Ladies and gentlemen, good day and welcome to the Q4 FY24 earnings conference call of Ipca Laboratories Limited, hosted by DAM Capital Advisors Limited. 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 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. Nitin Agarwal from DAM Capital Advisors Limited. Thank you, and over to you, sir. Thank you, Michelle. Hi, good afternoon, everyone, and a very warm welcome to Ipca Labs, Q4 FY24 earnings call hosted by DAM Capital Advisors Limited. On the call today, we have representing Ipca Labs, Mr. A.K. Jain, our Managing Director, and Mr. Harish Kamath, Corporate Counsel and Company Secretary. I'll hand over the call to Mr. Jain to make the opening comments, and then we'll open the floor for questions. Please go ahead, sir. Thank you. Thank you, Nitin, and DAM Capital Advisors for organizing this call. Good afternoon to all participants, and thanks for taking out time and joining us for Q4 FY24 earnings call. Today's call and discussions and answers given may include some forward-looking statement based on our current business expectations that must be viewed in conjunction with risk that pharmaceutical industry faces. Our actual future financial performance may differ from what is projected and perceived. You may use your own judgment on the information given during the call. Domestic formulation business has delivered a growth of around 13% for the quarter, and for whole of the year, it's delivered around 12% kind of growth. And Ipca continue to remain the 16th ranked pharmaceutical company as per IQVIA in Indian pharmaceutical market. In Q4, as per IQVIA, we have beaten both on chronic and acute therapies. Overall, IPM has grown by around 6% in this quarter, whereas IQVIA has recorded our growth at 15%. On acute segment, market has grown by 3% and IQVIA has recorded our growth as around 11%. And on chronic, the market has grown by around 10%, and our growth is around 12%. And overall for the last 12 months, on net basis, we have delivered a growth of around 13% as per IQVIA, as against 8% for IPM. So we have been continuously beating, as far as domestic market is concerned, the overall market growth. Overall, our market share as per the net March 2024 has improved to 2.04% from 1.88%, net March 2023. Last few years, our focus has been more on cities, and that has started delivering top cities, and that has started delivering results. Ipca has achieved a growth of around 16% in top 6 metros, as against market growth of around 8%. Ipca emerged as the fastest growing company in top 25 players as per the IPM as per the net March 2024. As far as export formulation business is concerned, it for the quarter has delivered around 9% growth. Overall, formulation business for the year has reached to around INR 1,775 crore, from a business around INR 1,659 crore, with a growth of around 8%. In spite of generic export growth of around 22% for the year to around nine hundred and eighty-one crore from eight hundred and one crore, overall growth is lower because of challenges we have faced in branded promotional market like Russia and West Africa, and decline in institutional generic business in the last financial year. As far as margins are concerned, the standalone margin for the quarter, EBITDA margin is around 18.5%, as against 11.29% that recorded in previous financial year in the fourth quarter. For full financial year, the EBITDA margin is achieved at around 19.29%, as against 16.22% in FY 2023. Consolidated EBITDA margin are at around 14.98% for Q4, as against 11.29% for Q4 FY 2023. Consolidated EBITDA margin for the year is around 16.72% for FY 2024, as against 15.3% in FY 2024. Material cost to sales ratio standalone basis has improved to around 32.08% from 35.58% in FY 2023. And we are witnessing a price stability for majority of our procurement. As far as the guidelines for 2025 is concerned, FY 25 is concerned, we expect a standalone business growth of around 10.5%-11% for FY 25. We expect that our EBITDA margins will further improve from 19.29% to 20.5%-21%. Our consolidated business to grow at around 14%-14.25% for FY 25, and consolidated EBITDA to improve further from 16.72% to around 18% for the financial year to 2025. Having given all these numbers, I now request participants to ask questions. