Ladies and gentlemen, good day and welcome to Q1 FY 2027 earnings conference call of Glenmark Pharmaceuticals Limited. As a reminder, all participant lines will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Utkarsh Gandhi, Senior General Manager, Investor Relations of Glenmark Pharmaceuticals. Thank you, and over to you Mr. Gandhi. Thank you, Renju. Good morning, everyone, and welcome to the Q1 FY 2027 earnings conference call of Glenmark Pharmaceuticals Limited. Before we start the Q&A, let us quickly review the performance of the business in the first quarter. For the first quarter of FY 2027, Glenmark's consolidated revenue from operations was at INR 40,185 million, as against INR 32,644 million in the corresponding quarter last year. Recording a year-over-year growth of 23.1%. Quickly covering our key regions, starting with India. Sales from the formulation business in India for the first quarter of FY 2027 was at INR 13,321 million as against INR 12,399 million in the corresponding quarter last year, recording a growth of 15.5%. Glenmark continued to significantly outperform the IPM in terms of secondary sales as per IQVIA. Glenmark India formulation business recorded a growth of 18.1% in Q1 and 14.3% as per MAT June 2026, compared to IPM growth of 12.2% and 10% respectively. Glenmark continued to sustain strong growth in its core therapy areas like dermatology, respiratory, cardiac, and oncology. Glenmark India business is ranked 13th with a market share of 2.37% as per IQVIA MAT June 2026. The company has 11 brands in the IPM top 300. In terms of core therapy areas, Glenmark is ranked second in dermatology, third in respiratory and fourth in the cardiac segment as per IQVIA MAT June data. Glenmark has launched some key products in its core therapy areas in the last 12 months, which have been driving growth. Some of the notable ones are TEVIMBRA, BRUKINSA, and oncology, which are partnered with D1. In a short period, these two brands have seen a very strong uptake in the market, and the company expects these brands to further gain momentum and meaningfully contribute to the India business growth. On the respiratory side, Glenmark launched Nebzmart GFB Smartules, or Glenmark Airz FB Smartules, which is the world's first nebulized fixed-dose triple therapy for COPD. Glenmark's strong growth in the chronic respiratory segment has been led by differentiated first-in-market launch of this product. In terms of the consumer care business in India, primary sales for GCC in Q1 were INR 1,558 million with a year-over-year growth of 28%. The company's flagship brand, Candid, recorded revenue growth upwards of 30% across all its variants, and La Shield portfolio delivered mid-single digit growth in Q1. However, Scalpe and Bontress recorded very high growth in the first quarter. Other skin brands such as Aloe Vera and Episoft also continued a strong growth trajectory during the quarter. North America. The North America business recorded revenue of INR 10,974 million for the first quarter of FY 2027, which is translating into a year-over-year growth of 41.1%. Net of the deferred out licensing income recognition for ISB 2001, the core business year-over-year growth for North America region was 19.8% in the first quarter. During the quarter, Glenmark launched nine products consisting a mix of prescription and OTC products. Some of the notable ones are Epinephrine Injection, sodium phosphate injection, vancomycin injection, clindamycin injection, progesterone vaginal insert, and calcium gluconate injection. Glenmark is looking forward to several new approvals and launches in the second quarter as well. In the last six months, Glenmark has strengthened its generic respiratory franchise with the first ANDA approval of fluticasone propionate 44 mcg, which is the generic to Flovent HFA. Glenmark was granted a Competitive Generic Therapy designation for this product as the first approved applicant and is eligible for 180 days exclusivity upon commercialization. Glenmark also received approval for fluticasone propionate nasal spray OTC. During the quarter, Glenmark has also initiated end-to-end commercialization of RYALTRIS, leading the brand strategy, market access, and customer engagement in the U.S. Glenmark filed two additional ANDAs for differentiated NDA products in the third quarter of last year, including the ANDA for fluticasone propionate 110 mcg, which is generic to Flovent 110 mcg, and for ipratropium bromide inhalation aerosol, which is generic to Atrovent. The company is working on additional respiratory filings across NDAs and nasal sprays. In injectable side, Glenmark has built a large portfolio of 20+ commercial injectable products to various partners. Glenmark's injectable manufacturing facility in Monroe, received PAI with a VAI classification from the U.S. FDA in November 2025, and during the quarter, Glenmark relaunched Fulvestrant injection out of the Monroe facility. Glenmark's marketing portfolio through 30th June 2026 consists of 225 generic products authorized for distribution in the U.S. The company has currently 63 applications pending at