Obligations and Disclosure Requirements Regulations, 2015, and various circulars issued by the Ministry of Corporate Affairs and Securities and Exchange Board of India. For this purpose, the company has engaged the services of National Securities Depository Limited, NSDL, for providing e-voting and video conferencing facilities. The meeting is being live-streamed through webcast. Please note that as per requirement of law, the proceedings of the meeting is being recorded and will be uploaded on the website of the company. Further, the company has provided the opportunity to shareholders to speak and ask questions to the management during the meeting, and some of the shareholders have pre-registered as speakers who will be provided access to speak when the chairman announces the meeting is open for questions. Other shareholders also have an opportunity to ask their questions in the question and answer chat box, and the management will respond on the same. For smooth conduct of the meeting, all the members attending meeting have been kept in mute mode, and the audio and video facility will be enabled during the question and answer session for those members who have pre-registered as speaker shareholders. The shareholders may note that the statutory registers and the documents pertaining to the items of business to be transacted at the AGM are available for inspection in electronic mode on the website of the company. As mentioned in the notice of 21st Annual General Meeting, members attending the AGM through audio-visual means will be counted for quorum in terms of Section 103 of the Companies Act, 2013. The requisite quorum is present. Now, I hand over the proceedings to our chairman and independent director, as well as Chairman of the Stakeholders Relationship Committee, Dr. Ravindranath Kancharla, who has joined the meeting from the boardroom in Hyderabad, India, to proceed with the business of the meeting. Good afternoon, ladies and gentlemen. I welcome you all to the 21st AGM of your company. I hope you and your family members and friends are all safe and good health. The meeting is being conducted through audio-visual facility. The meeting is duly constituted in terms of the applicable laws, and feasible efforts have been made to enable members to participate and vote at this meeting. Now, let me introduce to you all my colleagues present in the AGM. Directors present along with me here in the boardroom are Dr. Satyanarayana Chava, Executive Director, CEO; Mr. V.V. Ravikumar, Executive Director, CFO; Mr. Krishna Chaitanya Chava, Executive Director; Mrs. Soumya Chava, Executive Director. Other board members who have joined the meeting from their respective locations are Mr. Sekhar Karnam, Independent Director and Chairman of the Audit Committee, joining from Mumbai, India; Mrs. Aruna Bhinge, Independent Director and Chairperson of the Nomination and Remuneration Committee, joining from California, U.S.A.; Dr. Rajesh Chandy, Independent Director, joining from London, U.K. Dr. C. V. Lakshmana Rao, Executive Director, and Mr. Ramesh Subrahmanian, Independent Director, could not join the meeting due to some preoccupations. I also welcome the presence of statutory auditors of the company, represented by Mr. Manish Muralidhar, partner of Deloitte Haskins & Sells LLP, and the presence of Y. Ravi Prasada Reddy, Secretarial Auditor of the company, who is also the scrutinizer for the e-voting process. They have joined the meeting through video conference. As confirmed with Company Secretary, requisite quorum is present. I call this meeting to order. Ladies and gentlemen, I want to start by saying a heartfelt thanks to our shareholders, employees, customers, partners, and regulators. Your constant support is what drives our relentless pursuit of excellence in pharma. As your company marks two decades of its journey, FY 2025/2026 stands as a year that reflects both progress and perspective. Over the past 20 years, the company has evolved with discipline, building up capabilities, relationships, and the values-led culture that continue to guide its growth. This milestone offers an opportunity not only to reflect on the path traversed, but also reaffirm the principles that will shape the next phase of our journey. The global pharma and life sciences sector is changing fast. Drug development is getting tougher, regulations are tighter, and ESG standards are more important than ever. Global innovators are moving away from single-source manufacturing. They want reliable end-to-end partners who can manage a drug's entire lifecycle. They want reliable end-to-end partners who can manage drug's entire lifecycle. This shift is a massive win for CDMOs with true scientific depth and scale. I'm proud to say that India is incredibly well-positioned to lead this change. Thanks to our deep talent pool and advanced manufacturing and strong global supply chains, we are ready to capture this growth and deliver long-term value for you and our shareholders. Against this backdrop, I am pleased to report that Laurus delivered a strong and consistent performance this year. Our growth was driven by fantastic momentum in our CDMO business, along with steady contributions from affordable medicines. Let me emphasize that our company remains absolutely committed to the highest standards of quality, compliance, and governance. We operate under a simple