Conference call for Q3 and nine months of 2021. I hope and wish everyone and their family members and their colleagues are safe during this pandemic. During this pandemic, our manufacturing units, R&D center, and corporate office are functioning normally during this quarter. At Laurus, we are committed to protecting the health of our employees and their families. We continue to implement rigorous safety and hygiene measures across all functions without any complacency. I'm very thankful to all our colleagues for rising to this challenge and ensuring business continuity successfully. Our Q3 revenues stood at INR 1,288 crore, showcasing a robust growth of 76% year-on-year for the quarter, and 71% for nine months of FY 2021 year-on-year. We're also glad to mention that the revenue growth was driven by robust demand for several key products and not driven by COVID-19 related stocking. The EBITDA margin was robust at 34%, despite withdrawal of export incentives by the government and high logistics costs during this crisis. To begin with, I would like to share the key updates on our growing formulation business. The formulations division achieved INR 730 crore sales in the quarter, showcasing a growth of almost 50% year-on-year. During the nine months of FY 2021, this division achieved a sale of INR 1,234 crore. The revenue contribution from formulation segment is about 36% for nine months as against 28% in FY 2020. During the quarter, we got approval for a triple combination product containing tenofovir alafenamide, and we are in the process of obtaining in-country approvals, and we expect to launch this product in the first half of next financial year. Apart from the LMIC business, we have also seen growth in developed markets of North America and E.U. To leverage our marketing front end in the U.S. business, we commenced the marketing of in-licensed products developed and manufactured by our business partners. Out of five in-licensed products, two are launched, and we will launch the remaining three products during the quarter one FY 2022. We added a total of nine final approvals and nine tentative approvals out of 26 ANDAs filed so far. In Canada, we have six product approvals, of which four were launched, and we intend to launch the remaining two very soon. As far as the E.U. business is concerned, we have validated an additional two products as part of our contract manufacturing partnership. We expect a significant upside from these products from FY 2023 onwards. We also obtained approvals for five products in the E.U. region, of which we have launched two products, and we'll be launching the others very shortly. We continue to invest in our FDF infrastructure. Our debottlenecking exercise of existing capacities is on course, and this capacity will be available for commercial manufacturing by end of the Q4, although with a delay of a few months. Our brownfield expansion project in FDF on the same site with similar capacities will be operational in a phased manner from August 2021 and will be fully operational by end of FY 2022. On the R&D front, we continue to invest in our FDF business. Overall R&D expenditure across all divisions as a percentage of revenue stood at 4% for the nine months of FY 2021. So far, we have filed 26 ANDAs in U.S., nine dossiers in Europe, 12 in Canada, eight with WHO, two dossiers in South Africa, and two in India, while we have filed several products across the rest of the world. Out of the 26 ANDAs filed in U.S., we believe two are P4s and seven are first- to- file in P4s. We would like to reiterate that our approach remains product-specific rather than market-specific. When coming to our generic API business, our antiviral API business recorded a very healthy growth of more than 160% for the quarter-over-quarter Q3 FY 2020, with INR 568 crore sales. In the first nine months of this financial year, we almost surpassed the total ARV sales of the entire FY 2020. The growth led by higher volumes of all key first-line APIs. Second line ARV APIs continued to see healthy sales in Q3 FY 2021. Due to the demand increase from third-party API sales, we are expanding capacities for key APIs in the coming 12 months time. We expect to maintain sales at this level in the coming quarters. When it comes to oncology APIs, segment recorded growth of 36% quarter-over-quarter. Onco sales declined by 25% from Q2 to Q3 due to higher uptake of few APIs based on approvals by key customers. I would also like to mention that we have one of the largest high potency API capacities in the country and have plans to expand high potency API manufacturing capabilities in Unit four as well. We expect reasonable growth in Onco business in the coming quarters as well. In other APIs, our sales remained flat from Q3 FY 2020 to Q3 FY 2021. Over nine months, we achieved a sales growth of over 25%. The sluggishness in the segment in Q3 was due to changes in deliveries coming in from some customers. We have initiated discussions with one of our key generic partners for contract manufacturing opportunities for several APIs. We expect to build a dedicated block to accommodate these generic API contract manufacturing. We are also creating a lot of capacity for non-ARV APIs. When it comes to Synthesis business, we