various stages of the U.S. FDA approval process. Moving on to Europe. Glenmark's Europe operations revenue for the first quarter of FY 2027 was INR 7,472 million, as against INR 6,678 million, recording a growth of 11.9%. While the overall regional growth was muted during the first quarter, the branded portfolio recorded good growth across markets. The company continues to focus on sustaining the increasing contributions from the branded markets/portfolio in Europe in the respiratory and dermatology therapeutic areas. Glenmark's respiratory portfolio also gained momentum, across multiple markets with market share increases across MDI and nasal spray. RYALTRIS continues to gain market shares across countries where the product has been launched by, on our own or through our partners, through our partner Menarini. In addition, there are eight other respiratory products commercialized across various markets, and additional two, three launches are expected in the next 12 to 18 months. In the branded dermatology portfolio, WINLEVI has gained traction since its launch in the U.K. during the first quarter of FY 2026, and WINLEVI has also received MA approval in the European markets and is launched in select markets across the CE region, Spain, and the Nordic countries. Glenmark also received approval for Elcota cream in the Nordic countries. This portfolio will be further augmented with additional products over the next 12 months. Emerging markets for the first quarter of FY 2027, revenue from the emerging markets region was INR 7,304 million, as against INR 5,721 million, recording a year-over-year growth of 27.7%. As per IQVIA Mat-Mid 2026 data, Glenmark's Russia business recorded strong secondary sales growth of 12%+ amongst the dermatology companies. Glenmark moved one rank and is now ranked eighth as per IQVIA. Glenmark's LATAM and EMEA regions also recorded very strong growth during this quarter on the back of continued market share gains in key therapeutic areas. Glenmark's overall respiratory portfolio continues to outperform the covered market across the EMEA region. RYALTRIS continues to be the leading nasal spray for allergic rhinitis in most of the markets where the product has been launched. Glenmark plans to launch RYALTRIS in Brazil in the second half of FY 2027. In the APAC region, double-digit secondary sales growth was led by strong outperformance in key markets such as Malaysia, Vietnam, and Australia. RYALTRIS was also approved, as mentioned earlier in China and Thailand in Q4 and has been launched by the company's respective regional partners, Grand Pharma and Alcon. Moving on to our global innovative portfolio, starting with RYALTRIS. I think we mentioned a few of the key highlights of RYALTRIS. As of June, marketing applications for RYALTRIS have been submitted in more than 90 countries across the world, and the product has been commercialized now in 57 markets. Further, it is expected to be launched in 10 markets over the next few quarters. As mentioned earlier, China and Thailand have been some of the recent launches, and Glenmark's partner in Moldova has also launched the product. Glenmark initiated the U.S. commercialization as well during the quarter. As per IQVIA data, across markets, RYALTRIS has seen a robust performance in terms of both value and unit market shares and continues to record global secondary sales growth of upwards of 40% year-over-year. WINLEVI, as mentioned the company launched WINLEVI in the U.K. in Q1 and saw strong uptake throughout the year. WINLEVI has also received approval in Europe in October. In the first quarter, Glenmark launched WINLEVI in several European markets, including the Nordics, CE countries, and Spain. In Portugal also, Glenmark launched the product through a strategic partner, and WINLEVI is also currently under regulatory review in South Africa, where Glenmark has submitted the marketing authorization application. QiNHAYO, which is envafolimab, partnered with Jiangsu Alphamab and 3D Medicines. Glenmark has filed QiNHAYO marketing authorization applications in 24 countries as of June. The first commercial launch is expected in FY 2028. The companies in parallel initiated early access or named patient programs across seven markets, including Kenya, Mauritius, Uganda, Philippines, and Tanzania, for the supply of QiNHAYO. Glenmark has also initiated a global multicenter phase III study in neoadjuvant and adjuvant treatment of patients with resectable stage IIIA/IIIB non-small cell lung cancer. Trastuzumab Rezetecan partnered with Hengrui Pharma. Glenmark has advanced its preparations for the initiation of MA applications for Trastuzumab Rezetecan, which is a next-generation HER2 targeting ADC, and licensed in Q2 last year from Jiangsu Hengrui Pharmaceuticals. The company expects the first wave of MA applications to begin in Q2 FY 2027. In June 2026, Glenmark initiated a phase III clinical trial of Trastuzumab Rezetecan in platinum-resistant ovarian cancer or PROC in India, following the approval of the DCGI. Glenmark also plans to enroll patients in Australia and South Korea, subject to regulatory