xf[audio distortion] at 6:15. Ladies and gentlemen, you have been connected to Mankind Pharma Emmanuel Walter Conference Call. Please stay connected. The call will begin at 6:15. Ladies and gentlemen, you have been connected to Mankind Pharma Emmanuel Walter Conference Call. Please stay connected. The call will begin at 6:15. Ladies and gentlemen, you have been connected to Mankind Pharma Emmanuel Conference Call. Please stay connected. The call will begin at 6:15. Ladies and gentlemen, you have been connected to Mankind Pharma Emmanuel Conference Call. Please stay connected. The call will begin at 6:15. Ladies and gentlemen, you have been connected to Mankind Pharma Emmanuel Conference Call. Please stay connected. The call will begin at 6:15. Ladies and gentlemen, good day and welcome to the Mankind Pharma Q4 and FY 2025 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Agarwal, Head of Investor Relations and AVP Strategies of Mankind Pharma. Thank you, and over to you, sir. Good evening and a very warm welcome to our fourth quarter and full year FY 2025 earnings call. Firstly, apologies for the late start. On the call today, we have Mr. Rajeev Juneja, our Vice Chairman and Managing Director, Mr. Sheetal Arora, Chief Executive Officer and Whole Time Director, Mr. Arjun Juneja, Chief Operating Officer, Mr. Sudipta Roy, Senior President, Sales and Marketing, Mr. Ashutosh Dhawan, Group CFO, and Mr. Prakash Agarwal, President, Strategy. We will begin today's call with Mr. Rajeev Juneja, who will provide an overview of our performance for the quarter gone by, followed by Mr. Sheetal Arora providing an in-depth insight for business performance and outlook. Mr. Ashutosh Dhawan will then share the financial highlights, after which we will open the session for our questions. Please note today's discussion includes certain forward-looking statements reflecting management expectations for future performance of the company, and these estimates involve several risks and uncertainties, and actual results may vary. Mankind does not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. For a detailed disclaimer, please refer to our investor presentation uploaded on our website. Now, I will hand it over to Rajeev sir for his comments. Thank you, Abhishek. Good evening and welcome to our quarter four and year 2025 earnings call. As we celebrate our 30-year celebration, we look back on our purpose-driven journey that has redefined high-quality and accessible health. Sorry to interrupt, please. Sorry to interrupt. Can you please shift the mic towards yourself? Okay. Thank you, Abhishek. A very good evening and welcome to our quarter four and year 2025 earnings call. As we celebrate 30 years of operations, we look back on our purpose-driven journey that has redefined high-quality healthcare, accessible across the world at affordable prices, especially in the regions that have long remained underserved. Over the years, Mankind has consistently expanded its presence and leadership with a strong foundation in mass market, acute and semi-chronic therapies, especially chronic and consumer healthcare segments. Today, we are honored to be recognized as the fourth largest pharmaceutical company in India by value and the second largest by volume in IPM. This achievement underscores the impact we have created and the trust we have earned over the years. Our recent acquisition of VSC marks a significant step forward, enhancing our presence in super-specialty segments. Following that acquisition, we have undertaken strategic initiatives, including the integration of VSC's prescription business into Mankind's platform for long-term sustainable growth. This has been a transformative year at Mankind with several initiatives focused on enhancing doctors' engagement, the digitizing of operations, workforce upskills, and optimizing policies and processes for the next leg of growth across therapies. Moving ahead with our quarterly performance, in quarter four 2025, our revenue increased to INR 3,079 crore, registering a growth of 27% year-on-year and an Adjusted EBITDA margin of 23.1%. For year 2025, our revenue increased by 19% year-on-year with an Adjusted EBITDA margin of around 26%. In quarter four 2025, our revenue from domestic business grew by 18% year-on-year, majorly driven by chronic outperformance and consolidation of VSC business. Our chronic share, excluding VSC, increased to 39.2% in quarter four 2025 as compared to 37.5% in quarter four last year, driven by an outperformance of 1.3x to IPM chronic growth. Further, our recent launch of empagliflozin in anti-diabetes witnessed strong traction, gaining more than 8% volume market share in March 2025 and ranked among top three in advances. Mankind's PCPM has also increased to 6.8 lakh EP in this year 2025 from 6.5 last year. As far as OTC is concerned, this year has marked a progressive shift in consumer healthcare business as the benefits of our prior strategic initiatives began to materialize from second quarter onwards, driving strong growth, showcasing the strength of our brands and our agile execution. In quarter four 2025, consumer healthcare revenue stood at INR 178 crore, growing at 14% year-on-year. Revenue for 2025 also increased by 15% to INR 809 crore. We achieved a strong 77% year-on-year growth in modern trade and