Ladies and gentlemen, good day, and welcome to Ipca Laboratories Earnings Conference Call. Please stay on the line. The conference will begin shortly. Ladies and gentlemen, good day, and welcome to Ipca Laboratories Earnings Conference Call of Q3 FY, hosted by DAM Capital. As a reminder, all participants line 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 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. Thank you, and over to you. Thank you. Hi, good afternoon, everyone, and a very warm welcome to Ipca Labs Q3 FY26 post-earnings call, hosted by DAM Capital Advisors Limited. On the call today, we have representing Ipca Labs management, Mr. A.K. Jain, our Managing Director, and Mr. Harish Kamath, Corporate Counsel and Company Secretary. I will 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. Good afternoon. Thanks, Nitin and DAM Capital for organizing this call. Today's earnings call and discussions and answers given may include some forward-looking statements based on our current business expectations, that must be viewed in conjunction with the risks that pharmaceutical business faces. Our actual future financial performance may differ from what is projected and perceived. You may use your own judgment on information given during the call. Our domestic business for Q3 FY26 has delivered a growth of around 12% for the quarter. Mid-December 2026, our rank continued to remain at 16th, as per IQVIA. On both chronic and acute segments, we have outplaced the IPM. Overall, IPM has grown by around 8.9%, IPCA has grown by around 10.6%. On acute segment, the IPM growth was around 6.9%, our growth is around 8.4%. On chronic segment, IPM growth was around 12%, and we have grown this business by around 15% as per IQVIA. Ipca's market share for the quarter continued to be remaining at around 2.08% mid-December 2025. Our export formulation business in Q3 has delivered a growth of around 17%, and for nine months period, export formulations has delivered growth around 6% from INR 1,395 crore to around INR 1,477 crore. API business during the quarter was flat at around INR 317 crore. For nine months of the current financial year, that business has grown by around 14% to around INR 1,051 crore from INR 924 crore. Q3 consolidated business has delivered growth of around 6.5% to around INR 2,245 crore, from INR 2,393 crore. For nine months of the current financial year, consolidated business has grown by around 8.44%, to INR 7,258 crore from INR 6,993 crore. Our standalone EBITDA margin for the quarter has improved to 26.09% from Q3 FY26 margin of around 24.25%, and overall improvement of around 1.81%. Consolidated EBITDA margin for Q3 FY26 is at around 22.15%. It is again 19.87% in Q3 25, an improvement of around 2.28%. For first nine months of current financial year, EBITDA margins is at around 20.79%, for, as against 19.18% for first nine months of last financial year, an improvement of almost around 1.61%. Having given the broad numbers, now I request participants to ask questions. ...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 touchtone 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 is from the line of Anchal Zaran from Lotus Wealth. Please go ahead. Sir, around Unichem, our current cost of goods sold is 45%, and assuming it to stay the same in upcoming quarters, suppose the company aims to reach 18%-20% EBITDA margins in, say, around 18-24 months. With operating leverage and some further cost cutting, can you provide a roadmap around the same? Unichem business in last, current financial year has faced some problem because they have lost certain businesses in US and gained certain businesses. So overall, overall Unichem's, the business was, has grown by, I think, basic business, what they were doing, other than Ipca portfolio, has just grown by around 2% in current financial year. And the businesses where, it is lost is mainly which is a high volume businesses, where, the plants was also recovering, good amount of overhead. So that business loss has impacted little of, Unichem's overall margins, and their EBITDA margins in this quarter is almost around, close to around 8% in the current financial year. Their European business is improving now, and now more and more filings are also happening, so in time to come, we hope to do better there. And as far as U.S. business also, their overall business growth is good because of, let's say, the portfolio which they have got from Ipca. So overall, I think first nine months of the current year, U.S. business has grown by around, almost around 15%, 15%. And for the quarter, U.S. business has grown by around 17%. Yeah. Sir, for EBITDA improvement, can we have some any roadmap around the same? Do you have any plans for it, for improvement in EBITDA margin? Improvement in EBITDA margins will come from, let's say, higher utilizations of capacity, better U.S. business, and which we hope to do, in time to come, and also improvement in the business which is currently happening in Europe. Yeah. Okay, sir. And, regarding the proceeds that the company has of around INR 275 crore- From which? From the land sale, can you provide some color around that? Are there any plans around it? Let's say that their cash flow was also impacted because of payment of European Union fine, which was to be paid on past issue of patent appeals, some issues. So almost around INR 181 crore has gone there. So they have healthy cash flow right now. They