective tax rate for the quarter stood at approximately 27%. Our balance sheet continues to remain strong and provides significant flexibility to invest in future growth opportunities. As of June 30th, 2026, total cash and cash equivalents at the group level stood at INR 35,466 million. External debt remained at a minimal level, and our overall financial position continues to be strong and well-capitalized. With healthy cash in hand, we are a net cash surplus company with a net cash position of INR 32,939 million. Cash flow from operations during the quarter remained healthy at INR 3,183 million, reflecting strong operating performance and disciplined working capital management. Our focus on inventory optimization, receivables management, and supply chain efficiency continues to support cash generation while ensuring uninterrupted customer service levels. Capital expenditure during the quarter amounted to INR 1,132 million, primarily towards capacity expansion projects, capability enhancement initiatives, infrastructure additions, and investment supporting future growth opportunities across our CDMO and fill finish platforms. As discussed earlier, we have commenced execution of a recently announced INR 2,000 crore capital expenditure program. Ongoing projects of vial, ophthalmic, BFS lines, and liposome products among others at our India sites remain on track. In addition, capacity expansion projects to cater to the anticipated demand arising from increasing CDMO collaboration have been approved and are being prioritized for execution. These investments are intended to support increasing demand across existing portfolio, upcoming product launches, expanding CDMO programs, fill finish opportunities, and future product and technology platforms. At Cenexi, the growth CapEx for the addition of new block with vial and lyo at Braine-l'Alleud and high speed and tool line at Fontenay-sous-Bois are also on track to finish by the end of next year. Overall, we are pleased with the strong path to start with FY 2027. Quarter reflects the benefits of strategic investments we have made over the last several years in manufacturing infrastructure, capabilities, R&D, and customer relationships. With multiple strategic levers in place and optimal cash deployment priorities, we believe we are well-positioned to deliver sustainable growth while maintaining a strong profitability profile. With that, I would now request the moderator to open the line for questions. Thank you. 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 touch-tone 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 now wait for a moment while the question queue assembles. Our first question comes on the line of Saion Mukherjee with Nomura. Please go ahead. Yeah. Hi, good evening, and thanks for taking my question. Sir, I just wondered if you can throw some light on this strategic manufacturing agreement which was announced. Is this with a big pharma innovator kind of company or are these generic products? If you can throw some light and the manufacturing would be largely out of India and whether, you talked about $90 million-$100 million of peak revenue potential. So how should we think about once the commercialization starts in 2029, how would the revenues ramp up to those levels of $90 million-$100 million please? Thank you. This is a specialty pharma global company. Their revenues are mix of generics as well as complex and specialty pharma. Probably 30%-40% of the revenue comes from specialty business. The portfolio worth getting transferred to these are all from Indian sites, the manufacturing happening at Indian sites. It is a mix of all these products, including oncology and non-oncology, spread across different formats and different products. It will also extend into the development pipeline in terms of specialty products, what they have. The estimate what we gave is the preliminary view of the products, what is getting transferred in next two years. There is a potential to add more products in the future. The transfer activities will start from September of this year, and the first set of products will be transferred in 24 months. Every quarter will be filing certain. The 60% of the products are for the U.S. market, about 50%, I would say. 30%-35% to European market, and the rest of the world are about 15%-20%. Cenexi plays a little part in this as well. They wanted an end-to-end solution for the products because it has to be a global supply. Some of the products which go to Europe, Cenexi will warehouse certain products and probably package few and also do a final QP release for the European market. That is the role Cenexi will play, but basically the agreement is in Gland and manufacturing will happen at Gland manufacturing sites. To be fair, without Cenexi, this wouldn't have happened in a way. That also strengthens our strategic initiative when we acquired Cenexi because otherwise, we couldn't have provided the full best solution for the partner. The revenues will ramp up from 2029 because the filings will start happening from next year. As soon as the products get approved, especially the U.S. ones, it is an easier one because it is a CG30 format. Then