e-commerce channels, further enhancing market share of our key brands. Our recently launched products have also witnessed robust growth across brands, including Nimulid, Ovoneus, even our Manforce Epic Thin X condom gained strong traction in its first year of launch. As part of our continued innovation in R&D, we have made notable strides in our R&D efforts with our new NCE molecule, GPR119, targeting obesity, diabetes, and metabolic disorders, which have advanced to phase two clinical trials. In parallel, we are actively exploring strategic partnerships for our GLP-1 that would enable us to launch the product post-patent expiry, which is anticipated next year. The year gone by, we have laid a strong foundation to deliver long-term sustainable growth led by our four key pillars. Number one, steady-based business. Second, fast-growing specialty chronic. Third, high-potential OTC business. Fourth is high-entry barrier super-specialty portfolio of VSC. I would now like to invite Sheetal to share further insights into our business performance. Hello everyone. A very good evening to all. We truly appreciate your presence as we share our quarter four and financial year 2025 performance. With dedicated focus and consistent performance, we have emerged as a leading player in the Indian pharmaceutical market, ranked number one in prescription for eight consecutive years. Today, our prescription shares stand at 15.5% with 84.1% discover penetration. A reflection of the long-standing trust and credibility we have built within the medical community. While our growth has largely been organic, in recent years, we have strategically pursued select inorganic opportunities to address identified white spaces, particularly in the specialty chronic segment. Through in-licensing partnerships with global pharma leaders, we have introduced niche and complex products like Neptas, Nobiglar, Symbicort, and Crenzlo, boosting our offerings in the specialty chronic category. We have further deepened our specialty presence through acquisitions such as Peninsula Oncology and Transplant Business and select brands like Combihill and DESI. Additionally, our recent acquisition of VSC has resulted in a rise in our overall value market share in IPM to 4.8% and our volume share to 6%. This acquisition has also firmly positioned us as leaders in the gynecology segment with a 10.54% market share. Its women's health portfolio presents new avenues for growth, allowing us to expand across both established and emerging markets. We are confident in leveraging these opportunities to establish ourselves as the most trusted brand in women's health. Let us now move to a summary of our business performance. If I talk about domestic business, in quarter four of financial year 2025, our domestic revenue increased 18% year-on-year, driven by a strong momentum in chronic therapies and contributions from the VSC portfolio. Our organic growth for the quarter was 10% year-on-year. For the full year financial year 2025, domestic revenue crossed the INR 10,000 crore milestone, reaching INR 10,675 crore, a 13% year-on-year growth. Our organic growth for the year is 9%. During the year, the number of brand families crossing the INR 50 crore revenue mark increased from 43- 49, with notable additions including Glutathione, Histofree, Uricane, and three brands from VSC. Our presence in metro and tier-one cities grew from 53%- 56% in the financial year 2025. Chronic therapy growth stood at 11% compared to 8.7% growth in IPM chronic, an outperformance of 1.3x in quarter four financial year 2025. This growth was led by significant gains of 15.1% in cardiac and 9.4% in anti-diabetic segment, reflecting consistent outperformance of 1.5x and 1.3x, respectively, compared to the IPM. We have also expanded our DMF grade portfolio to over 250 products with a focus on the chronic segment. Now, talking about the international business, revenue from the international business doubled to INR 535 crore in quarter four financial year 2025, up from INR 267 crore in quarter four financial year 2024. Organic growth in international markets was in the low single digit during the quarter. For the full year financial year 2025, international revenue grew 88% to INR 1,532 crore, with organic growth of 37% year-on-year. This was supported by a combination of base business momentum and one-off opportunities in the US for Mankind and the successful integration of VSC. Looking ahead, we expect our domestic revenue growth to outperform IPM by around 1.2x in financial year 2023. We anticipate an increase in R&D investment to 2.5%-3% of revenue in financial year 2026, up from 2.1% in financial year 2025. Accordingly, we expect EBITDA margin to be in the range of 25%-26% in financial year 2026. Our 30-year journey has been nothing short of transformative, marked by challenges, resilience, and progress. Yet at Mankind, we see this not as a destination but a stepping stone to even a greater milestone. With the commitment of our team and the customer-centric approach at the core, we are determined to keep evolving, creating value, and improving value every step of the way. Now, I invite Ashutosh Ji to provide a detailed insight into the financial performance. Thank you so much. Yes. Thanks, Sheetal Ji. A very warm welcome to everyone joining us