recorded a growth of 60% from Q3 FY 2020 to Q3 FY 2021. In the nine months we have achieved INR 343 crore sales. As you're aware, we have incorporated another step-down, wholly-owned subsidiary, Laurus Ingredients Private Limited, during the Q3 FY 2021. As we are expanding the manufacturing infrastructure for this division, this new subsidiary will focus on few core areas under consideration. Construction activity initiated at the proposed dedicated Synthesis R&D at Genome Valley, close to our current R&D center. A new manufacturing site for this division will also be a greenfield project at Vizag, which will cater to the manufacturing needs of the division for the next four to five years. We are in the process of acquiring land for this division. This site will have capabilities to handle steroids and hormones, high-potent molecules, apart from large volume commercial products. We are also happy to share that we acquired majority equity in Richcore. The company will be renamed as Laurus Bio. Laurus Bio is on course to commission large-scale fermentation capability during the quarter four FY 2021. We are confident of achieving growth as outlined earlier during the acquisition. We are also acquiring additional land for further expanding manufacturing capacities and capabilities for Laurus Bio. With that, I would like to hand it over to Ravi to share financial highlights. Thank you, Dr. Sathya, and very warm welcome everyone on our Q3 and nine months FY 2021 earnings call. Total income from operations for the quarter, INR 1,288 crore against INR 730 crore, showing a 76% year-on-year growth. INR 3,400 crore against INR 1,993 crore for nine months, with a growth of 71%. With better product mix, gross margin improved from 51% to 55% on a quarter-on-quarter basis. Our EBITDA is 34%. Diluted EPS per quarter is at 5.1, not on annualized basis. More than 250% growth over Q3 FY 2020. Diluted EPS for nine months is INR 12.8, not annualized. Our ROCE improved to 40% on annualized basis due to operational leverage. On the CapEx front, we invested around INR 433 crore during nine months of current fiscal. We have incorporated fully owned step-down subsidiary for our Laurus Synthesis unit, named Laurus Ingredients. They have certain special projects in CDMO business. To strengthen our position as a faster integrated player, we are invested in microbial fermentation and one of our ARV products, and which is operational in January 2021. We acquired a land for FDF site in Hyderabad. There is a process of acquiring an additional site for our API and Synthesis divisions. Based on the performance of the company, the board of directors declared a dividend of INR 0.20 per share of INR 2. Its value is around 20%. With this, I would request the moderator to open lines for the Q&A. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to 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 Tarang from Old Bridge Capital. Please go ahead. Hello, sir. Good morning. Very heartiest congratulations for such strong results and the third quarter in a row we're seeing this performance. Three questions from my side. One, sir, just wanted to get your bits on how is the TLE to the TLD transition happening in the ARV market, and how are you hedging your business against this transition? That's one. The second is, we look at your ARV business revenues, the API business, and even in Q2, we saw a significant gain in market share, and we see a significant gain in Q3 as well. The fact that you got into Q2 was because of you being a tier one supplier. Customers preferred you over the others. Is that the same reason which is driving your market share gain, or is there something more to it? The third, if you could give us a sense on the geographical split of your nine-month FY 2021 FDF revenue between LMIC and non-LMIC? Thank you. The shift in therapy from efavirenz to dolutegravir, we did very well. In fact, to our benefit. While we continue to increase, not only retain, increase our market share in efavirenz and its intermediates, we continue to sell significant volumes of dolutegravir as part of third-party APIs. Also, majority of our formulation sales are coming from TLD and some sales are coming from TLE. As you are aware, there are only three approvals for TLE, whereas there are nine approvals for TLD. We continue to have advantage in TLE while we capture more market share, and we continue to retain the market share, what we have achieved in TLD. When it comes to the revenue split from LMIC versus North America and EU, as we explained earlier, the split is 3/4 and 1/4. About 1/4 of revenue came from advanced markets and 3/4 came from LMIC. Okay. A question on ARV APIs. ARV APIs, we are adding more capacities to meet our demand. Surprisingly, our order book for ARV APIs was much bigger than at the beginning of Q2 to beginning of Q4. We see lot of demand for APIs. That could be because of our scale, because of our quality, compliance, and sustainability. We are getting lot of traction and high demand for our key first-line APIs. If you look at our Q3, we have done our INR 568 crore ARV API sale. We are confident to maintain that in the coming quarters. Okay. Thank you, sir. Thank you. Next question is from the line of Sudarshan Padmanabhan