it started getting launched in CY 2029. The ramp-up will happen from 2029 to 2030. Hopefully by CY 2030, we should see this entire portfolio getting launched. That is very clear, sir. Thank you. Sir, just wanted to understand, could we expect or are you looking for such type of contracts which are such strategic? Can we expect more of such contracts or this is one of a kind opportunity? To be honest, this is what we are looking at because we are trying to give a solution to Big Pharma, where a lot of the large companies are procuring products from over 80 - 100 different sites because over a period of time, they will in-license products or getting contract manufacturing. Now we are reaching out saying that we will give end-to-end solutions for them, for different markets. It also helps them in a way because currently the sites are in Europe, it is five to six times more expensive than India. It also helps to get market share in other markets, increase the market margins in the products what they are making. Also with the new situation of branded products to be manufactured in U.S., they want to move the branded products to U.S. than their own sites or the CDMO sites where they are doing, then the operation leverage is lost. Companies are looking at these kind of options. Great. And with the track record we have on quality and the breadth of platforms we provide, it's helping us, yeah. Sir, just one more question before I join back. On CapEx, you had announced INR 2,000 crore CapEx. One is the timeline around that, and now with these new initiatives, and you also mentioned in your prepared remarks that new CapEx has also been approved by the board. Can you share a revised CapEx estimate now? I would say for one immediate CapEx is going about INR 165 crore. We're investing in an isolator line in oncology plant, where several of these oncology products are getting manufactured. Luckily, we could get a line quicker, so that will be installed January of this year. This is specific, I would say, a priority for us in terms of for this project, what we just announced. And there's another CapEx on the Neuland collaboration, what we said on the API front, Ravi? Yeah. For that, we'll be building a block. That also has been started, the project now. To answer your question, Saion, this year, we are going to spend about INR 550 crore CapEx, and this will scale up as and when we start building the brownfield, which we already announced earlier. Right now, the Suite 10 in Pashamylaram, we are adding a new vial line, BFS, and ophthalmic line. Along with the recently CDMO contract for which we need to spend CapEx of INR 165 crore mentioned just now, this is going to be our priority. Considering the demand and volume growth we are looking at, we need to look at brownfield or greenfield quickly, and that's what we are currently working on. Okay, thank you. I will join back. Yeah. Thank you. Our next question comes from the line of [Vivek Gautam] with [GS Investments]. Please go ahead. Sir, congratulations on good numbers, sir. Sir, I just wanted to understand how sustainable is the turnaround of Cenexi and what were the factors behind it. Was it the one subsidiary which was dragging our performance down, and now things have improved a lot? The second question is about the, what is the opportunity size for us, expected growth rate, and our differentiating factor, USPs, which can help us in maintaining the growth ahead, sir. Thank you. From the growth front, we did mention last time that we are looking at 15% CAGR in next four to five years. With the new contract signing, as you look at from current top line, then this will cover almost 12% of our current revenue. If you look three years down the line, probably it is still about 9%-10%. So we are reevaluating the CAGR with few of other contracts we are discussing now with other partners. Probably, next quarter we will have more clarity on the growth for next four years. But as of now, with this new contract in place, we are looking at around 20% growth next four years. While the current year with the constant currency, we are not estimating, but probably 15% is clearly achievable. But we are also looking at a couple of lines, like the bag line and ophthalmic products we have tight capacity constraints. Bag line, we are expecting approval in the third quarter. If it happens as planned, then probably we can cross 15%. It is a new line to be approved by FDA. If it is approved by August, September, then probably we will exceed the 15% growth for this year. Otherwise, the constant currency will stick to 15% and then see where it goes for the current year. I think next four years, we are looking at 20-odd percent. We will get a clear clarity next quarter. We will get clear clarity once we also see how the other initiatives, what we have taken up in the recent past will pan out. Probably we will get a clear picture by August, September. September, October. Thank you. Okay, sir. Thank you. Yeah. Thank you. Our next question comes from the line of Neha Manpuria with Bank of America. Please go ahead. Yeah. Thanks for taking my question. Sir, the 50% CDMO number that you have indicated for