for our Q4 FY 2025 performance discussion. Before we proceed with the financial performance, I would like to highlight that these Q4 FY 2025 financials are the first full quarter of VSC results, and FY 2025 includes 160 days of VSC financial performance. As committed, we have monetized our non-core asset, that is, Mananda Spa and Resorts Private Limited, with a consideration of INR 562 crore on 11th of February 2025. Consequently, we have classified our financial performance into continuing and discontinued operations for this quarter and corresponding prior periods, and also been reclassified to give a true and fair view of our continuing objections. Accordingly, we will focus our discussion on the performance of continuing operations, and for the comprehensive view, we have included discontinued operations. Please refer to slide 31 of our Q4 FY 2025 earnings presentation. In quarter four FY 2025, our revenue from operations has increased by 27.1% year-on-year basis to INR 3,079 crore, as compared to INR 2,422 crore in Q4 FY 2024. This is driven by growth in our base business and consolidation of VSC results. For FY 2025, our revenue has grown by 19% year-on-year basis to INR 12,207 crore, with a risk of INR 10,260 crore in FY 2024. During the year, our gross margin has increased by 190 basis points to 71.6% from 69.7% in Q4 FY 2024. This increase is driven by a combination of sales price increase effect as well as favorable sales mix. For the full year, our gross margins have increased by 260 basis points to 71.4% as compared to 68.8% in FY 2024. This is majorly on account of sales price increase effect, which has contributed 120 basis points, and the balance 140 basis points is the combination of better sales mix, as our chronic contribution has increased by 150 basis points on a year-on-year basis, as well as certain operational efficiencies have also been achieved in our manufacturing processes. During the quarter, our reported EBITDA has increased by 16.4% year-on-year to INR 686 crore, with a margin of 22.3% as compared to INR 589 crore and a margin of 24.3% in Q4 2024. Further, there has been some spillover of the integration costs related to VSC, which amounts to INR 25 crore, and after adjusting the same, our Adjusted EBITDA margin is 23.1% in Q4 2025. This decline in Adjusted EBITDA margin of 120 basis points year-on-year basis for the quarter was primarily due to an increase in our selling and other expenses pursuant to the launch of certain brands like Tampa and relaunch of certain RX brands of VSC. For FY 2025, we have reported EBITDA of INR 3,030 crore, which is up by 19.8% year-on-year basis, with the EBITDA margin of 24.8% as compared to 24.6% for financial year 2024. However, if we adjust the EBITDA margin with non-recurring expenses, especially related to VSC transactions, our Adjusted EBITDA margins for FY 2025 have increased to 25.9% as compared to 24.6% in FY 2024, which is at the higher end of our guidance of 25%-26%. This increase in Adjusted EBITDA margin by 130 basis points is due to an increase in gross margin by 260 basis points, and a part of it has been offset by an increase in expenses. The R&D expenses for the quarter were INR 87 crore, which is 2.8% of the sales, and for the full year 2025, it is 2.2% of the sales, which is in line with our guidance of 2%-2.5%. The finance cost for Q4 FY 2025 has decreased to INR 191 crore from INR 221 crore in Q3 FY 2025, which is driven by a repayment of INR 3,000 crore worth of commercial papers in January 2025. In Q4 FY 2025, the depreciation and amortization expenses have increased to INR 231 crore as compared to INR 100 crore in Q4 FY 2024. This includes INR 110 crore of amortization impact related to VSC assets. If we look at the full year, the depreciation and amortization expenses have increased to INR 621 crore, with a risk of INR 378 crore in FY 2024, which is primarily due to the amortization impact of INR 194 crore on VSC assets. The effective tax rate for Q4 FY 2025 was at 16.8% as compared to 16.6% ETR in Q4 FY 2024. However, the ETR for the full year FY 2025 is 20.3% as compared to 19.1% last year. The ETR for the current quarter is low because of the lower tax on sale of Mananda Spa and Resorts Private Limited, which is a long-term capital gain tax. The ETR for the full year has increased on account of certain disallowances of expenses, primarily acquisition-related, as well as a higher ETR of VSC. Accordingly, we continue to maintain guidance of 21%-22% for the next year. The profit after tax for Q4 FY 2025 decreased by 10% to INR 429 crore on account of higher finance costs and depreciation costs pursuant to full quarter consolidation of VSC, with diluted EPS of INR 10.3 per share of INR 1 paid. The cash EPS, which is the EPS adjusted for non-cash items like depreciation and amortization, was at INR 15.9. For the full year FY 2025, PAT increased marginally by 3.4% to INR 2,007 crore from INR 1,941 crore last year. The diluted EPS and cash EPS for FY 2025 were INR 49.1 and INR 64.4, respectively. The net operating working capital days for the quarter have decreased to 50 days as compared to 52 days in Q3 FY 2025. However, as compared to FY 2024, it has increased by 8 days to 50 days from 42 days in FY 2024. Further, in FY 2025, our cash flow generated from operations was