from Sundaram Mutual Fund. Please go ahead. Yes. Thank you for taking the question, and congrats on the quarter. Sir, my question is to understand the correlation between mix and even gross margin. Again, despite of MEIS and despite of one-off measures, ARV is being higher this quarter. Gross margins have kind of improved. Does that mean the front-line combination in terms of ARV is giving higher margin? I'm just trying to reconcile this mix versus gross margin, sir. Our gross margin was little less in Q3 because of withdrawal of export incentives and also higher logistics cost due to the COVID crisis. We are confident that we'll be able to maintain the gross margin levels. That also clearly indicates the quality of revenue we are achieving. We are not compromising on the quality of business for growth in top line. Also, our operational leverage by increasing asset utilization is clearly visible by showcasing a consistent increase in our EBITDA margins as well. Typically, in this quarter business I would assume that formulations and Synthesis would be higher margin as compared to APIs. I think in this quarter, we have higher APIs versus formulations and Synthesis. That's where I'm trying to understand. We also had some high gross margin APIs. We supplied significant volumes of APIs, including ARV APIs, for launch in Europe and U.S. That also contributed to higher margins in API division. Do you have enough contracts and visibility in terms of volume of this that, as you mentioned that this INR 560 crore-INR 570 crore is sustained for the time being? We do hope so, yeah. One final question is on this side. I think with the combination almost I mean, do we have the capacities in place to capitalize on the kind of launches? Currently, we are using our capacities at the optimum level, and our debottlenecking exercise will also be finished during Q4. New capacities will be available from August onwards. We are gearing up to meet the higher demands. See, as I mentioned, we are looking at healthy top line, not just top line. We are cautious to get market share while we maintain our third-party API sale. If you look at our ARV, we have done more API sale to third parties in ARVs rather than our formulation division. We would like to maintain that strategy, but cannibalize our business by going aggressively into formulations as well. Thanks a lot. Thank you. Thank you. Thank you. The next question is from the line of Ritesh Rathod from Nippon India Mutual Fund. Please go ahead. Yeah. Hi, sir. Good morning. Can you help us understand efavirenz versus dolutegravir? Is either of the products a high volume, low value versus or a low volume, high value kind of API? Efavirenz and its intermediates, we continue to have a leadership position where we are making about 700 tons- 800 tons of efavirenz or its intermediate in a year. Dolutegravir, if you look at efavirenz, is at 600 mg dose, 400 mg versus 50 mg of dolutegravir. The dosage is significantly low, but pricing is high. If you look at the franchise of efavirenz plus dolutegravir in FY 2020 and FY 2021, we have done more sales in that franchise than the last year. Okay. You said 400, 600 g versus 50 mg. On a optimum at a market level, the API consumption comes down very dramatically on a tonnage. Sir, in the API market for ARV, even though there would many players who would have got approval from the global tender, how many players are active in terms of supplying APIs? I think there are not many APIs which are pre-qualified by WHO, but when it comes to formulations, there are about eight approvals right now for dolutegravir-based combinations. We believe we have a reasonable market share in the formulations and largest market share in the APIs in dolutegravir. In case of formulations, assuming WHO has approved eight players, are all 8-10 players active in the market? Or there are players who have withdrawn and they may come in coming years also? No one withdraws from the market, the market share varies significantly from player to player. There's eight-player market, doesn't mean it is 12.5% everyone enjoy. We are probably number three in the market share. I'll not give you the percentage-wise. We are number three when it comes to the overall market share in the formulation. In the API, you would be number one? Yeah. Given you said it's a low volume API, is there any risk of competition coming in given the strong profit or strong revenues we are making in ARV API in two, three years on a medium-term basis? If you evaluate the history, in the last five years, there is no new API player came in into ARVs. If competition comes, we will face it. We are not worried about competition. We have largest capacities installed, and we have one of the cost-effective throughput process. We have regulatory approvals in place by WHO, by FDF. We believe we will maintain our leadership position. Yeah. Sir, one last question. In the past year, you mentioned on the ground level the dispensing for the ARV was increased from one month to three months because of the COVID pandemic. Is that change or is that status quo, anything over there now things have stabilized in most of the geographies? The orders for ARVs are in the multi-month dispensing only. Same question was asked