this quarter, if I were to look at FY 2028, probably exit, I understand the big contract is coming in 2029, but in the next two years, how much of a business do you think would come from CDMO, and how does it change our margin profile? Is it fair to assume that CDMO has much superior margins versus our existing standalone margins? The idea is to balance between CDMO and our B2B business. The target is to reach as a console basis, in a near term, we are looking at 30%, near term as a console basis. Cenexi growth, the target for Cenexi is the profitability there on the top line. We are working towards that. Today, we are at 28% console EBITDA percent. Near term, we are working towards 30%, and we will see mid-term to long-term. Ultimately, always, we look like a profitable company. We want to be a profitable company hitting those 35% EBITDA. Hopefully, next three, four years, we might reach there once we get all these CDMO contracts on track. But for near term, we are looking at because we are also growing other businesses as well in the same range as CDMO, and it is a large base. We still feel once we hit CY 2030, probably there could be a skew that the CDMO business will be larger than the B2B business. But for probably next two years, it will be around 50/50 kind of a business. Yeah. Understood. On the Cenexi business, given that we have the impact of heat wave in France, does that mean that second quarter would end up being better than the usual seasonal decline that we see because of the shutdown, it will not be as sharp because some of the shipments would have moved to second quarter? Is that a fair assumption? Sorry, can you repeat, Neha? I think, sir, you mentioned that Cenexi was impacted because of the extreme summer in first quarter. I understand that second quarter usually tends to be seasonally weak, but would the seasonality be lower because some of the shipments would have moved into the second quarter? Would that be a fair assumption? I would say it will be better than last year, for sure. Okay. Because some releases couldn't happen last quarter because of the heat wave. The impact was more on the quality release. That will help- Perfect. a bit the next quarter over the last year, yeah. Currently, we are still maintaining Cenexi guidance of near EUR 200 million and high single-digit margins for FY 2027? That is correct. Yes. All right. Thank you for the call. Yeah. Thank you. Our next question comes from the line of Ashish with Leo Capital. Please go ahead. Hi, sir. Am I audible? Hello? Yeah, you're audible a bit. Yeah, yeah. No, thank you. Yeah. Go ahead. Yeah. On GLP-1, could you give us an update on the scale-up of the business? What is the current status of the commercialization and capacity ramp-up? From capacity, the new line is on track. We are taking some exhibit batches from some of the customers whom we have signed up in last few quarters. We signed a new contract this quarter again, and the tech transfer activities will happen in next quarter or two. The new contract what we signed is both for sema and tirzepatide for U.S. and EU markets. We are also evaluating when we said that this year, we are still trying to maintain that 50% constant currency growth. But there are also some positives could be upside. One of our customers who has filed in Canada, it could be an opportunity to launch in the last quarter. If that happens, then there could be an upside. But otherwise, as of now, it is more of exhibit batches taking for different customers, and then filing, and then waiting for them to commercialize. How should we think about the revenue potential or contribution from GLP-1 over the next three years? Very limited. We have not assumed too much of that because the major volume will come from the U.S. when it goes in FY 2030-2031. So we've not considered much in the next few years other than the tech transfer fees, what we get for transferring. If anything happens in Canada or any other markets for the customers, because these are in the CDMO business, we don't have a clear visibility on the front-end approval status for these products. So it's very difficult to assume the numbers for them. That's why we're keeping close to our chest how that pans out. But that will be an upside if it pans out well. Thank you, sir. Thank you, and all the best. Yeah. Thank you. Our next question comes from the line of Chintan Sheth with Girik Capital. Please go ahead. Yeah. Am I audible? Yes. Yeah. Thank you. Thank you for the opportunity and congrats for the good set of numbers as well as continued customer win and project win for our CDMO side. Just one clarification on the opening remarks. Cenexi revenue, you mentioned EUR 68 million and EUR 2 million EBITDA? EUR 48 million. Revenue is EUR 48 million. Yeah, EUR 48 million revenue and EUR 2 million EBITDA. Okay. It is flat on a YoY basis. But EBITDA numbers- Correct. EBITDA number was okay. You mentioned that because of the exchange rate risk, that also impacted some bit of profitability this quarter. No. Okay. The profitability is the same trend, like what we said, it's 4% EBITDA. By the end of the year, we want to get into double digit EBITDA. Okay. Because