but powerful principle: one single quality standards across all global markets. This is how we build lasting trust with both our customers and global regulators. At the same time, we are rapidly advancing our sustainability agenda. We are actively switching to renewable power and embedding green practices across our entire manufacturing network. For us, strong governance and environmental care are not just checkbox, they represent our deep responsibility to our communities and our stakeholders. Looking ahead, we are laser-focused on sustainable growth in an increasingly complex and competitive landscape. We will achieve this by deepening our strategic customer partnerships, strengthening our integrated capabilities, and selectively entering high-value spaces. To stay ahead, we are continuing to invest heavily in our infrastructure, cutting-edge technology platforms and top-tier talent. The market will keep evolving. Laurus enters this next phase with absolute confidence. We have a much stronger foundation, excellent visibility across all business segments, and a clear path forward rooted deeply in our core values. On behalf of the board, I want to thank our customers and partners for their continued trust, and you and our shareholders for your steadfast support over the years. I also want to express my sincere appreciation to our employees for their dedication and commitment. As we step into the next chapter, we are confident in our ability to build on this strong foundation and create lasting value for everyone involved. In closing, I'm confident that your company is on the firm path to deliver sustainable growth and value. Together, we'll continue making a global impact by providing affordable, accessible solutions in medicines and science. Please stay safe and healthy. Now, I request Dr. Sajjanrao Inchawo, Executive Director and CEO of the company, to address the members, please. Thank you, Chairman. Dear stakeholders, as we completed 20 years, we continue to address evolving needs of our customers while building a very sustainable organization. Our progress is defined and anchored in the core values that have helped us so far and also define our path ahead. There are several important milestones we achieved in the year 2025, 2026. Our gross margins were above 60% and the EBITDA margins were around 28%. Net debt by EBITDA is around 1.3, and the return on equity and return on capital employed also healthy, about 17%. CDMO revenue continued to grow and help company's overall growth in near term as well as medium term. Our investments in CGT and ADCs will help your organization to enter new modalities of healthcare services. In new technology platforms, we invested heavily into continuous manufacturing, flow chemistry, and various other technologies which are needed by our partners. In quality, during the year, company successfully completed audits from various regulators as well as customers. Company is also figured in S&P Sustainable Yearbook. For the consecutively six years, company was also recognized as a Great Place to Work. We are very proud of those achievements. We want to thank all the stakeholders for their support for the team in building a stronger and sustainable Laurus Labs. Thank you, Dr. Sajjanrao Garu. Dear members, please note that the integrated annual report for financial year 2025-2026, comprising notice of 21st AGM, Board's report and its annexures, standalone consolidated financial statements, along with the auditor's report, has been sent through electronic mode to all shareholders whose email ID was registered with the depository participant or RTA. With your permission, I take the notice convening this meeting and auditor's report on both the standalone and consolidated financial statements as read. Please note that there is no qualification, observation, or adverse comments in the statutory audit report or secretarial audit report. Now I request the Company Secretary to read the agenda items of 21st AGM. Thank you, Chairman, sir. Dear members, please note that the notice of 21st AGM contains nine resolutions for approval of the members. Out of which, seven resolutions are ordinary resolutions and two are special resolutions. The Board has recommended all the resolutions for approval of the members. The resolution, as well as explanatory statements wherever applicable, are given in the notice of AGM. Now, the resolutions as listed in the notice of the 21st AGM will be taken up, and thereafter the members who have preregistered as speaker can ask questions, offer comments or suggestions. The items are as follows. Ordinary business items. Item number 1 of the notice is to consider and adopt the audited standalone financial statements of the company for the financial year ended March 31st, 2026, the reports of the Board of Directors and auditors thereof, and also audited consolidated financial statements of the company for the financial year ended March 31st, 2026, and report of auditors thereof. Item number 2 of the notice is to approve and ratify the first interim dividend on equity shares at INR 0.80 per equity share paid for the financial year 2025-2026. Item number 3 of the notice is to approve and ratify the second interim dividend on equity shares at INR 1.20 per share for the financial year 2025-2026. Item number 4 of the notice is to reappoint Mr. Krishna Chaitanya Chava, a director