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask questions may press star and one on their touchtone phone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kunal Dhamesha from Macquarie. Please go ahead. Hi, good evening, sir, and thank you. Well, the first question on our own US, now that our plants are kind of cleared, how is that business shaping up, and have you started filing new ANDAs- I'm sorry to interrupt, sir. Your voice is not clear. May I request you to use your handset? Is it clear now? Sir, please continue. So how, how is our own US business shaping up, and have we started filing ANDAs from our own plant, you know, as of now? And, do we expect in 18% EBITDA margin guidance, are we expecting our R&D expenses to go up? Overall, let's say, that, as far as U.S. is concerned, we have not started so far filing the ANDAs from our plants because, it will take... We, we had nothing we had in the pipeline of our U.S., and now pipeline is now building, so people are working now in R&D and thereafter, bio batches will be taken, stability will take a lot of time, 6-7 months time, and then data compilation. So it will take some time before we start filing, as far as U.S. is concerned. As far as R&D is concerned, both companies put together are spending almost around INR 250 crore on R&D, which will translate into, for ourselves and Unichem put together, and that translate into around 3.25%-3.5% kind of expenditures to sales. And more on that number would remain in this particular range only as far as R&D is concerned. And, what was your next question? So, our U.S., our own U.S. generic sales, how has that shape up post our plant clearance? Let's say post-plant clearance, a lot of work was to be done as far as, because we were not there for a long period of time. Somewhere the IP status changed, somewhere our vendor had changed, somewhere the processes are changed, so the of API has changed and all that. So that need to be upgraded, updated in of all these kind of ANDAs. And, so all those activity was going on. And now finally, I think, last few days back, first shipment has gone, of, one product and second product, is in pipeline, and more products will be, the shipment would start now. Lot of places where the IP status, sorry, USP status, where pharmacopeial landscape status has changed, lot of work is going on right now, so that all the ANDAs are fully updated, and then business starts. So hopefully, I think in current year, maybe around 6-7 products will be launched, and that will be launched as the progress happens during the year, yeah. So as far as sales are concerned, it does not include any sales as far as U.S. is concerned. You know, while we have provided the outlook on a consolidated basis of around 14% top line growth, but can you provide more details on a business segment-wise growth, let's say API, domestic API, export API, and the generic business, et cetera? Let's say on standalone basis, domestic business is expected to grow around 12%. Export generics will also have a similar kind of growth. The promotional market will have some kind of lower growth because of some issue being faced at, because of, currencies, depreciation in Russia and also West African market, there, there are certain challenges are there. So there will be little lower growth on that, and institutional business will deliver around 14% kind of growth. And we expect around, seven to eight percent business growth in API side. The, so overall, Ipca, that should be around, eleven half, eleven to eleven and a half percent kind of growth would be there. Yeah. So that's, the, the standalone number. On a consolidated basis, the growth is coming a little higher because last year, I think, on consolidation, Unichem was acquired on second quarter, so consolidation was even second quarter number was not full. August we had was August was there, so second quarter number was also not full. So overall, the that effect is also there in that. And overall, I think we should be almost around, considering our business growth and Unichem's business growth, and overall, we should be almost around, I think sales wise maybe around INR 9,000 crore, and EBITDA overall consolidation may reach to almost around INR 1,600 crore plus kind of EBITDA. So, that will translate into that kind of number of 18%-18.5% kind of overall. And so just one last, if I may, when we say the INR 1,600 crore, apart from, let's say, the acquisition addition, the synergy number that we had at around INR 200 crore synergies, how much of that would be factored into the INR 1,600 crore? It's still like, if you look at Unichem, I think last financial year they had, I think, EBITDA was minus by around INR 45 crore. From there, they have achieved a EBITDA of INR 100 crore. So there is a single of almost around INR 145 crore in, say, in the current year, once after, for the whole of the year. And, as far as the changes are concerned, whatever the low-hanging fruits are there, like, say, the material buyings and some where rationalization, some where utility cost rationalizations and all those are maybe production efficiency improvement and all. These are the only factors so far has come in the EBITDA margin. Then there are a lot of other things, which we are looking at, like, say, sourcing changes from, let's say, from outside purchase to some of the APIs of Ipca and, market extensions, and those all work, all work in progress. API cost reductions is also work in progress because you need to do the stability and thereafter, filings and then approvals and all. So those have not started, to come in the overall in EBITDA, numbers right