approvals. Aumolertinib, partnered with Hansoh. As mentioned earlier, in Q3 last year, Glenmark had licensed Aumolertinib, which is a third-generation EGFR TKI for the treatment of NSCLC. Aumolertinib is already approved in the U.K. in June 2025 for the first-line treatment of adult patients with locally advanced or metastatic NSCLC with activated EGFR mutations. Hansoh Pharma also received MA approval in the European markets in FY 2026. Glenmark has submitted MA applications for in 13 countries as of June 2026, and the first commercial launch is anticipated during the second half of FY 2027. Moving on to IGI, some of the key updates on our pipeline products, ISB 2001 or ABBV-2001. To date, more than 160 subjects have been dosed in the TRIgnite-1 phase I study, 42 of which were in dose escalation and more than 120 patients in dose expansion. Safety and efficacy data from all subjects continues to be promising and are consistent with the data previously presented at ASCO 2026. A multicenter phase I, phase II multicohort combination study in multiple myeloma and other anti-myeloma therapies has been initiated and there is a clinical trials link available to view the details. ISB 2301, the next asset in the IGI pipeline is a first-in-class multispecific immune cell activator targeting solid tumors, and IGI intends to submit an IND later this year. ISB 2302, which is a bispecific immune modulator, and ISB 2501, a trispecific T-cell engager, are both in early preclinical development. You can view more updates on the IGI pipeline assets on the IGI website. From the Glenmark management team, we have Mr. Glenn Saldanha, Chairman and Managing Director, and Anurag Mantri, Executive Director and Global CFO. I will now hand it over to Glenn for his opening comments. Thank you, Utkarsh. Good morning, everyone, thank you for joining us today on the Q1 earnings call. We have begun FY 2027 on a very strong note, delivering consolidated year-over-year revenues of 23%. Even if you exclude the deferred income from ISB 2001, the base business year-over-year growth is north of 18%. This performance was broad-based across all our key markets. India business sustained its continued outperformance in the core therapies, as well as strong momentum in oncology through TEVIMBRA and BRUKINSA launches. As guided earlier, our North America business reported a strong recovery on the back of respiratory launches, and we expect this growth to sustain over the next few quarters. Our emerging markets business also recorded a very strong performance in the first quarter while Europe was muted as we are transforming our presence there through expansions in the branded respiratory and dermatology segments. Our branded portfolio continues to do well across the markets. RYALTRIS is growing upwards of 40% in terms of secondary sales in Q1. We've also expanded the launch of WINLEVI to other EU markets. We continue to work on our partnered innovative oncology portfolio and are expecting to launch Aumolertinib towards the end of FY 2027, followed by TRASTUZUMAB and envafolimab. Innovation remains central to our long-term growth at Glenmark. ISB 2001, ABBV-2001 continue to show promising safety and efficacy with more than 160 patients dosed to date, and we are excited about the progress of IGI's pipeline assets, including 2301 and 2302. We remain focused on disciplined execution, strengthening our base business, scaling up our specialty portfolio across markets, and continuing to progress the IGI pipeline forward over the course of the year. With this, I would hand it over to Anurag Mantri for his opening comments. Thank you, Glenn. Good morning, everyone, and thank you for joining us today. We have started the FY 2027 with the broad-based growth across all our regions. The improved mix has also helped maintaining our growth margin in spite of the increased cost due to the ongoing geopolitical situation. As highlighted during our investor day, we are reinvesting in our base business as well as innovative business expansion. This, coupled with the increase in cost of shipments and overall logistics, has impacted our overall operating margins to some extent. Depending on the geopolitical situation and the development, some of the cost increases will continue to impact the business, but we are working on minimizing the impact on our profitability through superior product and geographical mix. Our working capital initiatives help generate incremental income through interest rate arbitrage. The associated interest income is clubbed under the other income in the P&L and the increase is apparent in this quarter. Gross interest costs have gone up, this is mainly on account of higher lease expenses, bank commitment charges and various other interest arbitrage, which is the income is booked in the other income, but the interest cost comes under the interest in this side. As a result of various measures implemented, our overall earning profile and visibility has improved considerably and we remain committed to maintaining a gross debt zero position in our balance sheet. We have delivered a strong quarterly performance and are on track to achieve our guidance as a part of Glenmark 3.0 journey. Thank you. With that, Renju, we can open the floor up for Q&A. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Damayanti Kerai with HSBC. Please go ahead. Hi. Good morning, everyone. Thank you for the opportunity. My first question is on your R&D spend. Can you call out the spend for the quarter? Since you have planned to move ISB 2301 to clinical trials later this year. After that, what kind of incremental R&D you anticipate? That's my first question. Thank you. R&D spend for this quarter was around INR 289 crore, which is going forward as we guided earlier in that R&D spend is going to continue to be around 7%-8% overall. This quarter was a bit lower. Actually, it cannot be exactly the phasing out of the R&D spend, it will continue as per our guidance. Also, as we guided IGI, the spend will be around INR 70 million. This includes the investment in ISB 2301 phase I and all the investments in the clinical trials that we anticipate over the next two to three years. It's all included in that INR 70 million that we will continue to burn in IGI. Sure. You have a comfortable funding position to take care of this spend, which is required for moving assets to next phase. Thanks for that clarification. My second question is on Europe. Can you talk a bit more? Like, what has changed? I think this is the second quarter when we are seeing the trend. If you look at our European business, Our European business has contributed significantly to the company over the last four years. If you remember our guidance, we said Europe will come to high single digit this year. The other thing about Europe that we are doing. Is we are working aggressively to focus more on our branded products in Europe, which is mainly the products in the respiratory. We have several respiratory and derm launches which will drive the growth of Europe. I think this year we'll finish probably at high single digit for our European business. However, I think as these branded launches start gaining scale, we will get back to double-digit growth from next year for our European business. Again, just to remind you, it's been the fastest-growing geography for four years continuously. Very strong business for us. Sure. If you can just say some quantitative number, what percentage of European segment sale is contributed by branded products right now, and where do you want to take it, say, a few years down the line? Today it is small, relatively. Around 30% of total revenues. We see that number, if you take a five-year view, that should go to about 60% odd over the next five years. That's the kind of focus we are bringing to the branded products across Europe. Okay. That's helpful. My last question is on your injectable pickup in U.S. segment. You mentioned 20+ products, including the partner projects. When we look at the contribution coming from the injectables is that meaningful in the current numbers, or you think it will build up over time? It'll still take time. Most of these are commodity injectables. We have some good launches and some good products, but it will still take some time to contribute to the overall revenue profile of the U.S. business. If I look at the U.S. business this year, the primary drivers are the respiratory launches, fluticasone 44. Fluticasone nasal spray OTC, which we have launched. In the second half of this year, we have at least two or three more respiratory launches, I think which will help drive the performance of the U.S. business this year. All in all, we should have a good year in the U.S. this year. Next year, I think some of the Monroe differentiated injectables will start contributing next year for the U.S. business in addition to all the respiratory work that we're doing. Okay. That's helpful. Thank you, Glenn. Files, which are in H2, which will also help the U.S. this year. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Harshit Dhoot with Dymon Asia Capital. Please go ahead. Hi, Glenn. Good morning, and thanks for the opportunity. Maybe on this cost part, how should we understand the RM cost impact, the increase in API cost because of this ongoing war situation and supply disruption? How it can impact our gross margins, and how sustainable this impact will be? How should we understand this, the gross margin outlook, sir? As I mentioned in my opening remarks, basically the geopolitical situation is impacting our gross margin, which is across the API cost as well as the logistic cost. We are seeing the cost pressure across. We are trying to mitigate it through the better product mix and the better geographical mix. That we are trying to mitigate. That's the reason you can see that the margin was impacted, but not to the extent of the impact we are seeing across the API packing material as well as the logistic cost. Going forward, it all depends on how the situation evolves in the geopolitical situation if it subside. I think in the future quarter, also at least two quarters, we see the pressure coming up on because of this, and we'll try our best to mitigate through the