who retires by rotation and being eligible, offers himself for reappointment. Item number 5 of the notice is to reappoint Mrs. Soumya Chava, a director who retires by rotation and being eligible, offers herself for reappointment. Special business items. Item number 6 of the notice is to approve the appointment of Dr. Shekhar Chintamani Mande as an independent director of the company. Item number 7 of the notice is to approve the appointment of Mrs. Sutapa Banerjee as an independent director of the company. Item number 8 of the notice is to approve payment of remuneration to the non-executive directors, including independent directors of the company. Item number 9 and the last item of the notice is to approve the remuneration payable to cost auditors for the financial year 2026-2027. Now I request the Chairman, sir, to continue with further proceedings of the meeting. Thank you, GVR. Now the meeting is open for questions from the members who have registered as the speakers for this meeting. I request the members who wish to ask questions to be brief and not to take more than one minute each, please. I would also appreciate if members can avoid repeating questions which have already been asked. Each speaker may announce his or her name first and then speak. After questions are completed from all the speaker shareholders, CEO Dr. Satyanarayana, our CFO, Mr. Ravikumar, will answer the questions. Shareholders also have an opportunity to ask their questions in the question and answer chat box, which will also be answered to the extent possible. Thank you so much, sir. Going ahead with the list of suggested speaker shareholders. The first person on the list we have is Mr. Kamal Kishore Jhawar. Sir, thank you so much for joining us. We are ready for your questions. We will also request you to please turn on your video for the questions if possible, sir. Hello, my voice is coming, sir? Yes, sir. Okay. Thank you. CFO sir, all director, company video conference is very good. Today is a matter of great happiness. Today at the AGM, the share price has increased by more than INR 1,531 due to your hard work and your staff's efforts. Small investors have also benefited and our market cap has also increased. Sir, every year you also give interim dividends. It is a matter of great happiness, sir. The secretarial department team is also very good, sir. Whenever we have any problem, they immediately answer our emails. I give many thanks. Their service is very good, sir. Sir, please tell us a little about how much revenue can come in 2026-2027. Are there any new product launches in the pipeline? Please tell us about that, sir. I want to thank you very much, sir. I have been a shareholder in this company since the IPO. When our INR 10 face value share was only INR 400-500, today the INR 20 face value share is INR 1,500 and above. Shareholders have received near INR 8,000. This has been achieved through your and your staff's hard work, sir. I pray to God that this company becomes the number one company in Andhra Pradesh and Telangana. For that, I congratulate you, sir. Our Satyanarayana sir, all directors, and CFO Ravi sir, I thank you all. By keeping the video conference like this, sir, we can attend the meeting from anywhere. Thank you, sir. Thank you. Thank you, Kamal Kishore Ji. You want to answer? Sir, usually we take all of the questions together and all of them can be answered together, if you like, sir. Thank you. Yes. Yeah. Going ahead with the next person on the list we have with us Mr. Sunil Kumar Modakji. Sunilji, thank you so much for joining us today. Can we also have your video turned on? Yes, sir, we can hear you. Hello. I am audible? Yes, sir. Okay. Good afternoon, sir. Mr. Chairman of the meeting, CEO, other directors, CFO, and my fellow shareholders. Myself, Sunil Kumar Modak, joining this 21st AGM of Laurus Labs from my residence at Kolkata city. Thank you, the management and the employees of the company for the brilliant result. I must thank company secretary and his team for rendering good services to the investors. Sir, revenue and net profit both increased. This is a milestone year for the company and the shareholders. Sir, today in share market, our stock has crossed the lifetime high, INR 1,531. This is a milestone. Sir, in the coming years, we will go more thrice on this year. Sir, are you focusing any life-saving drug in coming years? How much growth do you expect the financial year 2026-27? Sir, initial speech of Mr. Chairman and the CEO, very informative and very encouraging. Sir, I searched for a hard copy of annual report. I have not received it. Could you please take note and send it to me after the AGM is over? That would be very nice for me. Sir, I hope that our company will do very well in the coming years. As we completed 20 years, at the 21st year, the milestone year, sir, I request you to give some memento to the shareholders so that they can understand and they can remember you and our company's great performance this year. With this, I conclude. I hope our company every success in the future. With this, I conclude and hand it over to you for the further proceedings. Thank you, sir. Namaste. Thank you, Sanib. Thank you. Thank you. Going ahead, the next person we have is Mr. Prafull Chavda. Prafullji, thank you so much. Can we have your video turned on for the questions, please? Hello. Yes, sir. Ji, sir. Chairman, sir, board