at INR 2,413 crore, which is, on a year-on-year basis, an increase of 12.1% from FY 2024. Our CapEx spend in FY 2025 increased to INR 531 crore, remaining at 4.3% of the total revenue, which is in line with our guidance of 4%-5% of revenue. As a part of our financially prudent approach, we continued to strengthen our balance sheet and have reduced our net debt to INR 5,784 crore as of 31st March 2025, and this has been aided by monetization of non-core assets. This has resulted in improving our net debt to Adjusted EBITDA ratio to 1.8x in FY 2025, which is in line with our guidance of less than 2x. With that, we conclude our remarks and welcome any questions which you may have, and I now hand over to Abhishek. Yeah. Thank you, Ashutosh [Ji]. Now, [audio distortion] Yeah, we can start the Q&A, please. Yes, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to withdraw 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. I would like to remind the participants, if you wish to ask any questions, you may press star and one. We have our first question from the line of Kunal Dhamesha from Macquarie. Please go ahead. Hi, good evening and thank you for the opportunity. One for Rajeev Ji, on the VSC portfolio, now that we have this portfolio for close to six months now, how has the performance been, especially in Q4? Let's say on a year-on-year basis if we look at the revenue for VSC, how has that progressed? What is the outlook there on the VSC business? Our domestic revenue growth guidance is 1.2x IPM, but specifically on the VSC portfolio, how does the outlook there? What are the synergies that we are expecting? Earlier, we had guided for INR 500 million-INR 1 billion synergies in 12-24 months. When should we start seeing that? The integration cost, is it just for this quarter or do we expect that to continue? Thank you, Kunal. I mean, in the month of October, we took this organization, and naturally, when you take such an organization, it takes time to really settle in, bringing this to the leadership, whatever changes one is supposed to bring. I mean, that's the idea of doing it. If you just look at the VSC report, VSC is a fantastic kind of organization, and we were just looking for an organization which has high entry-level products. That we have acquired. Going forward, next year, we expect the growth to be in the range of 18%-20%. This is the kind of growth we expect. What was next? Any other questions here from your side? Yeah. On the synergy side, we had said that it would be INR 50 crore-INR 100 crore in 12-24 months. How are we tracking on that target and what should we expect in FY 2026 on that? We said that it will take, I mean, the synergy will take, I mean, 12-18 months, 12-24 months. That is how VSC has taken. When we acquired VSC, VSC came to us with TTK products, prescription brands, which we have taken in Mankind because for that, Delhi Mankind is an appropriate company. On the second side, actual VSC, original VSC is super specialty, very high entry-level product that is over there. So whatever corrections we were supposed to make, we have made, and whatever changes we wanted to bring in that TTK brand, that particular division, we have done that. Optimization, commercial excellence, whatever changes we wanted to bring, we just wanted to close everything in the month of March before the next year starts. Now on this, things will be better, and next 12 months' time to 18 months' time, you'll see the synergy. I promise that will definitely happen. Yeah. If I can add just some data points, like for example, what Rajeev Ji said, that the TTK RX business shifted to Mankind operating model. They were running the small business into three divisions. Now we have converted into one division. It had more than 600 people. As of March 25, it had 440, and as we speak, there's another optimization that has happened. There's also a lot of, as you say, some portfolio optimization. We got some tail brands, we have kept some focus brands. As far as TTK RX business is concerned, on the WX specialty business and domestic side, we have strengthened leadership. The top CO, the India head, has come from one of the top companies in the India pharma space. There, the focus is largely on improving the operational efficiency. We believe there's a lot of juice left in terms of improving doctor connectivity, institutional penetration, improving MR productivity. That process is on, and we will soon see some recovery in that space. In the month of April only, I mean, we are finding, I mean, very good traction, this TTK brand, VSC TTK brand, because certain brands are so iconic. The moment some kind of a connection was there with the customer doctors, immediately, the response started coming. Hosopan and Laptear. I mean, these are certain brands. They basically were there in the market, and some kind of push was required, and we gave that. The first month, or I'll say a few, two, three months' response is fantastic. Just to reflect on your last question, yes, Kunal. Yeah, yeah. Please go ahead. Okay. No, so your question was with regard to the integration cost. Q3 was driven by the acquisition cost. Q4 has been integration cost, basically to bring in effect the change of control which has taken place and certain consultant costs which have been there. All put together