product and geographical mix. Sir, assuming situation remains stand still, the elevated situation remain continue, how it will impact the margins around 1%, 2%? Can you please help qualitatively on that? I think the way to think of the business is given the new launches and the respiratory launches in the U.S. Given our strength in our India business, the growth in the India business, all that we are hoping will clearly offset any pressure that we are seeing on account of the elevated cost due to the war. Overall margins, we are pretty comfortable. I think on a full year basis, what we guided to the 21%, 22% will clearly be there on the overall margin of the company. Okay. Thank you, sir. Thank you. Thank you. Next question comes from the line of Kunal Randeria with Axis Capital. Please go ahead. Hi, good morning. First question is on the India business, quite a strong performance, and it's also mirroring the secondary data that we see in IQVIA. Glenn, maybe while the secondary data has always been very strong, I think this time around we see that convergence. Is there any change that has happened? Going forward, would that be a good indicator on how we should model the domestic business? As we've always said, our domestic business is really a fantastic business. In terms of the quality of the brands, the quality of the franchise across the board. Even if you look at the domestic business today, most of the segments we operate cardiovascular, we are growing 15% odd. Dermatology continues to do well for us. Respiratory, particularly chronic resp over 25%+ growth. All these coupled with TEVIMBRA and BRUKINSA, we did over INR 100 crores of sales in the first 12 months of launch. Which is remarkable. India is a very strong franchise for us. I think if you have to model it going forward, you can easily assume that we will have between 12%-15% growth on a consistent basis from here on for the entire India business. Right. Glenn, your top three brands still are like Telma or its extensions. You have a very high concentration risk in some ways. Do you see any risk to its growth prospect? On the contrary, I think having strong brands is a positive. That's the view we have. Having brands like Telma, Ascoril, Alex, Candid, and some of the newer products. Our OTC franchise, Candid Powder. Now with this TEVIMBRA, BRUKINSA. The strength of the portfolio is extremely strong across the board. We don't see any risk to the performance in our India business. Sure. Glenn, you've also invested quite a bit of innovative products, organically as well as in licensing. Barring R&D, other than R&D any kind of OpEx like marketing costs that you'll have to do to market these products in Europe or emerging markets, additional cost beyond what you're already doing? We are already doing that. If you see we are investing in building out or strengthening our oncology commercial capabilities, particularly in emerging markets. That's why we are making some investments this year, that's why our margins we are guiding to is 21%-22%. These investments are more for preparation of the launch of Aumolertinib, followed Trastuzumab Rezetecan, followed by envafolimab. These three brands can give us almost INR 500 million-INR 600 million over a five, six year timeframe. Then, of course, we'll use the same infrastructure to launch ISB 2001 when available. That'll give us a very strong oncology franchise, particularly in India and all of emerging markets. I think we are continuing to make these investments, which is all built into the margins that we guide to. All right. One more, if I can squeeze in. ISB 2301, should we expect a deal this year or will it be after phase I is similar to what you saw in ISB 2001? On 2301, is a super exciting asset. It's a pentaspecific, which globally puts us at the world stage in terms of innovation. No one has ever tried to target both NK cells as well as activate T cells, along with these tumor antigens. It's a very novel concept overall. From a deal perspective, clearly we will wait till at least we get some clinical data in humans and get some POC before we even start looking at potential partnering. Right. I have a few more questions. Thanks a lot, Glenn and Anurag. Thank you. Next question comes from the line of Tushar Manudhane with Motilal Oswal Financial Services Limited. Please go ahead. Yeah, thanks for the opportunity, sir. Sir, two questions. One on 110 mcg, the product 358. Where do we stand in terms of approvals or any additional queries? That's first. Oh, yeah. As we said, in H2, second half, we should see some of these respiratory products getting approved. We anticipate at least two or three of these getting approved. Between 110, fluticasone, nasal spray, RX, ipratropium, all this. In the second half of this year, you should see. My hope is at least two of these three come through. Got it. The one which is already launched, have we had in a way, full quarter benefit in terms of business, or are we still to see the real meaningful impact? I wouldn't say full quarter. I would say half the quarter, we saw some benefit, but I think this Q2 we'll see the