now. Ladies and gentlemen, the line for the management has been disconnected. Kindly stay connected while we try to reconnect. Ladies and gentlemen, thank you for patiently holding. The management's line has been reconnected. Over to you, sir. Yeah. Okay. Hello. Hello. You may go ahead. Yeah. I would say that we are confident in whatever we have talked around acquisition time and all, we are confident that all those things will be achieved, and better than that would be achieved. Yeah. Sure, sir. Thank you, and all the best. Yeah. Thank you. Participants, you may press star and one to ask questions. The next question is from the line of Surya Narayan Patra from Phillip Capital India Private Limited. Please go ahead. Yeah, thanks for the opportunity, sir. So my first question is, about our, although you have given the guidance for, the current year, how should we see so in fact, the overall growth for the integrated operation? So whether the benefit of integration has started flowing in or what, what portion of the integration benefit is yet to come in? And, let's say in terms of the growth, while the domestic is one of the largest earning contributor for us, and it's been consistently delivering a double-digit growth since many years. But, from here, what should be the real earning driver for us? Whether it is some uptick that we should see in our export activities now, after seeing some kind of a moderation in the recent past, or what should really drive the earnings momentum qualitatively from here for our next two years? If you can give some long-term oriented viewpoint, then that will be really helpful. Okay. As far as, integrations are concerned, let's say it's not a merger, it's a both are separate companies, and both are run as a separate companies Okay. Unichem has a managing director, and he runs that company. The integration benefits, whatever are coming, is relating to basically, procurement is one area where integration relates, we are getting the advantage. Significant advantages are coming in that, because our buying efficiencies are much higher because volumes are much higher. So, those advantages are definitely coming there. As far as the, your, other, other, the areas are concerned, let's say whatever work both the companies were doing and there are, there are some duplications were there, so those duplications are now avoided. So, it's that unnecessary cost of both the organizations were incurring, that is no longer there. So that's another benefits that are coming. Third is, the, because of our expertise in utilities and also there, there are utility cost reductions and their operational efficiency on production side is also building up. So that's another advantage which is coming from integration. And Ipca is also able to extend some kind of, expertise to them on cost reductions and all put together. Both the companies and teams are working to reduce the cost of API, which was one of our major concerns was there. But, the getting the benefit will take some time because it's, it's, again, everything is regulatory, regulated process, and work is happening to reduce the costs and subsequently approvals and all. So it will make before some time- it, it will take some time before such those kind of approvals comes in. As far as synergies of procurement from Ipca of lower cost API for them, it's again a process because they have started doing the R&D work and put in stability. Till the stability is over and they go back to the regulators and take the approval of that source. Till such time, source are added in their master files and all, they can't procure. So it's still to take the effect. So that effect will also take some more time. Okay. About the export outlook, if you can give some sense around which market that you think can be meaningful. And also, U.S., as you are saying, that okay, it will, it will see a kind of a gradual ramp-up only. Yeah. But at least, benefiting from the Unichem acquisition or leveraging the Unichem presence, we want to at least penetrate faster, quicker for APIs, at least, to start with. On the export outlook front, if you can give some sense and if you can give some more clarity also about your key markets. Bigger and bigger benefit of integrations will come, of Unichem portfolio when we start, putting all these Unichem's product in, various markets like, Europe, Australia, New Zealand, Canada, South Africa, all those markets, when we start putting those products. So that's the process currently going on. A lot of works are going on, on, repeat bios and, compiling all those kind of, dossiers and all those. So that work is going on. So till the time that work is over, it's every project is being monitored and, the, there are timelines for that, but, it takes time. It is not that overnight those kind of work can be done. So, that, the bigger benefit of that will come once the, let's say, Ipca's portfolio of around 40, 50 formulations and their portfolio of around 80, 80 