of directors, my fellow shareholders. My name is Prafull Chavda. I am calling from Hyderabad. First of all, I wanted to say that in 2022, our turnover was INR 828 crore profit. This year, in 2026, the profit is INR 889 crore. Can I know if this time we will cross INR 1,000 crore? The turnover profit is done on Street Broker. We lag behind the Street Broker and also get left behind. Beat the Street Broker this time and tell me the profit of INR 1,000 crore. The highest division of five years has been given. For this, I thank you very much. Sir, whatever money is invested in your company, apart from looking at the company, it is invested by looking at Satya Nath Saab's name. Everyone thinks that it will become a company like Matrix, Mylan Labs, and today it is looking like that. The secretary department and employees have done a good job and taken the company to a good height. All this CSR is also going very good. I want to give some suggestions in CSR. Sometimes in England, U.K., European countries, there is a heatwave of 40 degrees Celsius, then people start dying there. Blood starts boiling. In India, heatwave of 49 degrees Celsius is going on, still nothing is happening. In the future, if the heatwave increases, then there will be a greater need to plant trees and plants. Put more than 50% of the CSR budget into planting trees, so that if trees are planted, the future generations will be saved. Apart from this, the water that goes into the waste sea, mixes in the rivers. For this, the villages in your area, make a big pond so that the coming generation also benefits from it, and the water stored inside the ground improves. This is one of my suggestions. The company does good work. Sir, whatever happened in TCS, you must also know, so it should not happen in your company. For this, what action have you taken? Have you made any vigilance department so that if there is any harassment or trouble to any lady or anyone, you can immediately remove it? If you have any information about this, then tell me. Thank you, sir. Prafullji, thank you so much. Thank you. Your questions have been noted. Thank you. Going ahead, the next person we have is Mr. Bimal Aggarwal. Bimalji, we are ready for your questions. Can we proceed, please? Sir, can you hear me? Yes, sir. Thank you. Good afternoon to you, sir. Good evening, good night, and good morning to other shareholders, other directors who have joined from different parts of the world. Many directors also have joined from different parts of the world. First of all, I'd like to thank the company secretary, team, management, staff, and the shareholders. Still thank the company secretary. There was no response from the company secretary to the speaker shareholders. Next time he calls the speaker shareholder two days in advance or one day in advance. Sir, for now, I'll come to the question. One thing. I request the management to provide insight about the impact of U.S. tariff on the company's business. Impact of geopolitical factors. Please provide the CapEx guidance over the next three years. Please continue video conference in future so people from all over the world can join. That's all from me. Thank you very much. Thank you, Bimalji. Thank you. Going ahead, the next person we have with us, ready with the questions, is Mr. Himanshu Trivedi. Himanshuji, we are ready. Yes, sir. We can hear you. Yeah. Good afternoon, all of you. Respected Chairman Ravindranath, other board of directors sitting on dais. Myself Himanshu Trivedi from Gujarat, Vadodara. First of all, thank you to our company secretary, G. Venkateswar Reddy, who has been sending the soft copy of the AGM notice well in advance, which is full of information, fact, figure, and place, which is easy to follow, easy to understand. I am thankful to you and your entire secretary team. Report is nicely prepared. All corporate governance and parameters are covered in the AGM notice. I do not have much questions because I have full faith on board and their working. I have already sent my question and query through email well in advance. With the saved time of AGM, I give the opportunity to speak my rest speakers shareholder. I support all agenda item. Sir, still I have few questions. What is the market share we have in domestic as well as international market? My second question, what was the profit sharing ratio coming financial year? My third query, who is the for best competitor as on date. Sir, I have write down for the hard copy in AGM notice, mail through the mail, but as on date, I have not received. I have also tried to contact to secretary by the chatbot is not send our messages. A chatbot is closed two days in this AGM, sir. As a speaker, I have told to you. All mobile numbers are wrong in AGM dates, please improve and correct the next AGM. Thank you to Laurus Labs. I wish good luck and try to ensure for coming financial year. Thank you to Laurus Labs. There is no commission from secretary team. I have more than in 2,000 company as a speaker. They are all communicated before the five days, six days ago, and they provide the speaker number, registration number. Our company not communicate to us. Needful to you. I request to you, sir, for next year. Thank you to Laurus Labs. Sure. Thank you. Thank you so much. Ladies and gentlemen, going ahead. On the list, we were supposed to have with us Mr. Anil