full quarter benefit out of fluticasone 44. Got it. Secondly, on ISB 830 with BioCryst is there any rethink from their side? That is as far as the agreement is concerned, then subsequent extension to that, since the product is now about to complete phase II. Is there any scope for having an agreement with alternate companies or more number of companies on this aspect? ISB 830. We moved a backup compound, called STAR-0310. It's actually in phase I. It's just completed phase I. That's the stage at which we're at. In terms of BioCryst, we have no visibility to what they're doing in terms of further development yet, because they just acquired Azista some time ago. We are still trying to figure out what the next steps are on that. Got it, sir. That's it from my side. Thanks. Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Krish Mehta with Enam Holdings. Please go ahead. Hi, thank you for taking my question. I had two questions. The first is if you could provide the current working capital and net cash position for the quarter. The second question I had is on, Glenn, you spoke about 12%-15% growth in India. If you could just give some color on how this growth would be split in terms of volume versus value and new product launches. Okay. I'll take the first question. Glenn will take the second question. On the working capital as well as the debt position, what we guided for the year is that we will have around 115 days of net working capital days, which we'll continue to maintain. We are well below that, and we are on track because quarter on quarter, there could be some ambition. I think, currently we are much below the 115 days. Still, we maintain our guidance of the full year basis on the 115 days of net working capital. On debt position, as we clearly said, that we'll continue to maintain gross debt zero in our balance sheet. The cash position accordingly varies because of the various freight-related expenses and some of the pressure which we are seeing. Given that, all these are mitigated, and we'll continue to maintain our gross debt zero position. On the second part, with regards to the India growth. India, if you see the main growth drivers for us, as we've discussed. TEVIMBRA BRUKINSA, INR 100 crore already in the first year, continues to do very well for us. Chronic respiratory, GFB launch. The brand is trending closer to about, in the first year itself, about INR 70-80 crore of annual revenue and still growing very rapidly. On the cardiovascular, Telma continues to gain market share, the entire franchise across Telma and all its variants. On dermatology, it's pretty much a broad-based growth. Mostly, this is all volume growth. On the value side, we don't see too much of value growth in our business, purely because the competitive intensity is pretty high. We think the bulk of the growth is still volume growth. Maybe closer between volume growth will be about 6%, 7%, new products will be another 3%, and value will be another 3%-4%, somewhere thereabouts. That's the typical breakup that we are seeing in the India business. To answer your question, we still have a lot of runway in terms of new launches. For example, [Aumolertinib] we will launch in India, which is a big product we think in the non-small cell lung cancer space, very large indication. We will launch Trastuzumab Rezetecan in India, in the oncology space. That will put us among the leaders in the oncology space in India. With the launch of TEVIMBRA, BRUKINSA, and these other two launches, that will take us to being among the leaders in the next five years in India. Way before we launch ISB 2001. That's on oncology. We talked about cardiovascular, we talked about dermatology. In the respiratory, chronic resp, we still have many more exciting launches as we go forward. The last point on India is regarding the semaglutide is not a big area of focus for us, but it'll help turn around our diabetes franchise, which until last year was declining. Now we've been able to turn it around. Sema currently is tracking at about INR 20-25 crores of annualized sales as we speak. The brand is still growing. I think, overall, that will help turn around our diabetes franchise. These are all the segments that we operate in India. I think pretty broad-based growth across all the segments that we operate in. That's very helpful. Thanks a lot for that, Glenn. Thank you. Next question comes from the line of Sukrit D. Patil with Eyesight Fintrade Private Limited. Please go ahead. Good morning to the team. I have two questions. The first question, Mr. Glenn, is I just want to understand the forward guidance. Beyond the regular outlook, what are the top two to three execution priorities you're focusing on in the next few quarters? Alongside that, what do you see as the biggest risk in client adoption, regulatory shifts, or compliance pressures? How are you preparing to manage them while strengthening Glenmark's position in generic and specialty pharma? That's my first question. I'll ask my second question after this. Thank you. Priorities are clearly to prepare for some of these U.S. launches that we are