kind of formulation, so in generic markets. So all those becomes a significant size of number of products for the other markets. So that, that is the work which is currently in progress, and that will give a larger integration benefit, because even though Unichem, Unichem is present in US, they are only marketing 5, 6 products. Whereas their US market is more than 80 products, and currently they are also selling good number of products out of that, more than 50 products. So it's a, it's a integration that, that's going to be the, the key drivers, and on that we are working, but it will take time to, because everything is regulated and it has to be done in a, that, that particular fashion. Okay. So then, sir, the 15% kind of a margin guidance for Unichem, what we had given it is kind of a back-ended only, let's say, FY 2026 or 2027 like that. No, I have not given any guidance for Unichem. I have said consolidated- consolidation guidance I have given. Unichem will still take some time. I have said that, yes, we are on, on, on a path, whatever we have talked. So I have said that from INR 50 crore of minus EBITDA, they have raised to around INR 100 crore in current year, and we expect them to reach to almost around INR 225 crore in current year, with all those kind of efficiencies what we are talking. But that will still not capture a lot of those things which we are currently talking. Okay. Okay. Which are in progress. That's what I'm telling. Yeah. Okay. Just last one question, then, since it is the full year performance that we're discussing, if you can give some sense about your key subsidiaries also, because, we have seen some impairment charge also relating to the credit that we have booked in this quarter. So, how should we think all our investment into various core or non-core subsidiaries and their performance for the current year? Let's say what subsidiaries we have is one is Onyx Scientific, which is there at U.K. That's delivering all the all these the development of new manufacturing processes and all those kind of solid state chemistry now. So that subsidiary is doing very well. I think their turnover may be around around 15-16 billion pounds, and they are a profitable company on continuous basis. Second subsidiary in India is Trophic Wellness. They market the nutraceuticals, and they have also delivered good profit in current year, and they are in profit. Third subsidiary what we have is Bayshore. Now, with Unichem coming in, Bayshore was created only to market Ipca's product. And now, since Unichem is a bigger setup, therefore relevance of that, and they, they were only marketing certain kind of products which were sourcing from, some of the suppliers, like from Bangladesh and some from India and all that. So it was a very small operations, and it had its own cost. So Bayshore is the one which will be now, by and large, the entire operations will happen through, not through Bayshore, it's going to be from, your, Unichem's, Ipca product will also be distributed in U.S. through Unichem, and also whatever was being done from Bayshore, that will also get transferred to Unichem. So that's the integration will happen. And, the another subsidiary that we have is Pisgah. That subsidiary company we have created for chems business in the U.S. because we have a very successful business operating from U.K. in the name of Onyx. So it was the extension of that, because right now, no services are being hardly there is any service to the U.S. company. It's all services being done by Onyx's from to the European companies are there. So that is what we wanted to extend there. And some kind of, let's say, low volume and high value kind of API pro-production, that very small manufacturing facilities are there of certain narcotics products and all that kind of thing. Your Onyx also has maybe two, three new commercial API on their pipeline and development for the of new drugs. So, that once the volume pick up, those kind of, once they are launched in the market and all, so for the US, production may happen at the Pisgah. And certain other narcotics products are under, right now under development at Pisgah. So Pisgah has some small losses currently. With the CRAMS business building up, that will be not there. We have two associate companies. One is Avik. Avik is in steroid business, and that they are, they are also delivering profit. The only company where we are not being able to still come in the green is your Krebs. That's a fermentation operation. This company was producing simvastatin, and there, we have introduced some of our product, like Serratiopeptidase, because we have large amount of our own captive consumptions and all. So they have started producing that. But still they have very large capacities and very large capacity fermenters. So we are looking for some kind of, the, the other, opportunities also there in terms of, contract manufacturing and all. So far it has not happened, but it's in progress to utilize