Mehta with us. Unfortunately, for some reasons, he hasn't joined the meeting yet. We would like to go ahead and call in Ms. Prakashini Shenoy. Prakashini, thank you so much for being with us. We can have your questions now. We would also request you to please turn on the video if possible. Am I audible, sir? Yes, ma'am. Thank you, sir. I'm Prakashini Ganesh Shenoy from Bombay. Respected honorable chairman, Mr. Ravindra Nath, other dignitaries on the board, and my fellow shareholders, good afternoon to all of you. I received the AGM report well in time, which is colorful, informative, transparent, and contains all the informations as per the corporate governance. I thank the company secretary and his team for the same. The chairman and the CFO has given a beautiful picture regarding the company and its working in all parameters. Thank you, sir. At the outset, I'm thankful to the board for recommending final and interim dividend. Also, I'm glad to note that the company is doing outstanding work in the field of CSR activities. Congratulations to one and all for receiving various awards and accolades. This shows the hard work and sincerity of each and every staff. Now my questions. My first question is, how many manufacturing units does Laurus Labs have in India? What are the main products? What is the business model of the company? Where are the Laurus Labs manufacturing units located? Please name some of the products of Laurus Labs. My next question is, Laurus Labs operations in the pharmaceutical and biotechnological sectors, which of the above operations do yield more revenue? Are we using AI applications? Kindly highlight the future roadmap for growth due to global situation and CapEx thereof. I wish the company good luck for a bright future and pray God that the profit of the company shall reach the peak in due course. Chairman, sir, last but not the least, my earnest request to you, please continue with VC so that people all over will have an opportunity to express their views. Sir, I strongly and wholehearted support all the resolutions put forth in today's meeting. Thank you, Chairman, sir. Thank you, ma'am. Ladies and gentlemen, going ahead. The next person we have with us is Ramesh Shankar Gola. Hello. Hello. Yes, sir. Hello. Yes, sir. We can hear you. We can see you. Okay. Very good afternoon, our beloved Chairman and CFO Ravi, sir. Also it's very good afternoon to our Company Secretary, Venkateshwar Reddy, sir. Sir, I'm very happy because, sir, that research. Sir, our profits are very easy this year. In our history of 20 years, we have reached 25% growth. What I'm saying, sir, is that our profits should keep increasing like this, sir. That too, sir, my first question, sir. Question number one, sir. Coming year, we roadmap allow please tell me, sir. Question number two, sir, R&D new investment improve, even if it takes more time to come to the open market. That too, sir, have you made any acquisitions in the life sciences field, sir? Please tell me, sir. Sir, that too, please tell me our company's ESG rating. That too, CSR activities బాగా చేస్తున్నారు, ఏ ఏ strategies చేస్తున్నారు అనేది కూడా కొంచెం చెప్పగలిగితే సంతోషపడతాము sir. Sir, ఇప్పుడు geopolitical situationలో మన oil prices అనేవి చాలా unevenగా ఉంటున్నాయి sir. దీని నుంచి మనకి coming year ఏ విధంగా profitability అనేది ఇంతలో తెలియజేయగలరు. Sir, నాకు ఈ అవకాశము ఇచ్చినందుకు నేను ఎంతో సంతోషపడుతున్నాను. Secretariat teamకి even మన CFO రవి గారికి ప్రత్యేక ధన్యవాదాలు తెలియజేస్తున్నాను sir. Even ఎప్పుడూ 24 into 7 అంటారు sir dayలో అయినా, ఎప్పుడూ reach అవుతుంటారు. ఇది చాలా సంతోషకరమైన విషయం sir. ఎందుకంటే sir, management ఎంత బాగుంటే ఆ కింద అంత బాగా work చేస్తారు sir. That is why మన company పైన ఎటువంటి black spot అనేది లేదు sir. అందుకనే చెప్పగలిగింది ఏంటంటే, చాలా మంచి company అని pharmaceutical రంగంలో మన company చాలా మంచి work చేయజేస్తున్నారు. Thanks for giving this opportunity. Sir, కొంచెం ఈ year financial sheet అనేది కొంచెం arrange చేస్తే బాగుండును శేఖర్ గారు. దీన్ని కొంచెం note down చేసుకోవాలి. ఇది release చేస్తే చాలా సంతోషంగా feel అవుతాను. Have a good day. God bless you all sir. [Foreign language] Good day. Have a bright day sir. Thank you [Foreign language] and all the members sir. Have a good day. Thank you. Thanks Sai. Thank you. Thank you so much. Going ahead, next person we have is Mr. Badri Vishal Bajaj. Vishalji, thank you so much for joining us. We are ready for your questions now. Mr. Vishal, I'm pretty sure he was part of the meeting. I think he left early. With your permission, sir, can we go ahead to the next one? Yes, yes. Sir, thank you so much. The next person who was supposed to be with us was Mr. Sharath Kumar Jevrasha. Unfortunately, he hasn't joined the meeting yet. After that we have on the list Mr. Suresh Chand Jain. He hasn't joined the meeting as well. Hello. Oh, yeah, we have you. Yes, sir. We are ready for you. आदरणीय Chairman Sir, उपस्थित सभी Director और shareholder साथियों। Sir, इस company का मैं allotment shareholder हूँ और कई बार आपके physical meeting भी attend कर चुका हूँ। पर कोरोना शासनकाल के बाद में आप लोगों से मिलना-जुलना सब बंद हो गया। मैं भी हैदराबाद में ही रहता हूँ। Sir, आपने जो Chairman speech के अंदर जो company की पूरी जो जानकारी हमें प्राप्त की है, उसके लिए आपको तथा आपके team को मैं बहुत-बहुत धन्यवाद देता हूँ। Sir, आपका share price बहुत heavy हो गया है और जब मैंने Visakhapatnam में आपकी meeting attend किया था, तब आपको मैंने