last year, I think we were at 2% EBITDA, which has improved to 4% this year. Okay. Got it. Yeah. In terms of the 15 products which are in pipeline, the ANDA and the co-development products, what would be the opportunity size for this? I think seven are Type V DMF and eight are ANDA. If you can enter any timelines around those launches, if you can provide some insight. Give me a second. Hello? Can we come back to exactly how much is the market for? No worries. For the year, what kind of launch pipeline we are looking at? Any significant ones which can be a swing factor for us in terms of growth? Ladies and gentlemen, the line for the management seems to have disconnected. Please stay with us while we reconnect with the management. Ladies and gentlemen, we have now reconnected with the management. Over to you, sir. I was asking about the launch pipeline for the current year. We launched four molecules this quarter. If you can provide some insight on which are the key molecules to look out for the current year, which can contribute to our growth as we mentioned there is upside this year. The products what we launched, we have launched MVI Multi-Vitamin, we launched dalbava, we also launched sugammadex. The MVI, we have CGT exclusivity, so we do not see competition coming in soon. It is a very difficult product to make. Dalbava, while there is a competition, but still, we have enough contracts on place to continue for next few years. Expected launches, anything to call out for, which ones should focus on? We can come back to you later. Sure. Yeah. I will gently. Thank you. Sure. Thank you. Our next question is from the line of Karan Vora with Goldman Sachs. Please go ahead. Thank you for taking my question. My first question is with respect to the CDMO business. Just wanted to get a sense with respect to, do we have, in the current base, any products which we are supplying which have patent protection? What would that number look like, say, three or five years out? We cannot reveal those numbers because some of these belong to customers. There are a few products which are under which has also patents. But if you are talking about innovative products, no, we don't have any innovative products right now. Okay. Anything in the pipeline, just qualitatively? It is under discussion, so it is not yet signed. Okay. Got it. Is it fair to assume that some of them could also be on the bio side, where we were investing in the bio CDMO front, or this is mainly on the small molecule side, what discussions we are doing? It will be on the peptide side, if that answers your question. Okay. Got it. Yeah. My second question is with respect to the base business growth. I think we've changed some disclosures. Just wanted to get a sense on what is the X and XC growth in the U.S. and ROW markets. The base business has grown by 24%. Similar for U.S. and ROW markets? Give me a second. U.S. has grown by 32%. U.S. 32% and ROW. What would also be the constant currency number within that? The constant currency, it can remove forex gain around 5%. Out of the base business 24%, 5% can be because of the forex gain. Got it. Around 20%, 19%-20%. Thank you. Thank you. Our next question comes from the line of Saion Mukherjee with Nomura. Please go ahead. Yeah. Thank you for the follow-up. Sir, just like you have also announced the other two contracts. One is with Neuland for, I think, API, and then there's a contract on China for a liposomal product. In terms of revenue potential, how should we think about these, and what are the timelines for the revenue from these two contracts? I think China you mentioned 2030, right? Yeah. That's more a liposomal product, a licensing product, where they have already developed this product and it's approved for China market using EU RLD. It's an estimated $3 billion product in next three years. Currently, it's $1.6 billion globally, and U.S. about $600 million-$700 million. We got rights for U.S. and EU. The technology will transfer, so we will be investing in a compounding suite specifically needed for this. The technology will transfer here and then the BE study will happen, and then we'll file in U.S. There's a patent production for this product, so we'll try to be there by the patent expiry date. On the Neuland API, we actually had this supply agreement with them before as well in the current suite. This is an extension of this. We are building a new suite for them. We cannot really disclose the revenue, but it is more a strategic thing where we are trying to give end-to-end solutions for even other clients who are looking at a finished product as well. Because we have a microparticle depot technology also with us, and very few companies offer sterilization of APIs as well. Current capacity is fully occupied. Currently, we are only manufacturing two APIs. There are another set of five to six products which will fall into this category, which we need this expansion. This will ease out our current capacity constraint because there are also requirements from other customers who want this service from us. Also, we ourselves have this pipeline of products which we need to develop, so we need that capacity as well. It