by someone, is there any stocking happened because of that sales increase in Q1? Assuming Q1 stocking, Q2 stocking, Q3 stocking. People will not stock for years. People moved from one-month dispensing to three-month dispensing, and majority of our formulations, not only us, most of the people are supplying in multi-month dispensing packs. That became quite normal nowadays for most of the ARV products. We don't see any risk of that reversing in next six months, is what my question was. Even it reverse, the people will buy three packets instead of one packet. Okay. Thank you, sir. Thanks a lot. Thank you. The next question is from the line of Sandeep from East Lane Capital. Please go ahead. Good morning. This is Sandeep. Three questions. First question is, if you could give a bit of a perspective on the HIV market. You would read the turnover of about $350 million in HIV API plus formulation, approximately. How big is the opportunity you see over the medium term? Can you double this over three to four, five years? Largest player is a billion-dollar player. What is the potential for HIV market for Laurus with lowest cost products in large capacities? I think doubling is possible. The reason is the number of patients who are eligible for the treatment is not increasing significantly. There are more number of people being added into the treatment, that is 6% of patient additions we are seeing based on the data. The growth could be 5%, 6% in uptake. We do believe that increase will be offset by price decline over a period of time. Our growth in ARV APIs will primarily come from demand moving from weak players to strong players. Understood. As the HIV market saturates for Laurus, which are the other therapies where you could have a similar dominant position over the next three to five years? Will it be diabetes? Offer that kind of an opportunity of which therapies could offer, or it's going to be a combination of a lot of therapies? There are two therapies which we have a very strong focus and also beginning to invest. One is diabetic, the second one is cardiovascular. We have a very good basket of products in diabetic right now, and we are building our strong basket in cardiovascular products as well. These two will drive our growth in the coming years. See, if you look at the evolution from 80% to ARV APIs, in the five years we moved to 38% of ARV APIs. Similarly, our revenue dependency on ARV formulations currently is very high. In the next five years, we will also diversify our revenues coming from non-ARV formulations significantly, and the dependence on ARV will come down significantly. Because there are no new formulations to be developed in ARVs. We are almost done with most of the developments. Development focus is shifting from ARV to non-ARV, and also we are adding very large capacity in Vizag, and we have taken land for formulation expansion in Hyderabad as well. If you want to look at where we will be in, say, three, four years down the line, I am sure we will be discussing on non-ARV in five years from now. If you look at the calls one year, one and a half year back, half of the times people were asking questions on efavirenz. Now nobody asks questions on efavirenz. Two years from now, people will not ask questions on ARV APIs. Maybe another two years from then, people will not ask about ARV formulations. People may talk about what it is we are doing in our Laurus Bio, what growth we have in Laurus Bio, what other therapy areas we will be focusing, what kind of delivery dosage forms we are doing. Company is in the transformation phase, so we need time, and we are very confident to expand our portfolio beyond just ARV. The next question was on Laurus Bio. I know it's just been a month and a half since the acquisition has been done. Just three to five years, how do you see it? Lots of happening, whether it is therapies, whether it is food, nutraceuticals. What's your vision? How should we think about Laurus Bio over three to five years? Laurus Bio will be a CDMO for recombinant proteins, whether it could be food or for therapeutics. Currently, the expansion going on at Laurus Bio is to meet customer demand for recombinant protein-based foods. We are looking at acquiring land, as I mentioned in my opening remarks, to expand that recombinant protein manufacturing capabilities, not only for food, but also for therapeutics. We are also identifying lot of areas where the synergies could be built between our chemistry and fermentation capabilities of bio. The synergies are also looking very attractive. A lot will happen, and we will give you more details as and when we expand into new areas. That is very exciting for us. Last question, if I may, is on the Synthesis business, the fourth pillar for Laurus. In the new emerging scenario where small molecules are sort of not that many would make them out of the Big Pharma pipeline, how do you see the Synthesis business? What is the opportunity you see over the next, again, three to five years? In our CDMO business, we have evolved very significantly in the last decade. In 2010, we need to explain about company first to 15 minutes in the meeting. Now, we don't need to explain our capabilities, and we need not explain about our scale. We need not explain our sustainability. We are recognized as a strong player in CDMO for high-potent molecules and in very large volume molecules. People look at us on the two extremes, like in our API also, we are doing high-potent oncology molecules, and we are doing very large volume diabetic and ARV molecules. Our CDMO efforts are also culminating in the same trend. People are looking at us for high-potent molecules, which we have several molecules in pipeline. We're also doing several tons of opportunity commercial molecules. Although the number of small molecules in the development by Big Pharma is constant, I don't want to say going down, constant, and we have great opportunities there. Okay. Thank you so much. Thank you. Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, request that you please limit your questions to one per participant. If you have a follow-up question, you may rejoin the queue. The next question is from the line of Tushar Manudhane from Motilal Oswal Financial Services. Please go ahead. Yeah, congrats for the good set of numbers. Just taking forward from the previous participant, maybe two years down the line, you would be talking more about non-ARVs and Laurus Bio. Will we be talking about ANDAs as well? Yes, absolutely. We will be talking about ANDAs in diabetes, ANDAs in cardiovascular, and P4 launches, and maybe new dosage forms. Currently, we are doing only solid orals. Maybe situation will change, we may enter into other delivery forms as well. Lot of things are at the drawing board stage. We are very comfortable to de-risk our dependence on ARVs without compromising our growth in ARVs. If you look at 80% ARV APIs companies to 38% ARV companies, our ARV API sales went up by INR 500 crore from when we were 80% dependent to when we were 38% dependent. You could understand how much of diversification is happening in the organization. Sure, sir. Just on the Laurus Bio side, with the acquisition of additional line, how much do we plan to invest over next few years in this venture? It's not that significant investment. We do believe our subsidiary, which Laurus Bio, will be able to generate its own cash to invest or raise its own debt to invest. Because their margins are very attractive, sustainable, we don't see any challenges to invest there. We do believe they are capable of raising money, and if necessary, we can assist them. Just secondly, on the API side, specifically on the API side, what is the capacity utilization? Given that this greenfield expansion is getting bit delayed because of COVID, that will be operational from what, 2021? Formulation expansion was delayed by a month during the crisis. Our API expansions are on track. Earlier we used to say we are one of the top five API company with respect to reactor volume. Now we can say we are the top four. Number four, with respect to reactor volume. Currently, we have 4.5 million liters reactor volume, and we are adding close to 1 million liters in the next expansion phase. That will take us to 5.5 million liters reactor volume. That is a significant addition, almost 20% what we have, we're adding in next 12 months. Interesting. Sir, just lastly on overall CapEx guidance, reiterating the CapEx guidance for next few years. As we mentioned in the last quarter conference call, we envisage about INR 1,200 crore investment over the next 24 months. We believe that is enough for our growth. We don't see any additional CapEx required to meet our growth. Thanks. Thank you a lot, sir. Congrats again. Thank you. Thank you. The next question is from the line of Krish Mehta from Enam Holdings. Please go ahead. Congratulations on the good numbers, and thanks for taking my question. I wanted to ask, what is the percentage of revenue this quarter, which is non-ARV? You are talking about all divisions put together? Yeah, all put together. Non-ARV, all divisions put together. It's about more than little over 40%. Okay, 40%. Yeah. Maybe closer to 45%, I would say. 45%, okay. Yeah. Another question I wanted to ask is about capital allocation going forward after the Laurus Bio acquisition. We can get a sense of the split between how much CapEx you might be thinking of allocating between Laurus Bio versus the Laurus Bio ARV business? The capital allocation, what number we just gave, INR 1,200 crore, is not inclusive of CapEx envisaged to Laurus Bio. I think that is not going to be very significant, and they will be able to raise or invest from their own cash. Yeah. Okay, thank you so much. Thank you. The next question is from the line of Sameer Shah from Value Quest. Please go ahead. Yeah, sir. Congrats to the good set of numbers. Sir, first question in the opening remarks you said that significant upgrade is expected from some E.U. Partnership from FY 2023. If you can just elaborate on that. We have done validations for two products in the diabetic space, and we expect significant volume uptake in FY 2023. Also, as we wanted to expand and diversify into non-ARV, that is the year where we expect significant diversification happens out of non-ARV. Right, understood. Just secondly, on the custom Synthesis business, if you can give some idea of the funnel? In the last con call, you mentioned that business will be on its own from next year onwards. Are