देखा। आपके विचारों को जाना और सोच समझकर मैंने अच्छी quantity के अंदर share लिया था। आज उसका कई गुना मुझे return मिल रहा है और इसके पीछे आप लोगों का ही हाथ है, जो कड़ी मेहनत, लगन और कार्य कुशलता से आप आगे बढ़े और shareholders को भी आगे बढ़ने का जो मौका हमें प्राप्त किया है, उसके लिए तुम्हें क्या कहूं? बस मैं भगवान से यही प्रार्थना करता हूँ कि आप इसी प्रकार कार्य करते हुए आगे बढ़े और दिन दुनी रात चौबीस तरक्की करते हुए अपने मंजिल को प्राप्त करें। आपने जो बोलने का सुअवसर दिया, उसके लिए मैं धन्यवाद देते हुए, मैं अपने विचारों को विराम देता हूँ। बहुत-बहुत धन्यवाद, Sir. Thank you. Sureshji, thank you so much. Thank you. We would once again request all the speaker shareholders to please stick to the time limit of one minute per shareholder. Keep the questions brief. The next person is Mr. Afzal. Mr. Afzal, we are ready for your questions. Can we go ahead with them now? Hello, I am audible? Yes, sir. Yeah, good afternoon everyone. Myself Afzal Ali from Hyderabad. I am happy that I am the part of this AGM. The Company Secretary has given the link before time and annual report I received. It is well and clear. The paper and the colorful annual report. I am very happy that once in a year the annual report will be print. This type of annual report is very perfect to our company I have seen that no physical shareholder is there in our company. It is good, sir. Dividend is excellent. What I will tell, I don't have any words, but CSR work is very good, and the board members are attending the meeting full majority, I am seeing in the annual report. The AGM timing is very good. After lunch we have the time. I appreciate Company Secretary, that he's perfect for our shareholder. I requested please do online meeting only. Because many directors are abroad also, we are seeing that right now they are attending in this time. I agree, please do online meeting. About share price, I have no words. Today is the highest price, and whoever the bulk quantity they have, they are very impressed that we are not think this type of increment our share price. I am very happy and thankful to company CS and our NSDL team. Thank you very much for giving this opportunity. Thank you, sir. Thank you. Ladies and gentlemen, this was Mr. Afzal. Going ahead, we were supposed to have with us Mr. Rajendra Sheth, but he couldn't join the meeting. Going ahead. The next person we have is Mr. Arun Kumar Boopanna. Arun Ji, we are ready for you. Let's have your questions. Arun Ji, can we go ahead with the questions, please? Hello. Yes, sir. We could hear you, but the voice is breaking a little. The audio has not come better. Yeah, the audio has come. This is okay. We can proceed. Yeah. Now I can. Arun Ji. I just flew in last night from Mumbai. How are you, sir? I would like to know, what is the current utilization level of the new CDMO facilities, and how many projects are in the development stage to commercial stage? What is the stage? What will be the revenue of CDMO business in the next three to five years? This Krka partnership has opened a new door for us. What is in store for us? The China dependency on ingredients, how are you facing it? Because API is a competitive market, and there's a lot of pressure from China. There's a lot of dumping also from China. ESOPs, how do you retain talent? Is it by giving ESOPs, or how do you bind people? Are you into GLP-1 for diabetes and obesity? That is a new product in the health scene. I hope it can be seen in Laurus portfolio too. A lot of companies in India have patents which they're not using. How many patents does Laurus have? Are you willing to take some of the patents from some companies who can loan? That is my question with this. Sir, I wish all the best. Thank you. Thank you. It is done. Thank you, sir. Sir, thank you so much. Thank you. Next, we were supposed to have with us, Ritu Batra and Mr. Gautam Nandi. Unfortunately, both of these speaker shareholders couldn't join us today. Hence, going ahead with the next person we have is Mr. Abhishek J. Mr. Abhishek, we are ready for your questions. Yes, sir. Can you hear me, sir? Am I audible? Yes, sir. First of all, I congratulate the management on the eve of the 21st annual general body meeting. First, all is well with you and your family in this challenging situation. Our company deserves much more respect than the current market cap after completing more than a decade of successful operations, profitability, and becoming one of the strongest brand in the respective segment. First of all, I would request management to kindly consider hybrid AGMs in the years to come, sir, as we can have a one-to-one discussion as well, at least once in three years. Also arrange a plant visit for the shareholders, sir, as and when it is feasible. I would like to know, sir, what are the cost-cutting initiatives being done by the management, sir? What steps have been taken by the management to reduce the other expenses, legal professional charges, and the audit fees? What are the credentials, sir, that the new directors are bringing on the table to guide the new generation? I would like to know from you. Otherwise, the company is doing really good and we are really thankful for excellent dividend being declared during the year. I do appreciate, sir. Nothing else to ask. Hope that the company takes all the questions in right spirit and kindly consider the meetings in hybrid mode in the