is more a strategic thing. It is a combination of what revenue we get from that collaboration as well as what we can get moving forward from our own products and the new contracts, what we will sign from the current capacity. Okay, sir. Understood. My other question was, on your complex India pipeline, I think you have 20, 25 such products. Generally what we see is that a few of them tend to be pretty large. In that sense, those large or the largish opportunities that you have, is that an FY 2029 kind of an opportunity or something which will be after FY 2029, you think? It is post 2029. Some of the big products, especially on the microsphere products, there are a couple of big ones which is post 2029. Currently they are at different stages. Some at the B clinical stage and some at the exhibit stage, I would say. So they are at different stages. But some under patent post 2029. But most of the big things are post 2029, yes. Okay. And sir, also I understand that in your U.S. filings or what you are developing or what you have filed, there is a bunch of products which are like paragraph one, paragraph two, paragraph three, which are probably already generic. Is that a large opportunity? And how should we think about Gland trying to develop such, which seem to be kind of old products? Some products are developed many years ago. They are one. Second is, we also see a lot of these products where companies are exiting. There is still value in it as an injectable company. And several products where there was no revenues many years ago actually are doing well now. As an injectable company, we need to have that portfolio. And the portfolio what we have developed 15 years back, probably those are also there in that list what you are seeing, where there was no India fees and the development was far cheaper than what we do today. That is why that portfolio got developed over the many years. Right. And sir, now your U.S. base revenue would be $90 million-$100 million. Right? Current run rate. So how should that play out with all these launches over the next three, four years, you think? A bit more than $100 million. Okay. It is about $110 million, $ 120 million. Yeah. Correct. Sorry, sir. Can you repeat? Sorry. Go ahead. No, sir. You said more than $ 100 million currently. Yeah. Correct. How should that play out over the next, say, three years as you launch these products? Do you think it will materially go up or it would sort of have a more modest growth like most generic companies? See, we are getting into newer modalities also in this space. If you look at the entire market, it is growing probably 3%-4%. But then you have to see which are the products where we don't have, and what is our base, and what products we actually never launched. If we launch those products, what will be the growth, right? That is how we have to look at this. We still feel there is a growth of that business. It is not that it is completely low. But then the other thing is with the efficiencies what we have in operations, we are able to compete more and grow our own business. So one is how the market is growing, second is how we are growing. If you look at the market growth versus our growth in the U.S., it is always far higher than the market growth because of the new launches, what we do, and also the current products what is secured by others, we are able to garner that market share to us because of our better cost structure. Mm-hmm. Okay, sir. Great, sir. Thank you. Thank you. Our next question comes from the line of Maulik Varia with 360 ONE. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. I hope I'm audible. Sir, just wanted to understand if there's any progress, any update from our Dr. Reddy's partnership on the biologics, and we were also negotiating with one more partner to set up additional capabilities. Is there any update there? Currently, it's normal business, I would say. It's generating around about INR 50 crore, INR 60 crore a year, and probably it will slowly ramp up a bit in the next year or two. But as such, there's not big contracts which we have signed up in the recent past. Okay. And, sir, going ahead, from our complex portfolio, I understand that the contribution is lower currently. But going ahead, would you be able to give us some direction how much, as a percentage of our portfolio or in terms of revenue, would the complex products become? Because most of the complex products is post FY 2029. And our base business is also very large now compared to that, right? So while probably it will take a larger chunk of the U.S. business. But I can't give an exact number because the timing of each product is different. But it will take quite a share of the total business once it gets there. But when you're saying the growth, what we're saying, our 20%-25%, 20% when you're growing next four years, at the end of those four years, probably these products will get launched and probably the next growth driver will be these products as well. Okay. Thank you, sir. Thank you. Yeah. Thank you. Ladies and gentlemen, to ask a question, you may please press star and one. Our next question is from the line of Rahul Jeewani with IIFL. Please go ahead. Yeah. Hi, sir. Thanks for taking my question. Sir, can you call out the constant currency growth for the quarter on a consolidated basis? We reported 20% growth in INR terms. What was the constant currency growth at the company consolidated level? It's 15%, Rahul. 