their unutilized capacities, which are there on fermentation side. And as far as, they have certain chemical blocks, which are being currently utilized, and those blocks are on, the breakeven plus, they are making profit. On fermentation side, we still have loss, and it may take some, maybe one or one and a half years time before we start making profit from Krebs operations. Yeah. Sure, sir. Yeah. Yeah. Thank you, sir. Wish you all the best. Thank you. The next question is from the line of Chirag Dagli from DSP Mutual Fund. Please go ahead. Yeah, sir, thank you for the opportunity. Sir, can you indicate in your guidance of INR 9,000 crore, how are you baking in the US scale-up? And just a little more color around the US scale-up over the next three years. Let's say, we had almost around Ipca, around 18 products were approved. I think in last few months, and I think we have received almost around, current month itself, we have received around 4 approvals, and prior to date, I think 3 or 4 approvals has come. So almost around the 18, plus around 8, 7 or 8 approvals has already come. So that's the overall number we have. And, then there are balance filings are there, so once those approval comes in. So, right now it's, the, now, whatever updations are required in, those, existing files in terms of, change in the processes or change in the, your, pharmacopoeial status and all that, that work is going on right now. At least around 6-7 products will be launched out of those kind of approved products in current financial year. Once all those updates are happened, then the, I think next year, the bigger ramp-up would happen because all those products will be commercialized in next financial year. So FY 2026, you should not only see the full impact of the 6-7 launches in 2025, but also more launches. Yeah, yeah. Yeah. So, sir, these 25 that you have, or 26 that you have as approved products. Yeah. All of them should be in the market over 3-3 years? Is that how we should think about it? Yeah, that's true. Maybe few out of that may not be viable now. But there are very few, because most of them are from our own API sources, not an outsourced API. So, maybe there are a few, may not be in the market idea. Understood. And, sir, can you also give some color around margins in the API and the exports business? Some very basic math suggests that, you know, these are businesses which are still in the early teens kind of margins. Does that make sense? And how have these behaved over the last maybe three years? Hello? Sir, I'm sorry, the management's line has been disconnected. Kindly stay connected, I will try to reconnect them. Yeah. Disconnection. Ladies and gentlemen, thank you for patiently holding. The line for the management has been reconnected. Over to you, sir. Uh, Chirag. Sir, do you want me to repeat the question? No, no, no. I think there is some problem in connectivity, off and on, the lines are getting disconnected. Yes, Chirag, Sir, do you want me to repeat the question? Hello. Yeah, yeah, please. Sir, I was asking on the segmental, you know, how should we think about margins in the exports and API business, export formulations and API business? You know, at least over the last three years, and you know, going forward, how are you thinking about this business, margins? Chirag, with this, raw material prices now stabilizing, we are very confident our margins will improve going forward, 100-150 basis points next 2-3 years. That is what is our guidance. 100 to over the next 3 years is what you're saying, sir? No, no, every year, 100-150 basis points. Over the next three years. Okay, understood. Our aim is to reach ultimately to that level of around 24-25% over next 6-7 years. Understood, sir. And sir, over the last three years, have the margins for these, both these businesses, come down substantially? That understanding is right. No, no. There was also a lot of fluctuation in the material cost. That was the primary reason. Even this year also, the margin improvement is basically on account of lower material cost, plus control over the overhead expenses, nothing else. Understood, sir. Okay. Plus, contribution from formulation business as a ratio of total business was higher, where value addition is more. These are the three basic things which added to this margin expansion. Understood, sir. Okay, sir. Thank you so much. Thank you. You may press star and one to ask questions. The next question is from the line of Bino Pathiparampil from Elara Capital. Please go ahead. Hi, good afternoon, sir. Just clarification on the margin side. If I heard right, you have given a consolidated margin guidance of 18% for FY 2025, correct? Yeah. Yeah. Okay. And you also told as answer to another question that Unichem should do around INR 225 crore of EBITDA in FY 2025. Yeah. Yeah. Okay. If I roughly calculate, INR 225 crore, if Unichem has to do, its EBITDA margin should go from around 6% last year to around 9.5%-10% this year. Yeah. The