years to come. Plant visit also to be arranged for the shareholders, sir, the investors who have joined the virtual conference. Thank you very much, sir. I wish the company and the board of directors a great success and prosperity in the coming future. Thank you for giving this opportunity, sir. Hope to see you in the upcoming hybrid AGM next year. Thank you. Thank you. Ladies and gentlemen, going ahead. We were supposed to have Mr. Pranay Shivraj, unfortunately, he couldn't join this meeting. Going ahead, the next person we have is Mr. Jaideep Bakshi. Sir, we are ready for your questions. We can also have your video turned on if you like, sir. Yes, very good afternoon, chairman, board of directors, and other key management persons. Myself, Jaideep Bakshi, connecting from the city of Kolkata. First of all, I convey my thanks to our company secretary for sending this email, this annual report, and also the joining link. Thanks once again to our chairman and MD sir for sharing their views in their initial speeches. Congrats goes to all for this wonderful performance after two decades. I just want to know how we plan to keep our momentum in this competitive market, how do we plan to overcome this inflation. Regarding export market, what is our thought process? Regarding what is our future view for our growth, what is our future strategy? Also kindly share that. As requested by my earliest speakers, we all want to have a visit to our plant so that we can see the working progress. Just a small request, let the secretarial team contact us before the AGM so that we can get to know our speaker sequence number, and also a dedicated contact number so that we can also reach to the secretarial department. That can be conveyed to us through email also. That's all from my side, and wish the company all the best in the coming years. Thank you, sir. Sure. Thank you. Sir, thank you so much. Sir, we have reached the end of the speaker shareholders list, hence we can go ahead to the board members to help us with the answers on the same, sir. Thank you. Thank you all the shareholders for your very insightful questions. I will answer all the questions in my question session. In CSR role, your company's focus is on health, education, and sanitation. Most of the CSR spending is going in that direction. When it comes to handling of challenges posed by the geopolitical disturbances, your company has successfully mitigated most of the challenges, especially logistics, increase in solvent prices. Because of these challenges, your company never encountered any production disruptions. All productions happening smoothly. Most of our manufacturing facilities are located in Vizag. Majority of R&D facilities are located in Hyderabad. There's small facility also in Hyderabad. Our cell and gene therapy facility is in Mumbai, and all our current biotech operations happen out of Bangalore. The import dependency also, our efforts over last several years proved very successful. From 60% imports to today, your company is only importing one-third of our purchases. Most of the critical products either made in-house or made by our partners in India. When it comes to R&D key achievements, your company has invested, as I mentioned in my talk, significantly in flow chemistry, continuous manufacturing, and biocatalysis. These three platforms are helping your organization to attract interesting projects from the current partners. When it comes to affordable medicines, your company generates a majority of revenue from antiretrovirals, and we produce APIs required for 40% of the world HIV patients. We started using AI for document preparation and review. We're not using AI in discovery because your company is not involved in any drug discovery. As we explained in various conference calls, your company is investing over INR 2,000 crores CapEx this current year, and we're finalizing the numbers how those look like for FY 2028 and onwards. Your company having multiple programs in CDMO. Several were commercialized, but several in various clinical phases. We have a strong pipeline of CDMO projects. We have a lot of patents for process improvements, and we continue to look for improving our processes and wherever there is an opportunity, we also file patents for those. When it comes to tariff, so far we haven't had any challenges because of the announcement of tariffs. Our partners are well-positioned because of MFN clause and then their geopolitical presence. Annual report hard copies. Please send your request to the secretarial department and they will courier. Your DP accountant, definitely they will courier. I think there are eight questions, Doctor, in the question chat box. From Jayesh Parekhji, "How fermentation-led bio CDMO will become another growth driver for company? Please elaborate. Also share your vision for next five years. Best wishes. We are expanding capacity of fermentation in Vizag. We expect commencement by end of this calendar year. We have very interesting projects. To see significant growth in fermentation-related business, maybe we need two more years because we have several projects at the concept stage, pilot stage. We are very hopeful for bringing that as one of the growth drivers. When it comes to the projections, only one projection we gave in our conference calls is by FY 2030, around that time, our CDMO revenue will be 50% of overall