15%? Ravi, that calculation isn't clear to me because if I look at your Cenexi revenue, the Cenexi revenue would have been flat YoY. And, let's say the USD INR on a YoY basis has depreciated by almost close to 10%. This number looks a bit high to me in terms of constant currency growth. It is a basis of when the products are dispatched. It is not uniformly across every. So average-wise, you cannot take. We have to look at the rate on the particular date of supply and then see the effects impact. Okay. This 15% constant currency growth which we guide, then if we are using, let us say, the date of shipment of the contract, then it becomes very difficult for you to project the constant currency growth. Wouldn't that be the case? No. For projection, we take constant currency only. For forex movement, we cannot predict. All our projection or guidance what we are giving is the basis of constant currency. Okay. Sure, sir. Sir, in the past, for our base business, when we had the two sets of businesses, which was IP-led and then the tech transfer business, our understanding was that the tech transfer business used to be lower margin for us as compared to the IP-owned business. For this new CDMO contract which you have won, while this business is tech transfer, would the margins on this tech transfer CDMO business be higher than, let us say, what we would have done on an IP-owned business? The IP-owned business, actually, we are sharing our profit also with the front-end partner. The tech transfer, see, in the CDMO, there are two kinds. One is the B2B tech transfer, when you say it is coming from a development lab or another company, and then we are taking exclusive and closing down. In the current CDMO, there are two types of business. One is this, which is a smaller portion. The other is the commercialized products coming out from U.S. or Europe, which are the more expensive places to manufacture. There, we have a leverage where we can have a better margin profile, and also the type of products what we are going to make for these companies. Okay, sure, sir. That is it from my side. Thank you. Yeah. Thank you. Our next question comes from the line of Alankar Garude with KIE. Please go ahead. Hi, thank you for the opportunity. Sir, if we go back a few years, CDMO was relatively much smaller for the company. Can you highlight the top three, four factors that have driven strong growth in this segment over the past few years and are also driving the healthy outlook going ahead? So, one is, of course, the portfolio, what we have. We are kind of running out of the portfolio in the large one. That is one. Second, the opportunity out there. While everybody talks about the pressure on generic pricing, at the same time, there is an opportunity for players like us because there are companies or leading pharma companies whose manufacturing base is in expensive countries. That opens up a door for us where we have better operational leverage and better use of quality, and then at scale we can do. So that opens up an opportunity for them where the margins are going down at the end market, so they need to compete. So they need to take those products to a place where they can manufacture cheap. I think that is where it opened up. That is when we thought. We also seen interacting with a lot of these customers over the years. They have likely 400 people just managing these relationships across 60, 70 different sites and different companies. So now we kind of approach them and saying that we will give a full-proof solution. You can get three or four different sites under one company with a breadth of platforms under one roof. That is how this got evolved because we looked at opportunity, where probably everybody is saying that there is no money in generics, but we are saying, okay, our strength is in manufacturing and quality. Why can not we leverage that to offer these services so that they will be more competitive? Got it, sir. That is helpful. Two smaller questions. One is, can you highlight the profit share in this quarter? Profit share is about 9%. Okay. The final one is, can you reconfirm the timelines for the NDDS project? The NDDS project is 2029. 2028. 2028, sorry. 2028, and commercialize 2029. Got it. And with a revenue potential of $25 million-$30 million. That is correct. Got it, sir. That is it from my side. Thank you. Thank you. Ladies and gentlemen, that was the last question for the day. I would now like to hand the conference over to the management for closing comments. Over to you, sir. Thank you everyone for joining us today. We appreciate your participation in the question- and- answer session during the call. If you have any follow-up questions, please feel free to reach out to us. We look forward to connecting with you again next quarter. Thank you. Thank you. On behalf of Gland Pharma Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your line.