are sitting with almost around more than INR 250 crore of cash in the bank. Currently, there are hardly any expansion plan except the one solar project, which is currently going on to use more green energy, and that will have a capital outlay almost around INR 50 crore. So other than that, they don't have any kind of major capital expenditure plan. Yeah. Okay, sir. Thank you. Thank you. The next question is from the line of Surya Narayan Patra from PhillipCapital. Please go ahead. Yeah, thank you for the opportunity, sir. Sir, my first question is on the promotional brands growth, what we have seen. I think this is such a strong growth after many quarter that we are witnessing. Anything that can be attributed to this growth, or is it to some extent led by the rupee depreciation factor? I think West Africa has done very good business in this quarter, and overall, I think for the whole of the year, West, which is more of a French-speaking African market and all, that business has grown by almost around 41% for the first nine months, and in Q3, that has grown by almost around 69%. So that's one business. Latin America has grown by 20%, Middle East, Africa by around 27%. East Asia is almost around 36%. CIS business during the quarter has remained by and large flat. So overall business growth is good. For first nine months, it has grown by almost around 14%, but for whole of the year, we don't expect business growth to remain at even 14%. It's likely to be around 11% or so for the first 9 months of the current year. Okay. Sir, relating to the domestic formulation business, so we have been outpacing the industry growth, and we have been one of the top five or top 10 player in terms of the growth. But it looks like that from the Pharmarack, the growth would have to some extent moderated for us also. Going ahead, if we see the GLP as a kind of a key growth driver for the industry as a whole, but we are not there on the first wave of the commercialization of the GLP. So given that, is it likely we would underperform to the kind of our larger peer in terms of growth in the domestic market? So we are also working for in-licensing, so yeah, we, we, we can come with the GLP. It's not that in-house we will not be manufacturing, but yes, we are looking for those kind of opportunity. And overall, let's say for us, this growth is going to remain better because the trend, whatever we are seeing, that is better. Let's say our, the pain segment, which is over 50% now, is continuously driving the business. In this quarter also, pain has grown by around 13%. Our cardiovascular business, because last year we have in the beginning of current year, we have done the reorganization. So first few months, that growth was little lower because of restructuring. Now, that business has also started delivering good growth, and I think for current, quarter, cardiovascular domestic business has grown by around 16%, anti-diabetes business has grown by 14%. So overall, that business is also good. In spite of anti-malaria declining by almost around 21% in this quarter, other businesses done really very well, like, CNS business has grown by around 19%, Derma business has grown by around 22%, Urology has grown by around 17%, and other businesses, small, small businesses, which has also grown by 13%. So overall, let's say business is good, and, we expect to continue to beat the market. Yes. Okay. In terms of the gross margin, sir, there is a kind of meaningful positive surprise that we have seen in this quarter. Any specific, quarter specific factor that is there, or it is the rupee depreciation factor, or it is the product mix factor? What would have played this, and how sustainable that you think this gross margin that we can see going ahead? Let's say, overall, gross margin is the function of overall top line growth. When domestic grows, when branded business grows, where we have good margins, even in, generic businesses, we have very good margins, and that business growth was also very good. Institutional business in this quarter is declined, but other businesses has grown very well, and, we have very good margins there. So overall, for standalone, if you look at, material cost to sales ratio has come down to around, 24%. Material prices are by and large, stable, slightly upward moment, but, not very significant. It's all the product mix change and higher margin businesses growing, higher in this quarter, that has also resulted in, higher margin. For the first nine months of the current year also, if you look at, we have improved by almost around standalone. I'm talking, Yes. by around 336 basis points, from 28.73% material cost in last year in first nine months. Material cost ratio is around 25.37%. So almost around 3.36 percentage point improvement. And then, this quarter, improvement is a little more, it is around 3.64%. But overall, I think it will remain, for whole of the year, maybe 3.3% or 3.4% kind of overall improvement in the material cost to sales ratio, standalone for Ipca. Yeah. Okay. Just last one point, sir, from my side. See, going ahead, in terms of our focus, what would be the key areas like, see whether it is the integrated manufacturing or optimizing the US or Unichem integration, or it is like capability build-up in terms of the biosimilar, injectables, hormones. So what would be the kind of a couple of key focus area which should drive growth for, let's say, next over next two year? So all these