has been INR 250 million or so, which we have called out. Once we start the legal integration process, there will be certain regulatory costs which will be associated with that. So, yeah. Okay. The second question on the EBITDA margin guidance of 25%-26%, which seems more or less kind of flat if I look at the Adjusted EBITDA margin of 25.9%, right? Wouldn't there be, let's say, VSC grows at 18%-20%, but when our domestic business also grows at 1.2x, shouldn't there be more operating leverage? There will be synergies from this because we already started optimizing the manpower cost at TTK or VSC, right? What are the drags? One is, I think, R&D expense, which we are expecting at midpoint, 50 basis points higher. Anything else on the drag side that I'm missing? We mentioned in the last call as well that in the last couple of quarters, we have done a lot of common reforms in Mankind. Once upon a time, Mankind was a kind of a company which was bottom-up. Everything was bottom-up. Nothing was top-down. Different divisions were working as per their best practices. There comes a time, after a few learnings, we brought a lot of new leadership at the head office level so that the policies should be uniform. All 28 divisions should work in one direction. There should be proper synergy because in the absence of synergy, a lot of wastage happens. We mentioned in the last call as well the kind of steps we have taken. Very few companies are there in India who can really have such a courage to take actions. A lot of, I would say, commercial excellence, a lot of changes, a lot of improvements, a lot of training, a lot of replacements. Every sort of thing has been done in the last one year's time. We try to do everything before March, last year March, so that this year could start with flying colors. Flying colors in the sense that, on one side, the actual results which we hope, which we expect in Mankind, would come slowly and gradually, I mean, after this first quarter. We feel that whatever replacement we brought after changing a lot of people, which starts giving us the right kind of synergy and right kind of response second quarter onward. As you know, whatever we are saying right now, that at the end of the year, whatever projections we have given will be meeting those. Yes, we have really worked hard to make Mankind strong foundations because it really happens in every organization. An organization keeps growing and then comes to a plateau. If you are courageous enough to really see what are the drags, can you replace them, can you change them? There are two ways. One way basically is what? Do it slowly and gradually. The second basically is what? Once you find out that something is wrong, something is not right, instead of doing it next year and next year and dividing that into many, many parts, we thought of doing everything in one go. We feel that everything has been done last year. Now things will be much better. Sure, sir. Thank you and all the best. Thank you. We have our next question from the line of Tushar Manudhane from Motilal Oswal Financial Services. Please go ahead. Yeah, thanks for the opportunity. Just to start with, if you could share VSC sales for the quarter, domestic as well as exports. We have not called out specifically. I think Sheetalji gave the organic numbers. You can call out the same. What I can add is that mandate brands, which is our key focus area. The domestic mandate brand for the year has grown at 10%+, and international specialty mandate brand has grown at 18%+ for the year. IEF as a category for the quarter has grown at 20%, and for the year has grown at 26%. I think this is the broad color we are giving, and the numbers you can calculate by just doing the organic numbers. Got it. Secondly, while the chronic, we are greatly positioned to grow 1.2x, but given that we still have a considerable portion of acute therapies as well, how to think about the overall portfolio growth? Ex-VSC, the prescription business. Chronic, currently, I mean, if you see, continue to grow 1.2x to 1.3x, which is largely the cardiac and the diabetes. Our core five focus area, apart from cardiac and diabetes, is gastro, gyne, and anti-infective. We also hope to improve on the respiratory as well as derms and vitamins. Yeah. So how to think on the growth plan if we sum up across the therapies for the acute side? Acute side with the kind of restructuring and initiatives that we have taken. In the last two quarters, we have seen some corrections, and it is largely in the acute side. It has also impacted some of the acute segments. We expect the growth to start from Q2, as Rajeev mentioned. If you could also lastly share—sorry. Yeah. Go ahead. To what you said, I think if you see even acute growth in quarter four, we had to consider the regulatory impact of Unwanted-72 in acute portfolio. If you consider that, we are at par with the market. Going forward, as you rightly said, we are expecting that acute portfolio will also grow at the same pace what market is there. Chronic, as usual, we will be stronger in chronic. Some of the portfolio, what you said, strategically we are focusing on, especially gyne. You have seen that post-VSC, we have strengthened our gyne portfolio, and there is a significant jump in market share overall. Gastro, of course, it has