anticipating, particularly in the respiratory side in the second half. That's on one side. The other side is preparing for the launch of Aumolertinib, which is a big product for us in India and all emerging markets. It will drive the growth in starting second half of this year. Followed by Trozida and some of the other launches. That's probably the key priorities, where we are focused on driving the business. India continues to do well, and Europe and the other franchises continue to do well. We have all the building blocks in place to continue to sustain the growth that we are anticipating for India. I think field force expansions. We continue to do field force expansions both in India as well as in emerging markets to prepare for those launches. That's another thing we are heavily focused on from now till the end of the year. Your second question, the second half of the question I couldn't get clearly. Can you repeat that? I just want to understand, what risk you see in adoption or competition from the peers. I just want to understand your plan of growth and how you're preparing to handle the challenges that could slow down the growth. Look, the growth that we are seeing is a culmination of all the hard work that we've done in the past. I think what we are working on right now is all which will drive our future growth, particularly next year. As these launches start happening, as the products start commercializing, that should help strengthen the growth for FY 2028 particularly. All the growth that you're seeing now and which we hope to sustain is all the work that's already been put into in terms of launches and products already there. From a risk perspective, we think the risk this year is relatively low. It's all a matter of how well we execute from here till the end of this year, and that's where the primary focus is right now. Sukrit, as we mentioned, at the beginning that most of our growth is toward the branded and unique product. As to answer your question on the regulatory part, which reduces the risk because we are moving towards more innovative and branded portfolio. To that extent, going forward, it will start de-risking from the regulatory risk related to the geopolitical situations. Thank you. My second question to Mr. Mantri is again, along the similar lines. From a financial point of view, what key risks or challenges do you anticipate in the coming quarters, and what specific measures are being taken to manage margin, cash flow, and balance sheet strength, especially in areas like raw material cost volatility, receivables, or any regulatory compliance? I just want to understand your plan of action on this. Thank you. We have taken a multiple initiative to improve our working capital efficiency. As you rightly mentioned, in this situation the key is how to Because the raw material prices are actually not completely in your control because it's related to the geopolitical situation and so is the freight and other things. What we are trying to mitigate is through improving the working capital optimization efficiencies towards that, reducing our debtors days, improving the payment terms with the vendors. In this process, we are actually optimizing the various supply chain financing, trade-based MSME financing, Global factoring and packing credit and all these type of instruments, so that we can actually improve the working capital efficiency to free up the cash for the growth and for the future growth. That's how we are looking at it. Thank you, and best wishes. Thank you. Next question comes from the line of Parth Sudha with Trinita Asset Management. Please go ahead. Am I audible? Yes. First of all, good morning, and thank you for the opportunity. My question is on RYALTRIS. Now it has become Glenmark's first successful global specialty brand. Internally, which product in your current portfolio do you believe has the highest potential to become the next global brand of similar scale? I think post RYALTRIS is the first big one. Followed, I think amlodipine has tremendous potential. The one we are starting to launch second half of this year in non-small cell lung cancer. The one we licensed from Hansoh Pharma. That should be a big product. Likewise, trastuzumab, which we licensed from Hengrui Pharma, that can be a big product for us. All these will help build a very nice innovative franchise across all our markets. Of course, the big one will be ISB 2001 as and when it launches. I think over the next five to 10 years, you should see significant launches happening on the innovation side. Got it. My second question is WINLEVI has now been launched in several European countries, markets. Could you discuss physician adoption and whether the dermatology could become a meaningful growth driver in Europe? You're referring to WINLEVI, correct? Yes, sir. WINLEVI is a niche product. It's for acne, and we think it'll be a nice product to have with the dermatologists. It's differentiated. The adoption has just started. We just started commercializing it in many of our markets. It'll take us some time to build on WINLEVI. Along with WINLEVI, we have a couple of other