are our focus areas, because let's say there are different, different teams, and this is the focus area for that. Then let's say domestic continue to remain focus area. Mm-hmm. Branded business is also focus area and also your generic businesses, because there are different teams who looks after that business and they are. Our overall filing is also building up in all these markets. R&D output has now increased, so that is also will have a in future that will also have a better impact on overall generic businesses and also ROW filings are moving up. We hope to do on all these businesses good in the time to come. Okay, yeah. As far as your biosimilar business is concerned, we have now five candidates and now we already started process of technology transfer for two products, and hopefully that manufacturing will start shortly, yeah. That is even targeting advanced markets, sir? That will target all global markets. With I think, we have already taken opinion on our regulatory framework from UK MHRA, we have taken from European authorities and also from US FDA. So all the three agencies, we have taken that opinion on protocols and everything. So everything is going on that line. Yeah. Sure. Yeah. Thank you, sir. Wish you all the best. Thank you. Thank you. Anyone who wishes to ask a question may press star and one. The next question is from the line of Shashank Krishna Kumar from Emkay Global. Please go ahead. Hi, so thanks for taking my question. So my first one was on the domestic API business. I think, in our export API, broadly, realizations have started stabilizing. But in the domestic API, just wanted to get some sense if the YoY decline is still largely a function of realizations remaining under pressure or, have volumes also sort of come down? Just wanted to get some sense around. I think overall domestic business, we also do a lot of anti-malarial business. That business is little come down, that impact is there. And also some businesses on tirzepatide, which were getting it manufactured from, Krebs' facility and now, so that has declined. So other than that, there is no meaningful, difference overall. Got it. So secondly, just on the margin expansion that we have seen this quarter on a YOY basis. So I think the consolidated margin expansion is a bit higher versus what we have seen on a standalone basis. Though Unichem margins, I think, have come down. So wanted to get some color around what is driving that, and is it also sort of linked to the fact that the ex of Unichem revenues, if I look at it from for other sub, that is a bit lower this quarter, so is that linked to that? I wanted to get some color around that. Basically, it's a Ipca standalone business that is driving, and also for the nutraceutical business, which we have in Tropic Wellness, that is also doing very well. So, yeah, both these businesses has done well, and that is what is driving the business, their margins, yeah. Got it, sir. Thank you, and all the best. Thank you. Participants who wish to ask a question, you may press star and one at this time. The next question is from the line of Dharmil Shah from DAM Capital. Please go ahead. Hi, thank you for taking my questions. My questions are more specific on Unichem. In the quarter, our revenues have declined by 2%, and you've already mentioned that it's partly on account of market share loss in the key products. But that was already a part of H1 revenues. So is there any incremental market share loss in Q3 that we have seen? No, actually, that decline started from Q2. It will perhaps continue for one or two more quarters. Okay. Understood. How do you plan to regain the market share? Is it like a yearly thing that you get the business share loss market? Launching 4-5 more molecules in the U.S. market. We are also taking necessary steps to regain the market share, where the market is lost for 2-3 major molecules. Okay. Suddenly, because of increase in the competition, and price reduction, they lost some business. We will recover that business. It may take another, one or two more quarters. These contracts usually are for one year, or, I mean, how frequent is the- Not necessarily, not necessarily. Three months, six months. It's not hard and fast rule, everything is for one, one, twelve-month contract alone. Understood. I mean, what gives you confidence? I mean, is it gaining market share in the same molecules, or is it the new product launches that you are banking on? No, in the same molecule also, we will recover our market share, whatever we have lost, albeit at a lower price. Plus, new products also, they are continue to launch in the marketplace. Understood. So should we assume that gross margins and, I mean, overall, EBITDA margins should be under pressure, although we might get- Maybe, maybe one or two more quarters, it will be definitely under pressure. From there on, it should improve. Understood. And post that as well, I mean, if we are, I mean, bidding at lower prices than gross margin should be under pressure, right? No, but they will be also doing some Ipca business, which is shaping up and growing well. So Unichem is our marketing partner in U.S., and we have already launched five molecules. In which over a period of, say, 1, 1 and a half year, we have now have a lot of market share. And another 4-5 more Ipca molecule also get launched in the U.S. market. So Unichem U.S. will also have that benefit going forward. Understood. These Ipca