been a major focus for us, and going forward also, it will be a major strength along with our cardio and diabetes segment. Got you, sir. Just one more, if I may. The consumer health has recovered considerably in 2025 with almost 15% growth. How to think about whether this is the kind of sustainable growth to think about in consumer healthcare, or there is still some more steam left as far as growth is concerned in this segment? We feel that this is not basically a flash in the pan. This kind of growth will always be there. We are very, very bullish about our consumer healthcare business. Whatever brands, fortunately, we have launched in the last couple of, I'll say, quarters are also getting good traction. We mentioned to you the name of Nimulid. We mentioned to you that Ovoneus and our gastro part is doing fantastic. Very, very good. Where we were weak in the past, we were weak in e-commerce, we were weak in modern trade. Even there, I mean, a lot of good performance is happening. We feel that this year, next year, and going forward, our consumer business will be doing fantastic. Thank you. Thank you so much. Thank you. We have our next question from the line of Neha Manpuria from Bank of America. Please go ahead. Yeah. Thanks for taking my question. First question on VSC. While I understand we are not giving specific VSC numbers, I think at the time of the acquisition, we had mentioned about the scope of margin expansion to 30% and higher on VSC over the next two years. Based on what you've seen so far and the reforms that you have put out in VSC, the changes you have brought forward, is there still visibility on getting to improving margins within the VSC portfolio? Specifically on VSC on international, I think if I were to calculate the numbers, there's been moderation in international. If I were to think about the 18%-20% growth, how much of that would be domestic versus international, given what's happened in fiscal 2025? Yeah. Thank you for your question, Neha. International growth has been very strong, upwards of 20%. We are not giving specific numbers. Domestic has been a bit muted because of some of the corrective action we had to take, especially in the TTK Healthcare business, which has seen a sharp drop, which is from April onward, as Rajeev mentioned, the growth has started. We are positive on that. On the specialty business also, while mandate brands have grown, some impact is there on the tail brands. That's why the growth is a bit muted. As far as margins go, we remain very positive. Current margins are in the region of 26%-27%, and we remain committed to improve the margin profile by 50-100 basis points every year. 30% probably will reach in the next fiscal 30 for sure because we need some R&D investments also. As a portfolio and the pipeline, there are a lot of very good opportunities, so that would require some investment. That is why there will be a bridge from 26, 27 to 30, but we are very positive. Thank you. Understood. The R&D investment, if I were to think about it from a consolidated perspective, is the current quarter run rate something that I should build the increase upon? If you can give some guidance on what the total R&D spend would be? Yeah. Guidance is 2.5-3. You can take an average of the two. Okay. Okay. Not too much change. Got it. In the core, in the existing Mankind domestic business, we've mentioned that growth would come back from second quarter onwards. Is there any risk that you see in terms of the MR that you've added or that you've refreshed not being able to ramp up? Is there any plan to, again, add more MRs as we think about the next year to deliver that higher-than-market growth? Just some color there. Neeha, I mean, there's always some kind of risk in everything you do, actually. We are talking about we are increasing the medical reps and managers. What we have done in the last couple of quarters, we have replaced medical reps, managers, field force as a whole. A good quantity of that. Wherever we found that inefficiencies were there, right practices were not there, and whatever, I would say, not right things were there, we were very blunt and straightforward in making correction immediately, as Mankind has always been very, very fast in executing things. One way is that you look at your balance sheet, you look at your other things. On the second side, we have always believed that if inside things are right, foundation is strong, things will move very fast. In my own career, I've seen in the last couple of years, many, many years, that sometimes in the greed of growth and profit, right culture evaporates. We are not that kind of a company. Whatever actions we were supposed to take, we have taken those drastic actions. These were not simple actions. These were drastic actions. We have done that and done and dusted. Now when I say that this new medical reps, the new managers have come, they will take some time. They have taken some time. It's not that everything has happened in March or everything happened in December. Everything happened gradually, and we decided that by the end of March, we'll close down everything. We have done that. That's one reason we are saying that maybe first quarter, I mean, it will take onwards, as we mentioned, that whatever growth we have projected, whatever numbers we have