branded derm products which we are also promoting, and we are planning to promote, which will help drive the entire derm franchise in Europe. Got it. Thank you so much. That's all from my side, best of luck. Thank you. Thank you. Next question comes from the line of Saion Mukherjee with Nomura. Please go ahead. Yeah. Hi, good morning. Just one question I had on the litigations in the U.S. There was some news around some settlement on antitrust litigation recently. If you can just update us on what are the pending litigations and how much we have provided for and what will be the cash flow implications. Is there anything that we need to provide for additionally this year, next year? If you can just update us on the situations around various litigations, please. I think, Saion, most of the litigations we've already provided. All the information was around the settlement that we did with the state AGs. Which we already took, I think, in Q4 in terms of a provision. That's done. On the MDL side, MDL, we provided for state AGs, we provided the DPAs, we've settled these two groups. We have the EPPs to go, and we have one more group to go. That's pretty much it from a litigation perspective. Outside of that, we're pretty much done with most of our major litigations. Okay. Most of the provisions are made, and incrementally this will not be very significant going forward. Yeah. It will not be a very significant net now. The smaller two litigation what Glenn mentioned has been left, I think, as and when it. We provide more on a conservative basis up front for the litigation. The cash flow will obviously go in these two years out of it. As a P&L perspective, we have provided all the litigations as of now today. Understood. I don't know, I might have missed it. Can you just share the net cash position as of June? Saion, as we mentioned that we'll continue to maintain our gross debt zero position as well as the net working capital days of 115 days. We are well below under those working capital controls, we'll continue to maintain that position going forward. We are taking a lot of initiatives to mitigate the cost pressures and improving the working capital, especially in the current geopolitical situation too in terms of our procurement side as well as on the sales side. Overall, we are continuing to maintaining our gross debt zero position. Yeah. Sir, I was just looking at the cash number, cash and investment that you share every quarter. I know gross debt has been zero for a while, the cash position, if you can share? Cash. I'll give you the cash number, I think it's not going to be much of a help towards your model. My request is that you build a model based on the balance sheet perspective dates, which are the gross debt zero. We currently have a close to as the operating cash flow, we continue to maintain our INR 800-900 cash always. Okay. Sir, one last question on India, what is the MR strength that we have given all these oncology and launches that are happening. Is there some investment that you need to do? If you can give some color on that. India MRs, I think we are about 5,600, somewhere thereabouts. Every year we add about 300, 400 MRs. That's pretty consistent in terms of our growth rates across all the therapeutic areas that we operate in. Oncology in India doesn't need a big. We already were in oncology. We already had a salesforce in oncology in India, there's no expansion required for the India oncology. I see. Okay. Thanks a lot. Thank you. Thank you. Next question comes from the line of Devansh with Anabuti. Please go ahead. Hi. I just wanted to ask a question regarding how much of the AbbVie deal cash flow have you gotten in so far. I understand that there was an INR 700 million upfront payment and the other INR 1.2 billion which was attached to the milestones. Has any of those milestone payments been activated? As of now, we just got the INR 700 upfront. We've not got any further milestones yet. The deferred income which you say coming from the IGI deal is part of that INR 700 million. Is that right? That's correct. Okay. Perfect. Thank you so much. Thank you. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I now hand the conference over to Mr. Utkarsh Gandhi for closing comments. Thanks, Renju. A quick reminder to everyone that the information, statements and analysis discussed during this call describing the company or its affiliates, objectives, projections and estimates are forward-looking statements. These are based on current expectations, forecasts and assumptions and are subject to risks and uncertainties, which could cause actual outcomes to materially differ. No representation or warranty, either expressed or implied is provided in relation to the conversation and the documents provided. The company undertakes no obligation to revise any of the forward-looking statements because of new information, future events or otherwise. With that, we can close the Q1 FY 2027 earnings call for Glenmark. Thank you everyone for joining us today. Thank you. On behalf of Glenmark Pharmaceuticals Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.