revenue. That is the only projection we give. Beyond that, your company is not giving any projections quantitatively. Yeah. Next question from Damodaran Tumuluri. Good evening, Chairman. Request one question regarding bonus issue. When you expect? We don't have any plans at this juncture, if there is anything on the plan, we will let you know at an appropriate time. Next question from Viraj Parekh. Thanks, Dr. Satya. The next is from Saurin Parikh. Respected management, request you to share outlook of our divisions for next two to three years. As I mentioned, we are not giving any quantitative guidance, but we can tell you your company is poised for growth. As we mentioned, we are on a path to achieve EBITDAs close to 30%. Last year, we did 28%. We're hopeful to improve on those EBITDA percentage. Most of the divisions are also growing. Animal division is growing. Crop Science division, we need maybe two more years to make a significant revenue. Our cell and gene therapy, we don't expect any revenue coming from next three, four years. It's only investment phase right now. Our Laurus Bio division will do well in the next two years. Our investment in cell and gene therapy in our partner, ImmunoAct, is doing well. They also opened a new facility where the treatment number can go up to 2,000 per year. Overall, most of the divisions where we're investing are doing good, and at least we have a good visibility for the divisions currently where investment phase is going on. Next question from Mitra Bakshi. Again, he's also asking our future growth projection. Just now Dr. Satyanarayana Yeah indicated. That answers your question. Next question from Bharath. Bharath has three questions. As peptide market is growing exponentially, how ready are we to capture this opportunity? Can we see ourself as a top two peptide player in India? Next question: When can we expect our new bio plant in Vizag to start generating revenue? Third question to Soumya. When do you expect the new 3 billion tablet CMO capacity that went live recently at unit 2 to start generating revenue? Yeah. Our bio revenues, bio qualification trial runs will start from Q3 of this financial year. We expect some revenue will come in this financial year, but significant utilization will happen in next financial year. When it comes to peptides, the company is engaged in peptides, but at this juncture, we may not be in a position to give you more details. Yeah. Soumya, you want to answer the 3 billion CMO. The additional 3 billion capacity will generate revenue this year. Last question from Ashok. What will be the impact of U.S. DOD action on WuXi AppTec? Another, in OR, we are seeing fund transition to India. If yes, to what extent? I think it's too early for us to comment on that. We are not the experts in commenting on that. Yeah. Yeah. I think next question from Vandit Dharmaj. What is the reasonable asset turnover to achieve more next two years? We indicated this, we are at 0.89, and five-year average, we achieved at 1.1. Our next target is 1.1 over a period of time. We are not saying next one year, but next coming periods, we are going to achieve that. Another question is asset turnover for next two, three years. We answered that. I think we will have an improvement. That's what we indicate. That's all from the questions. I think last question, again, you put top two, three risk of your company over next two years. As you're aware, your company has invested significantly into quality, EHS and all. There are two risks which are always we have to manage very well. One is regulatory inspection risk and safety risk. Apart from this, your company is well-positioned. Product risk is not there, customer risk is not there, capacity risk is not there. We are constantly watching, improving our activities, maintaining quality and safety across the operations, what we do. That's all. Since all the questions are over. Thank you, Dr. Satyanarayana and V. V. Ravi Kumar. Dear members, the company has, in accordance with the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, provided the facility for remote e-voting on the resolutions proposed to be passed at this annual general meeting. The remote e-voting was open from June 29, 2026 to July 1, 2026. Members who are present in this meeting today and have not voted earlier through remote e-voting are being given an opportunity to vote during the meeting through e-voting. I now request the members to cast their vote on the resolutions set out in the notice through NSDL e-voting portal. Please note that members who have voted earlier by remote e-voting are not eligible for voting during the meeting. Mr. Y. Y. Ravi Prasad Reddy, practicing company secretary, is appointed as scrutinizer for the remote e-voting and e-voting during the meeting. The results of voting shall be declared in the website of the company within the next two working days. I authorize Mr. G. Venkateswar Reddy, company secretary, to declare the voting results to the stock exchanges and all concerned authorities. Mr. Y. Ravi Prasad Reddy, scrutinizer, shall freeze the voting process after 30 minutes from the closure of this meeting. Yes, sir. Thank you all for your participation in the 21st AGM, and I wish you good health and prosperity. Also thanks to all the directors who joined and other invitees who have participated. Now I declare this meeting closed. Thank you