entire EBITDA margin at the consolidated level increasing from FY 2024 to 2025 seems to be coming from Unichem. There is no significant improvement I can see in the rest of Ipca. Am I reading it correct? No. Ipca's basically EBITDA margins in current year is 19.29%. From there, it will move to around 20.5%-21%. Yeah, that's what we said. Okay. There also there will be some improvement. Understood, sir. And second, sir, on the top line guidance, I heard two numbers. One is a 14% top line growth, another is a INR 9,000 crore number. Which is correct, sir? There is some difference between these two. Bino, what happened actually, in the consolidated results of FY24, Unichem consolidation was only from August onwards. Right. In the financial year 2025, whole year consolidation will happen. So to my top line, whatever is there, about INR 2,000 crore of Unichem top line, consolidated, will also get added. Understood. So the reported number will be a 14% growth on the consolidated number or, or will it be- 14% growth on consensus number. Yeah. That's right. Okay. On a standalone number, around 10.5%-11%. Understood. Thank you. Thank you very much. Thank you. The next question is from the line of Kunal Dhamesha from Macquarie. Please go ahead. Thank you for the opportunity again. Sir, the EBITDA margin guidance of around 18%, does that include the other income? No, no. Now we have stopped including other income in our EBITDA. Whatever calculation we have presented in the press conference, it is excluding other income. Excluding. Press release, sorry. It is excluding other income. Okay, so 18% excluding other income. Okay. Yeah. We have excluded other income, we have also excluded exchange gain, what we made this year, about INR 20 crore, that also we have excluded. Great. And, Bino, for Unichem, the EBITDA margin improvement, is it largely a function of new product launches? If yes, how many products. No, no, that, Mr. Jain has already explained. Whatever low-hanging fruits are there, that we are capturing. The other work is ongoing. The benefit will come perhaps, maybe start getting benefits from the next financial year. Launch and source change and all, that will take little bit more time. Whereas all other work which can be done fast, like integration of purchasers, raw material cost, utility cost, little bit improvement in the operation efficiency of their API facilities, all this has only contributed whatever incremental EBITDA the Unichem is seeing, last financial year also and the current financial year also. Right, but there'll be growth as well, right? INR 1,700 crore revenue for EB for Unichem, we are expecting it to be around INR 2,000 crore. That is right. Current year expected, yeah. So how many product launches are we manufacturing in for Unichem? And what is the price erosion that we are baking in for the Unichem's US business? Unichem, their gross margin has been steady. There is no change. More or less, their pricing is also on a stabilized basis. Hardly any change is happening. So they will launch maybe current year, 5-6 formulation in the U.S. market. Okay, thank you. And anything on the CapEx front for this year at a consolidated level, what would be our outlook? Maybe around INR 300-350 crore, including, our normal, whatever, CapEx. Total should be INR 350 crore, total should be somewhere around INR 500 crore? Yes, on a consolidated basis, that is right. Okay. And sir, our U.S. facilities, you know, Silvassa, Pithampur, you know, what is the current utilization level or maybe what is the current EBITDA drag that they are putting, for us, you know, at a consolidated level? Maybe around INR 50 crore-INR 60 crore drag. Silvassa has already started manufacturing for U.S. market. In fact, 2 formulations are already shipped to U.S. in the current month. Another 2-3 products are under commercialization. And Pithampur facility, we are also using for other markets like Australia, New Zealand, Europe and all, where current capacity utilization may be around 35%, yeah. And one last question. If, let's say, the raw material prices were to move adversely, you know, if it starts increasing, shall it positively impact our API business, or you don't see that one or two? Earlier, what was happening, any incremental raw material cost, we used to pass on, but unfortunately, the situation was not so in the last two financial years because of stocking and other situation. But hopefully, going forward, everything should get normalized. So I don't think from here on, anything adverse will happen as far as the material cost is concerned. Minor prices are stable at market, and I think, we are not witnessing any kind of major change in any kind of procurement prices. Minor change here and there may happen, but that will not impact right now. So, more or less, it's a very steady, steady kind of, pricings are there currently. But this raw material pricing cycle has also impacted our API pricing as well, right? Our API prices