given, that will be done. We are very sure about that. Understood. The MR count still remains at about the 16,500 level that it was in the last quarter? Absolutely. We are not increasing. I mean, we are basically replaced, improved, trained, brought new energy in our field. The only small addition is adding on some experienced talent pool in being cluster heads. That is handful, though. So cluster heads, some of the national sales heads from outside. When we said bottoms up in the past, it is given the scale and size, you need to do some top-down strategy of hiring some experienced people and upgrading your talent pool as per the size of the company. I mean, if you just say that in last year, overall, I mean, servicing of Mankind has been done. I mean, deep-down cleaning has been done in Mankind in every aspect. We are very sure about whatever in future will happen will happen very, very good. Neeha, this 13,500 includes manager also. This is not only [audio distortion] Yes. Thank you so much. Thank you. A reminder to all participants, if you wish to ask any questions, you may press star and one. Anyone who wishes to ask a question, you may press star and one. We have our next question from the line of Chintan Sheth from Girik Capital, please go ahead. Thank you for the opportunity. Hope I'm audible? Yes, Chintan. Yeah. Thank you. The first question on the other OpEx, you highlighted a couple of things which bumped up. Can you speak up? Chintan, is it audible now? Yeah. Is it audible now? Is it clear now? A bit better. Yeah. Thanks. Sorry. So I was asking on the other OpEx which came up significantly higher, around 26% of sales. You mentioned a couple of pointers around the investments on the new launches, plus R&D expense, as well as the integration costs. How should one look at other OpEx going forward? As a rendered basis. That's one. And second is, on the debt side, we did mention that we are targeting some repayments and all. How should we look at FY 2026 repayments, given that the cash flows continue to be very strong for us? Sure. Let me start with the latter one. With regard to the debt portion, what we are targeting is that by end of FY 2026, we should have the EBITDA to debt ratio of close to 1.1, anywhere between 1-1.2x of the EBITDA. That is the guidance on which we are working. As we highlighted earlier, by FY 2028, the target is to retire all the complete acquisition-related debt. With regard to the other expenses, in this quarter, there has been a bulge on the other expenses. For the next year, we have maintained the guidance of 25%-26%. From there, you can draw that. That applies to all the expenses, not only to the other expenses. Yeah. Okay. On the acute side, if I come on the acute side, we did some restructuring. We are now done and dusted with how should one look at acute growing from here on, given the base for this year has been a little bit softer due to the internal restructuring? Should we expect we mentioned 1.2x IPM is our target for growth next year. Specifically for acute, if you can highlight some bit what are we doing over there to drive the growth? Hi, Chintan. I think we have spoken about this before. Acute has been a little soft in quarter four for most of the acute giants or acute heavy companies. We also know existence to this. Yes, there are certain impacts of regulatory phenomenon, which was there in Unwanted-72, which I have spoken already. In the future, as I said, we have been focusing on gastro dining, which has been our major forte in acute and anti-infective as well. What we are expecting is we would be at par with acute if we talk about annual growth. I think what Sarah has already spoken about, that a lot of restructuring has happened from different tasks and at different levels from field to HO. Those impacts should be visible in acute as well. Go ahead. Export semi-guidance? Pardon? Sorry. On export semi-guidance? For Mankind exports, we are expecting single digits. From the BSC side, we continue to maintain that the growth for the overall company BSC, I think guidance given is 18%-20%. International growth will be higher than 20%. On the overall sales mix standpoint, export will be less than 15% of the overall sales in the next year. Eighty-five percent plus will be domestic. Export will be less than 15%. Got it. Got it. Thank you. All the very best. Thank you. A reminder to all participants, if you wish to ask a question, you may press star and one. We have our next question from the line of Rahul Jeewani from IIFL. Please go ahead. Yeah. Thanks for taking my question, sir. Just a clarification on this 1.2x the IPM growth, that you mean for the prescription business, excluding the consumer healthcare portfolio? Yes. Correct. Yes, Rahul. Okay. Sure, sir. This growth bounce back, which you are expecting from quarter two, are you saying fundamentally things are improving in the acute segment, or this growth bounce back from 2Q would largely be a function of the fact that the restructuring of our mass market business would be in the base quarter of last year, and that restructuring in the base would then help us to drive improved growth from 2Q? Rahul, just giving some color on the last year performance, this is fiscal 2025. If you see quarter four, we have grown 10% in the domestic business without OTC, which is already 1.2-1.3x the secondary growth by IPM. For the full year, we have grown at 9% primary versus IPM growth of 8-8.5. We are already outperforming. What we are saying is from Q2, the growth will be even higher. 