molecules, how big the business could be in next one or two years? Just to get a rough idea. When we were doing about 10 molecule business in the U.S. 7 years -8 years back, we were doing about INR 300 crore. Okay. So out of that, we have currently launched around 5 molecules, which are all backward integrated. Another 4-5 molecule will get launched in the next 6- to 12-month period. Understood. Got it. Got it. Just a broad sense, how do you see Unichem's growth for next two years, FY25, FY28? Now that FY26 is almost over, yeah. Unichem growth and margin will improve once whatever filing they are doing currently in the Europe and all will get registered, and those products will come in the marketplace. They are also doing many registration in the ROW branded space. So all this will cumulatively help them in growing their business and margin over a period of next two to three years. Yeah, if you were to give the guidance, I mean, how much growth do you expect from Unichem's business on the top line or... and the profit? See, once this whatever market loss they have in the U.S. gets recovered, then over a period of time, they should grow their top line anywhere between 8%-10%. Our aim is to reach EBITDA margin to begin with around 15%, maybe in 2-3 years' time. Okay. Gradually improve it to about 20% when all their filing and registrations will come in the European market, and that business will grow. Understood, but the Europe business- They have a lot of capacity in their manufacturing plants. Once that starts getting utilized, their margins will automatically improve. Understood. But the Europe business will take time, right? Because you have just filed the application, yeah. Anywhere between 1 years -2 years. -2 years. So filings are happening, few are already filed, few more are getting filed. So it will take some time. Understood. Got it, got it. The 8%-10%, do you mean for U.S. business or the overall revenue growth? No, no. Overall, I am talking. Understood. Yeah. Thank you so much. This is really helpful, yeah. Yeah. Thank you. Thank you. The next question is from the line of Nikhil Mathur from HDFC Mutual Fund. Please go ahead. Yeah, hi. Thank you, sir, for this opportunity. So two, three questions. So first, I wanted to ask on the branded formulations in exports. I'm talking about Ipca ex Unichem. So you have given some sort of guidance for this year at around 11% growth. You mind giving some outlook for FY 2027 and 2028 as well? And how do we see the business shaping up from a 3 years -5-year perspective? Let's say, our promotional branded business is very stable business, except, when the currencies goes for a toss in the market, it's only around that time, this business get impacted. So I think overall, this promotional branded market should continue to have around 10%-12% kind of growth over a longer period of time. As far as generics are concerned, I think we are... We will now grow faster in Europe, and, U.S. also growth will be faster. So overall, generic businesses, we expect around similar kind of around 10%-12% kind of growth. API business will have slightly low, a little lower growth, and domestic business is also around 10%-12% kind of growth. So overall, the company, the growth is around at around 10%-11%. That is what is overall broadly. And detailed guidelines we will provide on the overall business and margins once our current year's budget exercise, and that is complete by March, and thereafter we will give you the detailed guidance. So promotional branded, I understand. On the generic side, sorry, I didn't understand. So you are saying only a 10%-12% growth despite the U.S. from Ipca standpoint coming back, right? Of that INR 300 crore business that, that were discontinued 6 years -7 years back. So any particular reason why the softness on the generic formulation side that, despite U.S. coming back? It's basically uncertainties on the institutional business. That is what we are keeping in mind. Okay. Excluding institutional, what will be the outlook if I keep aside the tender business? Maybe, maybe 1% or 2% more, yeah, growth. Okay. Got it. Okay. So, if I look at the EBITDA margin trajectory now, I think EBITDA margin this year, if I again exclude Unichem, it is kind of trending better than what we have been guiding in last couple of quarters. So any particular reasons why the margins are coming in better, especially on the growth side? And given that, there's a big improvement now over the last two years on the EBITDA margin side, is there still scope for margin improvement in FY 27 and FY 28? I'm talking about ex Unichem. It's a function of top line growth. If top line growth is around 10%-12%, margin will definitely improve by 1.5% +. 