there any significant orders under discussion, or if you can give some idea of the funnel? We have lots of opportunities there. As we are not giving any guidance, we do expect to create dedicated R&D. As I mentioned, we are creating dedicated sites for the division. They will grow from FY 2023 onwards significantly. We are very excited about that growth in that division. Okay. Thank you. I'll get back on that. Thank you. The next question is from the line of Jeevan Patwa from Candyfloss Advisors. Please go ahead. Good day to you, sir. I have two questions. One is about our FTF opportunity. If you can explain which therapeutic area those opportunities are and what is the timeline for those launches? In which division you are asking that question? The first-to-file opportunity is your formulation, the Para IV formulation. Out of seven potential first-to-file, the earliest opportunities will be in 2025. Okay. Yeah. Sure. Thank you, sir. Thank you. Next question is from the line of Tushar Bora from MK Ventures. Please go ahead. Yeah. Thank you so much for the opportunity, and congratulations to the management for delivering a very strong set of numbers again. Sir, just quickly to start with, taking cues from Jeevan's question, and linking back to your earlier answers, you mentioned that 2025 is when we see the FTFs. In 2023, we expect significant diversification in the business on the non-ARV side, as well as presumably, a lot of this diversification will be from regulated markets. Should we look at this as that we have a very clear growth visibility for the next two, three years on, even before the FDFs start kicking in? Yes. See, the non-ARV growth coming from first-time generic launches, these are not P4 related. Also launching very large volume, fully integrated formulations, which some of them are filed, some of them are under development. Our growth in formulation division is not dependent on launching our first-to-file products. Got it, sir. We had plans for it was highlighted in one of the earlier con calls. Any updates on that front? We'll update you probably in the next couple of quarters, as and when we have concrete timelines and ideas. Right. Sir, on the capacity expansion side, we did almost INR 1,300 crore revenue this quarter. Is it fair to assume that this can be annualized? The current capacity is able to support this on an annualized basis. The INR 1200 crore expansion that you are saying, none of it is in the CapEx right now. That is a further growth possibility for us. If you are only satisfied with annualizing INR 1,300 crore in Q4 for next year, please go ahead. You are not that aggressive then. No, sir. I am not trying to reveal my hand here. I'm just trying to understand that first, A, it is fair to assume that this 1,300 into four is the base bare minimum. Then I would like to understand how much of the CapEx is already done and exactly from this point forward, how much capacity needs to be done, which will fuel the growth for next few years. If you can help segregate by division. We don't want to reveal division-wise CapEx, but we can tell you. Beginning this quarter, every quarter we have capacity additions, either in the form of backward integration of intermediates, additional API capacities for existing products, additional API capacity for new products, formulation debottleneck ing, or lines coming commercialization for formulation. Coming at a regular pace. These are not coming in bunch. Yeah. Every quarter we have something coming handy for our growth. In Q2, we mentioned that we will have capacity constraints that will obviously take some of the profitability in Q3 and Q4, we should see the full effect of new capacity coming in. Now that we've said that there is a synergy on the formulation side, we should expect that maybe Q1 will probably see the ramp-up far better than Q4? We expect Q4 also will be good. Yeah. Okay. Sir, one last one, if I may quickly squeeze in. If you can help understand the long-term vision for your nutraceutical cosmeceuticals business. Is there a potential to see that part of the business into a much larger, more meaningful segment for us? Our nutraceutical cosmeceuticals business was added into our CDMO business because we are not doing commodity products. We are doing one product, one customer kind of business. We are doing a lot of business with very big companies. We don't want to name those because of confidentiality. We are working with whos and whos in nutraceuticals and cosmeceuticals. Yeah. Sir, just a clarification on the number you mentioned. This INR 1200 crore does not include the Richcore acquisition and possibly anything on the sterile side. Is that a reasonable summary? Yes. Okay, great. Thank you so much, sir. I'll join back the meeting. Thank you. Thank you. The next question is from the line of Dhiraj Raval from Amber Capital. Please go ahead. The line of Mr. Dhiraj Raval got disconnected. We will move to the next question, which is from the line of Sangeeta Purushottam from Cognito. Please go ahead. Hi, this is Andrey, Sangeeta's partner. Congratulations on a great set of numbers, sir. I just had one or two quick questions. One is that as far as the EBITDA margins are concerned, is it fair for us to expect these to increase