1.2x, if the market is growing at 10%, we are expecting our growth to be around 12%+. That should not be a tall talk, right? Especially when we have taken so much of initiatives. This year also, we have outperformed IPM. I think what Sudipta said was on the there is also, if we add back some of the regulatory headwinds, there is another 50 basis points that we need to add back. The year performance is already 1.2x, and we expect that to continue at 1.2x. Okay. So the organic growth, which you called out, was for the prescription business, excluding the consumer healthcare portfolio? Yes, Rahul. Thank you. Yeah. Okay. Thank you. Thank you. A reminder to all participants, if you wish to ask any questions, you may press star and one. Anyone who wishes to ask a question, you may press star and one now. We have our next question from the line of Sidharth Negandhi from CWC. Please go ahead. Hi. Thanks for the question. Thanks for the opportunity. On basis of the revenue guidance on the domestic business, the exports business, and the consumer healthcare business, considering the consumer healthcare business is likely to grow faster, will that be a drag on margins, or are the EBITDA margins of the consumer healthcare business in line with the domestic business? Similarly, on the gross margins, how do you see that playing out, considering the consumer healthcare business is going to grow fastest? For the consumer business, we have for those EBITDA margins, they are part of the investor tax. They are in high teens, close to 20%. Overall company margin is in the range of 25%-26%. That is the guidance we have given. The consumer business margin currently is at a lower rate as compared to the company average. It is a matter of scale. Once the business gets scaled up, then definitely it is going to inch up to the company average in the near future. The size of the business, OTC is around 7%. It does not contribute or significantly, you can say, dilute the overall margin. Moreover, as Sheetal ji has highlighted, we are maintaining the same guidance, 25%-26% for the EBITDA margin on overall basis. The second question was on gross. That is also in proportion to the EBITDA margins for the consumer business. Clear. The second is comparable to the acute gross margin, you can say. Lower than the chronic, but comparable to the acute margins. Clear. Sir, on the acute piece, just want to understand, considering the impact that trade generics seemed to be having, especially on the acute side outside of the metros, what is our plan on launching our own trade generics or taking action to sort of prevent that growth of trade generics impacting our growth? See, I mean, this trade generics is there in the business in the last couple of years. It is not only in smaller cities or bigger cities in metros. Everywhere trade generics is there. The impact is already there. I mean, these kind of challenges are always there. Please understand, whenever somebody buys a trade generics, the chemist gives him the medicine. Patient does not get that medicine at economical price. It's like, I mean, earlier, people used to go to chemist without the prescription. The doctor used to give our medicines. Now no more. I mean, just imagine hypothetically, if trade generics would not have been there, the growth of this pharma market would have been more than 16-17%. The impact of trade generics, whatever you see the growth, it is keeping trade generics in mind. Even in trade generics side, if you just look at the data, it has slowed down. The growth has come down. The kind of growth it was having in the past, it is no more now. Because ultimately, doctor's prescription really matters. Sure. Clear, sir. On the pipeline, you mentioned about a clinical trial happening for foreign obesity drug in Mankind. Any guidance on further launches in Mankind and separately in BSV? No. So this is GPR119 you're talking about, anti-obesity drug? Yes. That you've already mentioned about factory-based trials. Any other notable inclusions in that pipeline, both from an erstwhile BSC and Mankind side? In the investor deck, if you go through, we have given one BSV at a glance. There we have given some color on the pipeline, which is on the biosimilar products, as well as some of the innovator products, which is in the AMR space and anti-thymoside space. Got it. On the Mankind, any more drugs in the pipeline, innovator drugs? This is what we can talk about at the moment, GPR. There could be a couple, but it would be very initial stages. Got it. Thank you. Thank you. A reminder to all participants, if you wish to ask any question, you may press star and one. Yeah. I think we can call it off. I think the time is up, so decide. Sure, sir. As there are no further questions, I would now like to hand the conference over to the management for closing comments. Thank you. Thank you. For any further queries or clarification, request you to please write to us on investor.relation@mankindpharma.com. Thank you and have a nice day. Thank you. On behalf of Mankind Pharma, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.