1.5% per year or over a two-year period? Every year. Every year. Okay. Yeah. So there is a potential of 300 points, 300 basis point margin improvement in next 2 years, provided the growth remains at 10%-11%? Yeah. Got it. Thank you, sir. This is helpful. Thank you. A reminder to all the participants, if you wish to ask a question, you may press star and one at this time. To ask a question, please press star and one now. Anyone who wishes to ask a question, you may press star and one. The next question is from the line of Chirag from DSP Investment Managers. Please go ahead. Yeah, so thank you for the opportunity. Sir, where are we on the U.S. business? If you can talk about the third quarter run rate. I understand that this is subsumed in the Unichem revenue, but you don't give us the regional split for Unichem. So, for our Ipca U.S. business, what, where is that number? And if you can talk about nine-month and three-month, and what is the outlook there over the next couple of years? In last quarter, Q3, the US business was almost around INR 395 crore. Consolidated, I'm talking Ipca and Unichem put together. Q3 2025, that business was around INR 339 crore. So it's there is a growth of around 17%. All this growth in the US business is largely because of Ipca portfolio. Ipca portfolio has of its own product and Ipca portfolio, which was there of Bayshore under for which third-party products which were we were trading around that time. So put together, that business has grown by around 17%. Overall, if you look at first nine months of the current year, that business is around almost around INR 1,140 crore. And last year that business was around INR 990 crore. There is a growth of almost around 15% in the U.S. business. Most of this business growth is by and large because of either Ipca portfolio and portfolio of which is Bayshore portfolio, which has gone to Unichem. Yeah. Sir, can you talk about the Ipca manufactured product portfolio, please? Uh, that, uh- Similar numbers. I think overall, around INR 10 million -INR 11 million kind of business they have already done. Yeah. In nine months? In nine months, yeah. Correct. What is the exit run rate, sir, in the third quarter? Business is going to be better. Understood. How are we thinking about this business, in the next couple of years, sir? Mr. Kamath has already spoken on this matter. Yeah. Chirag, we have about 35 registrations, out of which five we have commercialized. Another 5-7 molecule will get commercialized over the next 12 months -15 months. Gradually, every year we will be adding 5 or 6 new products in the U.S. market of Ipca portfolio. But you don't want to give a revenue number? See, the thing is, to get a market share after launch of product, it takes very long time. See, whatever five products I am today marketing, it is almost now 2 years, and now we have reached a market share, most of the molecules, 25% +. Because they are all our backward integrated molecules, and there is further scope to improve market share on these molecules itself, the five what we are now marketing. So there is a opportunity and, we are working towards that. Understood. Just one feedback, sir, incrementally. Sir, if you can also, for Unichem, provide the geographic mix of top line, that will help us evaluate the business better on a quarterly basis. If you can do that, that will be helpful, sir. See, almost two-thirds of their business is from U.S. Other than that, they have a small ROW branded formulation business, some API business, and generic business, especially in U.K. and one or two countries of Europe. That's all. Okay, sir. Thank you so much. Thank you. The next question is from the line of Kunal Randeria from Axis Capital. Please go ahead. Hi, good afternoon, sir. Sir, I still don't understand the gross margins. Excluding Unichem, it's already mid-seventies, and I think very few pharma companies report these kind of margins. And also given the fact that, you know, API business would be facing, you know, lower gross margins. So just want to understand, because I think couple of years back it would have been high sixties. So what is driving it besides currency? And secondly, what is the ceiling, you know, to, to this number? It is pure product mix, nothing else. Wherever margins are better, those businesses are growing faster. For example, in the domestic business, our chronic segment is growing faster than the acute segment, where margin is less because most of them are anti-malaria business. Similar thing in the international ROW market also and generic business also. No, I understand the product mix. Sorry, sir, to push you, but I mean, mid-seventies margin, you know, like this, is it because of, Hello? Hello. Kunal, your voice is muffled. Sorry. Hello? I will rejoin. I will rejoin the queue. Yeah, rejoin the queue, please. Thank you. The next question is from the line of Saion Mukherjee from Nomura. Please go ahead. Yeah, hi, sir. Good evening. Just one question I had. Have you started making filings for the U.S. market from the Ipca side? If you can share how many filings have been made, and if any opportunity there you see over the next two, three years. I think current year we have already made four filings, and I think annual basis also around five-six filings would happen every year. Okay. And when do you see these new filings getting commercialized, if you have any timeline in mind? It will all depend on approval timeline. But, let's say, we still have, I think, we have over 30 filings, and we still have around 8, 10 approvals still pending, past approvals, and thereafter, the new filing approval. So it will all depend on how the filing mature, the approval start coming in. Based on that, it's difficult to give right now the numbers, but yes, it all will depend on that. Okay. Sir, any colors you can give on your European business? You know, there were some issues in the past. How do you see growth in the unbranded generic outside of U.S.? Can you give some color? Let's say most of our businesses are happening in smaller geographies in Europe, Australia, New Zealand, Canada, and that business is good business. We have very good margins and