have also come down in the last couple of years, API business prices, like, realization in API. Not all. Only few. The major impact in the API business was because of a single product, Losartan. Where currently there is a stability, sale price also and raw material price also. At some point, we had also put a continuous manufacturing facility for Sartan. How is that doing? No, it was not for Sartan, for some intermediate. That work is progressing. It will be a slow progress. You can't expect miracle over there. Things are happening, but it is slow. Sure, sir. Thank you, and all the best. Yeah, yeah. Thank you. The next question is from the line of Tushar Manudhane from Motilal Oswal Financial Services. Please go ahead. Thanks for the opportunity. So just on the India domestic formulation, the top 16 metros forms what% of the domestic formulation sales for us? We, metro-wise sales, we don't capture and separately monitor it. It's basically what we monitor is the IQVIA numbers, that how they are reporting the overall numbers. Because we tabulate the numbers based on the rest territory-wise. We don't tabulate as per the metro, and that's not how we see the numbers. But what we have done in last few years is that we have more focused on metro side, increase depending on the overall number of doctors practicing there. We have increased the strength of our field force in metro city. Then that's what I said that has started resulting in a giving a higher growth. So, IQVIA has captured almost around 16% growth for us in six large metro cities, and against market not growing in those are around 8%. So, metros are now driving the business for us, yeah. At least on the field force side, if you could share how many are dedicated for metro cities? Each division wise, it's a different number. I don't- Tushar, we have 21 market division. Yeah. No, no, not division wise, sir, but maybe our overall field force, metro, non-metro globally. Division is present in all metro cities now. Yeah. Okay. And what's the outlook at the industry growth for, say, next 24 months, for domestic formulation? Industry levels. You already shared your revenue growth, just on the industry level. The industry is currently, I think, facing challenges on acute segment. Acute growth has not very robust, and also, because of all this kind of, significant amount of heat in the, temperature is, rising everywhere and all. So that is also resulting in the overall, lower growth, in the market, because people are not venturing out and all those kind of things. So, but, the, over a longer period of time, we have not seen such kind of, numbers for acute segment. So over a period of time, acute should revive. Chronic has already revived, and chronic markets are growing very well. So overall, it's on only the acute segment there are, there are certain issues are there. Once, the acute segment revive, overall market may start growing again by around 10%-12%, as again, currently 7%-8% kind of growths are there in the market. Understood, sir. That's That's helpful. Around 14%, yeah. Sorry, sir, I missed it. If market start growing by around 10%-11% kind of thing, our growth in domestic market, then we'll start giving around 14% kind of growth. Understood, sir. sir. Thank you. And, for fourth quarter, for full year, if you could also share, price, volume, and new launches for Ipca. Pardon, Tushar? Sir, price, volume, and new launches growth for Ipca? See, current year, wholesale price index, you also know, Tushar, there is no price increase as far as the products which are under NLEM. So otherwise, the normal 4%-6% price increase, maybe another 5%-6% volume growth. I'm telling non-NLEM, and plus 2% on new product introduction, another 2%. Understood. And secondly, sir, you have any further clarity in terms of the inspection at Unichem site? I guess they have been inspected last in 2020. Only one, only one plant got inspected, and without any Form 483, they have cleared the inspection. Beyond that, there are no other plant got inspected. Only one facility got reinspected. Understood, sir. That's it. Thank you. Thank you. The next question is from the line of Jayanth, an individual investor. Please go ahead. Mr. Jayanth, I have unmuted your line. Kindly proceed. Gentlemen, the current participant is not answering, and that was the last question. I would now like to hand the conference over to the management for closing comments. Over to you, sir. Unless there is anybody else asking questions, I don't think there is any further comments we want to make. So you can, one more time, you can ask if anybody is there in the question queue, anything? Nothing, nah? Sir, nobody's there in the queue. Okay, then we can close, Michell. Thank you so much, sir. Yeah. Thank you. Thank you, all. Thank you, sir. Ladies and gentlemen, on behalf of DAM Capital Advisors Limited, that concludes this conference. We thank you for joining us, and you may now disconnect your lines. Thank you.