with time with the effects of operating leverage? My second question was on the FDF business, which was marginal Q on Q decline. Should we read anything into this or is this just minor variation? I think the slight decline in FDF revenues from Q2 to Q3 is only order execution, nothing significant. Right. When it comes to EBITDA margins, as we mentioned, we can't give a specific number. We are keeping mentioning, we are confident to maintain 30% and or more EBITDA despite our continued growth in our top line. Okay. Sir, this is Sangeeta Purushottam. I had a follow-up question. When we are looking at the composition of business, in FDF, it's been sort of flattish, like you mentioned, and in Synthesis, and a bulk of the growth has really come from the antiviral line. Even within the generic API division, we've seen Onco and other APIs stabilize. What is the outlook on Onco, other API, and Synthesis and generics? These are the divisions which are really going to lead to a mix change for you going forward. The Onco APIs will have revenues around INR 300 because we are not adding the oncology sales related to our CDMO into this. That segment, high potent manufacturing in CDMO is great. We're not adding that revenue into this. This is generic oncology APIs. In other APIs, because significant revenue in other APIs is coming from contract manufacturing, the sales will be bulky. You might have seen in Q1, we have done INR 135 crore. In Q3, we have done INR 30 crore. In Q4, the sales will be bigger than Q3. It's a timing of deliveries in other APIs. The products what we are validating in other APIs, we'll see commercial sale in FY 2022, and there are a good number of APIs see commercial supplies in FY 2023. Growth in other APIs is also has very good attractive rate right now. Right. Okay. In the generic Synthesis, don't see any concerns in terms of growth. This is something where we expect numbers picking up forward? In Synthesis, yes. Synthesis because of some delivery commitments to be done in Q4. Our Q4 was bulky last year, and we do expect Q4 will be bulky this year as well in our Synthesis division. Perfect. If you look at our last three quarters, we have done INR 100 crore in Q1, INR 116 crore in Q2, INR 127 crore in Q3. It is growing. Yeah. We're very happy with that growth. Okay. Sorry to interrupt you, may I request you please rejoin the queue? We have participants waiting for their turn. Okay. Thank you, sir. Thank you. The next question is from the line of Dipan Mehta from Elexir Equities. Please go ahead. Yes, sir. Good morning. Can you hear me? Am I audible, sir? Yes, you are. Okay. Sir, congratulations on a very good set of numbers. Can you give us an overview on the pricing scenario for tenders as well as open market sales? Are you witnessing any pricing pressure from year-over-year or quarter to now, and even quarter-on-quarter? Thank you. I think we indirectly answered this question as we mentioned, despite of our growth in top line, we are able to maintain EBITDA margins. That clearly gives an indication that quality of business is very good, and we are not compromising profitability for just top-line growth. We are comfortable right now, and we expect we will be able to manage the slight decline in prices by effective cost control measures by the way of procurement or operations improvement. We do expect the numbers will be good. Sir, I understand. The margin can be maintained also because of change of product mix. My specific question is that, for the same product, quarter on quarter on year, can you give us some idea as to what the price declines have been? Are they in the range of 3%-5%, are they in the range of 8%-10%? Give us an idea that what is the kind of pricing impact which may be there on the top line, which has, of course, been covered by better cost management and improving on the product mix. We can't give you those product-specific details. I'm not asking for product specific. My question is around for the same type of products, molecules, on an average basis, what could be the price decline? I'm not asking product wise. Overall for the company on an aggregate basis, something to give us an idea as to what you are dealing with in terms of price erosions. Our sales in U.S. and Europe in formulations is a quarter of our formulation sales. We are not seeing any price decline significantly there. When it comes to the LMIC ARV segment, because of these tenders are not weekly tender or monthly tender, pricing are reasonably stable over a period of few quarters. There is no pricing decline for every tender. I hope I answered your question. Okay, sir. Thank you very much, and all the best. Thank you. The next question is from the line of Ranvir Singh from Sunidhi Securities. Please go ahead. Thanks for taking my question. Sir, can you give a breakup of business growth between ARV and non-ARV? As I mentioned, it is 75% and 25%. This is for advanced countries and LMIC. Yeah. Our LMIC sales are predominantly ARVs. Europe and North America are non-ARVs. Okay. Clearly we had the rollout in U.S. as well, right? Oh, that's not very significant sales. Yeah. Okay. Yeah. Okay. This participant has already asked this, but just in general, sir, the selling price of clearly at $75, some people