all. We have some business in Europe, UK. That business was seriously competitive, and practically in that market there was a bloodbath on pricing, practically. A lot of products were selling at losses in that market. But last one month we have started seeing a sharp recovery again in prices, and the recoveries are as high as 30%-40% kind of recoveries are seen. So it's only the that kind of sometimes probably in the market when the inventories become large, people just try and dispose of the material, short expiry materials and all that, which kills the pricing. So I think, last financial year, most of our portfolios were facing that kind of problem. But now we are seeing that, much better recovery, and now we hope to do better business there. But that's the lowest margin business in we have in generic market. By and large, our the business which are coming from Scandinavian countries and other smaller European countries, we are not there currently in Germany, we are not there in France or Italy or those kind of market, but we have good presence in Spain and other market. Overall margin profile is far better. Okay. So just one last question, if I can ask. You know, I mean, you have, you have talked about your margins have improved, we have seen improvement also, you mentioned, like you should see 150 basis point expansion in EBITDA margin. So the steady business that you have in India, I don't know, you, you don't, you know, spell out the margin number for India, but if you can talk about, if you can give that number, it would be great. Otherwise, you know, qualitatively, you can talk about how the margin in the domestic business has been faring. Has it improved significantly, steady? Or if you can give some color around, you know, how the domestic business, the margin is... If you look at overall, our highest EBITDA margins come from promotional branded business in international market. The second level- Mm. would be there is a domestic business. Third will be generic business, which we do other than, other than UK. Uh. Then comes the institutional business, then, last will be the U.K. business, and thereafter, API business. So margin-wise- Okay. If you look at the domestic business, the branded business would be second for us, yeah. How is it trending, sir? I mean, if you can give some color there, and what is your expectation? Because that's a pretty steady business, right? You would continue to grow at 10%-12%, you mentioned. Listen, promotional branded business, our material cost is very, very low. It's maybe 10-12% kind of material cost. So any improvement in that business, similarly, at the... Since our domestic business is also now anti-malarias and all these antibacterials- Mm. are very small part of it, and we are more going towards the CNS, urology, cardiology. That's the kind of business which is growing faster. So margin profile on that is also increasing, improving significantly. So overall, at 10%-12% growth, it's very easy to improve overall margin by around, EBITDA margin by 1.5%. The quality of business is that way. Mm-hmm. Okay, sir. Thank you, sir. Thank you. The next question is from the line of Harsh Bhatia from Bandhan Mutual Fund. Please go ahead. Yep. So thank you. Open audible. Yeah. So in terms of the comments for the European market on the pricing part and the recovery, most of the pricing deterioration, there could be multiple reasons, but most of it was led because of tariff-related issues and dumping. Or was there anything particularly one-off to that angle? If you could spell out some reasons as to why there was significant pricing deterioration in the European market, and is it more sustainable in terms of the recovery that we are seeing in the last one month? My comment was only for U.K. business, not on European business. European business is very steady and absolutely no problem. My comment was only on the U.K. business. Sure. In terms of the clarification for one of the comments you made, this is for the U.S. business. When we are guiding for the Unichem growth, I think 8%-10% or 9%-10% for the next 2- years -3 years, this is pure Unichem growth, right? Are we building in or are we assuming Ipca U.S. sales driving the U.S. growth for the Unichem business? Is that the case, or are we just assuming pure Unichem U.S. division to grow by itself? We've already said, current financial year, first nine months, Unichem U.S. business, their own portfolio is lower because of loss of market share in 1 or 2 molecules, which they hope to gain, regain, maybe in another 2-3 quarters' time. So on a standalone basis, once they regrow, regain that particular market share lost, they should also grow in their portfolio by 7%-8% annually going forward, with launch of 4-5 new molecules next 2 years -3 years. Okay, sir. Thank you. Over and above that, whatever growth will come in the Ipca US business also will be their growth in the US market. Sure. Thank you. A reminder to all the participants, if you wish to ask a question, you may press star and one now. To ask a question, please press star and one now. Anyone who wishes to ask a question, you may press star and one at this moment. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for closing comments. No, madam, we can close the con call. We have answered all the questions. There is nothing more to add. Okay. Thank you. On behalf of Ipca Laboratories and DAM Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.