were selling it at a discount. This discount has increasingly been higher, particular than what the selling price is much lower than what the selling price is versus last year. How is the trend there? In general, for the industry, for all players, sir, we wanted to understand. You have to look at how much of backward integration people are doing. If somebody buys APIs and participates in tenders, somebody buys intermediates and makes APIs and participates in tenders. Somebody makes starting materials and makes intermediates and APIs and participates in tender. The profitability margins depend on where they start. For integrated players like us, we have the biggest advantage of maintaining profitability versus people who are non-integrated, buy API, and do formulation. Some people even don't do formulation. Some people outsource formulation manufacturing by buying APIs and giving it to somebody else for formulations. For those companies, the profits will be even less. You have to look at how integrated the offering in ARV is more important to maintain profitability, just to not the top line. Okay. Fine. Just a clarity, on the Richcore revenue is built in this quarter, any amount, or it is not at all? No. No revenue or profitability included in Q3. Probably we'll do it from Q4 onwards. Got it. Okay. Thanks very much, sir. Thanks. Thank you. The question is from the line of C Srihari from PCS Securities. Please go ahead. Yeah. Thanks for the opportunity and congrats on. Just on the ARV front, management indicated that this was only partly ramped. Can you share some outlook for the current financial growth? Recently, there is a one-month injectable has been approved by the U.S. FDA. I would like to know what is the kind of impact that could have on the ARV portfolio. On the FDF front, give some kind of a growth outlook for that, if you can. Thank if you can. Thank you. Maybe I'll answer your long-acting injectables business. We are in ARV business since past two decades, and we are watching the developments very carefully. If there is a disruption, we want to be part of the disruption rather than follow it. As you could see, the transition from efavirenz to dolutegravir, we benefit out of that disruption. Even if tenofovir will move to another low-dose tenofovir alafenamide, we have approvals in place. We have another combination product under development, which we are filing probably next week. If there is a long-acting injectable will enter market, when and how will be depending on the WHO guidelines, which are not set to release. Even if it is as part of the treatment guidelines, it will be not before 2025. We have the APIs developed already, and depending on the guidelines, we will develop formulations. If there is a disruption because of this, I'm sure we'll be part of it. You can be rest assured on that. Okay. Guidance for the rest of the year? Your first question was not very audible, so can you repeat? Yeah. You mentioned that the company ramped for the next 10 years. What about the growth guidance you will give for FY 2024 for the ARV business? We're not giving specific growth, but we are comfortable to say we will continue to grow in API business, not only FY 2020, but also in FY 2023. Okay. On the FDA front, would it be possible to give the volume share? You said percentage of the revenue comes from the developed markets. What would be the share be in volume terms? Volume term, I can't give you those details. Yeah. How do you see this 25% moving? Please write to us, and we're happy to share you the details. Yeah. Yeah. The 25%, how do you see it moving over the long term, next two to three years? We will increase that share of revenue coming from Europe and North America than what we have today significantly because of products launch planned, which are non-ARV. That revenue share will go up. Okay. That's it. Thank you. Thank you. Ladies and gentlemen, this will be the last question, which is from the line of Charulata Gaidhani from Dalal & Broacha. Please go ahead. Yeah. Congrats on the good set of numbers. If you could give by product the traction in ARV API? The majority growth in ARV sales APIs came from our three core products: tenofovir, lamivudine, efavirenz, and dolutegravir. All three products, the sales were increased significantly. Q4. Yeah. Okay. Again, question pertains to the Europe partnerships. Have you filed for marketing authorization? It's a very interesting question. Our partner had marketing authorizations. We are becoming their contract manufacturer as an additional site. The approvals will be much easier. Our growth in those production FY 2023 has nothing to do with approvals. Our facility was approved by European authorities, and products are approved by authorities, and we are becoming a contract manufacturer to them, where we make API and also formulations for them. Okay. Can you name the partner? No. Okay. Fine. All the best. Thank you. Thank you. Ladies and gentlemen, due to time constraints, that was the last question for today. I would now like to hand the conference over to Dr. Satya for closing comments. Thank you, everyone, for your very valuable questions. We always learn a lot from very interesting questions from the community. Thank you, and take care.